Ghana to fast-track infrastructure for oil - Mills

* President outplans plans in state of nation speech
* Fast-track plan for deep-sea oil port, rail upgrade
* Ghana 'poised to be major producer of oil and gas'

Ghana will fast-track construction of a deep sea oil port and revamp a major rail link in 2010 to help exploit its energy and minerals, President John Atta Mills was due to say in a state of the nation address on Thursday.

Ghana is set to become a commercial energy producer by the end of the year when the huge offshore Jubilee field comes on line, according to the speech, a copy of which was obtained by Reuters.

The world's second largest cocoa producer and regional economic heavyweight is expecting sustained growth after having stabilised its cedi currency.

"Ghana is poised to be a major producer of oil and gas and I have instructed the Energy Ministry, in collaboration with the Ministry of Transport, to fast-track investments in the necessary infrastructure, including a deep sea port with a dedicated oil services facility and the rehabilitation of the western railway corridor," said the text of the speech.

"These flagship investments will not only create significant employment themselves, but will also support the growth of other industries. What is more, the development of the gas sector will allow the development of higher efficiency gas turbines, which in turn will ensure a dependable electricity supply at internationally competitive tariffs."

Mills narrowly won a largely peaceful presidential election in January 2009, succeeding John Kufuor. He struggled early in the year with soaring inflation and the depreciation of the cedi against the dollar and other major currencies.

"I am glad to say that we quickly halted the rapid depreciation of the cedi and by the middle of 2009, it had begun to appreciate against almost all the major currencies of the world. Today, we have a stable currency as well as other indicators pointing to healthy economic conditions for real take-off into sustained growth," the prepared remarks said.

Ghana is also planning to start development of an integrated aluminium industry based on the nation's rich bauxite reserves, according to the speech.