(1) Ghana GDP (Total Worth of Ghana) in purchasing power is 30 -35 billion dollars
(2) Nigeria GDP (Total Worth of Nigeria) in purchasing power 350 billion - 400 billion Dollars
Cassaiterite, Columbite, Gelena, Gold, Iron-ore", Ilemmite, Lead-Zinc, Manganese, Moleybdenite, Asbestos, Limestone, Coal, Lignite, Emerald, Aquamarine, Ruby, Sapphire, Granite, Marble
(9) LIST OF EXPORTABLE COMMODITIES FROM NIGERIA
Cocoa, Coffee, Cashewnuts,Rubber, Kolanuts, Palm kernel, Coconuts, Cotton, Ginger, Charcoal, Cow horns and hooves, TimberCimelina, Shrimps,, and prawns, Sheanut, Sesame seed.
(11) Ghana will be producing about two hundred thousans barrells of oil in about two years if they are lucky, but then Ghana has to be given quotas by OPEC and international oil cartel politics and Ghana may be able to sell only half of that. For example Nigeria can produce 5 million barrels of oil a day now, but because of OPEC quotas and international oil cartel politics Nigeria can only sell half of that 2.5 million barrels in the world market today in the world market.
(12) If Nigeria, Ghana, Angola, Sudan and all these African countries that produces oil do not follow OPEC Quotas and Internationl Oil Cartel Mafias politics their oil can become useless, because no body will buy it. The reason is that Saudi Arabia can produce and flood the world with 10 million barrels a day, Iran can produce and flood the world with 10 million barrels a day, Russia Can produce and flood the world with 10 million barrels a day, Kuwait can produce 10 million barrells a day, Venezuela and all the Middle East countries can flood the world market with oil and sell them for only 10 dollars a barrels and they will still make their money, but the poor African oil producing countries will be useless if they do not obey or follow OPEC and International oil cartel politics, because they cartels and the Western World have the technology, money and investment to control oil production and distribution every where in the world today.
(13)But because of OPEC quotas and the International oil politcs every country is given a quotas so that they will be stability in oil production and international oil market so that every country will get something based on their production level instead of oil war that will destroy less powerful oil producing countries. OPEC and the International oil politics is like price control agency.
(14) It will take Ghana about 50 years years to repay the oil investment by international oil investors in Ghana now before Ghana can even come close to Nigeria as an oil producing country, because Nigeria oil fields took 50 years to discover and to get to this level.
(15) Ghana cannot compare to Nigeria in any tangible thing now or in the near future, yes they have been conducting good elections and thats its for a small poor country, and Ghanaians and their leaders should stop camparing with Nigeria what they have not been able to do with cocoa and Gold.
Nigeria, Africa's biggest oil producer, will be the next "gold rush" on the continent as investors take advantage of a booming economy, former South African central bank Governor Tito Mboweni said.
Nigeria's gross domestic product will overtake South Africa's in the next three decades, Mboweni, who is now an adviser for Goldman Sachs Group Inc., said in an interview in Johannesburg on Oct. 8. Its economy of $169 billion compares with South Africa's $286 billion, according to World Bank data.
"Nigeria is going to be Africa's growth story for the next 15 to 20 years," Mboweni said after returning from a visit to Nigeria's capital, Abuja, and the commercial hub, Lagos, as part of a delegation from Goldman Sachs.
The West African nation, the continent's most populous with 140 million people, is targeting economic growth of 10 percent in the coming years as it boosts spending on power plants and attracts more investment, Finance Minister Olusegun Aganga, a former Goldman Sachs executive, said Sept. 3. The government is preparing to sell its first Eurobond of $500 million this year.
Goldman Sachs, which doesn't have an office in Nigeria, is bidding to advise on the sale of state-owned power-generation and distribution companies, the Bureau of Public Enterprises said on Aug. 31. The government hasn't said who will manage the Eurobond sale yet.
