Focusing On Oil Alone Detrimental To Economy � E.O Group Boss

The General Manager of the E. O. Group, George Owusu, has challenged Ghanaians to focus and build capacity in other relevant sectors of the economy and not to concentrate excessively on the country�s oil sector alone. According to Mr. Owusu, who is a co-founder of the E. O Group Ghana Limited, a wholly owned Ghanaian company, the country�s economy would be deficient in other aspects if all and sundry shift their attention only to the oil find like other countries have done. He cited Saudi Arabia and some oil producing countries of suffering from economic growth that lacks some very relevant proponents to be complete. He said this at the first media and stakeholders� colloquium held to commemorate the first anniversary of Ghana�s oil production. The discussion was under the theme: �Ghana�s Jubilee Oil - One Year On - Lessons Learnt. � Speaking on Ghana�s Oil Production and Global Energy demand, Mr. Owusu stated that currently, Ghana produces 80,000 barrels of crude a day, matching up to 0. 1% of current global crude production. He indicated that �to be able to match up to 0. 5% by 2015, Ghana would have to produce 400,000 barrels per day, only then would we begin to make significant contribution to global crude and energy demand. � Organisers of the colloquium, Global Media Alliance, with support from the E. O Group also brought together Gloria Hiadzi, who is the Operations Manager of GIBA and Ransford Tetteh, the president of the Ghana Journalists Association. On her part, Hiadzi noted that �Ghana has a lot to learn from other oil-producing nations, especially in Africa, so we do not repeat the mistakes they made. �