Minister of Finance, Dr. Mohammed Amin Adam, has revealed that the government is working around the clock develop recently discovered oil fields to increase the country’s overall GDP.
Addressing the Future of Energy Conference in Accra, Dr. Adam noted that the government has allocated around US$10.6 billion from crude oil revenues.
He explained that the government aims to leverage these new oil reserves to enhance national revenue and fund essential capital projects.
“We are working on developing new oil fields. It is expected that this will impact the growth rate of the country. We have so far distributed crude oil revenues of approximately US$10.6 billion as of today to the allowable designated accounts provided for in the Petroleum Revenue Management Acts”.
The minister added that even though unworked oil receipts constitute a little over 1% of GDP in Ghana, there is still a vast potential in the sector.
“We are thus working on developing the newly discovered fields with significant reserves to ensure that we generate additional revenues”.
“All these fields, when developed, will increase Ghana’s revenues and allow us to implement government projects to help put in place the infrastructure required to advance our country’s sustainable”, he said.