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Guyana to up oil production to 1.2 million bpd by 2027, finance minister tells Ghana delegation

Dr Ashni Singh, Guyana’s senior minister, who also has responsibility for finance, announced the news about oil production to a visiting delegation from Ghana

Guyana, the world’s fastest-growing economy, which is now an oil producer with an output of roughly 380,000 barrels per day (bpd), is expected to ramp up production to 1.2 million bpd by 2027 and aims to raise output further to 1.64 million bpd by the end of this decade.

Dr Ashni Singh, MP, the senior minister in the Office of the President with responsibility for finance, announced this on Monday (23 May) to a delegation of visitors from Ghana, led by Kobina Tahiru Hammond, the MP for Adansi Asokwa and Minister of Trade and Industry, and Yaw Osei Adutwum, MP for Bosomtwe and Minister of Education.

The Ghanaian delegation earlier the same day commissioned the Ghana Chamber of Commerce in Guyana, which has opened offices in the Queenstown area of Georgetown, the Guyanese capital.

It will primarily serve Ghanaian businesses operating in Ghana which intend to do business in Guyana. It will also serve as a bridge for businesses in Guyana seeking to do business in Ghana.

The visiting Ghanaian delegation with colleagues from Guyana

At a meeting with ministers of state of the Guyanese government, Vikram Bharrat (MP), the minister of natural resources, whose responsibilities include petroleum and mining, told the visitors, among whom were business executives from Ghana, that Guyana warmly welcomes the interest of Ghanaian business organisations and investors in Guyana.

The country is looking for arrangements that will be a “win-win” for Ghanaian and Guyanese businesses alike and, ultimately, for all people in both nations.

K T Hammond stressed the importance the Government of Ghana attaches to its enhanced relations with Guyana and pledged the continuous commitment of the Akufo-Addo government to supporting the country to build its capacity in the oil and gas sector and beyond, especially in areas where Ghana may have a comparative advantage.

K T Hammond addresses guests at the commissioning of the Ghana Chamber of Commerce in Guyana

Reinforcing the message, Dr Adutwum spoke of how Ghana is giving priority to technical education to equip the Ghanaian youth with modern skills for work. The country sees this as one critical area where Ghana can assist, Adutwum said.

Yofi Grant, the chief executive of the Ghana Investment Promotion Centre (GIPC), which organised the Ghana-Guyana Investment Summit at the Ghana Chamber of Commerce in Guyana premises on Monday, also addressed guests.

Grant stressed that the chamber, though set up primarily to serve business relations between Ghana and Guyana, will also leverage the strategic positions of Ghana, as the host nation for the African Continental Free Trade Area (AfCFTA) Secretariat, and Guyana, as the host nation for the Caribbean Community (CARICOM) Secretariat, to help facilitate trade, investment and economic co-operation between Africa and the Caribbean broadly.

Members of the Ghana delegation included (right to left) Kwaku Ampratwum-Sarpong, Robert Ahomka-Lindsay, Yofi Grant (GIPC), Yaw Osei Adutwum and Gabby Otchere-Darko

Vikram Bharrat thanked Ghana for helping Guyana to draft its local content law, “which relied heavily on the Ghanaian policy”. He also welcomed the Ghana Chamber of Commerce Guyana as a timeous intervention and a critical institution, necessary to enhance participation by Ghana-based private enterprises in the rapid economic development of Guyana.

In his remarks, the chairman of the Ghana Chamber of Commerce Guyana, Gabby Otchere-Darko, whom the Guyanese senior minister described as “an honorary citizen of Guyana”, said: “The fundamental principle which the chamber is deliberately infusing in the mindset of Ghanaian businesses operating or seeking to find business in Guyana, and which they are to be guided by all the time, is to come into Guyana with a view to partner with local Guyanese companies.

“This is to ensure that we bring value, create and share value with our hosts, in a win-win arrangement between our businesspeople and your businesspeople.”

Guyana, among the smallest and most underdeveloped nations in South America, plans to use its oil wealth to industrialise rapidly.

This will create many opportunities for international companies which will be equally open to Ghanaian businesses with a capacity to invest and deliver, Dr Singh stressed.

Reporting by Wilberforce Asare in Accra

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