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The Minister of Energy and Green Transition, Dr John Jinapor, has called on stakeholders in Ghana’s petroleum sector to work together to build a resilient and competitive downstream petroleum industry capable of positioning the country as the energy and petroleum hub of choice in West Africa.
Speaking at the Ghana International Petroleum Conference (GhIPCon) in Accra on Thursday, July 16, Dr Jinapor said resilience in the energy sector is not developed during periods of crisis but through strategic decisions, investments, policies, and innovations made ahead of time.
He noted that recent disruptions in global energy markets, including geopolitical tensions, supply chain challenges, price fluctuations, changing investment patterns, and the global shift towards cleaner energy, have highlighted the need for countries to strengthen their energy systems.
According to the Minister, Ghana’s downstream petroleum sector remains a critical pillar of the economy, supporting transportation, industries, agriculture, mining, commerce, and the daily activities of millions of citizens.
He emphasized that a reliable and efficient petroleum sector is essential for energy security, economic growth, industrial development, and national progress.
Dr Jinapor commended stakeholders across the downstream petroleum value chain for their commitment and professionalism in ensuring a consistent supply of petroleum products in Ghana despite global energy challenges.
He praised oil marketing companies, bulk distribution companies, transport operators, regulators, and other industry players for their role in keeping the country supplied during a period when several nations faced significant energy disruptions.
The Minister, however, acknowledged that the sector’s resilience came with sacrifices, as businesses faced pressures from rising international prices, increased freight costs, exchange rate fluctuations, and difficult operating conditions.
He also highlighted government interventions to cushion consumers, including measures taken to reduce the impact of fuel price increases, at one point absorbing up to GH¢2.00 per litre on diesel.
Dr Jinapor stressed that long-term energy security cannot depend solely on temporary interventions but requires stronger domestic refining capacity, strategic fuel reserves, improved storage facilities, efficient transportation networks, diversified supply sources, and continuous investment.
He further stated that creating a stable policy environment is essential to attract investment, promote competition, protect consumers, and ensure sustainable growth within the petroleum sector.
The Minister said government, through the Ministry of Energy and Green Transition and institutions such as the National Petroleum Authority (NPA), will continue to implement reforms aimed at improving efficiency, transparency, and responsiveness within the industry.
He called for stronger collaboration among government, regulators, investors, industry operators, and consumers, stressing that the future of Ghana’s energy sector must be built through collective effort.
“Together, we can build a downstream petroleum sector that is resilient in the face of uncertainty, innovative in the pursuit of opportunity and competitive in the global energy landscape. Together, we can position Ghana as the energy and petroleum hub of choice in West Africa,” he said.
Story by Efua Nessa