Ghana has ‘unwisely mortgaged’ its oil for 20 years - Otabil

 

The decision by Ghana to “mortgage” its oil for 20 years, when prices of crude were high on the international market, was an “unwise” decision, which has plunged the country into “worry” following the sharp fall in the price of the commodity, Pastor Mensa Otabil has said.

Citing Ghana’s oil situation as an example to teach his congregation about the need for people to “reinvest” in their businesses in times of abundance, the General Overseer of the International Central Gospel Church (ICGC) said on Sunday April 17, 2016 that: “One of the big problems we have in our country [is] people culturally don’t reinvest in their business; we make money and blow all the money; the nation does it, [too].”
“We discovered oil, we sold ourselves for the next 20 years, mortgaged the oil, then oil prices went to $30, now we are worried, what should we do, there’s nothing beyond oil, what else are you going to do?
“Because we think the prices will be high forever, we think it will be good forever, only an unwise person thinks it will be good for ever, it will not be good forever, the wise man is the Joseph who plans in [times] of abundance anticipating scarcity, so, when scarcity comes, it’s as if he is still in abundance and actually grows bigger because everybody else is in trouble, now he can grow bigger.