President John Mahama has asked Ghanaians not to expect much from Ghana’s oil revenue.
There has been high expectations among Ghanaians towards the revenue accruing from oil exploration in the country.
But President Mahama says those expectations are unrealistic and exaggerated.
Addressing students at the University of Cape Coast, Mahama said the oil industry has seen many challenges that have reduced the country’s finances meant for developmental activities.
“The advent of oil production has led to high expectations…compared to Nigeria’s production of 2.4 million barrels per day, Ghana’s average oil production of 105, 000 barrels per day in 2014 can be considered chicken change.
“It is also important to note that only a percentage of the annual oil revenue goes into what we call the annual budget funding amount and is available for government to spend,” President Mahama said.
President Mahama also asked the youth to keep faith with government as it continues to put in place policies to improve their living conditions.