Government to invest oil revenue in the economy

Takoradi, March 24, GNA - The government is to invest oil revenue in various sectors of the economy such agriculture, education, health, infrastructure and human resource development. The Deputy Minister of Energy, Mr Emmanuel Armah-Kofi Buah who spoke at a forum in Takoradi, said there would be transparency in the management of oil revenue.

The forum was organized by the Ministry of Energy and the Ghana National Petroleum Corporation (GNPC) and its partners in Ghana's oil development.

Similar forums had been held in towns in the Jomoro, Nzema East, Ahanta West and Shama districts to enable the ministry to explain to the people the implications of the oil industry.

Mr Buah said the government would ensure the passage of the Right to Information bill and establish a local content policy to guide oil exploration before commencement of commercial production of oil. He mentioned the positive impact activities in the upstream, midstream and downstream would have on the economy and said the oil revenue would complement government's effort in fighting poverty and reducing unemployment.

Mr. Buah said petro-chemical, fertilizer and ethanol industries would be opened in the Western Region to create jobs. He said the government had secured large tracts of land in the Western Region for Industrial Estate Development (IED) which would make accommodation available to attract investors into the Region.