Cabinet approves downstream petroleum policy

Cabinet approves downstream petroleum policy

The Cabinet approved a policy on Ghanaian content and its participation in the downstream oil industry.

the The Minister of Information, Kojo Oppong Nkrumah, said at a press conference today that the policy approved on March 14 aimed to ensure the creation of a downstream petroleum sector owned by Ghana, able to attract local value-added investment and create jobs for Ghanaians.

He added that the new policy framework covers areas such as:

• Trade, shipping and bulk distribution of petroleum products
• Infrastructure development in the oil sector, such as the construction of port unloading facilities, processing and petrochemical plants
• Supply of oil to strategic sectors of the economy
• As well as the general purchase of goods and services for the downstream industry.

The Minister noted that although the role and participation of Ghanaians in some downstream activities had increased significantly, there was still a lot of room for Ghana's participation.

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"The policy provides for a grace period to build local capacity and incorporate best practices from other jurisdictions where it is practiced," he said.

"Energy Minister Peter Amewu will provide more details on the nuances of the policy by activity in the coming days, and a downstream oil content committee will be set up under the NPA to oversee, coordinate, administer and monitor local content development downstream industry ".

He said the government was confident that such efforts would help strengthen the Ghanaian economy.