UK firm Tullow Oil has announced the discovery of 600 million barrels of light oil offshore from Ghana.
Tullow chief executive Aidan Heavey said it was one of the biggest oil discoveries in Africa in recent times, but warned it could be up to seven years before the oil started to flow.
Ghana’s President John Kufuor told the BBC that the discovery would give a major boost to Ghana’s economy.
“Oil is money, and we need money to do the schools, the roads, the hospitals. If you find oil, you manage it well, can you complain about that?
“Even without oil, we are doing so well, already. Now, with oil as a shot in the arm, we’re going to fly,” he said.