This paper offers a systematic analysis of the likely economic effects\r\nof oil and gas production and management on the Ghanaian economy. The\r\npaper has been motivated by the fact that some empirical literature report\r\nthat natural resource endowment has not necessarily led to economic\r\ndevelopment in many countries. It is with this apprehension of a possible\r\nnatural resource curse in Ghana, having discovered oil in commercial\r\nquantities that the economic effects of oil and gas production and\r\nmanagement on the Ghanaian economy are worth considering. The paper\r\nprovides basic descriptive analysis of the issues under consideration. It\r\nconcludes that oil and gas production in Ghana does not provide a magic\r\nwand to transforming the economy of Ghana overnight, but the efficient\r\nmanagement and application of the revenues from the sale of the resources\r\nwill provide keys to economic development of Ghana. Again, to ensure\r\nefficient use of the revenues from the resources, the revenues must be spent\r\non specific projects of urgent national importance that could generate more\r\nrevenue in the long run and stand the test of time so as to help posterity to\r\nhave a better judgment of the use of the resources find.
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