Mboweni is also chairman of Nampak Ltd., Africa's biggest packaging maker, which is benefiting from its business in Nigeria, he said. Nampak manufactures bottles for Guinness beer and cigarette packages in the country.
Banking Crisis
Nigeria has previously failed to convert its oil wealth into economic development. In its latest crisis, central bank Governor Lamido Sanusi, who took office in June last year, fired the chief executive officers of eight of the 24 commercial lenders and pumped 620 billion naira ($4 billion) to bail out 10 of them as the industry risked collapse. Sanusi said on Sept. 21 that the economy will probably expand 7.8 percent this year, up from 7 percent in 2009.
Nigeria has oil production capacity of more than 3 million barrels a day, Oil Minister Diezani Alison-Madueke said on Sept. 27, making it the Organization of Petroleum Exporting Countries' sixth-largest supplier. Oil accounts for more than 80 percent of government revenue, according to the Finance Ministry.
There are a number of good, young technocrats in Nigeria's government who will help sort out the "chaos" in the country, Mboweni said.
'Good Job'
A former labor minister in President Nelson Mandela's first Cabinet in 1994, Mboweni, 51, left the South African Reserve Bank in November after a decade at its helm, declining PresidentJacob Zuma's offer to serve a third term. He was named chairman of AngloGold Ashanti Ltd., Africa's biggest gold producer, on Feb. 24, three weeks after he was appointed to the same position at Nampak.
Mboweni, who is a patron of the South African Ballet Theater, is currently raising $130 million for a planned specialist children's hospital in Johannesburg.
The Reserve Bank of South Africa is doing a "good job," Mboweni said. Interest rate increases between June 2006 and June 2008 helped to curb price gains, he said.
Inflation has been inside the central bank's 3 percent to 6 percent target range since February, easing to an annual 3.5 percent in August.
Union Criticism
Mboweni was criticized by South African labor unions for not cutting interest rates fast enough in 2009, which they said prolonged the economy's first recession in 17 years. He lowered thebenchmark rate six times to 7 percent between December 2008 and August 2009. His replacement, Gill Marcus, has cut the rate by 1 percentage point since then.
In his new role at Goldman Sachs, Mboweni said he has met with foreign investors, who raised concerns about calls from the youth wing of the ruling African National Congress to nationalize the country's mines. His response to them is that the "center will hold" in the ANC, he said.
The ANC agreed at its National General Council meeting, which ended on Sept. 24, to study nationalizing mines and other key industries over the next two years. The ANC Youth League, led by Julius Malema, argued at the meeting that South Africa didn't derive enough benefit from mining, which generates 30 percent of export revenue in the country." Unquote
Africa Today
If Nigeria collapsed in similar manner, and its own graduates had to shine shoes or panhandle in Lome, as Ghanaian ones did..." - "Mr. Seyi Olu Awofeso" awofeso@mwebafrica.com
Uhm!
Are our "own Nigerian graduates", professionals, former lecturers and even a number of senior directors and bank managers not already doing same (or even worse) in Atlanta, Baltimore, Houston, New York, Philadelphia, Washington DC, today - driving taxi cabs, doing janitorial work, meguards, and washing dead bodies...even in places like Cairo, Tripoli, Johannesburg and maybe Accra and Lome already?
How much PROOF do we still need that the "Giant of Africa" has already been brought to its knees - even if most of us refuse to recognize this FACT, and that it is merely "a thorough-going illusion that keeps Nigeria in recklessness - that the oil in Nigeria is infinite and the world will rather stump up bail-out cash than risk Nigeria's inevitable collapse at its current form..?" - "Mr. Seyi Olu Awofeso" awofeso@mwebafrica.com
When we are actually virtually on the brink of COLLAPSE and major NATIONAL DISASTER!
