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Ghana to lead Africa in oil production

Vice President of Ghana John Dramani Mahama

Ghana is to become the leading oil producer in Africa by the next five years given the country’s oil reserve position, according to the Vice-President, Mr. John Dramani Mahama.

He said since the discovery of oil in commercial quantities at the Jubilee Field in 2007, several new discoveries had been made and indicated that there were more reserves to be discovered.

Mr. Mahama was addressing members of the United States Chamber of Commerce’s Africa Business Initiative in Washington DC, last Tuesday.

He had earlier held meetings with members of the US Chamber of Commerce on investment opportunities in the areas of oil and gas and power generation in Ghana.

Mr. Mahama said since the beginning of production of oil in commercial quantities in December last year, the Jubilee partners had been increasing their daily production ranging between 80,000 and 120,000 barrels a day.

He said within the last three to five months, more discoveries of oil reserves had been made by the Jubilee partners.

The Vice-President asked American investors to increase their investment portfolios in Ghana, since the country enjoyed political stability and the business environment was conducive.

He said there were investment opportunities in the oil and gas sector and the generation of power and, also, added that the investors had the choice of going solely public or entering into a public-private partnership.

He assured the investors that they would get good returns on their investment, and indicated that those who had invested in Ghana would attest to that assertion.

“Come with open mind. You have the government that will protect your investment”, he assured the potential investors.

Mr. Mahama said Ghana’s economy had been transformed, and indicated that last year’s growth stood at more than seven per cent from four per cent in the previous year, and added that, Ghana’s economy was predicted to hit 14 per cent this year.

The Vice-President said Ghana had held five successful elections since the return to constitutional rule in 1992.

Besides, he said, Ghana had low crime rate making it “the safest and most secured and conducive atmosphere for business.”

Mr. Mahama said the government was creating a playing field that was transparent and conducive for businesses to thrive.

He said the prospects of Ghana were good, given the country’s political stability, economic growth and low crime rate.

Mr. Mahama said the media had portrayed Africa as a continent in crisis and backward in economic development and that all these perception are changing because Africa is now emerging as a strong economic continent, following the footsteps of the Asian tigers.

Source: Daily Graphic/Ghana

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