Ghana: Second Report Charts Latest Developments In Fledgling Oil Sector

Ghana

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12 Sep 2012
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Oxford Business Group launched 2012 publication

Ghana’s push to support its evolving hydrocarbons industry and create new jobs in both its traditional commodity sectors and more nascent service industries is given wide-ranging coverage in a new report just published by Oxford Business Group (OBG).  

The Report: Ghana 2012 provides in-depth analysis of the African state’s rapidly-expanding economy, which at 14.4% grew faster than any other in the world on the back of a first full year of oil production and high international commodity prices.

It also explores long-term plans to ensure future development is sustainable by shifting away from a reliance on commodity exports revenue and encouraging growth in as yet untapped segments of industry.

The report, which marks OBG’s second publication on the country, was launched on 12th of September 2012 at the Ghana Club 100, Movenpick Ambassador Hotel, Accra. Around 500 VIP guests attended the launch, which was hosted by the Chairman of the Ghana Investment Promotion Centre Ishmael Yamson.

The publication contains a contribution from President John Dramani Mahama, together with a detailed, sector-by-sector guide for investors. It provides a wide range of interviews with leading political, economic and business representatives including the Minister of Finance and Economic Planning Kwabena Duffuor, the Minister of Land and Natural Resources Mike Hammah, the Chairman of the Ghana National Gas Company Kwesi Botchwey and the CEO of the Ghana Investment Promotion Centre George Aboagye.

International personalities, such as the Brazilian Minister of Development, Industry and Foreign Trade Fernando Pimentel, UK Under-Secretary of State for International Development Stephen O’Brien and the former Prime Minister of Malaysia Mahathir Mohammad also offer their views on Ghana’s economic development.

While gold continues to dominate Ghana’s mineral exports, OBG’s latest report looks in detail at the country’s drive to explore opportunities in other fields of extraction, such as iron, bauxite and manganese. The Report: Ghana 2012 also considers the impact that new tax regulations could have on the industry, while outlining the challenges the government faces in clamping down on illegal operators.

The publication also charts the road ahead for Ghana’s upstream hydrocarbons industry which is expected to almost double crude oil output from approximately 65,000 barrels per day in mid-2012 to 120,000 at some point next year. Of even greater significance is the expansive coverage of the country’s even more promising gas sector. The Report: Ghana 2012 mulls the hurdles the country faces in getting gas flowing and building key natural gas infrastructure within an ambitious timeframe.

The Group’s latest publication maps out Ghana’s plans to expand and integrate its transport network, which has a vital role to play in facilitating the development of the country’s extractive sectors and accommodating its growing population. There is also comprehensive coverage of the government’s ambitious plans to increase port capacity, improve road and rail infrastructure and expand the airport, to enhance the country’s ability to serve as a transhipment destination for land-locked neighbours.

OBG has drawn on the expertise of the Ghana Investment Promotion Centre for its new report, with additional support during the compilation of research provided by IC Securities, Deloitte & Touche (Ghana), the law firm Bentsi-Enchill, Letsa & Ankomah and Channel Two.

Regional Editor Robert Tashima said that while concerns remained over issues such as access to credit, regional disparities and Dutch Disease, investors also recognised the significant strides that the country had made in recent years to leverage its competitive advantages and commodity wealth.

“The influx of foreign capital over the past 24 months has highlighted the potential for significant expansion in the secondary and tertiary sectors, and if Ghana can sustain this over the medium term, it will have an enviable base for growth in the future,” he said. “The next few years will be crucial in determining the long-term growth trajectory of the country.”

OBG’s Editorial Manager Francisco Serrano added that Ghana’s long list of infrastructure projects should provide sectors across the economy with new opportunities to realise their potential. He also thanked the Group’s partners, saying their local knowledge had contributed significantly to The Report: Ghana 2012.

“Ghana’s reputation as a strong and stable democracy will be a key point of interest for investors already attracted by its impressive growth story,” he said. “I’m confident that our new report’s wide-ranging coverage of Ghana’s commitment to maximising its resources while moving towards long-term, sustainable economic development will prove hugely useful to business leaders.” 

The Report: Ghana 2012 marks the culmination of more than six months of field research by a team of analysts from OBG, assessing trends and developments across the economy, including macroeconomics, infrastructure, banking and other sectoral developments. The report is available in print or online.