Ghana oil drilling could see boom amid a new boom in its economy
A new boom has begun in Ghana’s economy as the country ramps up oil production to boost its oil production, with the government promising to increase output to 40 million barrels per day by 2025.
Ghana is now on track to produce around 30 million barrels of oil a day by then, with its production set to increase further to 70 million barrels a day in 2023, according to the oil ministry.
Ghama’s government is already spending $5 billion on a new oil refinery and oil processing plant, and it plans to spend $7 billion on another refinery and a new refinery and processing plant by 2021.
Oil is the country’s main export, accounting for about a quarter of Ghana’s export revenues.
Ghana is also investing in a number of other infrastructure projects to help boost its economy, such as upgrading roads, providing electricity and water supply and improving telecommunications.
Ghaza’s economy is growing at about 6 percent a year.