President John Dramani Mahama has urged oil-producing nations to maximize their production as the world shifts toward cleaner energy sources.
Speaking at the Africa CEO Summit in Ivory Coast on Tuesday, President Mahama said that the world is undergoing an energy transition that will make oil less valuable in coming decades.
“Everybody who has any assets should be pumping like there’s no tomorrow,” he emphasised.
The President stated that Government is working to revitalize Ghana’s oil sector after what he described as years of decline under the previous government.
President Mahama revealed that Ghana’s oil production had declined by about 7% annually in recent years.
He explained that this was partly due to disputes with international oil companies.
While addressing Ghana’s energy future, the President pointed out that the country maintains economic resilience through diversified exports.
“Even though we are still producers of raw materials, we have a diversified portfolio of natural resources, gold, cocoa, and oil.
“Oil might not be doing well, but cocoa and gold are doing well,” he noted.
President Mahama announced that Ghana has discovered significant lithium deposits.
He stated that Ghana has discovered quite a big quantity of lithium, to which a concession has already been granted and awaits parliamentary approval.
“Once that is done, then we have to work the logistics of it, how to start the exploitation,” he added.
On Ghana’s economic recovery, the President said that his administration implemented tough stabilization measures which have raised business confidence.”
Looking to Ghana’s industrial future, President Mahama said that the country has long wanted to establish an aluminum production chain.
He noted that “for many years, we’ve wanted to set up a refinery to refine the bauxite into aluminum,” stating that Ghana is now seeking investors for both bauxite exploitation and refinery construction.
President Mahama’s comments come as African oil producers grapple with balancing immediate economic needs against the global transition to renewable energy.
His call for increased production reflects growing concerns among resource-dependent nations about being left with stranded assets as the world shifts away from fossil fuels.
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