Gov’t Reaffirms Upstream Petroleum Sector as Safe Investment Destination
Government has assured investors that Ghana’s upstream petroleum sector remains a safe and attractive destination, as it rolls out reforms across both the upstream and downstream segments to enhance stability in the energy and power sectors.
Acknowledging energy as the lifeblood of economic activity, government says it has prioritised policies aimed at improving reliability and cost efficiency, while restoring investor confidence across the petroleum value chain.
Speaking on behalf of the Minister for Energy and Green Transition, John Abdulai Jinapor, at the Ghana Oil and Gas Awards, the Technical Advisor at the Ministry of Energy, Dr. Yusif Sulemana, said government has adopted a gas-to-power strategy to reduce reliance on expensive liquid fuels and improve the sustainability of the power sector.
He attributed recent improvements in power supply to deliberate reforms and intensified efforts to revitalise both the upstream and downstream petroleum sectors.
“If you look at the first few months of the year, power supply was quite erratic. The improvements we are seeing now are not by coincidence. They are the result of hard work and targeted reforms across the petroleum and power sectors to support reliable electricity delivery,” Dr. Sulemana said.
Dr. Sulemana explained that government has moved away from treating the petroleum and power sectors as separate silos, opting instead for an integrated gas-to-power framework.
“Historically, we relied heavily on liquid fuels to generate power, which was expensive and environmentally unfriendly. With renewed vibrancy in the upstream sector, we are now leveraging domestic gas to generate power more efficiently and sustainably,” he noted.
He stressed that the renewed policy direction has helped restore confidence among upstream players, adding that Ghana’s improved investment climate has reversed earlier concerns among some operators.
“Today, upstream players know that Ghana is a safe destination to invest. This is not accidental. There was a time when the environment was not favourable and some companies considered exiting. That narrative has changed,” he said.
Dr. Sulemana said government is pursuing a balanced transition strategy that continues to leverage oil and gas resources alongside investments in green energy.
“We recognise that oil and gas are finite resources, which is why we are diversifying our energy portfolio to include the green transition. We are working on both tracks in parallel, ensuring that progress in one does not undermine the other,” he stated.
Government maintains that this combined approach will strengthen energy security, support industrial growth and ensure long-term economic stability, while positioning Ghana as a credible destination for energy investment.
