Ghana’s Civil Society Alliance is urging the government to implement regulatory reforms in the petroleum sector to attract investment and boost production.
The alliance, which includes the Institute for Energy Security, says policy inconsistencies and regulatory uncertainty have led to a decline in domestic crude oil production. Ghana’s oil output has fallen over the past four years, with exploration activities almost grinding to a halt.
“Policy and regulatory uncertainty are major obstacles to investment in Ghana’s petroleum sector,” said Nana Amoasi VII, Executive Director of the Institute for Energy Security. “We need a stable policy environment to attract investors and boost production.”
The CSOs are proposing reforms to strengthen the integration between the upstream and downstream petroleum sectors, including prioritizing crude oil allocation to local refineries.
Ghana’s petroleum agreements require that domestic crude oil be prioritized for local refineries, but this provision is not being enforced, according to the CSOs.
