ABSTRACT
Ghana is endowed with abundant natural resources; from minerals to raw materials from forest and agricultural products, and has mined gold for centuries, but is still grappling with prudent management of resources. While we can highlight ‘the Norwegian Model’ in the case of oil and gas (O&G), nothing can be said about the Ghanaian model in the management of resources. Sadly, despite an abundance of natural resources, Ghana has nothing to show in terms of development as a result of the improper management of the income generated from the sales of raw materials. For example, there is a lack of value added to commodities before sale and Ghana is still practising the old ways of merely selling raw materials to traditional partners without the additional value that can generate extra income. It is the aim of this chapter to outline the effective ways of managing Ghana’s natural resources prudently in order to obtain optimal value from its natural resources. It is believed that if Ghana’s natural resources are well managed, its economy will improve and great development will be realized. The issue of resource management is critical at this point in the country’s history, given that it is now counted among petroleum-producing countries. Ghana cannot afford to make mistakes in this sector as witnessed in other commodities over the years. This chapter recounts the history of resource exploitation in Ghana, issues that were not properly managed, and subsequently discusses the way forward. The Norwegian Model for managing petroleum resources, which has a successful story worthy of emulation as far as petroleum production is concerned, is presented and the key points elucidated. Advice on the prudent management of Ghana’s natural resources and the concluding remarks with regards to the benefits to be derived from the abundant raw materials are finally presented.
