Oil investments may boost Ghana's economy

30 March 2010

Revenues from oil investments in Ghana may help to boost the country's economy.

This is according to a report from the International Monetary Fund, which referred to an assignment led by mission chief for Ghana Peter Allum.

During the mission - held this month - there were reviews and discussions concerning the nation's economy with input from various financial officials.

It was noted that oil-related revenues worth five percentage points of gross domestic product or more are expected to enhance Ghana's economy over the coming years.

Mr Allum said: "The pending oil and gas revenue management bill is expected to ensure that petroleum revenues and related spending are transparently reflected in the budget."

The fiscal deficit should drop between 2011 and 2012, but a rise in public debt is expected to occur this year.

Founded over 60 years ago, the IMF originally aimed to avoid repeating the financial circumstances leading up to the 1930s' Great Depression.