Cabinet approves downstream petroleum policy

Cabinet has approved a policy on Ghanaian content and participation in the country's downstream petroleum industry.

The Minister of Information, Kojo Oppong Nkrumah at a press briefing today said the policy approved on March 14 is intended to ensure the creation of a Ghanaian owned petroleum downstream industry capable of attracting increased local value-added investments and enhanced job opportunities for Ghanaians.

He said the new policy framework covers areas such as;

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

The Minister noted that although there has been significant progress in the role and participation of Ghanaians in some of the downstream activities, there is still lots more space for Ghanaian participation.

"The policy provides for a grace period for building local capacity as well as onboarding best practices from other jurisdictions where this is being practised," he said.

"Energy Minister Peter Amewu will in the coming days provide more details on the Policy nuances per activity. A petroleum downstream Ghanaian content committee is to consequently be established under the NPA to supervise, coordinate, administer and monitor and manage the development of local content in the downstream industry".

He said the government was confident that efforts such as these will assist in strengthening the Ghanaian economy.