Cabinet approves Downstream Petroleum policy; more jobs and revenues to follow

Cabinet has approved a Policy on Ghanaian content and Participation in the Downstream Petroleum Industry in Ghana.

The Policy is intended to ensure a Ghanaian-driven and Ghanaian owned petroleum downstream industry capable of attracting increased local value-added investments and enhanced Job opportunities as well as indigenous knowledge, expertise and technology in the industry for overall benefit of Ghanaians.

Addressing the Press in Accra, Minister for Information Kojo Oppong Nkrumah said “the new policy framework covers areas such as; trading, shipping and bulk distribution of petroleum products, Infrastructure development in the petroleum sector such as the construction of port discharge facilities, processing, and petrochemical plants.

The rest include supply of petroleum to strategic sectors of the economy as well as general procurement of goods and services for the downstream industry.

“Though there has been significant progress in the role and participation of Ghanaians in some of the downstream activities, the government believes there is still lots more space for Ghanaian participation, retention of profits and hard currency, Development of skills and expertise and increased job creation locally” he added.

Energy Minister Peter Amewu will subsequently provide more details on the Policy nuances per activity

A petroleum downstream Ghanaian content committee is to consequently be established under the NPA to supervise, coordinate, administer and monitor and manage the development of local content in the downstream industry.

Mr. Nkrumah said the government believes efforts such as these will assist in strengthening the Ghanaian economy as well as ensure that Ghanaian capital is bolstered.