President John Dramani Mahama has said the days of high oil prices may be gone for good and, therefore, reckoned that Ghana’s future in respect of hydrocarbons lies in an effective utilisation of its gas reserves.
To achieve this, Mr Mahama has suggested Ghana begins to take full advantage of its huge gas potential since that will be the anchor for future economic prosperity.
Mr Mahama was speaking on the topic: “Rising opportunities, entrepreneurship and a changing Ghana”, at the University of Cape Coast.
He said: “The ability of US shale producers to shut down and return to operation in relatively shorter period than traditional oil operators will be a dampener on future high oil prices”.
“The reducing cost of renewable energy, especially for solar power, also will be a downward toll in respect of the price of hydrocarbon,” Mr Mahama said.
“Ghana’s future in respect of hydrocarbon, therefore, lies in an effective utilisation of our gas reserves and this is exactly why the gas prospect in the ENI Sankofa fields and the greater jubilee development will be the anchor for Ghana’s economic prosperity going into the future”.