Mildred Siabi-Mensah
Takoradi, Nov. 12, GNA – Dr John Abdulai Jinapor, the Minister of Energy and Green Transition, has indicated that strong regulatory oversight, sustained investment and a resilient upstream petroleum sector are critical to revitalising Ghana’s oil and gas industry.
He said this was also central to attracting fresh exploration capital and expanding opportunities for indigenous companies.
Dr Jinapor said Ghana had the opportunity to increase petroleum production, attract new exploration investments, commercialised stranded discoveries, strengthen domestic gas supply and develop a new generation of globally competitive Ghanaian petroleum companies.
Dr Jinapor gave the assurance that the Government remained committed to providing the policy direction, regulatory certainty and enabling environment required to achieve those objectives.
He was speaking at the opening of the Petroleum Commission’s Local Content Conference and Exhibition (LCCE) in Takoradi on the theme: “Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector through Reforms and Partnerships to Spur Competitiveness and Investment.”
He said the recent petroleum cost audit, which identified approximately US$229 million in infractions, underscored the importance of strong regulatory oversight in safeguarding the national interest and ensuring accountability in the industry.
Dr Jinapor said the growth in the value of services provided by indigenous Ghanaian companies was encouraging, increasing from approximately US$227.5 million in 2024 to US$451.8 million in 2025, representing nearly 99 per cent growth.
He congratulated the Petroleum Commission for the achievement, saying it demonstrated the growing capacity and contribution of Ghanaian businesses to the upstream petroleum industry.
The Minister said local content was not merely a regulatory obligation or a percentage target but a strategic instrument for economic transformation, building internationally competitive Ghanaian companies and creating sustainable employment opportunities, particularly for the youth.
He said Ghanaians constituted approximately 90 per cent of the upstream petroleum workforce, while indigenous companies had made significant inroads into engineering, fabrication, logistics, marine services and other specialised areas.
However, he cautioned that local content could not thrive in an industry that was not growing, explaining that without exploration there would be no new discoveries or developments to sustain business opportunities.
Without sustained investment, opportunities available to Ghanaian businesses would inevitably diminish, assuring that the Government would pursue aggressive programmes to reverse the decline and revitalise the petroleum sector, he said.
Dr Jinapor urged participants to leave the conference with a renewed commitment to building an upstream industry that was resilient, competitive, attractive to investors and beneficial to the people of Ghana.
“Let us build an industry where investment creates opportunities, opportunities to develop Ghanaian capabilities, and Ghanaian capabilities generate lasting national prosperity,” he said.
Ms Emeafa Hardcastle, the Chief Executive Officer of the Petroleum Commission, said the future of local content and investment competitiveness would increasingly depend on the country’s ability to improve upon efficiency and establish seamless interaction between regulators and industry players.
She said the Commission remained committed to leading the transformation of the sector and would use the conference as a catalyst for action, stronger partnerships and accelerated reforms.
Ms Hardcastle said the LCCE had evolved beyond an annual industry gathering into Ghana’s flagship upstream petroleum conference and one of the influential platforms for petroleum sector dialogue in the region.
She welcomed the launch of the long-awaited Local Content Fund, saying it would provide a financial springboard for indigenous small and medium-sized enterprises (SMEs) operating in the upstream petroleum sector.
Ms Hardcastle called for sustained efforts to ensure that local content remained a driver of sustainable growth, economic resilience and shared prosperity.
GNA
Edited by Justina Hilda Paaga/ Christabel Addo