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 the year 2023, the volume of Petroleum products re-exported and transited to these neighbouring counties amounted to 385,154, 100 litres.
Delivering his welcome address at the Ghana International Petroleum Conference (GhiPCon) in Accra on the theme: ‘The Petroleum Industry: Building a Future for Growth, Efficiency, and Sustainability,” 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 G¢71 billion, representing about 84 per cent 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 formular, pricing had gradually been reformed from an annual regulated price with unpaid subsidies to bi-weekly and daily regulated.
The NPA Boss further 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 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 pretroleum 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 guest of honor, Vice president Dr Mahamadu Bawumia, applauded the National Petroleum Authority NPA for how it strategically managed the “Gold for oil” programme and now the Cylinder Recirculation Model (CRM) in a manner that had boosted investors’ confidence in the sector.
According to him, these efforts, coupled with a robust policy framework, had incentivised private sector to invest more and contribute significantly towards realising Ghana’s policy target of 50 per cent LPG penetration by 2030.
He challenged NPA to continue to invest in infrastructure, leverage cutting-edge technology, and enhance our supply chain resilience in order to secure our energy future.
He said with the geopolitical 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.
This, he believed could guarantee that the benefits of our resources were widely shared, while ensuring the development of our local workforce and businesses.
