Ghana has secured $3.5 billion in investment commitments to expand petroleum operations and drill new wells as the government steps up efforts to revitalise the upstream oil and gas sector, Minister for Energy and Green Transition Dr John Abdulai Jinapor has announced.
The Minister disclosed this during a fireside chat at the opening ceremony of African Energy Week, where he joined Kosmos Energy Chief Executive Officer Andrew Inglis and African Energy Chamber Executive Chairman NJ Ayuk to discuss strategies for attracting fresh investment into Ghana’s petroleum industry.
Dr Jinapor said the government was engaging investors and pursuing legal and fiscal reforms to make the sector more competitive, predictable and attractive to businesses.
He noted that the measures were intended to restore investor confidence, bring in new capital and protect Ghana’s national interests while creating conditions for sustained growth in petroleum production.
He said the government’s next priority was to build on the investment commitments by increasing local participation and expanding domestic value addition.
A key component of the strategy, he explained, was to strengthen Ghana’s refining capacity so that more crude oil could be processed locally, boosting industrial activity, creating jobs and improving energy security.
Dr Jinapor also emphasised that investment in the sector must translate into lasting benefits for Ghanaians rather than simply increase capital inflows.
He commended President John Dramani Mahama for providing strategic direction and support to the energy sector, adding that continued investment, stronger local participation and a more business-friendly environment would be critical to turning Ghana’s petroleum resources into sustainable economic growth.