We are making too much deal of oil find – Amoafo-Yeboah

The only independent presidential candidate in this year's general elections on December 7, 2008 says politicians are making too much fuss about the country's oil find.

Mr. Kwesi Amoafo-Yeboah, a businessman said he has been in the oil industry for about 10 years said he has no reason to doubt the find, but cautions that the country cannot depend so much on the oil find to resolve the country's economic problems.

He told Citi Breakfast Show host, Samuel Bartels, "I think that we are focusing too much on this so called oil find, yes the oil is there, but we are making too much of a big deal out of it," he said.

He cited the fall in oil prices in the last three or four months as an example. He said oil was at $147 a barrel last three or four months ago, but it is now $57 a barrel.

He said, "if this trend continues downwards, we are going to reach a level the cost of production is going to be higher than the price that it can be sold for, when that happens, all these projections are out of the window."

He also said should oil price go up, and the country makes lots of money from the oil, the money ought to be used to benefit the whole of Ghana and not just the people of the Western region.

Mr. Amoaf-Yeboah called for transparency in the management of the oil wealth to develop the country.

Commenting on the presidential debate that was organized last week by the Institute of Economic Affairs (IEA), he said he was not invited and so he watched the debate on TV at home.

On where he would pick his ministers from should he win the elections, he referred to the Constitution which says the majority of ministers must come from Parliament and therefore, he would work with Members of Parliament from all the parties with representation in the House and he would also work with independent MPs based on their competence.

Source: ghananewstoday.com