- The New York Times reports that World Bank forecasts 8.3 percent growth for Ghana’s economy in 2018, driven in part by major offshore oil deposits
- Petrogress is seeking expansion in Ghana, where it already operates service and shipping facilities at the Port of Terma in Greater Accra
- In 2017, Ghana experienced a 124 percent oil export revenue increase over the prior year, The New York Times said, citing central bank statistics
Petrogress, Inc. (OTC: PGAS) is hoping to expand its operations in Ghana, West Africa. That nation, with its robust energy and diverse economic growth, is forecast to have one of the world’s fastest-growing GDPs globally. A recent article in The New York Times quoted the World Bank as projecting that Ghana’s economy will expand by 8.3 percent in 2018 (http://ibn.fm/7WrsQ). In addition to increases from oil and energy exploration, sales, exports and operations, the Ghanaian economy will enjoy growth from other industries, such as cocoa and coffee exporting, the article reports.
Petrogress and its subsidiaries have already been operating within the energy sector in Ghana, and the company wants to expand operations in West Africa. It is authorized to conduct local sales of oil products and shipping business from the Port of Terma in Ghana. The goal of parent company Petrogress, which holds several subsidiaries, is to be a fully vertically integrated oil and natural gas energy company.
The World Bank forecasts that, after the predicted 8.3 percent rise in 2018, Ghana’s economy will continue to expand at a 5.5 percent annual increase in GDP in both 2019 and 2020 (http://ibn.fm/jd3Hm). The African Development Bank Group also predicts that Ghana’s economy, assisted by energy growth, will expand at a rate of 8.5 percent in 2018 before dropping slight to 6.2 percent growth in 2019 (http://ibn.fm/pCnQp).
Major offshore oil deposits will help drive that growth. Ghana recorded a 124 percent increase in oil export revenues in 2017 over the prior year, The New York Times article quoted central bank statistics as showing, and Ghana plans to continue to expand its oil exploration activities moving forward.
For more information, visit the company’s website at www.PetrogressInc.com
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