Dr Ben Asante
Government has been urged to tackle smuggling and export dumping in the country’s downstream petroleum sector.
Chief Executive Officer (CEO) of the Ghana Chamber of Bulk Oil Distributors, Senyi Hosi, who made the call on Wednesday in Accra at the beginning of the second edition of the Ghana International Petroleum Conference (GhipCon), said it was necessary for the country to adopt some regulatory policies that could position it to become the petroleum hub for the West African sub-region.
The three-day conference, which will see Vice President Dr Mahamudu Bawumia deliver a keynote address, provides opportunity for industry players to deliberate on how government’s policies can be shaped.
The opening session of the conference was used to discuss technical issues in the petroleum sector in Ghana and how measures can be put in place to make Ghana the petroleum hub for West Africa.
According to him, in 2017, Ghana lost about GH¢102 billion to smuggling and dumping in the country’s downstream petroleum sector.
Mr Hosi stressed the need for a robust mechanism to deal with the menace, calling for a dialogue between policymakers, regulators and industry players.
He said to achieve the dream of making Ghana the petroleum hub, the country will have to shape policies to ensure that the $50 billion required to realize the vision is raised.
According to him, government is expected to raise $5 billion out of the $50 billion while the private sector is expected to raise the rest.
CEO of Ghana Gas, Dr. Ben Asante, urged governments across West Africa to ensure energy security.
“Energy security in West Africa can be looked at from two perspectives: commodity security; which addresses issues of supply security and self-sufficiency, and infrastructure security which addresses issues of facilities.”
By Melvin Tarlue