Run into more customer service bots lately? Let Marketplace Tech know. More info

Ghana to begin coastal oil pumping

David amanor Dec 15, 2010
HTML EMBED:
COPY

Ghana to begin coastal oil pumping

David amanor Dec 15, 2010
HTML EMBED:
COPY

TEXT OF INTERVIEW

STEVE CHIOTAKIS: The African country of Ghana joined a very exclusive club today. The country began pumping oil of its coast — an oil field the country hopes will bring in $1 billion per year.

The BBC’s David Amanor is with us from a ceremony in Cape Three Points to mark the occasion. Hi David.

DAVID AMANOR: Hello, hi.

SOUND OF CELEBRATION

CHIOTAKIS: Sounds pretty lively there. How are people celebrating?

AMANOR: Actually, what we’re hearing here is a color make-shift amphitheater and there’s a giant screen here where we’ve been watching pictures of President Atta Mills aboard the floating production and storage unit where he’s been turning the tops off of Ghana’s first auto-flow. So the music you’re hearing the background is the Ghana’s national dance ensemble who have been singing and dancing in all the traditional styles.

CHIOTAKIS: Let’s change gears a bit David and talk about how important this could be for the economy. What are the people of Ghana saying about that?

AMANOR: I think people here out on the streets have sort of tempered their expectations but they do expect it to be a blessing. They do expect their lives to improve. So perhaps the expectations might be a little high because really I mean we’re looking at a boost to he economy between $500 million to $1 billion U.S. dollars. I mean, you’re talking about a 1.85 – 3.7 percent increase in the economy. And in the scheme of things, that’s not really a lot.

CHIOTAKIS: Ghana, David is known as one of the most stable countries in Africa. Is it concerned about how things could perhaps go sour with this oil exploration?

AMANOR: There are concerns in a way that things could go sour in a slow kind of way. There are fears that oil could feed corruption maybe in the same ways that it has in Nigeria, Angola, and Equatorial Guinea in a widening gap between rich and poor. You know there are several negatives to watch out for in the oil experience.

CHIOTAKIS: The BBC’s David Amanor currently at this ceremony to mark the occasion in Ghana of oil exploration there. David, thanks.

AMANOR: You’re welcome, thank you.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.