Ghanaâ€™s Oil and Gas Industry is projected to attract a $20 billion investment in the next five years on the many discoveries that have been made.
This was disclosed by the deputy Minister of Energy and Petroleum, Dr. Ben Dagadu, in Accra yesterday at the launching of a book titled â€˜Oil and Gas Ghanaâ€™. The function included an awards ceremony.
He stated that the government, since the discovery of oil, had taken measures to see to it that the petroleum sector was run efficiently to ensure that the resource benefits all Ghanaians.
In this wise, the deputy Minister said several legislations such as the Petroleum Revenue Management Act and the Petroleum Commission Act had been worked out to provide direction and clarity for the management of oil revenues and for regulating the sector.
The Minister noted that in order to build the capacity of Ghanaian entrepreneurs, small and medium scale enterprises â€“ which form major stakeholders in the industry â€“ for the realization of this goal, the Ministry together with the Jubilee Partners had established the Enterprise Development Centre (EDC).
Dr. Dagadu called on all Ghanaians to join forces and play critical roles in the realization of the investment dream.
Buttressing the Ministerâ€™s statement, Dr. Theophilus Ahwireng, a geophysicist at the Ghana National Petroleum Corporation (GNPC), said the maiden edition of the awards ceremony which was held last year catapulted Ghana onto global shores and that had attracted many successful bodies to invest in the sector.
He stated that GNPC last year elicited a considerable amount of international focus on Ghana as an emerging hub for oil and gas activity in West Africa.
â€œThis continues to grow, and this Ghana 2013 edition of the â€˜The Oil and Gas Yearâ€™ provides further insights into policy directions, regulatory framework and new strategies that offer opportunities to investors,â€ he said.
With Ghanaâ€™s fast growing economy, business-friendly environment and overall political stability, Dr. Ahwireng was optimistic that the anticipated investment would be achieved.
For the awards, Mr. George Sipa Yankey, chief executive officer (CEO) of Ghana Gas Company, was adjudged the â€˜Prestigious Man of the yearâ€™. The â€˜New Development of the Yearâ€™ award went to Jubilee Partners.
The West African Gas Pipe-Line, the GNPC Oil and Gas Foundation, and Managers of the Bui Project all won awards.