Business News of 2014-05-09

Ghana’s medium-term outlook is bright – Veep

Vice President K. B. Amissah-Arthur says Ghana’s prospects remain bright despite the short- term challenges facing the country. The Vice President made the observation when he addressed the Ghanaian Community in Houston, Texas on Wednesday.

Mr Amissah-Arthur attended the Offshore Technology Conference (OTC) where he urged investors to avail themselves for the opportunities in Ghana’s oil and gas industry.

Addressing Ghanaians in Houston, Texas, the Vice President acknowledged challenges confront the economy, noting that the causes are structural. He also mentioned that increases in public sector wages, which has been unmatched with revenue mobilisation, have all played a part in the economic challenge.

Whilst the government is committed to resolving the issue, Mr Amissah- Arthur pointed out that a national conference on the economy has been scheduled for next week to build consensus on the way forward.

The Vice President also highlighted the impact that the country’s natural gas will have on the economy when it comes on stream in the near future, observing that it will lead to more job creation opportunities and the lowering of electricity tariffs.