Finance Minister Dr. Mohammed Amin Adam has reiterated the substantial function of oil income in advancing nationwide improvement as he outlined plans to spice up crude manufacturing.
Dr. Adam revealed that the federal government intends to develop newly found oil fields to advance the nation’s Gross Home Product(GDP).
“We’re engaged on creating new oil fields. It’s anticipated that it will influence the nation’s development charge. We’ve got to this point distributed crude oil revenues of roughly US$10.6 billion as of right now to the allowable designated accounts supplied for within the petroleum income administration acts”.
He famous that whereas oil receipts at present contribute simply over 1% to Ghana’s GDP, the sector nonetheless holds important untapped potential.
“We’re thus engaged on creating the newly found fields with important reserves to make sure that we generate further revenues”.
Dr. Adam is optimistic the nation may get extra income from the found oil fields.
“All these fields, when developed, will improve Ghana’s revenues and permit us to implement authorities tasks to assist put in place the infrastructure required to advance our nation’s sustainability,” he stated on the Way forward for Vitality Convention in Accra on August 28.
The minister said that the federal government was poised to leverage newly found oil reserves to extend nationwide income and fund important capital tasks.
Dr. Adam emphasised that oil income has the transformative potential to drive substantial nationwide improvement and financial development.
Extra on Ghana’s oil reserves
In March 2024, information from the Finance Ministry indicated crude oil reserves for Ghana was 190 thousand barrels per day.
Crude oil reserves of Ghana elevated from 157.55 thousand barrels per day in April 2023 to 190 thousand barrels per day in March 2024 rising at a mean annual charge of 1.74%.
Ghana has confirmed reserves equal to twenty.5 occasions its annual consumption.
Which means, with out internet exports, there can be about 21 years of oil left (at present consumption ranges and excluding unproven reserves).