Natural resources for socio-economic development in Africa: legal governance of extractive industries in Ghana

Abstract

Oil, gas and mineral discoveries often bring hopes for wealth and better livelihoods, but for most African countries, managing such wealth has proven challenging. Appropriate and functional institutions remain key to addressing this challenge. Ghana's newly established fiscal, legal and structural framework for resource governance presents a reference tool for Africa. This work discusses Ghana's Petroleum Revenue management Act 815 of 2011, and affiliated legal, institutional and regulatory mechanisms, and their potential in shaping Ghana's sustained developmental path. Lessons to be picked include structuring resource governance and management throughout all value chains and eventually endeavouring to achieve sustainable development. The work was informed by fieldwork undertaken in Ghana within relevant government, civil society, economic and legal communities.