Ghana’s oil sector needs to be guarded against failure – Dr. Acheampong

A political risk analyst and Economist, Dr. Theophilus Acheampong, has stated that Ghana needs to devise innovative ways to keep the oil and gas sector active.

Speaking at a public lecture by the Public Interest and Accountability Committee (PIAC) the analyst indicated that the oil sector needs to be carefully guarded else “production will decline in the next couple of years, and given also the issues of the transitions there probably would not be much to be said in terms of oil and gas.”

The lecture was focused on outcomes of research conducted by the Public Interest and Accountability Committee (PIAC) on the management and use of Ghana’s petroleum revenues over the past 10 years.

Dr. Acheampong noted that the National Oil Company must directly acquire more stakes in some of the yet-to-be-produced fields.

Citing the Ghana Revenue Authority’s revelation on August 31, 2021, that stated that Ghana was not gaining much from the Oil and Gas industry as it should, he stated that local players in the industry need to improve on their skills to be able to match up to their foreign counterparts.

“I can assure you that if there is a mismatch between the level of skills of locals who worked in the oil and gas industry from the regulatory side, vis-a-vis the foreign companies who operated in the industry, we cannot get much revenue from thatindustry,” he stated.