EOBS 2018: Ghana’s Oil Wealth Would Improve the Lives of its People

Energy Minister Boakye Agyarko speaking at EOBS 2018; 10 Years of Oil & Gas

Ghana’s Minister of Energy, Boakye Agyarko has assured that the government is committed to ensuring that oil and gas production contribute significantly to improvement of the standard of living of Ghanaians.

According to him, this is the surest way that Ghanaians could benefit from the country’s oil and gas wealth.

Mr Agyarko gave the assurance when he  delivered the keynote address of the sixth edition of Ghana Economic Outlook and Business Strategy Conference (EOBS) held in Accra yesterday.

He told the business leaders, policymakers, oil and gas industry regulators that the oil and gas industry is dear to the heart of the current government, especially as its success is linked to Ghana’s economic growth and consequent job creation.

“That is why the theme of this event-’10 years of oil and gas: challenges and prospects’ becomes quite apt”.

Mr Agyarko noted that from 2010, the industry has been growing in leaps and bounds and making a significant difference in Ghana’s economy.

For instance, in 2011, the first year of petroleum being a part of the country’s revenue stream, the economy recorded a 14.4% growth rate from GHC3.746 billion inflow from oil compared to the growth rate of 8.0% recorded in 2010.

That was quite a significant jump. Since then, there has been incremental contribution of oil revenue to the overall GDP of Ghana, Mr Agyarko stressed.

There are three oil and gas fields currently in production, with a total output of about 200,000 barrels of oil per day. There is a fourth field whose plan of development is expected to be submitted to the Minister for approval in the fourth quarter of the year.

Investments

Mr Agyarko told the oil and gas industry players: “Oil and gas production has enabled a substantial increase in both the upstream and downstream segments of the over the years”.

“All of these inure quite positively to the economy of Ghana. As such, one can confidently say that the advent of oil has been good to the economy, and is likely to remain so, considering that efforts are being made to ensure that the sector and its attendant activities are guided by appropriate and efficient policies”.

Aside from strengthening Ghana’s middle class, the oil and gas industry has continued attracting an increasing number of multinational companies and foreign businesspeople to Ghana, in turn has been stimulating the local economy, especially local industries such as hospitality and real estate.

It is true that some international oil service companies are relocating their regional offices to Ghana as a result of the successful growth of the petroleum sector.

In his welcome remarks, Dr Yaw Akoto, the  Board Chairman of the African Business Media Limited (ABM), publishers of the multiple-award winning Ghana Business & Finance Magazine (GB&F) and organisers of the annual EOBS , said: “The year 2017 marked the 10th year that Ghana pumped her first crude oil to the surface. This singular event of First Oil presented a lot of real possibilities from the discovery of a significant petroleum resource-oil that could potentially drive economic growth, create jobs and enhance national development”.

The conference is going to have the relevant key players in the industry constituting the panels that will be engaged in discussing the issues emanating from the sub-sector.

Government is fully represented in the strategic partnership and presence of the Ministry of Energy, Petroleum Commission, and Energy Commission.

The oil and industry players to be present at the conference include-Tullow Oil, Kosmos Energy, Hess, ENI, Vitol, Springfield and Exxon Mobil.

Also, Oilfield Companies such as GE and its Baker Hughes, Schlumberger, Subsea 7 and Technip. Other strategic partners of the conference are Association of Oil Marketing Companies (AOMC), Chamber of Bulk Oil Distributors (CBOD), Association of Ghana Industries (AGI), Private Enterprise Federation (PEF), and Business Council for Africa (BCA).

The EOBS 2018 also has support of oil and gas players like Ghana National Petroleum Corporation (GNPC), Petroleum Commission, Ghana National Gas Company (GNGC) and several downstream players including Allied Oil and JKH.

The EOBS since its inception brings the relevant authorities in the corporate world and policymakers to take a critical look at a chosen sector of the economy of Ghana and boosting investors’ interest. Last year’s EOBS was on Ghana’s financial system, with focus on mobile money.

Source: African Eye Report

EOBS 2018: Ghana’s Oil Wealth Would Improve the Lives of its People
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