Duffuor says oil and gas to help accelerate growth but ...

Accra, Nov. 18, GNA - Revenues from oil and gas would surely provide= some fiscal space that should help the country accelerate economic growth, Finance and Economic Planning Minister Dr Kwabena Duffuor, said on Thursday.

Presenting the 2011 Budget Statement to Parliament in Accra, he said for the first 3-4 years, however, the oil revenue would be considerably lower than the non-oil tax and non-tax revenues.

"For the fiscal year 2011, the expected revenue from oil sales will represent only 6 per cent of total domestic revenue. We all, therefore, n= eed to help manage public expectation", he said.

Dr Duffuor said a related challenge was that, however modest, the prospects of sustained oil revenues in the next two decades raised questi= ons on the future of Overseas Development Assistance in general, and direct budget support in particular. "All of these call for wisdom in planning and managing the oil reven= ues so that we avoid the pitfalls that have characterized some countries on t= he discovery of new natural resources", the Minister said. Ghana is expected to begin oil production in commercial quantities before the end of the year off shore the Western Region.