Tuesday, 13 July 2010

Vice president Mahama says Ghana is to be an oil economy nation

Ghana's vice president, Dramani Mahama, has said that the country is taking important measures in preparation for becoming an oil economy nation. Ghana's largest oil field, the Jubilee Field, is expected to begin producing oil for export as early as December.

"Schedules for oil production are well ahead, oil has the potential to be very much transformational for our economy," said Mahama, speaking at Chatham House.

The vice president also said that the Ghanaian government has consulted with a number of countries including, the U.K, Norway, Nigeria and Gabon, about the legal and fiscal aspects of oil production. "We have no excuses not to learn from the experience of other nations, the best and worst experiences," he said.

The Ghanaian government is currently working on legislation, a petroleum bill, an oil revenue bill and local content bills, which will ensure that the country's oil industry is run responsibly, and that the country benefits from its oil rich oil reserves.

Source: Wall Street Journal

For more news and expert analysis about Ghana, please see Ghana Politics & Security.

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