70% of oil revenue to go into infrastructure

[Kifayat13]

Originally Posted by popa1980

money should be saved. What if oil, gold or cocoa prices crash in a few years, then what do you have?

Its this mentality that gets African in trouble. No wonder so many AFrians are in debt in Western nations.

You have a better infrastructure that will entice more investments when the oil runs out for good. Got to spend money to make money. Oil shouldn't be used for anything other than expanding the economy away from dependence on oil, good, and cocoa. But what reasons do companies have to invest in Ghana and her dirt roads? Especially when Nigeria is just around the corner. Saving is good, actually stepping into the 21st century is better.

And to Butembo, again the VP said schools and hospitals. You can't have easy access to what you don't have. This money is going to building schools and hospitals to these rural communities, and all the other things you list also fall under infrastructure.

[popa1980]

Originally Posted by Kifayat13

You have a better infrastructure that will entice more investments when the oil runs out for good. Got to spend money to make money. Oil shouldn't be used for anything other than expanding the economy away from dependence on oil, good, and cocoa. But what reasons do companies have to invest in Ghana and her dirt roads? Especially when Nigeria is just around the corner. Saving is good, actually stepping into the 21st century is better.

And to Butembo, again the VP said schools and hospitals. You can't have easy access to what you don't have. This money is going to building schools and hospitals to these rural communities, and all the other things you list also fall under infrastructure.

Well its that type of mentality which has contributed to Africas demise. Nkrumah spent all off Ghanas reserves within a few years of independence. You didnt see the Asians do that. Even when their economies were as poor as Ghana they saved money from Day 1 because its in their culture- to be prudent and sensible. Thats why you dont see them getting into debt abroad. So many Africans in the UK and US are in unstainable personal debt because thats the African mentality. Live for the day, dont think about the future.

Africans must learn from Asians.

[BUTEMBO21]

Originally Posted by popa1980

money should be saved. What if oil, gold or cocoa prices crash in a few years, then what do you have?

Its this mentality that gets African in trouble. No wonder so many AFrians are in debt in Western nations.

+1000.

Africans have no saving culture. Damn sad.

China is still poor, but ever since they turned to Capitalism, they started saving . Look at how much money they have in savings now. The whole world is going to the Chinese now.

Instead of Africans to save Oil , Gas, Diamond , Gold money. They instead indebted to Westerners.

[Simfan34]

Originally Posted by BUTEMBO21

+1000.

Africans have no saving culture. Damn sad.

China is still poor, but ever since they turned to Capitalism, they started saving . Look at how much money they have in savings now. The whole world is going to the Chinese now.

Instead of Africans to save Oil , Gas, Diamond , Gold money. They instead indebted to Westerners.

Chinese and Asians as a whole have ALWAYS saved.

[BUTEMBO21]

Originally Posted by Simfan34

Chinese and Asians as a whole have ALWAYS saved.

Africans don't want to learn.

[popa1980]

Better develop at a slightly less pace and save a store of money. In any case, spending too much money at once will put up inflation. Ghana should start creating a sovereign oil fund, an oil reserve fund aswell as a a business fund (to loan money to local companies at submarket rates). Of course not right now, but by 2015 they should have it all in order. The rate they are discovering oil, I would be VERY suprised if Ghana wasnt pumping 1 million barrels a day within a decade.

I really love the Asian culture of saving. Im more like that, in contrast my sister is a "typical African" and has almost no savings and quite a lot of credit card debt.

[Simfan34]

Originally Posted by popa1980

Better develop at a slightly less pace and save a store of money. In any case, spending too much money at once will put up inflation. Ghana should start creating a sovereign oil fund, an oil reserve fund aswell as a a business fund (to loan money to local companies at submarket rates). Of course not right now, but by 2015 they should have it all in order. The rate they are discovering oil, I would be VERY suprised if Ghana wasnt pumping 1 million barrels a day within a decade.

I really love the Asian culture of saving. Im more like that, in contrast my sister is a "typical African" and has almost no savings and quite a lot of credit card debt.

Even now I save a lot, I have about $500 in 20s in a jar in my room. I plan to save heavily. Heck, I envision being able to pay off a mortgage in five years.

[Ras Siyan]

Nice, though as Popa mentioned a sovereign fund should be put in place to save for future generations. Other than that I hope there is transparency in the management of this new found wealth...and that we won't see another "resource curse" in place.

I'm confident though, Ghana seems to be a mature country politically (at least compared to the rest of us)...All the best brothers!!

[hsark]

maybe they should tone it down to 50% half the stuff listed are needed now! schools ,water quality , power, hospitals instead of looking at asia look at dubai and the other middle east states they turned around there fortunes in 10 years ... ghana doesn't have to worry about feeding millions of people like asia anyway ..... what ever ghana decides there all going to teach us some less on how manage black gold
........
saw a special ghana show on tv about training the youth from local areas on how to become part of the oil industry(engineers , mechanics wielders) the country wants 90& of the people working on the oil fields to be Ghanian