The emerging oil industry in Ghana : socio-economic and environmental impact on the people of Cape Three Points
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The management of natural resources has been one of the herculean tasks developing countries with such resources have had to contend with. Experts in the field of natural resource management have expressed divided opinions in connection with the linkage between natural resource abundance and economic growth on one hand and the translation of resource wealth into a sustainable quality of life in a relatively safe environment on the other. For countries to escape a resource curse, pragmatic and strong institutions coupled with political will must be seen to be at full implementation. This study looked at the emerging oil industry in Ghana with reference to what is to be or being done to alleviate the hardships the people of three local communities have been facing since a ban on fishing within the exclusive zone was imposed. The objective is to examine what prevailing conditions are available to mitigate the effects of the loss of a source of livelihood and assess what mechanisms are there to regulate the behavior of oil companies. The results from the data gathered showed that there is a strong commitment on the part of government, oil companies and other stakeholders to turn the expected wind-fall into an economic blessing. However, the opinions expressed by the local residents within the Cape Three Points region shows a lot needs to be done for them not to be worse-off. It is expected that while these three communities are given the needed attention, measures would be put in place to minimize or avoid any environmental problems that may occur.
The study is based on how Ghana intends to manage its oil resources to benefit the citizens and especially those living close to the exclusive zone.