Ashong-Lartey Raps On Vital Areas Of Economy

By Rowland Phillips-Addo

The Director, Marketing and Public Relations of the Ghana Investment Promotion Centre ( GIPC) Edwards Ashong-Lartey has indicated that Ghana is richly endowed with human and natural resources that present numerous business opportunities in oil and gas, agriculture, manufacturing, tourism, energy and property development among others.

He said this when he granted The Al-Hajj an interview on facts and figures as they relate to the oil and gas industry and the investment and business opportunities that prospective business people both local and foreign could avail themselves of in the industry and other important sectors.

According to the marketing and communications expert, Ghana possesses an estimated field size of 400 million barrels to over 1billion barrels all of which can be found in the Jubilee Field. He explained that fourteen discoveries have been made since the Jubilee discovery and eight exploration wells were drilled during the year 2011, six of which resulted in oil and gas and condensate discoveries.

Mr. Ashong-Lartey noted that the total value of Crude Oil Exports in 2011 alone was US$2.7billion adding that government estimates a total oil production for 2012 to be 90,000 barrels per day accruing to GHC1,239.82 million at an average price of US$90 per barrel. He said currently, associated gas production is 60million cu/ft per day and this is expected to increase to 250million cu/ft per day by December 2014.

Mr. Ashong-Lartey noted further that approximately US$10 to US$16billion will be spent developing other discoveries within the decade.

On opportunities for the provision of oil and gas services, Mr. Ashong Lartey mentioned dedicated shore bases with mini harbours, rig operations, logistics and equipment supply and office accommodation for numerous oil services companies.

Other areas he mentioned as could be exploited for business purposes are Helicopter and Fixed Wing Aircraft transportation, supply boats, anchor handling boats and diving vessels among others.

He also touched on such areas as telecommunications, search and rescue facilities, financial services provision and welding and joinery not to mention construction, installation of offshore structures and pipeline manufacturing from steel.

He expressed optimism that with so many business opportunities presenting themselves in the oil/gas sector, the business community would take advantage and build credible businesses that would not offer not only employment avenues but also open the way for genuine investors to make ‘handsome’ gains on their investment.

Digressing to Energy, another important sector, Mr. Ashong-Lartey told the Al-Hajj that government’s major energy policy-electricity is to ensure universal access to electric power by 2020.

He indicated that current energy status is 1980mw and pointed out that it is government’s policy to increase this to 5000mw by 2015.

To fill the gap, Mr. Ashong Lartey said government is encouraging Independent Power Producers (IPP) in addition to the 400mw Bui dam being developed by government.

He explained that there is still opportunity for Independent Power Producers (IPP) to fill the remaining gap which can be a combination of Thermal, Hydro and Renewable Energy.

On infrastructure, Mr. Ashong Lartey indicated that the provision of efficient and effective mass transport facilities in the road sector is on-going in all regions of Ghana. He told the Al-Hajj that a total of 54,084km of routine and periodic maintenance works are to be undertaken in 2012 while 250km of sport improvement works will be carried out.

The projects to be implemented according to him include the Kwame Nkrumah Circle Interchange Development Project and the Ring Road Development Project, both of which are in the Capital.