A minister of state at the Energy Ministry, Herbert Krapah has challenged players in the Ghanaian petroleum industry to take advantage of the African Continental Free Trade Agreement (AfCFTA) to boost the petroleum industry in Ghana.
He was speaking in a keynote address at the annual Ghana International Petroleum Conference (GhIPCON), which took place in Accra from 17th to 18th July 2024.
“By removing trade barriers and fostering regional integration, AfCFTA can enhance market access, stimulate investment, and drive economic growth,” Mr. Krapah said.
“We must capitalize on these opportunities to strengthen our industry and promote sustainable development across the continent.”
GhIPCON 2024 brought together industry leaders, policymakers, and stakeholders from across the West African sub-region and beyond. The two-day event fostered critical discussions on navigating the evolving landscape of Ghana’s downstream petroleum sector, under the theme “The Petroleum Downstream: Building a Future for Growth, Efficiency, and Sustainability.”
Mr. Krapah commended the conference’s theme, stating, “it reflects our collective aspiration to address the challenges of our industry while fostering a future of prosperity and resilience.”
The conference prioritized discussions around achieving sustainable growth for the downstream sector. Discussions addressed critical topics such as ensuring sustainable oil supply, impact of government regulations on the petroleum downstream business and local content participation, among others.
A panel discussion on Ghanaian participation in the petroleum industry, featured the CEO of the Chamber of Bulk Oil Distributors (CBOD), Dr. Patrick Ofori, who emphasized the importance of creating opportunities for young graduates to develop skills and gain experience within the sector, ultimately strengthening local content.
During the panel discussion on the impact of government regulations on the petroleum downstream sector, Chief Executive Officer of Cirrus Oil Services Limited, Ivy Apea Owusu, who serves as the Board Chair CBOD, emphasized the need for rigorous regulation to foster market stability and sustainable business practices.
Further, Managing Director, Chase Petroleum Ghana Limited, Mr. Kingsley Sarpong, emphasized the critical role of effective policies and private sector participation in achieving market efficiency and consumer benefit.
There were presentations from industry experts including Jeremy Parker, Head of Business Development, CITAC; Dr. Shiela Addo, Director for Policy Coordination at the National Petroleum Authority and Mr. Joe Jackson, CEO, Dalex Finance. Mr. Jackson delivered a presentation on financing petroleum imports with gold, providing valuable insights on the adverse impact of the depreciation of the cedi on the petroleum prices in Ghana.
GhIPCON 2024 was organized by the National Petroleum Authority, the Ghana Chamber of Bulk Oil Distributors (CBOD), and the Association of Oil Marketing Companies under the auspices of the Ministry of Energy.
