The extra profit reaped from global oil price hikes will present Ghana, a crude oil exporter, with an opportunity to ramp up its economic development, said a Ghanaian expert.
The statement was made by Benjamin Boakye, the executive director for the Africa Center for Energy Policy, a local think tank, in an interview with Xinhua Friday.
According to Boakye, Ghana, a crude oil exporter to the international market, is also making windfalls from the price hikes.
“Ghana projected the 2022 oil revenue based on about 62 U.S. dollars per barrel. But now suddenly oil price is up, now around 100 dollars per barrel, which means you are likely to get a huge windfall,” said Boakye. “With that additional revenue, you need to find ways to structure your development so you can quickly ramp up your growth trajectory, particularly coming out of the COVID-19.”
Boakye called for the government to grant licenses to international oil companies with proven records and the capacity to engage in continued exploration for more discoveries because “there are opportunities in the short-to-medium-term horizon.”
He also urged the country to make its regulatory regime and business environment attractive so that investors who see Ghana from outside as a good place to do business would be encouraged to invest when they come into the country.
The latest data from the Bank of Ghana, the country’s central bank, showed that Ghana raked in 1.2 billion U.S. dollars in petroleum revenue in the half year of 2022. Enditem
