Why is Ghana so Poor, yet Rich underneath the Soil?
On the 14th of February, 2019, the Ministry of Finance announced what is described as the biggest oil find in Africa, 450 million – 550 million barrels, with potential reserves of nearly 1 billion barrels of oil. Fortuitously, this new “find” has occurred when Ghana has a President who has shown total disgust for colonialism and its underlying philosophy of extracting Ghana’s natural resources under insidious and oppressive contracts with a few crumbs left to the people of Ghana (the colony). At a recent meeting with the President of France, Emmanuel Macron, President Akufo-Addo indicated that this business of giving aid to Ghana while extracting its Natural Resources should stop. He stressed the urgent need for Ghana to “go beyond aid” in its efforts to develop the economy. The old colonial principle of “providing foreign aid while extracting our natural resources” with “rent-seeking contracts” is never going to develop Ghana.