The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has accused the New Patriotic Party (NPP) government of undermining investor confidence in the energy sector through a series of opaque deals.
He contended that, these deals have created uncertainty and instability, damaging the sector’s prospects for growth.
Mr Mahama noted that despite the NPP inheriting substantial oil revenues when they took office, their management of the sector has driven it to the brink of collapse.
He emphasised that the government’s actions have discouraged potential investors, further weakening the energy industry’s potential.
Speaking at a meeting with stakeholders in the petroleum sector in Accra, Mr Mahama outlined his concerns about the current state of the sector and its long-term impact on Ghana’s economy.
He criticised the government’s handling of energy resources, calling for more transparency and accountability.
Mahama assured the gathering that, if elected in 2024, his administration would revitalize the energy sector by implementing reforms aimed at restoring investor confidence.
The former President pledged to create a more transparent and stable environment to attract investment and ensure the sector’s sustainable growth.
“Crude oil production has dropped by over 30% and regulatory failures such as the ENI unitisation dispute have damaged our international reputation as an oil and gas nation.
“Corruption scandals like the sale of contaminated fuel and the lease of TOR to Torentco in opaque circumstances have further eroded investor confidence in the sector.
“It is sad to know that most of the major oil companies are abandoning Ghana and are relocating to our neighbour Côte d’Ivoire,” he stated.