Government generated GHS1.99bn from upstream oil and gas exploration-Ken Ofori Atta


Minister of Finance, Ken Ofori Atta has stated that Ghana accrued GHS1.99billion from upstream oil and gas.

Presenting the Mid-year budget review in Parliament on Thursday July 23, 2020 he indicated that “Revenue form upstream oil and gas constituted GHS1.99billion of Gross Domestic Product (GDP) of the country.

He also added that a lot of investments have been made to ensure the lights are kept on for both domestic and commercial purposes.

He said the current government also paid of the costs that were incurred following what he descried as ‘questionable contractual power agreements’ signed by the erstwhile National Democratic Congress administration.

“We have enjoyed three and half years of reliable and cheaper power. We have spent in excess of 4.7million on capacity payment to ensure that we keep the lights on and also to pay for power we do not use under various questionable contractual obligations we inherited.”

The Finance Minister further revealed to the Parliament that the current government has successfully digitized the economy, making it easier for businesses to be located within the country to boost the economy. He also opined that the digitization has ensured modernity in the ways of conducting businesses in the oil-producing West African nation (Ghana).

“To modernize the economy in this global competitiveness, we embarked on transformative agenda, digitizing the economy, we implemented the digital addressing system and the national ID program to ensure each Ghanaian and business locations will be duly identified . All these have made to formalize the economy,”
Paa Kweku Eshun|



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