The Ghana Statistical Service is projecting that the total volume of capital expenditure in the oil and gas sector will be in excess of US$3.1 billion by the end of 2019.
The projected figure represents an 18 percent increase in the US$2.62 billion recorded in the oil and gas industry in 2018.
Total investment expenditure in 2017 was also US$2.3 billion, bringing the increase in 2018 to 12 percent.
In a recent encounter with the media, Government Statistician, Professor Samuel Kobina Annim, highlighted the key drivers of the growth in investment expenditure.
“The three major breakdown for these investments are put in exploration, appraisal and concept studies as one component, which basically gives us an idea of what we should do before field development and field development takes the major chunk of the expenditure and is followed by production.
These three components drive the expenditure values. What we want to emphasize is the continuous increase in production from 2017 to 2019,” Prof. Annim added.
The country’s economy recorded its slowest growth rate in the past 12 months, hitting 5.6 percent in the third quarter of 2019; largely due to slump in non-oil growth, the Ghana Statistical Services said.
In the same period last year (Q3 of 2018) when overall GDP grew by 7.4 percent, the non-oil sector grew by 8.5 percent compared to the third quarter of 2019, which has seen growth slump by half to record 4.6 percent, a sure indication that the economy has been relying heavily on oil, at least, for the past year.