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The Petrol Revenue Management Bill that Ghana’ s parliament ratified on March 2 is to regulate how the country spends and saves the $ 1 billion in oil money it expects to reap this year alone, an amount that is equal to two-thirds of the government’s total anti-poverty spending.
    The new law will require Ghana’s government to publish a breakdown of all the oil-related money it receives and where it goes. It establishes watchdog groups to keep an eye on the oil money.
    But policy group Oxfam International says those rules alone are not enough to prevent this region’s newest oil exporter from repeating the mistakes of its oldest oil giants.
    Nigeria, Angola, Cameroon, Equatorial-Guinea, Republic of Congo, and Gabon—all west and central African states—have been pumping hundreds of millions of dollars worth of oil a day for decades. But that oil windfall has typically failed to bring even mundane improvements in the lives of people in those states, the majority of whom live on less than $ 1.25 a day.
    Ghana could suffer a similar future, Oxfam Policy Manager Ian Gary says, if the country does what its neighbors did and uses oil revenue as collateral for government loans.