John Kufuor, Ghanaian president, knows that gold is not found on the surface of soil. So, he was patient for over a decade while Tullow Oil, United Kingdom-based oil exploration firm criss-crossed his country’s geographical regions in search of oil. In June 2007, when the discovery of 600 million barrels of light oil offshore was announced, the entire country exploded in ecstasy, expecting an economic boom that will turn the country into African Tiger’, Kufuor is also in that mood and believes that the discovery would give a major boost to Ghana’s economy. ”oil is money, and we need money to build schools, roads and hospitals” he said.
While the celebration ensured, about 10 Nigerian Insurance companies, set their business antenna in motion, ready to underwrite big oil contracts when oil exploration starts early next month. One of the early operators was International Energy Insurance. IEI which Kufuor welcomed with open arms.