Officials from SEC and IFC at the launch of the Green Bonds Guidelines 2024 in Accra
The National Petroleum Authority (NPA) has signed an agreement with Senegal and Gambia for the importation of petroleum products from Ghana.
This adds to the already existing countries; Mali, Niger, Burkina Faso, Cote D’ Ivoire and Togo importing petroleum products from the country.
In 2023, the volume of petroleum products re-exported and transited to these neighboring counties amounted to 385,154, 100 litres.
Speaking at the Ghana International Petroleum Conference (GhiPCon), on the theme, “The Petroleum Industry: Building a Future for Growth, Efficiency, and Sustainability”, Dr. Mustapha 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 3000 service providers with high local participation that delivers over four million metric tonnes of petroleum products annually, for both Ghana and beyond.
“We estimate that the sector had a monetary value of over Gh¢71billion, representing about 84% of the country’s 2023 GDP. In the past seven years the industry returned an average annual value of over Gh¢ 35 billion,” he said.
The NPA said given the dynamic nature of the downstream petroleum industry, NPA 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, Morocco presently consume low sulphur fuels with typical import at less than 50 pm, with a roadmap for local refineries to comply.
A Daily Guide Report