Ghana will build a deep sea port and rehabilitate its railways as the West African nation prepares for production in its oil sector, President John Atta Mills told lawmakers.
Oil revenue will “change the country’s economic paradigm” as it develops infrastructure and other industries, Mills said today in his State of the Nation speech to Parliament.
Mills didn’t say where the port would be built. The country now has a port at the industrial hub city of Tema, 30 kilometers (19 miles) east of Accra, the capital, and a smaller port in Takoradi, 250 kilometers from the capital in the Western region, where much of the offshore oil exploration has taken place. Ghana is “laying the foundation” for the development of industries including petrochemicals, fertilizer and integrated aluminum, Mills said.
A bill on how revenue from the nascent oil and gas sector will be managed is still being drafted and will go to Parliament for approval, Mills said, without providing a date. Revenue will be used to build roads and improve electricity and water utilities, he said.
Ghana will start earning revenue when oil production at the offshore Jubilee field begins in the fourth quarter of this year. The revenue from the sector could account for 6 to 7 percent of Ghana’s gross domestic product, the International Monetary Fund’s First Deputy Managing Director John Lipsky said on Feb. 17. He didn’t say when that may occur.
Thursday, February 25, 2010
Govt Plans Sea Port, Railways to Aid Oil Industry
Subscribe to:
Post Comments (Atom)
Ghana Pundit Headline News
E-mail subscription
Pan Africa News
Graphic Ghana
MYJOYONLINE.COM
Peacefm Online - News with a vision
The Times - World News
The Times - Africa News
Pambazuka News :Emerging powers in Africa Watch
AfricaNews - RSS News
The Zimbabwe Telegraph
BBC News | Africa | World Edition
Modern Ghana
My Blog List
-
Should Frozen Russian Assets Fund Ukraine? - The adversaries during more cordial times. Unbeknownst to many, one of the linchpins of the post-WWII global infrastructure is coming under sustained at...1 week ago
-
Chinese Lending to Sri Lanka: A Factual cum “Reality” Check - Note: This guest blog post by Dr Muttukrishna Sarvananthan is a response to CARI briefing paper 08/2022: EVOLUTION OF CHINESE LENDING TO SRI LANKA SINCE TH...1 year ago
-
-
A Leopard can’t change its skin: PNDC versus Rev. Charles Palmer Buckle, NDC versus Rev Martey & Otabil - The Catholic Standard, before it was banned by the PNDC government of Jerry John Rawlings in 1985, was Ghana’s oldest private newspaper, owned by the Catho...7 years ago
-
Egyptians mass in Tahrir to honour uprising - Hundreds of thousands of people have gathered in Cairo's Tahrir Square to commemorate the first anniversary of the Egyptian revolution that toppled their l...12 years ago
-
Egyptians mass in Tahrir to honour uprising - Hundreds of thousands of people have gathered in Cairo's Tahrir Square to commemorate the first anniversary of the Egyptian revolution that toppled their l...12 years ago
-
-
-
No comments:
Post a Comment