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07 July 2017

Oil wealth must benefit locals – Igbos King to Akufo-Addo

Igbos King in Ghana, Eze Dr Chukwudi Ihenetu, has advised the government of Ghana to draw lessons from the Nigerian experience and ensure that the towns where country’s oil is drilled benefit immensily from the natural resource by being developed.

According to him, it is absolutely crucial that oil proceeds are used in advancing development in these areas, adding that he was very disappointed when he visited the much touted Oil City-Takoradi only to find out the low level of development there.

President Nana  Akufo-Addo on Thursday, July 6, 2017, opened the valve on the FPSO John Agyekum Kufuor, to signify the start of commercial oil production on the Sankofa-Gye Nyame oil and gas field.

The FPSO, which is Ghana’s third, is currently producing 11,300 barrels per day out of two wells drilled and active so far. This is expected to be ramped up to 55,000 barrels of crude by December when more wells come on-stream.

The FPSO, which is 300 metres (985ft) long, has a storage capacity of 1.7 million barrels, a double hull to reduce environmental risks and a treatment capacity of 58,000 barrels of oil per day and condensates

Eze Dr Chukwudi Ihenetu, in an interview with Kasapa FM‘s Akwasi Nsiah urged government to handle the management of oil proceeds prudently to benefit the citizenry.

“If the government sees the oil find as a blessing for the people of Ghana then it will be well used here. Thank God Ghana has a refinery here, a big country like Nigeria sends oil abroad and refines it. Ghana should refine the product here so that the citizenry will get it at a cheaper price. At the same time when the product is exported, they should repatriate the money to develop the country. Holding on onto the money without using it to develope the country becomes a curse to the government and not the masses.”  

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