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Ghana could suffer a similar future, Oxfam Policy Manager Ian Gary says, if the country does what its neighbors did and uses oil revenue as collateral for government loans.

The new law will require Ghana’s government to publish a breakdown of all the oil-related money it receives and where it goes. It establishes watchdog groups to keep an eye on the oil money.

The new law will require Ghana’s government to publish a breakdown of all the oil-related money it receives and where it goes. It establishes watchdog groups to keep an eye on the oil money.

The new law will require Ghana’s government to publish a breakdown of all the oil-related money it receives and where it goes. It establishes watchdog groups to keep an eye on the oil money.

"The Ghanaian government must establish a legal framework that ensures transparent publication of oil payments received, open and competitive contract bidding and contract disclosure, and active monitoring and participation by civil society," Oxfam America urged.

Richard Hato-Kuevor, Oxfam America's Extractive Industries Advocacy Officer in Accra, says "The Ghanaian Parliament is currently debating an oil revenue bill, and important provisions - such as a prohibition against using oil revenue as collateral for loans - have already been stripped out of the bill. A Petroleum Exploration and Production Bill, which had numerous weaknesses, has been shelved. Celebrations of first oil are clouded by the fact that the government has yet to establish an independent regulator since the Jubilee discovery was announced in 2007."

Despite overwhelming public support for the provision baring oil-backed loans, Parliament last week voted to remove the bar and allow for oil-backed loans. Following on that, Ghana has signed the STX housing agreement, which many believe uses oil as collateral.