President Mahama expressed concern over the exodus of major oil companies from Secondi-Takoradi
President John Dramani Mahama has pledged to breathe new life into the twin cities of Sekondi-Takoradi and revive Ghana’s struggling petroleum sector.
Speaking at the State of the Nation Address on February 27, 2025, the president highlighted the significant decline in crude oil production, which has dropped by over 32%, attributing the downturn to opacity, a hostile business climate, and excessive political interference.
“The petroleum sector has witnessed a precipitous decline, with crude oil production sinking by more than 32%. This has resulted from the high opacity levels, a very hostile business climate, and excessive political interference in the sector, culminating in most of the major oil companies exiting and stalling all upstream activities,” he said.
President Mahama expressed concern over the exodus of major oil companies and the stalling of upstream activities, which have severely impacted the economy of Sekondi-Takoradi.
“Just under a decade ago, these cities were the bustling epicentre of fabrication logistics service activities associated with the upstream oil and gas sector. Unfortunately, my recent visit reveals many shutdown facilities and many businesses have parked and left the shores of our country. Hundreds of workers have been laid off and left unemployed,” the president added.
Addressing directly to the people of Sekondi-Takoradi and the Western Region, President Mahama assured them of his administration’s commitment to revitalizing the area.
“I wish to assure the good people of Sekondi-Takoradi, and indeed the whole Western Region, that we are going to breathe life back into your area,” he declared.
Background:
President Mahama’s address, which is in line with the Article 67 of the 1992 Constitution, and which is expected to outline his ambitious “Resetting Ghana” agenda, aims at tackling economic challenges, creating jobs, and restoring stability.
In his address, the president is expected to touch on key areas of his government’s policy objectives.
He is also expected to provide updates on the state of Ghana’s economy, including the ongoing IMF bailout program, security, and the cost of living, among other issues.
Additionally, he will update Ghanaians on deliverables for the year ahead, as well as the achievements of his government so far and the challenges that lie ahead.
ID/AE
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