Energy Minister Announces Major Review of Ghana’s Petroleum Sector

The Minister for Energy and Green Transitions, John Jinapor, has unveiled plans to establish a consultative committee aimed at conducting a thorough review of Ghana’s petroleum sector.

Addressing stakeholders at a meeting with the Chamber of Bulk Oil Distributors on February 5, Jinapor emphasized that the committee’s work will focus on addressing critical industry concerns while ensuring that all relevant stakeholders have a voice in shaping policy decisions.

One of the key issues under review is the impact of foreign exchange (forex) fluctuations on industry operations, a long-standing challenge for players in the sector.

“Our goal is to enhance product security, improve quality, and ensure sustainability. This review of the downstream petroleum sector will help modernize it in line with global best practices,” Jinapor stated.

Additionally, he disclosed that the Ministry of Energy, in collaboration with the Ministry of Finance, is evaluating the Gold for Oil policy to determine its effectiveness and future direction.

“We are currently assessing the Gold for Oil initiative as promised in our manifesto. The Finance Minister is already working on the gold aspect, with plans to establish a Gold Board. Meanwhile, we are reviewing the oil side of the policy. Any ongoing activities are temporary measures, as we cannot abruptly stop the process without having a solid alternative in place,” he explained.

Jinapor also revealed that President Mahama is forming an additional committee to improve transparency and efficiency within the petroleum sector.

“The forex challenge will be tackled, the Gold for Oil policy will be fine-tuned, and we will take a comprehensive approach to ensure efficiency across all sector agencies,” he concluded.