Although Ghana is replete with natural resources, these treasures have not been able to transform its economy, a situation that may be attributed to the lack of proper and prudent management of its resources in the past. With the recent discovery of oil in commercial quantities and with Ghana’s status as a new petroleum oil producer, this is the time to put in place robust measures that would provide the platform to turn it into a resource-blessed country, a model that would be emulated by other host nations in the developing world. Indeed for the extractive sector as a whole, host nations need to evolve effective resource management approaches which can be a guide to the effective management of their rich and abundant resources. Revenues that accrue from the exploitation of Ghana’s natural resources should be channelled to providing amenities required for socio-economic advancement. In this regard, civil society groups as well as research and advocacy organizations have a responsibility to shed light on revenues and overall operations of both extractive industry companies and government in order to set the stage for accountability and prudent management of the people’s money. A comprehensive publication of revenue flows will ensure a level playing field that would extirpate unwarranted contentions and suspicions.