<\/p>\n
Deputy Energy Minister, Hon. Dr. Mohammed Amin Adam says Ghana\u2019s oil investment climate has been touted as the most liberal not just in the West African sub-region but the whole of Africa. <\/p>\n
Speaking on behalf of Energy Minister, Dr. Matthew Opoku Prempeh at the official opening of the Ghana pavilion at this year\u2019s Offshore Technology Conference underway in Houston, Texas, USA, he said Ghana\u2019s petroleum fiscal regime is investor-friendly offering higher returns to investors. He added that the licensing regime is transparent, provides investor certainty and flexibility, and also accommodates different financial products including risk capital as well as concessional facilities for the development of our oil and gas resources.<\/p>\n
\u201cOur oil basins are largely derisked especially the Western Basin which contains about 80 prospects and 40 discoveries. This means that the potential to make a discovery when you invest in exploration in Ghana is very high\u201d he noted.<\/p>\n
Dr. Amin Adam who also represents the people of Karaga in parliament expressed satisfaction at the increased participation of both the private and public sectors at the conference. In his view, this shows that the potential for growing Ghana\u2019s petroleum and energy industries is huge; and the prospects for accelerating the growth of the economy are much brighter in the future. <\/p>\n
\u201cAs already demonstrated by data from the Ghana Statistical Service, the real economic growth rate in 2021 is about 5.4% which outperformed what was projected at 4.4%, a strong indication of the return of our economy to pre-COVID times\u201d.<\/p>\n
He continued \u201cThe recovery of our economy means that we must position our oil and gas industry to play its strategic role of generating more revenue for the state, creating jobs for our people, adding value to the economy and improving on our trade balance. This calls for greater partnership between Ghanaian businesses and foreign investors\u201d<\/p>\n
On the downstream petroleum front, the Deputy Minister said Ghana aspires to become a hub for refined petroleum products and petrochemicals in the West African sub-region and beyond by the year, 2030 and therefore Government has designated a free zone area for the development of petroleum and petrochemical refineries, storage and transportation facilities for the export of products to largely African markets. <\/p>\n
He said this requires collaboration with the private sector to achieve the objectives of the Hub.<\/p>\n
He further said in recognition of the global advocacy for energy transition whilst also ensuring that hydrocarbon assets are stranded, oil and gas activities will be undertaken in an environmentally friendly manner as the country leverages its oil and gas resources in pursuit of cleaner energy.<\/p>\n
The 4-day OTC event will see the Deputy Minister as the leader of the Ghanaian delegation addressing strategic events all with the aim of positioning Ghana for investment.<\/p>\n
Source: King Edward Ambrose Washman Addo\/peacefmonline.com\/ghana<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Featured Video\n<\/p>\n\n
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