Since the discovery of commercial oil reserves in the West African nation of Ghana in 2007, there have been new discoveries and an increase in the quantity of barrel production. Jubilee Field was the first oil field discovered. This oil field is an offshore reserve 60 kilometres from the city of Takoradi on the Southern coast of Ghana. There have since been other discoveries in different areas. Up to 120,000 barrels a day are being pumped. The Tullow Group is the company leading the project. They hope to earn $400 million in the first year.

Global Investment

Ghana has enjoyed relative democratic peace for nearly two decades. Vice President John Dramani Mahama has urged international investment to aid the growth and development of this industry. Mahama spoke to members of the United States Chamber of Commerce’s Africa Business Initiative in Washington DC in June 2011. “Come with open mind. You have the government that will protect your investment”, he assured potential investors.

Ghana Economy

The oil production has boosted Ghana's economic situation. There has been a growth rate of 13.4 per cent in 2011. Ghana's other major resources include gold and cocoa. Tourism is another expanding industry. The World Bank has predicted that Ghana is on its way to being the fastest- growing African economy.

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