In 2013 a partnership was struck between the G-8 group of countries and 15 resource-rich countries, which brought Ghana and the UK together with a shared purpose of fighting poverty on the opportunities from natural resources.
The UK has committed GBP27 million to two programmes in Ghana as part of our contribution to our partnership. The programme we launch this evening, ‘Ghana Oil and Gas for Inclusive Growth’ or GOGIG’ is one; the ‘Western Region Coastal Foundation’, which I had the pleasure to launch a few months ago, is the other . Even with low oil prices, there are opportunities for inclusive growth from natural resources, but even a casual look at oil-rich countries around the world — the members of OPEC for example — will tell you that just having oil is no basis for sustained, inclusive growth. And, sadly, sometimes it can be the opposite.