Six years ago, the World Bank lent money and credibility to what was considered internationally as a risky experiment. The bank provided $190 million to kick-start the oil industry in one of the world's most impoverished dictatorships, the landlocked African state of Chad. As a condition of its lending, the bank insisted that oil revenue be used for poverty reduction, and at first it mostly was.

By 2005, Chad's government wanted to relax the restrictions on how it spends its petrodollars. A major row erupted, leading to a negotiated settlement that left all parties with less than what they wanted.

But, China needs more and more oil to fuel its 'mad’ rush for economic super power status. The United States needs to decrease its reliance on oil from the Arab world.

The question then becomes, to where should China and America turn for a more reliable source of oil? Increasingly, sub-Saharan Africa is being touted as their next great hope for a secure, reliable source of oil. But, right here on this continent, Ghana, which is seen as the next oil-rich country in the world, is surrounded by a long and living history of what ills the discovery of oil provides in Africa through the huge influx of revenue. Here, it has proven anything but a quick fix for troubled African economies. Reports show that though Nigeria has enjoyed more than three decades of oil "wealth," its per capita GDP remains at only $1000, putting it at number 209 in the world.

In Angola, 70 percent of the population lives below the poverty line. In Gabon, which has one of the highest per capita GDPs in sub-Saharan Africa —more than 10 times the regional average—enormous income inequality has kept almost half of its people in poverty.

Oil fuels corruption rather than boosts development in Africa. So it is with much optimism we greet the news of President Kufuor inviting Norway on a possible co-operation on how we arrange things responsibly in readiness for the oil revenue, which we hear will start coming in after five years or more. Norway already has in place an innovative programme called the Oil for Development (OfD) initiative, which aims at assisting developing countries with petroleum resources in their efforts to manage these resources in a way that generates economic growth, promotes the welfare of the population as a whole, and is environmentally sustainable.

When our Editor-in-Chief and the Editor-in-Chief of the Crusading Guide visited Norway recently, they met with some of the lawyers who helped Norway draft that policy. The firm, Arntzen de Besche was even voted last year by Chambers, as Europe’s best law firm in oil and gas.

What we learnt from the Norwegians is that about 92% of revenue from oil accrues to the Norwegian state for the welfare of the people. We want a similar programme for Ghanaians.

Oil exploration is expanding more quickly in Africa than anywhere else in the world and it holds promise of becoming a vital resource for economic and social development in our country and in our region as a whole. But, how do we translate petroleum resources into improved welfare for the citizenry? President Kufuor’s recent interview with the BBC and this week’s visit show ample proof that a major headache of his is how to ensure that after he leaves office oil and development become happy bedfellows for Ghanaians’ prosperity. But we insist, Mr President, that the revenue aspect may take up to 10 years to come. Already we know some blocks have been sold in ways that some may consider as too hasty. The most important governance role before the revenue begins flowing is the contractual arrangements.

So the President’s concerns, we repeat must be on who can best provide the kind of leadership that can ensure Ghana gets the best out of it. First of all, in our view, the issue is to look for a President who is not prone to corruption. Indeed, there are even candidates for the NPP flagbearership who have experience in the oil business - we can speak of one experienced corporate lawyer.

But even if the leader does not have intimate experience with the business he can still appoint others who have. But, we also need a President who fully understands how to negotiate with big businesses. A leader who has the confidence and the patriotism to get a good deal for Ghana.

The President should also look for a leader who believes in social justice. Who has experience with human rights and how that links up with oil and development. America has its sights set on Ghanaian oil. China’s state oil company, Sinopec, has negotiated contracts with more than half a dozen African countries and has Ghana on its radar.

Dutch-British oil giant Shell has maintained its notorious ties to the Nigerian government for decades and continues to explore opportunities elsewhere in the continent and has already showed serious intent here in Ghana. Canadian, Russian, French, and Australian oil companies have also made forays into African oil markets and are no doubt looking here too. Ghana needs a leader who can deal with these powerful potential ‘partners.’

The most important criteria of all is a firm, decisive and, to reiterate, incorruptible leader who will do the right thing for Ghana. Once this is all done, jobs will be created, big projects necessary to accelerate our development can be funded and the whole country, whether you live in Axim or Yendi, will benefit.