The National Petroleum Authority (NPA) has signed an agreement with Senegal and The Gambia for the importation of petroleum products from Ghana.
This adds to the already existing countries, Mali, Niger, Burkina Faso, Cote d’Ivoire and Togo, importing petroleum products from the country. In the year 2023, the volume of petroleum products re-exported and transited to these neighbouring countries amounted to 385,154,100 litres. Delivering his welcome address at the Ghana International Petroleum Conference (GhiPCon), on the theme: The Petroleum Industry: Building a Future for Growth, Efficiency and Sustainability”, The Chief Excecutive Officer (CEO) of NPA, Dr Mustapha Abdul-Hamid said the increase in the volume of exports was proof of NPA’s outstanding successes in its effort to curb illicit fuel activities in the country. Currently, the industry has registered over 3000 service providers with high local participation that deliver over four million metric tonnes of petroleum products annually for Ghana and beyond.
The development has positioned the industry to become a key contributor to the growth of Ghana’s gross domestic product (GDP). “We estimate that the sector had a monetary value of over GH¢71 billion, representing about 84 per cent of the country’s 2023 GDP. In the past seven years, the industry returned an average annual value of over GH¢35 billion,” he said. The NPA said that given the dynamic nature of the downstream petroleum industry, NPA was committed to using technology and innovation to remain relevant in the sub-region by formulating and implementing innovative strategies and policies that would ensure that the industry remained efficient and profitable, and at the same time ensured consumers got the best value for money.
He said with the new transparent automatic price adjustment formula, pricing had gradually been reformed from an annual regulated price with unpaid subsidies to a bi-weekly and daily regulated. The NPA boss stressed that the authority had declared zero tolerance for toxic fuel, and as such Ghana, Kenya, Tanzania, Uganda, and Morocco presently consumed low sulphur fuels with typical import at less than 50 ppm, with a roadmap for local refineries to comply.
He said with the geopolitical tensions to technological advancements and environmental concerns, “Our strategies must be robust, innovative and adaptable.” He also assured the government’s commitment to continue to promote and explore policies that enhanced Ghanaian content, supported capacity building and created opportunities for the Ghanaian people. That, he believed, could guarantee that the benefits of our resources were widely shared while ensuring the development of our local workforce and businesses.
Source: graphic.com.gh