President John Dramani Mahama has outlined a comprehensive plan to revitalize Ghana’s ailing petroleum sector, which has witnessed a staggering 32% decline in crude oil production.
The decline, attributed to opacity, hostile business climate, and excessive political interference, has led to the exit of major oil companies and stalled upstream activities.
In a bid to reverse this trend, President John Mahama speaking on the floor of Parliament assured that his administration will create a business-friendly environment to attract new investors and reinvigorate the sector.
Recent engagements with stakeholders have yielded positive results, with commitments of substantial investments worth billions of dollars in the near future.
He said his plan was to revitalize the sector to the relief of the people of Sekondi-Takoradi, who have borne the brunt of the decline.
The once-thriving hub of fabrication, logistics, and service activity associated with the upstream oil and gas sector has been reduced to a shadow of its former self, with many businesses shut down and hundreds of workers left unemployed.
John Mahama noted that he is committed to creating a conducive business environment to breathe new life into the sector, creating jobs and stimulating economic growth.
The revitalization of the petroleum sector is critical to Ghana’s economic development, and the president’s plan has been hailed as a step in the right direction.
However, the decline of the petroleum sector is a symptom of a broader economic challenge facing Ghana.
The country’s food import bill has soared to over US$2 billion annually, while rising food inflation threatens livelihoods.
–BY Issah Olegor
