The Bank of Ghana (BoG) has warned Ghana would lose a lot of revenue if the gas project is delayed any further.
The project has suffered a number of setbacks due to challenges with funding and government through the Chinese Development Bank (CDB) recently paid almost $200 million to Sinopec for work on the Ghana Gas Infrastructure Development project to continue after grinding to a halt.
The $700 million project when completed is expected to rake in substantial amount of revenue for the country.
Governor of the BoG, Dr Henry Wampah said it’s coming on stream will also see the country reduce its imports on oil.
“One area when developed well, which will add t o our capacity to generate foreign exchange revenue, is gas production. It is expected that the project will come on stream by the end of the year if we are able to do this we will save some amount of foreign exchange we use to import oil.”
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