Ghana is encouraging traders to get the nation’s crude out of the bottom to keep away from the property from getting stranded amid a worldwide decarbonization push.
The federal government is able to roll out the “pink carpet” to any investor ready to drill and pump crude, President John Mahama stated on the Africa CEO Discussion board in Abidjan, Ivory Coast’s business capital, on Tuesday.
“Oil is in transition and so anyone who has any property must be pumping like there’s no tomorrow,” he stated.
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Oil output in Ghana fell for the previous 5 consecutive years, primarily attributable to an absence of funding in extra exploration and new fields, based on the nation’s Public Curiosity and Accountability Committee.
Output reached 48.3 million barrels in 2024, in contrast with a peak of 71.4 million barrels in 2019, based on the physique that was set as much as frequently consider the environment friendly use of the nation’s petroleum sources.
His name to scale up oil extraction echoes the stance of US President Donald Trump, who urged American producers to pump extra oil earlier this 12 months. OPEC has additionally been rising output, leading to Brent costs declining about 13% to this point this 12 months to $65.3 per barrel.
Mahama gained elections in December after pledging to revive the economic system recovering from a debt disaster and a excessive value of residing.
“The setting bought a bit poisonous,” Mahama stated. “Authorities didn’t appear to prioritize the sector.”
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