Plans underway to develop newly discovered oil fields – Finance minister

The Minister of Finance, Dr. Mohammed Amin Adam, has announced that the government plans to develop newly discovered oil fields to enhance the nation’s overall GDP.

Speaking at the Future of Energy Conference in Accra, Dr. Adam said the government has distributed crude oil revenues of approximately US$10.6 billion.

The Minister explained that the government seeks to capitalise on newly discovered oil reserves to boost national revenue and finance critical 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.