Mining Executive on Obama’s visit, oil in Ghana

President Obama
President Obama

President Barack Obama of the US left Ghana on the evening of Saturday July 11, 2009, after his historic and momentous visit to Ghana, but the euphoria that followed and the impact of the visit is still gathering momentum.

The Chief Executive Officer (CEO) of a Vancouver-based mining company, Gold Star Resources Corporation, Patrick Morris has commented on the visit.

In a press release issued by the company Monday July 13, 2009 and copied to, he said Obama’s trip to Ghana is a confirmation of the “political stability” within West Africa, adding that it has helped focus attention on oil and gas exploration throughout West Africa , as well as attracting new energy investment support to Africa.

He told Business News Network that Gold Star Resources is the “first and only junior company to seek onshore oil & gas exploration opportunities in Liberia and Cote d’Ivoire in the last 30 years.”

Gold Star Resources recently announced the acquisition of International Resource Strategies Liberia Energy (IRSLE). The company also announced its Letter-of-Intent (LoI) with Bengal Bight Ghana Lid. To acquire 100% interest in the hydrocarbon rights of Bengal’s 1,000 sq. km Tiampoum mining concession in Cote d’Ivoire, near the border with Ghana.

According to Morris, President Obama’s recent visit to Ghana has given a powerful boost to oil investments in West Africa.

He also said Gold Star Resources is aggressively seeking “onshore oil and gas exploration opportunities throughout West Africa and especially in Liberia and Cote d’Ivoire.”

The Canadian oil executive also said that West Africa has shown increased promise to develop new hydrocarbon deposits in areas such as Liberia, where previous exploration was never completed because of the political instability within the country.

The Organization for Economic Cooperation and Development (OECD) has recently stated that foreign investment in Africa reached $48 billion, overtaking foreign aid for the first time. The group also stated that there has been a quadrupling of foreign investment in Africa since 2000.

By Emmanuel K. Dogbevi

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