(Bloomberg) – Ghana is encouraging buyers to get the nation’s crude out of the bottom to keep away from the property from getting stranded amid a world decarbonization push.
The federal government is able to roll out the “purple carpet” to any investor ready to drill and pump crude, President John Mahama mentioned on the Africa CEO Discussion board in Abidjan, Ivory Coast’s industrial capital, on Tuesday.
“Oil is in transition and so anyone who has any property must be pumping like there’s no tomorrow,” he mentioned.
Oil output in Ghana fell for the previous 5 consecutive years, primarily as a consequence of a scarcity of funding in further exploration and new fields, based on the nation’s Public Curiosity and Accountability Committee.
Output reached 48.3 million barrels in 2024, in contrast with a peak of 71.4 million barrels in 2019, based on the physique that was set as much as repeatedly consider the environment friendly use of the nation’s petroleum assets.
His name to scale up oil extraction echoes the stance of U.S. President Donald Trump, who urged American producers to pump extra oil earlier this yr. OPEC has additionally been growing output, leading to Brent costs declining about 13% to this point this yr to $65.3 per barrel.
Mahama received elections in December after pledging to revive the financial system recovering from a debt disaster and a excessive price of dwelling.
“The setting bought a bit poisonous,” Mahama mentioned. “Authorities didn’t appear to prioritize the sector.”