Dr. Valentine Ojo
Tall Timbers, MD
On Wed 12/15/10 2:24 PM , "Mr. Seyi Olu Awofeso" awofeso@mwebafrica.com sent:
Dear Collins,
I agree with you on all points. I can only add that the wrenching poverty of famine that Ghana suffered in the 1970s will hardly allow the people to accept a looting dictator in future. If Nigeria collapsed in similar manner, and its own graduates had to shine shoes or panhandle in Lome, as Ghanaian ones did, all philosophies against looting in Nigeria shall have been fully learned; never to be forgotten. But a thorough-going illusion keeps Nigeria in recklessness still - that the oil in Nigeria is infinite and the world will rather stump up bail-out cash than risk Nigeria's inevitable collapse at its current form.
Seyi
----- Original Message -----
From: COLLINS EZEBUIHE
To: nigeria360@yahoogroups.com ; newnaijapolitics@yahoogroups.com ; Imo Forum ; nigerianworldforum@yahoogroups.com
Sent: Wednesday, December 15, 2010 7:52 PM
Subject: RE: [Nigeria360::Live] Ghana starts Crude Oil Production [2 Attachments]
Dear Seyi:
As long as Ghanains continue to live a modest life, they will have little
or no problems with their Oil. But if they are tempted to live large like Nigerians,
the "Oli curse" will surely set in, and corruption and its offsprings might actually be
worse there than it is in Nigeria.
In the case of the same Ghana, it is just a big State named a nation by Britain. Therefore,
it will be easy for a Dictator to put all Ghanains in his side pocket, and their much talked about
unity will become casualty! I hope not.
Ndewo.
Collins Ezebuihe.
To: nigeria360@yahoogroups.com; NewnaijaPolitics@yahoogroups.com
From: awofeso@mwebafrica.com
Date: Wed, 15 Dec 2010 14:28:54 +0100
Subject: [Nigeria360::Live] Ghana starts Crude Oil Production
Ghana begins pumping oil for first time
Ghana's offshore oil fields are estimated to contain about 3bn barrels
The West African nation of Ghana has begun to pump its first commercial oil after the discovery of the offshore Jubilee Field three years ago.
President John Atta Mills turned on the valve at an offshore platform.
A consortium led by UK-based Tullow Oil hopes to produce 55,000 barrels per day, increasing to 120,000 barrels in six months.
Ghana, one of Africa's most stable countries, is expected to earn $400m (£254m) in the first year.
Wearing safety gear and blue overalls, the president opened the valve in a televised ceremony some 60km (40 miles) off the coast from the town of Takoradi, Reuters news agency reports.
The discovery of oil off Ghana's coast has raised questions about whether Ghana can escape the "resource curse", where discoveries of valuable commodities fuel conflict and corruption instead of funding development.
Analysts have raised concerns about the lack of laws to manage oil revenue and the lack of an independent regulator for the sector.
The government has said it is working to get an oil bill passed.
The government has forecast that the oil will boost Ghana's economic growth rate from 5% this year to as much as 12% next year.
Production is eventually expected to bring in $1bn a year.
The Jubilee Field is estimated to hold 1.5bn barrels of oil. A second offshore field was discovered in September that is believed to hold another 1.4bn barrels.
The fields are some of the largest oil deposits found in recent years.
Learning from mistakes Observers say militant insurgency like that in nearby Nigeria's Niger Delta is unlikely as long as the government manages expectations.
Analysis
David Amanor BBC News, Accra
It is a momentous day for Ghana - barely three years after that first vial of oil was presented to former President John Kufour.
Hopes are high, tempered by a fair amount of realism - most people seem to understand oil production is unlikely in itself to bring about lower fuel prices and that it will take time for real benefits to accrue.
The government is currently negotiating huge multi-billion dollar loans for infrastructure developments, using oil as collateral, which has met with some stiff opposition from the parliamentary minority and other civil society groups. "We've looked at the experiences of other countries and it has not been positive," says Mohammed Amin Adam of campaign group Publish What You Pay.
Other concerns are focussed on how the oil money is spent rather than when. "Politicians' decisions tend to be very short-term and short-sighted," says Kofi Bentil of Ghanaian think-tank Imani.
