The Finance Minister Dr. Mohammed Amin Adam has emphasized the significant potential of oil revenue in driving national development.

Speaking at the Future of Energy Conference in Accra, Dr. Adam announced that the government plans to develop newly discovered oil fields to enhance the nation’s overall GDP.

“We are working on developing new oil fields. It is expected that this will impact the growth rate of the country. We have so far distributed crude oil revenues of approximately US$10.6 billion as of today to the allowable designated accounts provided for in the petroleum revenue management acts”.

He disclosed that even though unworked oil receipts constitute a little over 1% of GDP in Ghana, there is still a vast potential in the sector.

“We are thus working on developing the newly discovered fields with significant reserves to ensure that we generate additional revenues”.

Dr. Adam is optimistic the country could get more revenue from the discovered oil fields.

“All these fields, when developed, will increase Ghana's revenues and allow us to implement  government projects to help put in place the infrastructure required to advance our country sustainable”, he said.

He stated that government is set to capitalize on newly discovered oil reserves to boost national revenue and finance critical capital projects.

Dr. Adam underscored the transformative potential of oil revenue in fostering national development.