Thursday 11 June 2015

Ghana’s oil sector receives $16m fund

The oil sector in Ghana is getting a boost, thanks to a $16 million (£10.08m) fund.

The International Finance Corporation - a member of the World Bank - and the OPEC Fund for International Development are providing $8 million (£5.04m) each.

Ghanaian oil company Quantum Oil Terminal Limited is developing an offshore facility which will have the capacity to store 55,000 metric tons of oil near the port of Tema, 29 kilometres east of Accra.

It will use the cash to help address storage constraints in the petroleum products distribution value chain and reduce shortages in Ghana.

Ronke-Amoni Ogunsulire, IFC Country Manager for Ghana said: “IFC is committed to partnering with local private sector players to build capacity and meet the growing energy needs of Ghanaians."