"Transparency to population is very important," said Stephen Hayes, head of the Corporate Council on Africa - a group of some 180 mainly US firms that invest in Africa.
"They also have a fairly transparent society compared to other countries dealing in oil - so they've got a better opportunity to get it right," he told the BBC's Focus on Africa.
He says lessons can be learnt from others' mistakes and points out that Ghana's economy is more diversified than other oil-producing countries in Africa. It earns billions from cocoa and gold.
"The oil revenues expected only represents 6% of their economy - compare that to Nigeria where oil revenue represents 92% of the economy or Angola where it's almost 100%," he said.
"It indicates they won't be dependent on oil revenue... and are in a far better position to manage it more wisely."
The BBC's David Amanor in the capital, Accra, says there a positive mood about the pumping of the country's first oil - and plenty of advice about how the revenue should be spent.
"I'm very much excited because maybe that will be able to solve some of problems for us," a lottery-ticket seller said.
"The first area should be education, secondly agriculture and thirdly health."
Campaigners hope fishermen who may lose their livelihoods will be given other job opportunities
Another man said the move was a blessing for him and the country.
"It's going to benefit me so I'm really excited. I've completed school but I've not found any work to do - I hope oil will help me to get a job."
Our reporter says Ghana also has a growing civil society community which is anxious to ensure environmental and development considerations are given a voice in the area where the oil is being bumped.
"A lot of the fishermen are now moving away because of the oil rig - they cannot fish within a certain parameter," says Adwoa Bame from the Women's Initiative for Self-Empowerment group.
"The men go out and bring the fish to the fishmongers, who are normally women," she told the BBC.
"So we need to look at how we can develop programmes that can sustain these communities in terms of livelihoods."
Folks,
Is this the end of Ghana's boom or just a burst? Going by the curse of being Oil producing in Africa, will Ghana be better or worst? Nigeria did fine until her oil boom, when the nation turned God-fearing citizens to just a bunch of crooks and deadly devils. we will continue to watch Ghana in hopes that she will become for Africa, what the Nigerian crooks could not do for her.
HEN
Ghana Looks to Expand Oil Drilling After Jubilee Pumping Starts
By Jason McLure - Dec 16, 2010 9:45 AM ETGhana plans to expand oil production in the area near the offshore Jubilee field, which began operations yesterday, according to the head of the state- controlled Ghana National Petroleum Corp.
An area southeast of Jubilee's pumping rig is most likely to be the next place where the West African nation will begin crude production, said Nana Boakye Asafu-Adjaye, chief executive officer of the company, in an interview in the western city of Takoradi.
Appraisal wells have already been drilled, though Asafu- Adjaye said it wasn't clear whether production would be part of Jubilee or operated separately, he said. He declined to say what oil companies are involved or what stakes they would hold in the field. "There are some critical decisions to be made," Asafu- Adjaye said.
Ghana, the world's second-biggest cocoa producer, is planning to use its new oil revenue to diversify its economy with aluminum, petrochemical and fertilizer industries, President John Atta Mills said in a speech made after starting the flow of oil from Jubilee, the country's first major oil discovery.
With about 800 million barrels in reserves, Jubilee is operated by U.K.-based Tullow Oil Plc, which holds 34.7 percent of the field. Dallas-based Kosmos Energy LLC controls 23.49 percent; The Woodlands, Texas-based Anadarko Petroleum Corp. owns 23.49 percent; GNPC has 13.75 percent, and two smaller Ghanaian firms hold the remaining stake.
New York-based Hess Corp. and Geneva-based Vitol Group also own nearby exploration blocks in the Gulf of Guinea. In February, OAO Lukoil, Russia's second-biggest oil producer, and closely held, Houston-based Vanco Energy Co. made a "significant" oil and gas discovery about 70 miles from Jubilee. In January and September, Tullow announced positive drilling results at its Tweneboa and Owo wells in the Deepwater Tano block west of Jubilee, near the border with Ivory Coast.
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