The Zimbabwean private sector has expressed interest in investing in Ghana's emerging oil and gas industry. The Zimbabwean Ambassador to Ghana, Pavelyn Tendai Musaka, made this known at a forum to announce the upcoming Ghana-Zimbabwe Business Summit to be held in Accra on May 31, 2010 at the International Conference Centre. "The Zimbabwean private sector is particularly interested in the downstream activities of the emerging oil and gas sector in Ghana, and is prepared to invest in construction, housing, and other service industries associated with oil production in Ghana," she stated. The Ambassador indicated that the increasing stability in the Zimbabwean economy has seen monthly government revenue increase from a low of US$ 4 million in 2007 to a current maximum of US$ 99 million per month. "This means we have the capacity to pool resources to invest in Ghana's oil sector through joint ventures so that we can contribute to the development of Ghana's economy," she added. Downstream activities in Ghana's emerging oil and gas sector include services ranging from catering, accommodation, material and equipment supplies, transportation, storage and distribution, consultancy and other rig-related services. The total value of these services is estimated at US$ 5 billion annually. The Zimbabwean construction sector is noted for its expertise in brick technology for housing and accommodation services which will be in strong demand in the oil downstream sector. Ghana is currently developing local content policy and legislation for downstream activities in the oil industry. This is to ensure strong local participation to give rise to joint ventures between Ghanaian businesses and foreigners who want to invest in the sector. Zimbabwe, according to the Ambassador, is also ready to form partnerships with Ghana's private sector to promote tourism services like catering, transportation, banking and insurance in the areas of the oil find. The Business Summit, which is the second in three years, will be used to exhibit the opportunities in Ghana's oil sector and the wider economy. Credit: B&FT