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16.02.2005 Regional News

Govt advised to invest more in exploration of oil

By GNA

Kumasi, Feb 16, GNA - A businessman has suggested to the government to increase its investment in oil exploration. Mr Opoku-Agyemang Prempeh, Managing Director of Lakayana Company, a debt collecting company, said even though oil exploration demanded a huge financial outlay, investing in it was worth it.

Speaking to the GNA in an interview, he said the government spends a huge chunk of the nation's foreign exchange earnings on oil and hitting oil would enable the government to accelerate development. Mr Prempeh appealed to the Energy Commission and the government to assist research scientists and institutions to research into plants that could yield some petroleum products.

He mentioned palm oil, palm kernel as well as plant known locally as "Nkrande Dua", as some of the plants that could be researched into.

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