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Business News of Thursday, 26 May 2005

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Ghana Strikes Gas?

Speaking in an interview with the Voice of America (VOA), President Kufuor said Ghana has recently discovered gas in commercial quantities in the west of the country and it will soon sign some agreements on the deal.

No official statement about the find has yet been made.

Graphic -- Gas, an alternative energy source, has been discovered in commercial quantities in the western part of the country, President J.A. Kufuor has announced.

A report submitted to the President this week said the gas, discovered by a Norwegian firm, could last for more than 20 years.

President Kufuor told the Voice of America (VOA) Straight Talk programme that with the discovery of gas, there was also the hope that crude oil would be discovered in the course of time.

He was speaking to Mr Shaka Ssali, the host of the programme, which was telecast live on Ghana Television on Wednesday.

The Straight Talk programme is scheduled to be broadcast worldwide on Saturday, May 28, 2005.

President Kufuor said he was hopeful that within one or two weeks, the government would sign some agreement on the utilisation of the gas.

The discovery of the gas has implications for the $600 million West African Gas Pipeline Project to which Ghana is a signatory and participant.

President Kufuor said ?the promise of this country is big? and, therefore, underscored the need for Ghanaians to exercise patience.