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MORE OIL SOON

Ghana to hit ½ million barrels

Ghana is poised to produce about 500,000 barrels of oil per day, as the nation makes more and more new discoveries in the oil sector, the President, John Mahama, has said.

He said the discoveries would no doubt make the country a major player in the hydrocarbon industry.

Speaking at a luncheon in New York organized by the Business Council for International Understanding (BCIU), an organization made up of the power production capacity from 3,000MW to 5,000MW if all the oil wells come on board and added that solar and renewable energy investment was also welcomed.

President Mahama urged the investor community to take advantage of the numerous investment opportunities dotted across the country to do business.

He said that Ghana had solid investment credentials pointing out that aside a peaceful and a stable environment, the margin of investment returns were higher.

He dispelled the notion held in certain quarters that Ghana is only looking up to China for investments, saying that the country is open to investments from every quarter on a win-win partnership.

The President stated for instance for instance that while China provided three. Billion dollars to fund critical infrastructure projects in Ghana under favorable terms, the American government also made available 547million dollars under the Millennium Challenge Account.

President Mahama indicated that Ghana posted a GDP growth of 14 per cent this year, the highest in the world and was poised to becoming one of the emerging African economic tigers.

He stated however that, the growth was driven mainly by government investment and stressed the necessity for the bulk of growth to come from private sector investments, as the country moves to the threshold of middle income status.

“We have a high need for infrastructure “President Mahama intimated and urged interested investors to partner the government under a public-private partnership, singing out energy and electricity supply as areas of priority.

He said the good news was that the services sector had overtaken the agricultural sector as the main driver of GDP.

I order not to over-depend on oil revenues to the detriment of other sectors of the economy; he said the government was emphasizing investment in agriculture and agro-processing.

Under a program with the USAID, he said 150 million dollars had been made available to boost agricultural production in Ghana.

 

Ghanaian Times

 

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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