Vice President Dr. Mahamudu Bawumia has called on the petroleum industry operators to capitalise on opportunities presented by the African Continental Free Trade Area (AfCFTA) to strengthen the sector and foster sustainable development.
Speaking at the 6th Ghana International Petroleum Conference (GHIPCON) in Accra, Dr. Bawumia emphasised that the removal of trade barriers under AfCFTA could significantly enhance market access, attract investments, and stimulate economic growth in the petroleum downstream industry.
The conference, themed “The Petroleum Downstream: Building a Future for Growth, Efficiency, and Sustainability,” brought together local, regional, and international experts to discuss regulatory frameworks and sector-related issues in Ghana.
Dr. Bawumia addressed the challenges faced by the industry, including geopolitical tensions, technological advancements, and environmental concerns. He noted that the landscape is evolving, with oil and gas companies diversifying into biofuels, renewable energy, and advanced technologies like hydrogen and LNG.
He urged industry players to optimise operations through modern technology, stressing efficiency, growth, and sustainability across the supply chain. The Vice President stressed on the need for infrastructure investment, technological innovation, and supply chain resilience to secure the future of energy.
Dr. Bawumia underscored the government’s commitment to enhancing Ghanaian participation in the downstream petroleum sector by promoting policies that support local content, capacity building, and economic opportunities for Ghanaians.
Dr. Mustapha Abdul Hamid, CEO of the National Petroleum Authority (NPA), highlighted the industry’s significant contribution to Ghana’s GDP and its extensive local participation and delivery of petroleum products. He emphasized NPA’s commitment to implementing strategies that ensure sector efficiency, profitability, and consumer value.
