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Economic & Sector Work :: Policy Note

Economy-Wide Impact of Oil Discovery in Ghana

ACCOUNTABILITY ACCOUNTING AGRICULTURAL COMMODITIES AGRICULTURAL OUTPUT AGRICULTURAL PRODUCTION AGRICULTURE ARREARS AUDITORS AVAILABILITY BALANCE BARREL OIL BARRIERS TO ENTRY BENCHMARK BENEFIT ANALYSIS BINDING CONSTRAINT BUDGET CONSTRAINT BUDGET REVIEW BUDGETING CAPACITY BUILDING CAPACITY FOR INVESTMENT CAPITAL EXPENDITURES CAPITAL INFLOWS CASH FLOW CEMENT CIVIL SERVICE COMMERCIAL BANK COMMERCIAL BANK LENDING COMMERCIAL INVESTMENTS COMPETITIVE BIDDING COMPETITIVE TENDER CONSOLIDATION CONSUMERS CONSUMPTION EXPENDITURES CONTINGENT LIABILITIES COST ANALYSIS CRUDE OIL CURRENT EXPENDITURES DEBT DEBT INTEREST DEBT MANAGEMENT DEBT SERVICE DECISION MAKING DEPOSITS DEVELOPMENT ASSISTANCE DISCOUNT RATE DISPOSABLE INCOME DOMESTIC DEBT DOMESTIC GAS DOMESTIC SUPPLY DRILLING DRY GAS ECONOMIC ACTIVITY ECONOMIC FACTORS ECONOMIC SECTORS ECONOMIC STABILITY ECONOMICS EFFECTIVE ALLOCATION ELECTRICITY ELECTRICITY GENERATION ELECTRICITY GENERATION CAPACITY ELECTRICITY GENERATION MIX ELECTRICITY TARIFFS EMPIRICAL EVIDENCE EMPLOYMENT ENTREPRENEURSHIP ENVIRONMENTAL ENVIRONMENTAL ISSUES EQUALIZATION EQUILIBRIUM EQUIPMENT EQUIPMENTS EQUITY ISSUE EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURES EXPLOITATION EXPLORATION DRILLING EXPORT COMPETITIVENESS EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT EXTERNAL DEFICITS FEASIBILITY STUDIES FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT CAPACITIES FISCAL DEFICITS FIXED COSTS FORECASTS FOREIGN INVESTMENT GAS GAS FIELDS GAS OUTPUT GAS PRICE GAS PRODUCTION GAS RESOURCES GAS SUPPLY GASOLINE GDP GLOBAL MARKETS GNP GOVERNMENT BUDGET GOVERNMENT REVENUE GOVERNMENT REVENUES GROSS NATIONAL PRODUCT GROSS REVENUE GROSS REVENUES GROWTH RATE HOUSING INCOME GROWTH INCOME TAX INDUSTRIALIZATION INFLATION INFRASTRUCTURE FINANCING INJECTION WELLS INTEREST COSTS INTEREST INCOME INTEREST RATE INTERGENERATIONAL EQUITY INTERNATIONAL STANDARDS INVESTING INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT PROJECTS INVESTMENT STRATEGIES LABOR FORCE LABOR MARKET LABOR MARKETS LABOR PRODUCTIVITY LAND PRODUCTIVITY LAND SUPPLY LAWS LEGAL FRAMEWORK LEVIES LIQUIDITY LNG MACROECONOMIC CRISIS MARGINAL PRODUCTIVITY MARKET SHARE MARKET VALUE MARKET VALUES MATURITY MDAS METROPOLITAN AREAS MIDDLE INCOME COUNTRIES MIGRATION NATURAL GAS NATURAL GAS LIQUIDS NET OIL OIL OIL BOOM OIL COMPANY OIL EXPORTER OIL EXPORTERS OIL PRICE OIL PRICES OIL PRODUCTION OIL RESERVE OIL RESERVOIR OIL SUPPLY OILS OPERATING COSTS OPERATING EXPENSES OPPORTUNITY COSTS PEAK CAPACITY PEAK OUTPUT PEAK PRODUCTION PER CAPITA INCOME PER CAPITA INCOMES PERMANENT INCOME PETROLEUM PETROLEUM RESOURCE PIPELINE POLITICAL ECONOMY POPULATION GROWTH POWER POWER GENERATION POWER STATIONS PRESENT VALUE PRICE FLUCTUATIONS PRICE MOVEMENTS PRICE SPIKES PRICE VOLATILITY PRIVATE INVESTMENT PRIVATE INVESTMENTS PRODUCERS PRODUCT MARKETS PRODUCTION COSTS PRODUCTION RATES PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PROVEN RESERVES PUBLIC DEBT PUBLIC GOOD PUBLIC GOODS PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SPENDING REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES REAL WAGES RECURRENT DEFICITS RECURRENT EXPENDITURE REGULATORY AUTHORITY REMITTANCES REPAYMENTS RESERVES RESOURCE ALLOCATION RETURN RETURNS RULE OF LAW RURAL CREDIT RURAL ELECTRIFICATION SAFETY STANDARDS SAVINGS SCIENTIFIC KNOWLEDGE SOVEREIGN BONDS STOCK MARKETS STREAMS TARIFF STRUCTURE TAX TAXATION TECHNICAL ASSISTANCE TELECOMMUNICATIONS TIMBER TOTAL COSTS TOTAL REVENUE TRADING TRANSPARENCY TRANSPORT TRUST FUND TURNOVER UTILITIES VALUE ADDED WAGES WEALTH WELFARE GAINS
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Washington, DC
Africa | Ghana
2014-07-17T23:36:34Z | 2014-07-17T23:36:34Z | 2009-11-30

Ghana's oil will start to flow in 2011, maybe even before, and most of its known reserves will be extracted in the immediate years after. The promise of oil generates expectations of all sorts, the more so as Ghana currently grapples with a macroeconomic crisis of significant proportions. This overview discusses the Ghana-specific nature of these challenges and explores possible options to address them. In doing so, it builds on seven thematic chapters which look at different aspects of the question: (1) oil facts, (2) political economy, (3) public financial management, (4) infrastructure, (5) private sector development, (6) agriculture, and (7) poverty. While the overview tries to bring together the findings of these different chapters, further details and discussions on each of these topics can be found in o f the chapters themselves. It concludes that while oil revenue will not be large enough to radically transform Ghana, it could, if improperly managed, impose enough stress on non-oil sectors to severely undermine Ghana's medium term development prospects. Hence the huge premium and responsibilities put on Ghana's successive authorities to wisely manage the oil wealth to promote the development of the non-oil sectors.

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