Ghana Seeks to Borrow $1.7 Billion to Help Acquire Energy Assets
- Government eyeing stakes in assets estimated at $1.3 billion
- State oil firm would seek to borrow against its reserves
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Ghana is seeking parliamentary approval to borrow as much as $1.65 billion to accelerate oil and gas exploration by acquiring and developing assets.
The investment push comes after Exxon Mobil Corp. pulled out of an offshore prospect in the West African country in May, dealing a blow to its burgeoning oil and gas sector. There are also rising concerns that the push for lower-carbon energy may reduce the value of Ghana’s hydrocarbon resources over time.