The Minister for Energy and Green Transitions, John Jinapor, has announced plans to establish a consultative committee to conduct a comprehensive review of Ghana’s petroleum sector.
Speaking during a stakeholder meeting with the Chamber of Bulk Oil Distributors on February 5, Jinapor stated that the committee will address key industry concerns and ensure that all stakeholders are considered in policy decisions.
A major issue on the agenda is the impact of foreign exchange (forex) on industry operations, which has been a persistent challenge for sector players.
“The key issue is to ensure enhanced product security, quality, and sustainability. We want to review the entire downstream petroleum sector and modernize it to align with global trends. This will be a major review,” he emphasized.
Jinapor also disclosed that his ministry, in collaboration with the Ministry of Finance, is reviewing the Gold for Oil policy.
“We are assessing the Gold for Oil program as outlined in our manifesto. The Finance Minister is already working on the gold aspect and plans to establish a Gold Board. On our side, we are reviewing the policy as well. Any ongoing activities are interim measures, as we cannot halt the process without a viable alternative,” he explained.
He further revealed that President Mahama is setting up an additional committee to enhance transparency and efficiency across the petroleum sector.
“The forex issue will be addressed, the Gold for Oil policy will be refined, and we will take a holistic approach to all sector agencies,” he added.
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