The Chief Executive Officer of the National Petroleum Authority (NPA), Dr. Abdul- Hamid, says his outfit has entered into an agreement with Senegal and The Gambia for them (NPA) to export petroleum products to their West Africa neighbours.
According to him, Ghana was already exporting the product to Mali, Niger, Burkina Faso, Cote d’ Ivoire and Togo, and that Senegal and The Gambia are latest additions.
Speaking at the Ghana International Petroleum Conference (GhiPCon), which was recently held in Accra, Dr. Abdul- Hamid said the increase in the volume of export was proof of NPA’s outstanding successes in its effort to curb illicit fuel activities in the country.
Currently, the industry has registered over 3,000 service providers with high local participation that delivers over four million metric tonnes of petroleum products annually, for both Ghana and beyond.
The development has positioned the industry to become a key contributor to the growth of Ghana’s Gross Domestic Product (GDP).
“We estimate that the sector had a monetary value of over GHC 71 billion, representing about 84% of the country’s 2023 GDP. In the past seven years the industry returned an average annual value of over GHC 35 billion,” he said.
The NPA CEO said given the dynamic nature of the downstream petroleum industry, his outfit was committed to using technology and innovation to remain relevant in the sub-region by formulating and implementing innovative strategies and policies that would ensure that the industry remains efficient and profitable, and at the same time ensure consumers get the best value for money.
He said with the new transparent automatic price adjustment formula, pricing had gradually been reformed from an annual regulated price with unpaid subsidies to bi-weekly and daily regulated.
The NPA Boss stressed that the Authority had declared zero tolerance for toxic fuel and as such Ghana, Kenya, Tanzania, Uganda and Morocco presently consume low sulphur fuels with typical import at less than 50 ppm, with a roadmap for local refineries to comply.
Dr. Abdul -Hamid noted that the NPA had rolled out technology based schemes and project such as the petroleum marking scheme, bulk road vehicle tracking project, electronic cargo tracking system and the enterprise relational database management software to efficiently monitor and ensure the integrity of the quality and quantity of petroleum product delivered to consumers.
Meanwhile, the Minister of Energy, who read a speech on behalf of the Vice President, Dr. Mahamadu Bawumia, applauded the National Petroleum Authority NPA on how it has strategically managed the “Gold for Oil” program and now the Cylinder Recirculation Model, in a manner that has boosted investors’ confidence in the sector.
According to him, these efforts, coupled with a robust policy framework, have incentivised private sector to invest more and contribute significantly towards realising Ghana’s policy target of 50% LPG penetration by 2030.
He challenged NPA to continue to invest in infrastructure, leverage cutting-edge technology and enhance our supply chain resilience to secure our energy future.
He said with the geo-political tensions to technological advancements and environmental concerns, “our strategies must be robust, innovative and adaptable.”
He also assured governments commitment to continue to promote and explore policies that enhance Ghanaian content, support capacity building and create opportunities for the Ghanaian people.
