World Bank2014-07-172014-07-172009-11-30https://hdl.handle.net/10986/18903Ghana'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.en-USCC BY 3.0 IGOACCOUNTABILITYACCOUNTINGAGRICULTURAL COMMODITIESAGRICULTURAL OUTPUTAGRICULTURAL PRODUCTIONAGRICULTUREARREARSAUDITORSAVAILABILITYBALANCEBARREL OILBARRIERS TO ENTRYBENCHMARKBENEFIT ANALYSISBINDING CONSTRAINTBUDGET CONSTRAINTBUDGET REVIEWBUDGETINGCAPACITY BUILDINGCAPACITY FOR INVESTMENTCAPITAL EXPENDITURESCAPITAL INFLOWSCASH FLOWCEMENTCIVIL SERVICECOMMERCIAL BANKCOMMERCIAL BANK LENDINGCOMMERCIAL INVESTMENTSCOMPETITIVE BIDDINGCOMPETITIVE TENDERCONSOLIDATIONCONSUMERSCONSUMPTION EXPENDITURESCONTINGENT LIABILITIESCOST ANALYSISCRUDE OILCURRENT EXPENDITURESDEBTDEBT INTERESTDEBT MANAGEMENTDEBT SERVICEDECISION MAKINGDEPOSITSDEVELOPMENT ASSISTANCEDISCOUNT RATEDISPOSABLE INCOMEDOMESTIC DEBTDOMESTIC GASDOMESTIC SUPPLYDRILLINGDRY GASECONOMIC ACTIVITYECONOMIC FACTORSECONOMIC SECTORSECONOMIC STABILITYECONOMICSEFFECTIVE ALLOCATIONELECTRICITYELECTRICITY GENERATIONELECTRICITY GENERATION CAPACITYELECTRICITY GENERATION MIXELECTRICITY TARIFFSEMPIRICAL EVIDENCEEMPLOYMENTENTREPRENEURSHIPENVIRONMENTALENVIRONMENTAL ISSUESEQUALIZATIONEQUILIBRIUMEQUIPMENTEQUIPMENTSEQUITY ISSUEEXCHANGE RATEEXCHANGE RATE MOVEMENTSEXPENDITUREEXPENDITURESEXPLOITATIONEXPLORATION DRILLINGEXPORT COMPETITIVENESSEXPORTEREXPORTERSEXPORTSEXTERNAL DEBTEXTERNAL DEFICITSFEASIBILITY STUDIESFINANCIAL MANAGEMENTFINANCIAL MANAGEMENT CAPACITIESFISCAL DEFICITSFIXED COSTSFORECASTSFOREIGN INVESTMENTGASGAS FIELDSGAS OUTPUTGAS PRICEGAS PRODUCTIONGAS RESOURCESGAS SUPPLYGASOLINEGDPGLOBAL MARKETSGNPGOVERNMENT BUDGETGOVERNMENT REVENUEGOVERNMENT REVENUESGROSS NATIONAL PRODUCTGROSS REVENUEGROSS REVENUESGROWTH RATEHOUSINGINCOME GROWTHINCOME TAXINDUSTRIALIZATIONINFLATIONINFRASTRUCTURE FINANCINGINJECTION WELLSINTEREST COSTSINTEREST INCOMEINTEREST RATEINTERGENERATIONAL EQUITYINTERNATIONAL STANDARDSINVESTINGINVESTMENT CLIMATEINVESTMENT DECISIONSINVESTMENT PROJECTSINVESTMENT STRATEGIESLABOR FORCELABOR MARKETLABOR MARKETSLABOR PRODUCTIVITYLAND PRODUCTIVITYLAND SUPPLYLAWSLEGAL FRAMEWORKLEVIESLIQUIDITYLNGMACROECONOMIC CRISISMARGINAL PRODUCTIVITYMARKET SHAREMARKET VALUEMARKET VALUESMATURITYMDASMETROPOLITAN AREASMIDDLE INCOME COUNTRIESMIGRATIONNATURAL GASNATURAL GAS LIQUIDSNET OILOILOIL BOOMOIL COMPANYOIL EXPORTEROIL EXPORTERSOIL PRICEOIL PRICESOIL PRODUCTIONOIL RESERVEOIL RESERVOIROIL SUPPLYOILSOPERATING COSTSOPERATING EXPENSESOPPORTUNITY COSTSPEAK CAPACITYPEAK OUTPUTPEAK PRODUCTIONPER CAPITA INCOMEPER CAPITA INCOMESPERMANENT INCOMEPETROLEUMPETROLEUM RESOURCEPIPELINEPOLITICAL ECONOMYPOPULATION GROWTHPOWERPOWER GENERATIONPOWER STATIONSPRESENT VALUEPRICE FLUCTUATIONSPRICE MOVEMENTSPRICE SPIKESPRICE VOLATILITYPRIVATE INVESTMENTPRIVATE INVESTMENTSPRODUCERSPRODUCT MARKETSPRODUCTION COSTSPRODUCTION RATESPRODUCTIVITYPRODUCTIVITY GROWTHPROFITABILITYPROVEN RESERVESPUBLIC DEBTPUBLIC GOODPUBLIC GOODSPUBLIC INVESTMENTPUBLIC INVESTMENTSPUBLIC SPENDINGREAL EXCHANGE RATEREAL INTERESTREAL INTEREST RATEREAL INTEREST RATESREAL WAGESRECURRENT DEFICITSRECURRENT EXPENDITUREREGULATORY AUTHORITYREMITTANCESREPAYMENTSRESERVESRESOURCE ALLOCATIONRETURNRETURNSRULE OF LAWRURAL CREDITRURAL ELECTRIFICATIONSAFETY STANDARDSSAVINGSSCIENTIFIC KNOWLEDGESOVEREIGN BONDSSTOCK MARKETSSTREAMSTARIFF STRUCTURETAXTAXATIONTECHNICAL ASSISTANCETELECOMMUNICATIONSTIMBERTOTAL COSTSTOTAL REVENUETRADINGTRANSPARENCYTRANSPORTTRUST FUNDTURNOVERUTILITIESVALUE ADDEDWAGESWEALTHWELFARE GAINS10.1596/18903