Ghana's oil profile under Akufo-Addo unprecedented - Energy Minister tells John Mahama

In a recent report released by Ghana’s Energy Ministry, it has been revealed that the oil profile of the country has seen unprecedented growth under the leadership of President Akufo-Addo.

This was revealed during a press conference addressed by the Energy Minister, John-Peter Amewu, to former President John Mahama. The ministry highlighted that during Akufo-Addo’s tenure, there had been a significant increase in oil production, with the current output standing at around 190,000 barrels of oil per day.

This is a huge increase compared to the output achieved during Mahama’s tenure, which was around 115,000 barrels per day. The ministry also noted that the government had put in place new policies and initiatives to ensure that the country was able to take advantage of the oil sector and maximize its potential of the sector.

These initiatives included the establishment of the Ghana National Petroleum Corporation (GNPC), the implementation of a new Petroleum Revenue Management Act, and the introduction of an Oil and Gas Investment Fund.

The ministry also pointed to the fact that the government had made significant investments in the oil sector, with over $2 billion invested in the sector over the last four years. These investments have been used to develop infrastructure, improve safety standards, and increase production.

The ministry also highlighted the fact that the government had been able to attract new investors to the sector, with the participation of the likes of major oil companies such as Total, BP, and ExxonMobil. This has been beneficial for the country, as it has allowed the sector to become more competitive and has opened up new opportunities for local companies.

Finally, the ministry pointed out that the government had been able to make significant progress in terms of ensuring transparency in the sector. A new procurement process was put in place, and a new Petroleum Commission was also established to ensure that all contracts were awarded on a fair and transparent basis.

In conclusion, the oil profile of Ghana has seen unprecedented growth under the leadership of President Akufo-Addo. Through the implementation of new policies and initiatives, the government has been able to attract new investors and ensure that the sector is more transparent and competitive.

This has been beneficial for the country, as it has allowed the sector to become more competitive and has opened up new opportunities for local companies.