President John Dramani Mahama has said Ghana’s movement from its current status of lower Middle income status to a middle income economy would depend on huge investments in the energy sector for consumption and for export.

He said although Ghana had discovered and embarked on oil and gas exploitation, the economic benefits were yet to be realized and with adequate investment the benefits could be achieved in the nearest future.

President Mahama announced this during the 2012 Institute of Economic Affairs Presidential debate held in Tamale on Tuesday.

President Mahama said Ghana would however continue to invest significantly in the traditional areas of Agriculture, mining and quarrying, cocoa producing, building and construction as a way of avoiding the negative experiences of other oil and gas producing countries over the years.

He said government would also establish a fertilizer plant in the western region to provide the necessary support to the agricultural sector and invest massively in the cocoa and other cash crops that could propel the country’s industry.

The President said government would also accelerate the development of the telecommunication sector, improve on the Information, Communication and Technology sector, increase and support the survival of financial institutions to sustain the economy.

On the Private Sector development, he said the NDC government would continue to reduce the cost of energy and make it affordable for the businesses to survive and provide jobs for the teeming youth of the country.

He promised to harness all human and resource potentials of the country to make Ghana the economic icon of Africa.

President Mahama commended the IEA for deepening democracy with such debates and hoped that such encounters would continue sell the country’s democratic credentials to her neighbours within and outside the continent.