The Finance Minister of Ghana, Dr. Mohammed Amin Adam, has highlighted the immense potential of oil revenue in driving national development. Speaking at the Future of Energy Conference in Accra, he revealed the government’s plans to harness newly discovered oil fields to boost the country’s GDP.
“We are focused on developing new oil fields, which is expected to positively impact the growth rate of the country. So far, approximately US$10.6 billion in crude oil revenues has been distributed to designated accounts as mandated by the petroleum revenue management acts,” Dr. Adam stated.
While acknowledging that unexploited oil receipts currently account for just over 1% of GDP in Ghana, he emphasized the untapped potential in this sector. “Our efforts are concentrated on developing the newly discovered fields with substantial reserves to generate additional revenues,” the Minister added.
Dr. Adam expressed optimism about the potential for increased revenue from these newly discovered oil fields. “The development of these fields will not only boost Ghana’s revenues but also support the implementation of government projects that will enhance our country’s sustainable infrastructure,” he remarked.
The government is poised to leverage the newfound oil reserves to bolster national revenue and finance critical capital projects. Dr. Adam also underscored the transformative impact of oil revenue in fostering national development.
The Finance Minister’s remarks at the conference signal the government’s commitment to capitalizing on the country’s oil resources to drive economic growth and development. With strategic focus and investment in this sector, Ghana stands to benefit significantly from its oil reserves in the years to come.