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Ghana estimates $515m petroleum revenue for 2017

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Ken Ofori-Atta – Finance Minister

Ghana expects to earn an estimated $515 million from petroleum in 2017, the Minister of Finance, Ken Ofori-Atta has said in his first Budget Statement to Parliament today March 2, 2017.

Since the commercial production of oil started in Ghana in December 2010, the country’s economy has become heavily dependent on oil.

All the major forecasts, on the country’s economy said growth in 2017 would be driven by new oil production.

A report by the Brookings Institute published in January 2017, says Ghana’s growth rate is projected to rise substantially in 2017 following the opening of a new oil field, the Tweneboa, Enyenra and Ntomme (TEN) oil field, which may increase the country’s output by nearly 50 per cent. The report projected the country’s economy to grow at 7.4 per cent.

The International Monetary Fund projected an economic growth of 7.5 per cent in 2017 also citing when the TEN oil field begins full production.

Ratings agency, Moody’s projected more than six per cent growth in the second quarter of 2017 as the country will benefit from the “continued development of the TEN oil field and production at the new Sankofa field.

By Emmanuel K. Dogbevi
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