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Business News of Friday, 28 September 2012

Source: Ghanaian Times

Ghana to hit half a million barrels - Mahama

Ghana is poised to produce about 500,00 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 organised by the Business Council for International Understanding (BCIU), an organisation 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 communities to take advantage of the numerous opportunities dotted across the country to do business. He said Ghana has 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 investment from every quarter on a win-win partnership.

The president stated for instance that while China provided three billion dollars to fund critical infrastructural projects in Ghana under favourable terms, the American government also made available 547 million dollars under the Millennium Challenge account.

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

He stated that, the growth was driven mainly by government 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, singling 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 drive of GDP.

In order not to over-depend on oil revenues to the detriment of other sector of the economy, he said 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 agriculture production in Ghana.

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