President John Dramani Mahama has announced a landmark $3.5 billion investment in Ghana’s oil and gas sector, marking a decisive end to a six-year production slump and reinforcing his administration’s commitment to energy independence.
The investment, split into $2 billion for new Jubilee field drilling and $1.5 billion for OCTP exploration, is expected to accelerate production by over 40%, moving from 60,000 to 85,000 barrels per day.
The President underscored that this influx of capital is a cornerstone of his economic recovery strategy, designed to generate thousands of direct and indirect jobs while securing stable power generation for industries.
Speaking on the broader vision, President Mahama noted that the development of the Tano West basin and the expansion of the Sentuo Refinery would transform Ghana from a crude exporter into a value-added petroleum products hub.
“We are laying the groundwork for a self-reliant economy,” the President said.
“This investment will not only light our homes but also fire up our factories and create lasting opportunities for Ghanaian youth.”
The announcement has been hailed by industry stakeholders as a game-changer for the nation’s fiscal outlook.
