The richest man in Africa is Aliko Dangote, whose net worth is $30.3 billion.
The Dangote Group of Companies has a total debt of $5.4 billion. When Dangote was building the refinery in Nigeria, he faced financial and liquidity challenges, despite being the richest man in Africa.
The Nigerian federal government, through NNPC, loaned $2.7 billion to Dangote to help complete the refinery. Nigeria supported its own.
Now, let’s bring this analogy home to Ghana. We recently learned that the government plans to engage Springfield E&P for a possible state intervention. The government has outlined the process they intend to follow.
The owner and founder, Mr. Kevin Okyere, has invested over $200 million and is committed to being the first Ghanaian to develop a block with proven hydrocarbons.
What are we seeing on social media in Ghana? Some individuals are already saying the Ghanaian government should not spend public funds on stranded assets.
Others are claiming that he is broke and that the government should not assist him, as Nigeria did when Dangote needed help.
My question is simple: Do Ghanaians want to see their compatriots succeed, or are we content with the fact that many industries in Ghana are owned by Indians and Lebanese? Now, even the restaurant and hospitality sectors are being taken over by foreigners.
No one is suggesting that the government should just take money from the Ghanaian treasury and give it to Springfield. There are many ways the government, through GNPC-Explorco, can intervene to develop the WCTP2.
In the coming days and weeks, we will present a technical debate on why the government’s approach is both timely and appropriate.
Kwadwo Poku
INSTEPR