|
Getting your Trinity Audio player ready...
|
Ghana’s Minister for Energy and Green Transitions, John Jinapor, has revealed plans to establish a consultative committee to conduct a comprehensive review of the country’s petroleum sector.
Speaking at a meeting with the Chamber of Bulk Oil Distributors, the minister emphasized that the committee will address key industry concerns while ensuring that policy decisions reflect the interests of all stakeholders.
Key Focus Areas
A major issue on the agenda is the impact of foreign exchange (forex) on petroleum operations, which has been a long-standing challenge for industry players.
“The key issue is to ensure that we have enhanced product security, and quality, safely, in a sustainable manner…we want to review the entire downstream petroleum sector and bring it to scratch so that it can be in conformity to modern trends. We will undertake a major review,” Jinapor stated.
Gold for Oil Policy Under Review
The minister also confirmed that his ministry, in collaboration with the Ministry of Finance, is currently assessing the Gold for Oil programme, as promised in their manifesto.
“We are also reviewing the Gold for Oil program as was promised in our manifesto, and already, the Minister of Finance is working on the gold aspect. He intends to set up what he describes as a Gold Board. On our side too, we are reviewing it. If you see some work, it’s just an interim arrangement. You can’t truncate the process until you have a workable solution,” he explained.
Additionally, he announced that President John Dramani Mahama is establishing another committee to enhance transparency within the sector.
“The President himself is setting up another committee to help the whole sector so that we can have enhanced transparency and work. So the issue of forex will be dealt with. The issue of the Gold for Oil will be worked on, and all the other agencies—we intend to take a holistic view of all the agencies,” he added.
Engagement with Industry Stakeholders
The meeting, held on February 4, 2025, brought together key industry players, including:
Chamber of Bulk Oil Distributors
Chamber of Oil Marketing Companies
Tanker Owners Union
Other stakeholders
Email Daily Mail GH: stories@dailymailgh.com or
Whatsapp: +233(0)509928122
