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Accra, Oct.21, GNA - Dr. Kandeh Yumkella, the Director General of the United Nations Industrial Development Organization (UNIDO), on Thursday said Ghana would become a model and training hub for the West African sub region.

He said the stable democracy coupled with the oil find should propel the country into industrialisation not forgetting agriculture which was the critical engine of economic growth and development." Ghana should take a cue from Dubai, Malaysia and others to generate wealth, Mr Yumkella said and noted that there were positive initiatives already underway aimed at transforming the continent's economy to become more prosperous, competitive and sustainable.

The UNIDO boss advised that Ghana should use its rich human and natural resources to tackle poverty through the development of agricultural businesses and called for the diversification of the country's economy beyond oil and gas.

According to him the oil find should not be affected with the 'Dutch Disease Syndrome' but should drive the country into a middle income country saying "don't only export raw material but rather add value to petroleum products to generate more wealth increases trade opportunities through larger markets, provide more opportunities for large investments, and strengthen the bargaining power."

In economics, the Dutch disease is a concept that purportedly explains the apparent relationship between the increase in exploitation of natural resources and a decline in the manufacturing sector.

He said UNIDO aspired to reduce poverty through sustainable industrial development and was committed to assisting countries such as Ghana to have the opportunity to grow a flourishing productive sector, to increase the participation in international trade and to safeguard their environment.

"Ghana has a friend and brother in UNIDO to guide and assist the country to be transformed into a middle income country. The Foreign Affairs and Regional Integration Minister, Alhaji Muhammad Mumuni, said it was the expectation of the government that the oil find became a blessing and not a curse as had been the case in some countries.

He said Ghana was a credible member of UN and all it agencies and would need the support of UNIDO to build it capacity. The Minister called for UNIDO's support to enable the country realise its full potential.

He acknowledged UNIDO's contribution to over 90 projects in Ghana valued at about 30 million dollars to enhance capacity of local industries and reduce poverty for the attainment of the Millennium Development Goals (MDGs).

The foreign Minister noted that government would use the oil revenue judiciously to aid development and make Ghana a transformed nation. Alhaji Mumuni said though 60 per cent of the nation's workforce was into agriculture they were all into subsistence farming and expressed the commitment of government to modernise the sector and build a strong competitive economy. 21 Oct. 10

http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=195708
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Good ideas.

With a large pool of highly educated, talented professionals both at home & abroad, Ghana chould be well positioned to become one of Africa's first hi-tech development & manufacturing centers.
 

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The Ghanian government should immediately set up a sovereign wealth fund!
Good ideas.

With a large pool of highly educated, talented professionals both at home & abroad, Ghana chould be well positioned to become one of Africa's first hi-tech development & manufacturing centers.
I agree, this oil is a blessing in disguise.
 

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Good ideas.

With a large pool of highly educated, talented professionals both at home & abroad, Ghana chould be well positioned to become one of Africa's first hi-tech development & manufacturing centers.
I'm gonna emphasize that the low level of corruption should give Ghana a boost over a lot of African countries. :cheers:
 

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1% manufacturing growth this year, -2% last year. Pathetic!

Ghanaians dont want to invest in manufacturing but prefer easy money like property and retail. Only the Lebanese in Ghana have the balls to go into manufacturing. Ghanaians are very conservative business people. This clearly needs to change.

I think Ghana already plans to set up a soverign wealth fund, and, they are trying to make GNPC like Sonangol- an independent oil producer in its own right.
 

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The reality is that if countries have a lot of money for example thanks to oil, they prefer to import all their products than manufacter it in their countries.

You see it happening in every African country who has oil. Gabon, EQ, Libya, Algeria, Angola etc import all their food and products. They manufacter NOTHING....
That is why this countries can't launch their industry...

The countries without oil have more manufactering, because they haven't got the money to import products and food.
 

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The reality is that if countries have a lot of money for example thanks to oil, they prefer to import all their products than manufacter it in their countries.

You see it happening in every African country who has oil. Gabon, EQ, Libya, Algeria, Angola etc import all their food and products. They manufacter NOTHING....
That is why this countries can't launch their industry...

The countries without oil have more manufactering, because they haven't got the money to import products and food.
You should measure your words. Algeria manufactures many food products and other goods and some of them are already exported.

http://www.skyscrapercity.com/showthread.php?t=1052171

Algeria's Non-oil sector grows by 9.3% in 2009.
http://www1.albawaba.com/main-headlines/algeria-non-oil-sector-grows-93

Oil isn't a curse. He just has to be well managed and it's a good way to negotiate with other countries. Countries who don't have oil, like Morocco are 100% dependent on foreign investment and external political pressures.

Oil is a chance and he has to be an instrument for development of African countries (look @ Iran for example).
 

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You should measure your words. Algeria manufactures many food products and other goods and some of them are already exported.

http://www.skyscrapercity.com/showthread.php?t=1052171

Algeria's Non-oil sector grows by 9.3% in 2009.
http://www1.albawaba.com/main-headlines/algeria-non-oil-sector-grows-93

Oil isn't a curse. He just has to be well managed and it's a good way to negotiate with other countries. Countries who don't have oil, like Morocco are 100% dependent on foreign investment and external political pressures.

