Business News of Monday, 19 July 2021
Source: thebftonline.com
2021-07-19
Dr Mustapha Hamid, Chief Executive of the NPA
The Chief Executive, Dr. Mustapha Abdul-Hamid, says one of his major priorities will be to ensure that the National Petroleum Authority (NPA) – regulator of the downstream petroleum sector – is financially viable.
Speaking at the opening of a management retreat in Ada, Dr. Abdul-Hamid said the downstream sector is an important component of Ghana’s economic success – but if the right things are not done to ensure efficiency and robustness, the industry may struggle to contribute the expected revenue targets for national development.
Alluding to the manner in which the banking sector suffered due to wholesale granting of licences, Dr. Abdul-Hamid said the same remedial approach should be adopted by the downstream sector. He said licences for the establishment of petroleum retail outlets should be given to those who are willing and prepared to do business, contribute the right amount of taxes into state coffers, and ensure the nation benefits.
He added that third-party activities in the industry should not be encouraged, because they undermine the sector’s integrity and the operations of those doing the right things.
Dr. Abdul-Hamid also affirmed his commitment to improving efficiency of the NPA’s operations, improving staff morale, as well as building the capacity of staff to deliver on his mandate.
According to him, a united front and team-work among staff will ensure the objectives are achieved.
Dr. Abdul-Hamid also said the Authority under his leadership will deliver first-class service to stakeholders in the petroleum downstream sector.
The retreat is part of the Authority’s way of reviewing its mid-year performance and expediting planned strategies to meet its target for the year.