Ghana, which began large oil production less than a year ago, targets $768 million from oil in 2012

New producer Ghana targets $768 million from oil

AFP

ACCRA — Ghana, which only began large-scale oil production less than a year ago, is targeting oil revenue of about $768 million in 2012, the nation’s finance minister said on Wednesday.

Presenting the government’s 2012 budget to parliament, Finance and Economic Planning Minister Kwabena Duffour also said the economy was forecast to grow 9.4 percent while inflation was projected to be 8.7 percent.

“Total benchmark oil revenue is estimated at 1,239.8 million cedis (768 million dollars, 659 million euros),” he said.

Ghana began large-scale oil production last December from an oil field known as Jubilee — one of the largest recent discoveries in West Africa — with current 80,000 barrels per day.

Oil is projected to become Ghana’s biggest foreign exchange earner, upstaging the gold, cocoa and timber exports it previously relied on.

…..Ghana is the continent’s second biggest gold producer after South Africa.

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