The Vice President John Dramani Mahama has announced government readiness to invest GHC 850m in the oil and gas industry.

He said government has allocated funds to expand the Takoradi Port for easy exportation of the oil.

The Vice President said the funds are part of the GHC 3b Chinese loan.

Mr Mahama announced this at an international conference on the Avoidance of the oil curse in Ghana in Koforidua.

It is being organised by the National Development Planning Commission in collaboration with he Ministry of Energy.