Oil is exhaustible – Minister
Alhaji Issahaque Salia, Upper West Regional Minister has observed that Ghana’s oil and gas find is exhaustible and should therefore be utilised judiciously for the growth of the economy.
He advised Ghanaians to concentrate on deriving the maximum benefits from other resources such as gold, agriculture, tourism and telecommunication.
Alhaji Salia made the observation in a speech read on his behalf at the launch of the Jubilee First Oil Exhibition in Wa on Friday.
The ceremony was organised to help deepen understanding and transparency about issues surrounding the operations of the oil industry to encourage the people to take advantage of the opportunities associated with it.
He said the oil industry would inject some financial resources into the economy and other benefits in the form of employment in the banking sector, aviation and real estate.
The Regional Minister said dividends to the state would also help push the developmental agenda forward.
Alhaji Salia called on Ghanaians to develop active interest in the oil find and be knowledgeable about the quantum of financial resources due the country.
He said government was committed to making the operations of the oil find transparent and invest the revenue appropriately into the critical economic sectors to enhance the country’s progress.
Mr Ken Noonoo, Assistant Communication Manager of Tullow Ghana Limited, said the oil find, was a resource belonging to the entire nation and all must be part of it.
He said Ghana’s oil find was as important as it impact on the people and therefore it was necessary for all to understand what it entails so that realistic demands would be made on government.
Mr Noonoo expressed the need for the authorities to whip the interest of students to take advantage of courses related to the oil industry.
The Jubilee Oil took three years to sell oil and had since lodged 112 million dollars with the Bank of Ghana as revenue for government.
At present, the Jubilee Oil was producing 70,000 barrels daily and it was envisaged to increase the production to 120, 000 barrels daily in future with a life span of 35 years.
Mr Noonoo said despite all the opportunities abound, the oil find was not a panacea to Ghana’s development challenges, noting that Nigeria was producing two million barrels of oil daily and yet it was faced with challenges.
“However, the good thing is that we are learning to avoid the mistakes some oil producing countries made,” he said.
Mr Mark Dagbee, Regional Director of the Centre for National
Culture advised Ghanaians not think that the oil wealth was going to solve all their problems.
He said it would be better for Ghana to channel both human and material resources in other fields to complement the gains from the oil find to make the nation a better place for all.
Source: GNA