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Vice President Mahamudu Bawumia, Vice President of the Commission, said the delicate nature of the country's gas industry makes it a highly regulated industry.
He said the government would soon complete work on transforming the current gas master plan into a gas law that will be used to regulate the industry.
The new law should create a favorable environment for investors and help the government implement new technologies for the gas sector.
The Vice President spoke at the Ghana International Petroleum Conference in Accra.
"The government recognizes that some regulatory challenges need to be addressed to provide regulatory certainty and predictability in the downstream natural gas market," he said.
He added: "The proposed gas law will provide a favorable environment and appropriate incentives for investors wishing to invest in Ghana."
Mr. Bawumia said through the Ministry of Energy that there is a process under way to ensure the institutional and regulatory realignment of the downstream gas subsector to bring about more clarity and certainty for the players in this sub-sector.
"The Minister of Energy will soon complete the realignment process and begin the process of legislative consolidation of the Gas Master Plan into a gas law," he said.
He badured the downstream petroleum industry that the government would create an environment conducive to competitive prosperity, efficiency and safety standards.
The Vice President said the Gas Act and others are some of the sector's initiatives to reinvigorate.
The Vice President believes that such initiatives are an important necessity for Ghana to become a petrochemical center in the subregion.
"The government recognizes that some regulatory challenges need to be addressed to provide regulatory certainty and predictability in the downstream natural gas market.
"The proposed Gas Law will provide a favorable environment and appropriate incentives for investors willing to invest in Ghana.
Mr. Bawumia also badured investors that the security of supplying natural gas as feedstock for petrochemical plants was a priority for the government.
The purchase of natural gas from domestic sources is already guaranteed by the regulations governing domestic supply obligations of upstream gas producers, he said.
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