Ghana secures $3.5bn investment commitments to revive oil and gas sector – Jinapor

Ghana has successfully attracted $3.5 billion in investment commitments to revitalize its oil and gas sector, according to Minister for Energy and Green Transition Dr John Abdulai Jinapor. The significant financial commitment was revealed during a fireside chat at the opening of African Energy Week, where Jinapor conversed with Kosmos Energy's Chief Executive Officer Andrew Inglis and African Energy Chamber Executive Chairman NJ Ayuk.

The government is actively seeking investors and implementing legal and fiscal reforms to create a more competitive, predictable, and attractive environment for businesses in Ghana's petroleum industry. Jinapor stated that these initiatives aim to restore investor confidence, bring in new capital, and safeguard Ghana's national interests while fostering sustained growth in petroleum production.

The government's upcoming focus is on increasing local participation and expanding domestic value addition. Strengthening Ghana's refining capacity is a crucial aspect of this strategy, as it will enable more crude oil to be processed locally, spur industrial activity, generate employment, and enhance energy security. Jinapor underlined that investments in the sector should result in lasting benefits for Ghanaians, not just capital inflows.

He praised President John Dramani Mahama for her strategic guidance and support to the energy sector and emphasized that sustained investment, greater local participation, and a more business-friendly atmosphere are vital in transforming Ghana's petroleum resources into enduring economic growth.