The Finance Minister, Dr. Mohammed Amin Adam, has highlighted the crucial role of oil revenue in driving Ghana’s national development.
Speaking at the Future of Energy Conference in Accra, Dr. Adam announced plans to develop newly discovered oil fields to enhance the nation’s GDP.
He emphasized that the government is committed to harnessing the potential of oil revenue to stimulate economic growth.
Dr. Adam revealed that the government has distributed approximately US$10.6 billion in crude oil revenues to designated accounts, as stipulated in the petroleum revenue management acts.
Despite oil receipts currently constituting just over 1% of Ghana’s GDP, Dr. Adam believes there is vast potential in the sector.
The government is working to develop newly discovered fields with significant reserves to generate additional revenues.
Dr. Adam expressed optimism that the discovered oil fields could yield substantial revenue for the country.
He emphasized that developing these fields will increase Ghana’s revenues, enabling the government to implement projects and build infrastructure for sustainable development.
The Finance Minister underscored the transformative potential of oil revenue in fostering national development and financing critical capital projects.
By capitalizing on newly discovered oil reserves, the government aims to boost national revenue and drive economic growth.
