See also:
» 18.02.2010 - Ghana to host second IMF’s West African Centre
» 22.01.2010 - Ghana hosts Africa Investment Forum
» 13.01.2010 - Ghana gets €130 million from Germany
» 15.12.2009 - Invest in agriculture - Professor Offei
» 01.12.2009 - World Food buys gold mines in Ghana
» 24.11.2009 - $6 million to boost rural agricultural finance in Ghana
» 20.11.2009 - Ghana-EU sign first voluntary agreement on legal timber exports
» 21.10.2009 - Ghana and Burkina Faso urged to develop strategies on use of Volta River

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Economy - Development

Russian oil company invests US$ 100m in Ghana

afrol News, 5 June - All roads are leading to Ghana since the official announcement of its oil finding. The discovery, which will make Ghana the seventh largest African oil producer at its peak after five years of launch in 2010, has already attracted, LukOil Overseas Holding Limited, one of the leading oil companies in Russia which announced a US$ 100 million fund to support the efforts of Ghana to improve on-shore oil exploration.

Mr Andrey R. Kuzyaev, Vice President of the company, who led a business delegation to pay a courtesy call on Vice President Alhaji Aliu Mahama, at the Osu Castle also expressed the desire of the company to release additional one billion dollars to facilitate a social development programme in the country.

Vice President Mahama lauded the initiative of the company and appealed to Russia in particular to revive the comprehensive development programme in Ghana, which was curtailed after the 1966 Military coup d 'etat, which ousted Ghana's first President, Dr. Kwame Nkrumah.

He acknowledged the immense support Russia offers Ghanaian students to pursue various professional studies in that country and welcomed the new investment drive of the former world super power.

Mr. Kwame Amporfo Twumasi, Deputy Minister for Energy also explained at the occasion that the Russian company was partnering Vanco, an independent oil exploration company, to carry out exploration at Saltpond in the Central Region.

He said Lukoil would start its major operations from July this year, which would comprise assistance to Ghana to tap the by-products of oil exploration including the production of petrol chemical.

The Minister noted that, Russia had comprehensive data on oil finds in Ghana, dating back to the 1960's when Russia was very active in the country.

Mr Twumasi further said there was sufficient information on previous onshore oil exploration in the Brong Ahafo Region, Volta and Northern regions. He said 40 per cent of the landmass in Ghana holds the potential for oil exploration.

Since the exploration finds, news of high oil production potential in Ghana have been accepted with mixed feelings. For some, this could be the turning point in the 51 years of independence, for the country to become a true economic leader in the West Africa region as well as the whole of Africa Union. But, for the many impoverished Ghanaians, lessons from neighbouring oil producing states cannot be overlooked, with fresh memories of the smoke and high flames in the Niger Delta a constant reminder.

Even Ghana’s leadership has welcomed the news with hopes and reservations. President John Kufor has been quoted as saying the oil find may be the greatest news ever, but one that comes with huge challenges, especially with the lack of know-how in managing oil resources and related production in Ghana.

Mr Kufuor, is quoted speaking at an extractive industries forum in March, warning that "instead of being a blessing, oil sometimes proves the undoing of many nations who come by this precious commodity".

Close to 20 percent of Ghana’s 22 million population is categorised "extremely poor" by the UN, struggling to access basic social services like health, water and education. The potential for the oil finds to transform the economy and the lives of the poorest people is manifold, critics have said.

The find is expected to produce at least 100,000 barrels per day when it gets operational in 2010, with production projected to hit over 200,000 barrels a day within five years of operation that will place Ghana amongst top African oil producers.

- Create an e-mail alert for Ghana news
- Create an e-mail alert for Economy - Development news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at