Oil is a chance and he has to be an instrument for development of African countries (look @ Iran for example).
More than 97% of the export earnings of Algeria comes from the export of oil and gas...
In 2008 Algeria imported for 8 billion euro food...
No, Morocco isn't depending on foreign investments. Morocco has now a growing strong private sector who are doing 80% of all the projects. The lend money from the banks to finance projects..

Abdeka, oil is a curse. before the discovery of oil Algeria had good developed agriculture and they used to export wheat to Europe. Algeria was also one of the biggest wine producent of Africa. Algeria had also mining, tourism, industry etc. But after the oil, the governement neglected this sectors.
I think without oil, Algeria would be now richer than South Africa...
 

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Oil is never a curse, it's neutral. Like all things, it's what you make of it.

If the leadership is good, oil is a blessing. It's the leadership that can make or break the country, not the oil.
 

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Oil is never a curse. Like all things, it's what you make of it.

If the leadership is good, oil is a blessing.
Name me one African country that has become a succes thanks to oil?
The successtories of Africa are non-oil countries: Botswana, SA, Mauritius, Cape Verde etc

Oil has only become a succes in the Gulf countries . Because the Gulf Countries had nothing before the oil discovery , no agriculture, no mining, no tourism etc. That is why they were forced to use the oil money good.
In South-America, Africa etc oil hasn't brouht much wealth for the people..
 

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Oil is never a curse, it's neutral. Like all things, it's what you make of it.

If the leadership is good, oil is a blessing. It's the leadership that can make or break the country, not the oil.
Oil SHOULDNT be a course but in most African nations and places like Venezuela it HAS been to varying degrees.
 

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More than 97% of the export earnings of Algeria comes from the export of oil and gas...
In 2008 Algeria imported for 8 billion euro food...
No, Morocco isn't depending on foreign investments. Morocco has now a growing strong private sector who are doing 80% of all the projects. The lend money from the banks to finance projects..

Abdeka, oil is a curse. before the discovery of oil Algeria had good developed agriculture and they used to export wheat to Europe. Algeria was also one of the biggest wine producent of Africa. Algeria had also mining, tourism, industry etc. But after the oil, the governement neglected this sectors.
I think without oil, Algeria would be now richer than South Africa...
That was because of the socialist doctrine during the 60 -70s' imposed by Boumediene and who destroyed the agriculture and industry.

With a well managment, Oil isn't a curse.
 

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But it's NOT the oil, it's the LEADERS.
Oil doesn't have morals or values.
 

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But it's NOT the oil, it's the LEADERS.
Oil doesn't have morals or values.
But thats the reality. Oil cant come out of the ground and run an economy, it needs humans! And the humans who get hold of this in Africa are useless.

Its like power- in THEORY power isnt a curse but in reality- power corrupts.
 

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Read the rapports, since the seventies oil countries grow slower than countries with no oil...

For example some Asian countries with no resources grow faster since the sixties than Mexico or Venezuela who have huge oil reserves.
 

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Read the rapports, since the seventies oil countries grow slower than countries with no oil...

For example some Asian countries with no resources grow faster since the sixties than Mexico or Venezuela who have huge oil reserves.
That's because human resources are much more important than natural resources for the wealth of a country. A population that value respect for the clock, hard work and with strong emphasis on education will always do well when given the chance.
 

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But thats the reality. Oil cant come out of the ground and run an economy, it needs humans! And the humans who get hold of this in Africa are useless.

Its like power- in THEORY power isnt a curse but in reality- power corrupts.
It's not in theory. Countries like Norway, the UK, the US, Qatar, UAE, Bahrain, Oman, Kuwait, Canada, Mexico are all oil producers too.
Why aren't we using their example to talk of oil as a blessing? We focus too much on the negative examples.

Oil wealth can go either way, it's up to the country in question, especially the leaders, to use it appropriately.

For instance, I am pretty sure that oil in Niger will be mismanaged. I'm pretty sure that oil in Rwanda will be well-managed. The oil under Rwandan soil is not more virtuous than the oil under Nigerien soil.
 

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It's not in theory. Countries like Norway, the UK, the US, Qatar, UAE, Bahrain, Oman, Kuwait, Canada, Mexico are all oil producers too.
Why aren't we using their example to talk of oil as a blessing? We focus too much on the negative examples.

Oil wealth can go either way, it's up to the country in question, especially the leaders, to use it appropriately.

For instance, I am pretty sure that oil in Niger will be mismanaged. I'm pretty sure that oil in Rwanda will be well-managed. The oil under Rwandan soil is not more virtuous than the oil under Nigerien soil.[/QUOTE]

^^ You really are asking for a fight today1

But I think we are talking about the reality in most African nations- i dont even trust the Ghanaian or SA government to deal with oil well. And thats one of the better governments. But sure, I would LOVE for Rwanda or Botswana to hit a big oil field.
 

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I said Niger not Nigeria. I made sure I chose a different country. :lol:
 

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I just came back to the States from Ghana 5 days ago and it is progressing. Its still ALOT of work to do but you can see and feel the infrastructure improving.

Industrialization has been the key factor in the rise of all first world countries so that's definitely a model to use, African centered of course. However, they have to make sure Ghana doesn't over industrialize and end up looking like some Eastern European countries or even New Jersey where there's no room for agricultural development and looks like a concrete jungle.
 
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