Ancient Egyptian units of measurement also served as units of currency. Africa's economy was diverse, driven by extensive trade routes that developed between cities and kingdoms. Some trade routes were overland, some involved navigating rivers, still others developed around port cities. The Sultanate of Mogadishu 's medieval currency.
International Monetary Fund Website, The country has laid down strategies aiming at improving the quality of life among its citizens. This is included in the vision In this strategic plan, the government also aims at promoting the rate of economic development to a greater deal, establishing a microeconomic stability, reducing the percentage of individual living below the poverty line, enhancing social equity and justice, and promoting foreign and local investment.
These projects will help incredibly in lifting the level of economic development of the country to a great deal. The political atmosphere is of immense vitality in achieving this advancement; the country has to ensure that there is political stability.
There are crucial endowments that come with the oil production to the citizens of oil producing countries, mostly when there are the right mechanisms and measures employed to manage this resource.
Some of the micro-economic and macro-economic benefits of oil to the people of Ghana are discussed below. Performance, structure and behavior of the economy, nationally and regionally, are what entail macro-economics.
It incorporates wide issues about the economy such as fiscal policy, economic growth, and inflation Driscollp. Also, the GOG has adopted a single spine salary policy which seeks to look at the pay inequalities and variations, as well as increase transparency and equity amongst the public sector; a project that requires a high budgetary allowance that may hinder macro-economic stability.
Continuous high levels of investments in public infrastructure, manufacturing industry in accordance with well-organized policies on oil revenue management will lead to a firm and sustainable investment. Also, providence of skills and knowledge to the large unskilled labor force in the relevant fields will help reduce both underemployment and unemployment faced in the country.
This will also raise the per capita income and provide more prospects of the GDP growth with the discovery of more oil fields.
Furthermore, fiscal expansion will reduce government borrowings from banks and financial institutions, and loans will be more readily available to the private industry, which sums up to more economic development. This entails attitudinal variations that the oil industry will have on individual firms, household, and consumers through the creation of job opportunities and spending.
Dynamic means of encouragement should be used to stimulate local entrepreneurs to take part in the emerging oil sector. This should happen even though the numbers will be low due to capital intensiveness.
Local entrepreneurs should be given incentives, and entrepreneurial aid, and skills required to succeed in the industry. Inspiring locals to risk in business of commendations and business advice would be beneficial though the politics of envy currently being experienced in Ghana acts as a hindrance.
Other areas that may help in creating downstream employment include oil refineries and petrochemical industries, as well as allied businesses, such as manufacture of salt.
Sea and air transportation services will be needed creating more employment to facilitate communication and transportation of the workers in and out of the rigs. Banks, real estates, restaurants, and vendor shops will also be expanded. All these extended effects of expanded, created and improved businesses will be beneficial to the local economic businesses and communities, and the whole economy at large.
Nonetheless, such developments need to be handled with planned and controlled caution, thus ensuring maximum economic benefits. According to Modern Ghana Onlinefloating storage offloading system, as a method of production, restricts the performance of downstream businesses, such as refineries putting more pressure on the potential of employment vacancies creation.
According to economists, consumers develop spending habits if there is more money in their pockets, and it is no different, especially when oil is being produced in a country. This can serve as a motivation for more people to go to work as the scenario of a pay rise may be created. Hence, the government spending will increase with such an increase in wages, pensions, subsidized consumer products, and social services.
Political scientists associate slow economic growth, corruption, less equitability of resources, chances of violence eruption, and authoritarian ruling systems of governance to the oil resource as compared to those nations without or with less of the resource. Weak democratic development Rosscorruption Salai-Martinand civil wars Humphreys, have all been associated with natural resource wealth.
When trying to comprehend the above influence of natural resources on the economy of a country, we need to understand the two issues involved.
First, according to Rossthe natural wealth needs to be extracted and not just produced as compared with other wealth sources. This means its creation can happen without depending more on the domestic labor force, as well as other industries of the economy. Oil extraction can take autonomously without interference of political systems.
This involves the current government is supposed to have an all-time open access to wealth created from oil without regards whether it directs the cooperation of its population or how effective it takes charge of national institutions Ross The second issue is the non-renewability characteristics of oil, and as Ross observed, it should be viewed economically as an asset and not as a source of income.The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals.
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