• Contact US
  • Advertise With US
  • Privacy & Policy
  • Submit Station
Thursday, October 23, 2025
Kumasi Mail
Advertisement
  • Home
  • News
    • All
    • Education
    • Health
    • Manhyia
    Woman, 24, found dead In boyfriend’s room

    One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Ghana’s 9th Parliament officially inaugurated

    Parliament halts reintroduction of Anti-Gay Bill after advertisement error

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

    Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Richard Ofori Agyeman Boadi, KMA BOSS

    KMA orders removal of unauthorized structures and billboards ahead of road project

    • Health
    • Education
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
No Result
View All Result
  • Home
  • News
    • All
    • Education
    • Health
    • Manhyia
    Woman, 24, found dead In boyfriend’s room

    One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Ghana’s 9th Parliament officially inaugurated

    Parliament halts reintroduction of Anti-Gay Bill after advertisement error

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

    Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Richard Ofori Agyeman Boadi, KMA BOSS

    KMA orders removal of unauthorized structures and billboards ahead of road project

    • Health
    • Education
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
No Result
View All Result
Kumasi Mail
No Result
View All Result
  • Home
  • News
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
Home Business

Upstream petroleum industry needs urgent reforms, risks losing US$2bn next year

Kumasi Mail by Kumasi Mail
December 16, 2024
in Business
0
Upstream petroleum industry needs urgent reforms, risks losing US$2bn next year
Share on FacebookShare on Twitter

Without urgent reforms, the domestic upstream petroleum industry risks losing US$2billion in investment next year, Benjamin Boakye, Executive Director of the Africa Centre for Energy Policy (ACEP), has warned.

He lamented that investor confidence in the upstream oil and gas sector is waning due to political interference over the past years and that swift reforms by the incoming government could help the sector gain at least US$2billion in investments in 2025 alone.

“Without swift reforms, this sector risks losing up to US$2billion in potential investments by 2025,” Mr. Boakye said in a statement congratulating President-elect John Mahama.

Ghana, with the exception of the 2024 first-half where oil production recorded an increase, has witnessed a worrying drop in crude oil production, falling from 71.44 million barrels in 2019 to 48.25 million barrels in 2023. This represents an annual average decline rate of 9.2 percent over the past four years and a 7 percent decrease from the 2022 figure of 51.7 million barrels.

This trend is attributed to unfavourable fiscal terms which make exploring for new hydrocarbons in the country unattractive to investors.

Mr. Boakye, in his statement, also detailed several pressing issues in the broader energy sector requiring immediate attention.

To begin with, he said the sector is riddled with institutional inefficiencies – burdened by bloated institutions and redundant directorates, driven in part by political appointments. This has resulted in wasteful expenditures and bureaucratic inefficiencies.

He said mismanagement within the Electricity Company of Ghana (ECG) has left the state-owned company reliant on the national budget. Issues such as procurement abuse and exchange rate manipulation have further strained finances, impacting payments to the gas sector and deterring investment in upstream oil and gas.

In the downstream petroleum sector, Mr. Boakye indicated that his office would soon release a report exposing inefficiencies. These include inflated margins that increase costs for the public, with a call for reforms in institutions like the Tema Oil Refinery (TOR), the National Petroleum Authority (NPA) and the Bulk Oil Storage and Transportation Company (BOST).

Need for action

To address the afore-mentioned challenges, Mr. Boakye urged President-elect Mahama to prioritise energy sector reforms from the onset of his administration, recommending a comprehensive audit of the sector’s debt before his swearing-in on January 7.

He also advocated transparency, efficiency and decisive measures to stabilise the sector.

“This situation demands a careful, surgical examination to ensure you hit the ground running on January 7,” Mr. Boakye stated.

He pledged ACEP’s support in generating policy ideas for the government.

The challenges outlined in the energy sector present hurdles for the incoming administration. Analysts believe that addressing these issues effectively could have a transformative impact on Ghana’s economic stability and energy security.

Mr. Mahama will be sworn in as Ghana President on January 7, 2025. Observers await the policy direction of his government, with energy sector reforms seen as a litmus test for his administration’s commitment to restoring public confidence and ensuring sustainable economic development.

Source: www.kumasimail.com

Tags: Ghana newsrisks losing US$2bntopstory
ShareTweetSend
Previous Post

Parliament reconvenes today after marathon of demands

Next Post

Stop spreading fake news; Mahama hasn’t made any appointments – Bawah Mogtari

YOU MAY LIKE

COCOBOD launches strategic board sub-committees to advance financial accountability and education in the Cocoa industry
Business

COCOBOD launches strategic board sub-committees to advance financial accountability and education in the Cocoa industry

Hermas Sibeko honoured for transformative leadership in Agribusiness
Business

Hermas Sibeko honoured for transformative leadership in Agribusiness

Ghana to create 500,000 jobs through expansion of economic crops
Business

Ghana to create 500,000 jobs through expansion of economic crops

GCAA Ag. DG brokers internship deal with Qatar Civil Aviation Authority
Business

GCAA Ag. DG brokers internship deal with Qatar Civil Aviation Authority

Sangu Delle urges intra-African trade, simpler rules and local capital to scale companies
Business

Sangu Delle urges intra-African trade, simpler rules and local capital to scale companies

Next Post

Stop spreading fake news; Mahama hasn’t made any appointments – Bawah Mogtari

OBS Case: SSNIT-GM, MIS Godson Ladzekpo is a ‘very dangerous and treacherous character’ – Court

OBS Case: SSNIT-GM, MIS Godson Ladzekpo is a ‘very dangerous and treacherous character’ - Court

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

LATEST NEWS

Woman, 24, found dead In boyfriend’s room

One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Ghana’s 9th Parliament officially inaugurated

Parliament halts reintroduction of Anti-Gay Bill after advertisement error

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

Krofrom Market files sealed- KMA promises revelation “in due course”

Krofrom Market files sealed- KMA promises revelation “in due course”

Richard Ofori Agyeman Boadi, KMA BOSS

KMA orders removal of unauthorized structures and billboards ahead of road project

Ghana’s Future at Risk: Poisoned lands, sick children, and a booming illegal gold economy- Minority raises alarm

Ghana’s Future at Risk: Poisoned lands, sick children, and a booming illegal gold economy- Minority raises alarm

  • Trending
  • Comments
  • Latest
52-Year-old man arrested in Nsawam for possessing suspected EC Biometric Device

52-Year-old man arrested in Nsawam for possessing suspected EC Biometric Device

Ghana Airforce Z-9 Helicopter Goes Missing en Route to Obuasi, Rescue Efforts Underway

Ghana Airforce Z-9 Helicopter Goes Missing en Route to Obuasi, Rescue Efforts Underway

Asokore Mamponhene Nana Boakye Ansah passes away

Asokore Mamponhene Nana Boakye Ansah passes away

EPA CEO calls for Immediate action to restore polluted water bodies in Ashanti region

EPA CEO calls for Immediate action to restore polluted water bodies in Ashanti region

Hello world!

1
NCA promises lower data prices by year-end

NCA promises lower data prices by year-end

1
COVID-19: Information Ministry justifies GHC150K spent on staff

COVID-19: Information Ministry justifies GHC150K spent on staff

1
EC to conduct mop-up registration August 1-3

EC to conduct mop-up registration August 1-3

1
Woman, 24, found dead In boyfriend’s room

One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Ghana’s 9th Parliament officially inaugurated

Parliament halts reintroduction of Anti-Gay Bill after advertisement error

Facebook Twitter Youtube Instagram
Kumasi Mail

About US

Advertise With US

Submit Station

© 2024 KumasiMail.com