In early-February, South Africa discovered huge reserves of oil and gas off its shores. President Cyril Ramaphosa, along with many experts, described the find as a “game-changer” and promised legislation to ensure the “world class” discovery is properly regulated to ensure it benefits all concerned. The question for South Africa in trying to reap the most from the estimated 1 billion barrels of oil equivalent, however, is “which legislation?” Many countries across Africa and the world have celebrated the discovery of lucrative natural resources only to find out that it takes good governance frameworks for it not to become a curse. In charting a more positive course, therefore, South Africa would do well to learn from the experiences – good and bad – of other countries. In this regard, Ghana may offer some particularly useful lessons. Spread out licensing and make it transparent In 2007, the Jubilee oilfield became […]