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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

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    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

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    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Oil & Gas to serve as main driver of 2017 economy

bycitibusinessnews
October 24, 2016
in Government, Oil And Gas, Top Stories
Finance Minister, Mr. Seth Terkper

Former Finance Minister, Mr. Seth Terkper

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Two months to the end of the year, Citi Business News has gathered the Oil and Gas industry is marked to be the main driver of economic growth in 2017.

The Ghana National Petroleum Corporation (GNPC) is expected to lead the task as the Gye Nyame Sankofa project progresses, as well as oil production at the TEN field ramp up to its full capacity of 80,000 barrels a day by first quarter of 2017.

Confirming the development to Citi Business News, the Finance Minister Seth Terkper stated that government intends to develop the services part of the Oil and Gas industry to increase its revenue from the sector to over 5 percent.

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According to him, the oil and gas industry has the potential to multiply the growth of the economy if the services part of the industry expands to employ more Ghanaians.

“The main driver for 2017 obviously will be the oil and gas, but we must keep an eye on services sectors which is growing and continue to implement policies that would make it grow, so even when it comes to Oil and Gas it is important to look at oil services, to add to transportation services, financial services,” he said.

He observed that even though Oil and Gas has good projections, its direct contribution to the economy in terms of revenue is relatively small, but could be expanded if linked to the services sector.

“Even though we welcome Oil and Gas, as we have been pointing out it constitutes something less than 5 percent of our revenue and 1percent to 1.5 percent of our GDP,” he said, adding that the full impact on the economy can be realized if the industry is connected to the services sector.

Outlining some more benefits, Mr. Terkper stated that the financial sector and transportation industry are two major areas that could provide jobs for many Ghanaians.

–

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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