Policy consistency needed to boost oil and gas sector – Deloitte Tax Partner
Addressing the media on the sidelines of the African Oil Week conference, Tax Partner Gideon said a greater policy coherence is critical to unlock investments in the sector.
Deloitte Ghana’s Tax Partner and Energy, Resources, and Industrials Lead, Gideon Ayi-Owoo, has emphasized the importance of policy consistency in the energy sector to attract long-term investments and maximize Ghana's oil and gas potential. Speaking at the African Oil Week conference, Ayi-Owoo stressed that investors need certainty in the regulatory environment to commit significant capital to long-term projects.
He highlighted the shift in discussions from simply identifying Africa's energy potential to focusing on how to add value to it. Ayi-Owoo pointed out that value addition, such as the success of Dangote and cross-country collaborations, is crucial for sustainable economic growth. The Ghanaian government has secured substantial investment commitments for its upstream petroleum industry, and extending the Jubilee and TEN licences could unlock additional investments.
He also stressed the importance of regional cooperation, citing the West Africa Gas Pipeline project as an example. Ayi-Owoo argued that a focus on value addition, industrialization, and job creation would ensure that oil and gas revenues stay in the country, creating a more sustainable future.
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