Africa risks losing 500bn barrels of crude over int’l pressures – Dr. Amin Adam
The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam has indicated that over 500 billion barrels of crude oil will be left untapped in Africa following growing concerns from international communities to ensure a sustainable climate.
This development, he believes will mitigate the growth of the African continent.
He further explains that about 50 percent of the continent’s revenue is generated from the oil sector but called for a careful and environmentally friendly technology in the exploration of the Africa’s oil reserve to bolster economic growth.
“As far as climate financing is concerned, I just want to remind all of us that about 50 percent of revenue of many African countries comes from oil exports. So, if we succumb quickly to what the heavily polluting countries are asking us to do, that means we will be losing substantial source of revenue to finance our development,” he said.
Dr. Mohammed Amin Adams made these comments at the media launch of the 30th AGM of the Afriexim Bank scheduled to be hosted in Ghana from 19th -22nd June 2023.
“It is also important to note that an estimated 500 billion barrels of crude oil will be strangled in the ground in Africa if we succumb to those calls.”
“And we can explore these resources in an environmentally friendly manner, emerging technology should allow us explore these resources to enhance our development without causing damage to the environment,” he added.
Source: Ghana Business
