In many countries, wealth in oil, gas, diamonds, gold and other minerals can be a curse rather than a blessing. When poorly managed, such natural resource wealth can result in poor economic performance, weak and unbalanced growth, poverty, conflict, environmental damage, and ineffective or authoritarian rule. In this chapter, the authors argue that the resource curse is not, however, inevitable. They provide a detailed account of how co-operation between Norway (a country with four decades’ experience of managing large oil reserves) and Ghana has helped the African country to manage its oil for the benefit of the population as a whole. Drawing on the experience of Norway’s Oil for Development programme and its principles of good governance, Ghana is striving to ensure economically, environmentally and socially responsible management of its petroleum resources. The Ghanaian government has focused on developing and improving relevant legislation, establishing and developing institutions, and building competence. Twinning arrangements between public sector institutions in Ghana and their sister institutions in Norway have ensured continuity, sustainability and a holistic approach. Placing emphasis on the principles of transparency, accountability and anti-corruption, the experience offers practical lessons that can prove useful for other countries.