#GHBUDGET: GHANA MAY BE LEFT WITH STRANDED ASSETS OF ENERGY TRANSITION- OFORI ATTAH

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Finance Minister, Hon. Ken Ofori Atta has revealed that, given the prevailing sentiments around energy transition, there is a strong possibility that Ghana may be left with stranded assets, unless we accelerate our exploration activities and develop a home-grown strategy to extract our fossil fuels.

Delivering the 2021 Mid-year budget at the Parliament, he said, “Mr. Speaker, the Covid-19 pandemic has amplified the campaign fora transition away from fossil fuels”.

“As such GNPC is looking at opportunities for its subsidiary, GNPC Explorco, to acquire such assets and become an operator in its own right to ensure the expeditious development of our hydrocarbon resources”, he said.

According to him, the new strategy may require an amendment or revision of the PRMA to allow GNPC enter into some Reserve-Based Lending (RBL) transactions in order to be able to raise the required financing to consummate these acquisitions and to finance the exploration and development of such fields without having to rely primarily on GoG for funding.

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