In less than 24 hours, Wednesday December 15, 2010 Ghana would pump its first oil in commercial quantities from the Jubilee oil fields and the country will become one of the world’s producers of oil.
The Jubilee oil field is the largest to be discovered in West Africa in the last 10 to 15 years. It contains 1.5 billion barrels of oil and has 17 wells, according to Tullow Oil, the major stakeholders in Ghana’s nascent oil industry.
And even before commercial production of oil begins in the country, the sector has contributed over $550 million to the total foreign direct investment (FDI) into the country amounting to $1.3 billion according to the Bank of Ghana.
The central bank says the investment in the oil sector has contributed significantly to the country’s Foreign Direct Investments (FDI).
“FDI flows were estimated at over $1.3billion of which the oil sector contributed a portfolio investment of over $550million,” said Kwesi Amissah Arthur, governor of the Bank .
He however, indicated that these developments in the financial and capital account were offset by developments in the current account which recorded a deficit of $1.8billion.
Total transfers of $1.2 billion were accrued into the economy from January to October 2010 as compared with $1.3 billion recorded for the same period in 2009, he said.
By Ekow Quandzie