Ghana is to increase oil production to about 500 million barrels daily by the end of next year, President John Dramani Mahama has announced.

John Mahama
John Mahama

He said the projected increase in production was due to the regular and consistent oil discoveries in the country?s oil fields.

President Mahama gave the projection at a luncheon organised by the Business Council for International Understanding (BCIU) in New York. BCIU is an organisation comprising the world?s leading businesses.

The President said the government had in place measures to ensure efficient refining process in Ghana for export to neigbouring countries.

?The discoveries would, no doubt, make the country a major player in the hydrocarbon industry,? he said.

President Mahama said by 2015, Ghana was expected to increase its power production capacity from 3,000MW to 5,000MW.
He said the government was also expecting investment in solar and renewable energy.

President Mahama asked American investors to explore investment opportunities in Ghana, and mentioned energy, oil and gas, agriculture and infrastructure development as some of the areas that they could invest in.

Besides, he said, Ghana had stable investment environment coupled with the country?s peaceful and stable democracy.

The President discounted the suggestion in a section of the world that Ghana was dependent on China only, for investments,

He stressed that ?Ghana is open to investments from every quarter on a win-win partnership.?

For instance, Mr Mahama said, while China provided $3 billion to fund critical infrastructural projects in Ghana, the American government also extended $ 547 million under the Millennium Challenge Account.

On Ghana?s economic growth, he said, the country posted a Gross Domestic Product (GDP) growth of 14 percent last year, the highest in the world and was poised to becoming one of the emerging African economic tigers.

He said government?s investment was the main source of growth and underscored the need for the private sector to take a centre stage in investment to propel the country?s socio-economic growth.

President Mahama said the services sector had overtaken the agricultural sector as the main driver of GDP, and indicated that the government was emphasising investment in agriculture in order not to over-rely on on oil revenue.

He said under a programme with the USAID, $150 million had been made available to boost agricultural production in Ghana.

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