Ghana‘s reserves are relatively modest by international standards, and will thus not radically
transform Ghana‘s economy into one where oil becomes the major sector. Nonetheless, they are
already large enough to deeply affect the future of the non-oil economy, positively or negatively.
As liquidity constrained, Ghana‘s economy could expect high development returns from oil. But
without sufficient preparation, risks of misuse of oil revenue are considerable, to the extent that it
could even lead to a decline in per capita incomes in absolute terms after the initial boom years.
The political capture of oil rents could also revert some of the important progress made in Ghana
in terms of governance and executive accountability. Hence the huge premium and
responsibilities put on Ghana‘s successive authorities to wisely manage the oil wealth