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28.09.2005 General News

Govt. advised to inject more resources into exploration of oil

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Kumasi, Sept. 28, GNA - A Business Executive has advised the Government not to be deterred by the huge capital outlay involved in exploration of oil, but continue to inject more resources into exploration of the project. Mr. Opoku Agyemang Prempeh, Managing Director of Lakayana Company, an Engineering Firm who gave the advice said, this is because it is only when Ghana has its own oil wells and ceases to depend on importation of crude oil that development of its economy could be facilitated and guaranteed.

Mr. Prempeh gave the advice in a briefing with the Ghana News Agency in Kumasi On Wednesday, on the need for Ghana to intensify its efforts at exploring for oil and eventually producing that commodity on its own.

Mr. Prempeh said the over-dependence on importation of crude oil for running the country's economy has contributed to a slow-down in progress of various aspects of the economy.

He said apart from the huge foreign exchange being used for purchase of such crude oil, there was the tendency also of being sabotaged by "those oil producing countries, since they could deny the country any sales thereby jeopardising our economy". Mr.Prempeh said apart from initiating moves by itself to explore and seek oil, Government should also sacrifice some funds in support of individuals and groups who are already in the oil exploration venture. He cited the example of some Biochemical diesel project being undertaken by one Onua Amoah, a citizen of Ghana, and entreated the Government to give him the needed financial assistance to enable him expand the oil project.

Mr. Prempeh was of the conviction that with the Government's own initiative and that of individuals like Onua Amoah, the problem of Ghana seeking production of its own fuel would be a thing of the past.

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