Ghana’s Minister for Energy and Green Transitions, John Jinapor, has announced plans to establish a consultative committee to conduct a comprehensive review of the country’s petroleum sector.
Speaking during a meeting with the Chamber of Bulk Oil Distributors, Mr Jinapor said the committee would address key industry concerns and ensure that all stakeholders are involved in policy decisions.
One of the major issues under review is the impact of foreign exchange fluctuations on businesses operating within the sector.
“The key issue is to ensure that we have enhanced product security, and quality, safely, in a sustainable manner,” adding: “We want to review the entire downstream petroleum sector and bring it to scratch so that it can be in conformity to modern trends. We will undertake a major review.”
The minister also revealed that his ministry, in collaboration with the Ministry of Finance, is currently reviewing the Gold for Oil policy, which was introduced to stabilise fuel prices and reduce dependence on foreign currency for oil imports.
“We are also reviewing the Gold-for-Oil programme as was promised in our manifesto and already the Minister of Finance is working on the gold aspect. He intends to set up what he describes as a Gold board. On our side too, we are reviewing it. If you see some work, it’s just an interim arrangement. You can’t truncate the process until you have a workable solution,” he said.
Mr Jinapor added that the president was also forming a separate committee to enhance transparency in the sector.
“The President himself is setting up another committee to help the whole sector so that we can have enhanced transparency and work. So the issue of forex will be dealt with. The issue of the Gold for Oil will be worked and all the other agencies, we intend to take a holistic view of all the agencies,” he said.
The announcement came during stakeholder meetings on 4 February 2025, where Mr Jinapor engaged with key industry players, including the Chamber of Bulk Oil Distributors, the Chamber of Oil Marketing Companies and the Tanker Owners Union.
