Ghana can generate billions of dollars from oil but the West says we should move to clean energy – Finance Minister

Ghana’s Minister for finance, Mr. Ken Ofori-Atta laments about how calls from Western powers keep hurting the economy of the country. According to him, Ghana has potentials to turn its economy around with its oil discoveries but the west says they should not be explored due to energy transition.

The minister made those remarks whilst speaking at a National Energy Transition forum organized by the Ministry of Energy. The program was held in Accra on Tuesday, February 22 2022.

“Ghana has multiple oil blocks and as we speak now, our own GNPC is looking to acquire stakes in just two blocks which are valued by an external valuer in excess of 2billion. Potentially, we could bring in billions of dollars if we are given the chance to develop these multiple blocks. But now, all of a sudden, the West is saying we should move to clean energy,” the minister said.

He added that, “taking funding on the table for oil and gas investments is not the solution. The delivery of low-cost energy to fuel our development will require a whole new approach towards investments in developing oil and gas.”

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“We will need to make investments on a long term basis delivered through a competitive evaluation that are optimized to reduce cost. Our ultimate aim will be to developing term decarbonization pathways that do not jeopardise our growth prospects and chances of attaining industrial transformation.”

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