Ghana is preparing to review key laws and fiscal rules governing the petroleum sector as the government seeks to attract fresh investment and reverse a prolonged decline in oil production.
Energy and Green Transition Minister John Abdulai Jinapor said the government would review the Ghana National Petroleum Corporation (GNPC) Act as part of efforts to create a more competitive investment environment while protecting the interests of Ghanaians.
The move comes at a critical time for Ghana’s upstream petroleum industry, which has faced declining production and challenges in attracting new investment into exploration and field development.
Abu Jinapor said the government was “addressing the fiscal and regulatory framework governing the petroleum sector to make Ghana more attractive to investors, while protecting the interests of Ghanaians.”
He said the review of the GNPC Act would ensure that Ghana’s legal and institutional framework supports “investment, efficiency, growth, and value creation for the country.”
The proposed reforms could have implications for international oil companies, local upstream firms, and investors assessing Ghana’s petroleum sector, particularly as operators seek greater certainty over the commercial and regulatory conditions for long-term projects.
The government is also seeking to encourage more exploration and development of existing discoveries, while addressing infrastructure constraints that have affected the sector.
Abu Jinapor said Ghana was witnessing “positive signs of renewed growth in oil and gas production,” describing the development as a reversal of the decline recorded since 2019.
He called on industry players to build on the improvement by accelerating “field development, appraisal, and exploration” while addressing infrastructure bottlenecks and creating a more predictable and competitive investment environment.
The reforms could give Ghana’s oil and gas sector a fresh start, particularly if they succeed in attracting new investment and encouraging more exploration and field development.
The government will also need to balance investor incentives with Ghana’s interest in maximising petroleum revenues and ensuring that local businesses and the wider economy benefit from the sector.
Abu Jinapor reaffirmed the Ministry’s support for GNPC, the Petroleum Commission, and industry operators as the government seeks to unlock the remaining potential of Ghana’s petroleum resources.
