e of the largest but quite oil producing nations is Norway, its capital Oslo.
They have a largely unknown petroleum fund worth 940.7 billion Norwegian Kroner as of 2008, that is about $147 billion (US dollars) and the fund is believed to be growing rapidly.
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However, when it comes to oil affairs in the world its a country often forgotten. this is probably due to its ability to avoid social upheavals such as countries as Nigeria, Venezuela, Gabon and Persian Gulf sates that usually dominates headlines.
Since 1971, Norway has been pumping massive quantities of crude oil from the icy waters of the North Sea. Presently it is the world’s third-largest oil exporter behind Saudi Arabia and Russia, and the seventh -largest oil producer. They have been able to prove that oil doesn’t have to be an obstacle to stability and long -term economic growth. Ghana should take note.
Social scientist/ commentators usually talk about the “Curse of oil.” Over the past several years/decades, the world has witnessed tyrannical regimes spring up due to oil, corruption in magnitude never seen before. Instant wealth and huge bank accounts of leaders from third world nations that can feed the whole continent of Africa. All these have given credence to the adage “Curse of oil.” Especially in Africa.
Ghana is on the verge of finding out whether it will follow suit to or defeat the curse of oil wealth. Norway offers a perfect model to copy.
Norway has viewed oil revenues as temporary collective windfall that, instead of spurring consumption today, can be used to insulate the country from fluctuations that are very apparent in the world markets and economies of today and provide a fortress that will cushion the doom when the oil eventually dries up, as the case is now in the tiny African nation of Gabon were the government has entered into panic drilling for prospective oil site that has yielded no dividend up till date
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Steps by Norway
After more than 20 year of drilling, the Norwegians realized that oil is temporary, far back in 1990 the nation’s parliament by law established the Petroleum Fund of Norway to cushion the effects of fiscal shock rocking the world economies. It is controlled by the country’s central bank. The fund is modeled after the Alaska Fund in the U.S.A that converts petro dollars into stocks and bonds. Instead of paying dividends, it uses revenues and appreciation to ensure equitable of wealth across generations
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Steps by Norway
After more than 20 year of drilling, the Norwegians realized that oil is temporary, far back in 1990 the nation’s parliament by law established the Petroleum Fund of Norway to cushion the effects of fiscal shock rocking the world economies. It is controlled by the country’s central bank. The fund is modeled after the Alaska Fund in the U.S.A that converts petro dollars into stocks and bonds. Instead of paying dividends, it uses revenues and appreciation to ensure equitable of wealth across generations
