Nation positions as oil and gas distribution hub

President John Dramani Mahama has said work is proceeding to position the country as an oil and gas distribution hub.

 

He said the huge demand for oil and gas for development and industrialisation is growing by the day; therefore, stepping up expertise in that sector will provide Ghana the opportunity to become a net exporter of the products.

President Mahama said this in a Ghana-Turkey business forum as part of Turkish President Recep Tuyyip Erdogan’s two-day official visit to Ghana -- and said although Ghana is currently experiencing some deficits in power generation, plans are far advanced to step-up production.

President Erdogan, whose official visits will take him to Nigeria, the Ivory Coast and Guinea-Conakry, had earlier signed Memoranda of Understanding with Ghana in the areas of investmentment, sports, communications, Energy and Natural Resources. 

President Mahama said many businesses are locating in Ghana because of stability and security, adding that such businesses will also have the opportunity to reach out to over 350 million people in West Africa on account of Ghana's position as the gateway to Africa.

“Ghana's advantage is the fact that it is a model of democracy and stability, with adequate security for businesses,” he explained.

He indicated that Ghana had signed onto the West African common tariff agreement, and is working round the clock to also ensure the free movement of goods and services in the coming days.

President Mahama gave the assurance that his administration will push for Parliamentary approval on the removal of double taxation on Ghana-Turkey trading commodities.

He said apart from trade, energy, sports and communications, the two countries will also consider opportunities in the areas of transportation and others that leverage their per annum investments to about US$1billion by 2020.