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Resource Management and Planning for our Future Generations

Mid December, Ghana’s President, Mr. Atta Mills ceremoniously turned the valve on one of the off-shore platforms. “We must give thanks to God for giving us this natural asset,” Mills said after opening a tap to release oil aboard a storage ship. Ghana officially began producing oil to the tune of 55,000 barrels per day, up to 120,000 barrels per day, within the first 6 months.  Ghana is slated to net $400m in the first year.

Mr. Atta Mills promised to learn from the mistakes of other African leaders and save some of the proceeds for succeeding generations, but no sooner than he turned the valve he had leveraged $14 BILLION from the Chinese alone. His willingness to leverage the nation’s oil wealth will saddle future generations with debt, while failing to avoid the economic decay that has accompanied oil riches in countries such as Nigeria. The borrowing comes just six years after Ghana won $3.5 billion in debt relief from the International Monetary Fund and World Bank.

If that isn’t enough, on the morning of  January 4, 2011, when everyone was busy trying to add another hole to increase their belt size, the government announced that there would be 30% percent increase in the prices of fuel!  Wait a bleepin minute, those fools had the audacity to increase the price of fuel simultaneous to becoming an oil producing nation.  Only a mis-educated fool could explain that math and only a mis-educated fool would overstand it.  But it is the language of our “leaders” straight across the continent and they get away with it because they keep the masses ignorant and desperate, too busy trying to survive to complain about the mismanagement of funds they have no idea they are entitled to.  Those with any ambition simply seek to posses the very political seats that will entitle them also to unaccountable funds, petro allowances and a renewable membership card to Volta Hall. 

The corruption is beyond entrenched, the mentality beyond decadent.  Africa is being looted by her own children, no different than before.  These so-called leaders are our principle problem.  Their immoral example is what breeds the depraved ways of the so-called criminals in our society today. It is disgusting!  Never before has Africa been in greater trouble, never before could it have looked so bleak.  It must be the darkest hour before the dawn.  It must, cause Jah nah sleep.

In the mean time the cost of living in Accra is quickly approaching par with some of the most expensive cities in the World.  A 30% increase in oil prices translates in a 30% increase across the board, except for salaries, of course.  In other words, a 30% cut in pay.  Wicked.  It is unbelievable when you hear about fiscal policy in Africa, but to witness it is down right nauseating.  And so they do it with the cocoa, the bauxite, the gold, the diamonds and anything else they can leverage, only to fill their stinking bellies.

References:

http://www.businessweek.com/news/2010-12-22/ghana-s-new-oil-wealth-may-trigger-borrowing-spree.html

http://www.bbc.co.uk/news/world-africa-11996983
 

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