The National Petroleum Authority (NPA) has announced that Ghana exported over 3 million liters of petroleum products to some of its neighbouring countries in 2023.
In addition to Senegal and Gambia, Ghana also exports petroleum products to Mali, Niger, Burkina Faso, Cote D’Ivoire, and Togo.
The total volume of petroleum products re-exported and transited to these neighboring countries amounted to an impressive 385,154,100 liters last year.
Speaking at the Ghana International Petroleum Conference (GhiPCon), themed “The Petroleum Industry: Building a Future for Growth, Efficiency, and Sustainability,” Dr. Mustapha Abdul-Hamid, Chief Executive of the NPA, emphasized the increase in export volumes as a testament to the Authority’s efforts in curbing illicit fuel activities.
He noted that the growth in exports reflects the industry’s capacity and efficiency.
Dr. Abdul-Hamid highlighted the economic impact of the petroleum industry, stating, “We estimate that the sector had a monetary value of over GHC 71 billion, representing about 84% of the country’s 2023 GDP. In the past seven years, the industry returned an average annual value of over GHC 35 billion.”
The Ghanaian petroleum industry has registered over 3,000 service providers, featuring significant local participation. Annually, the industry delivers over four million metric tonnes of petroleum products domestically and internationally, positioning itself as a key contributor to Ghana’s GDP growth.
The NPA is committed to leveraging technology and innovation to maintain its competitive edge. One of the initiatives is the transparent automatic price adjustment formula, which has reformed pricing from an annual regulated price with unpaid subsidies to bi-weekly and daily regulations. This change has ensured efficiency, profitability, and better value for consumers.
Furthermore, the NPA has declared zero tolerance for toxic fuel. Ghana, along with Kenya, Tanzania, Uganda, and Morocco, now consumes low-sulfur fuels, with typical imports containing less than 50 ppm. The roadmap for local refineries to comply is also in place.
To ensure the integrity of petroleum product quality and quantity delivered to consumers, the NPA has rolled out several technology-based projects. These include the petroleum marking scheme, bulk road vehicle tracking project, electronic cargo tracking system, and enterprise relational database management software.
During the conference, the Minister of Energy, speaking on behalf of Vice President Dr. Mahamudu Bawumia, praised the NPA for its strategic management of the “Gold for Oil” program and the Cylinder Recirculation Model (CRM). These initiatives have significantly boosted investor confidence in the sector.
The Minister also highlighted the importance of continued investment in infrastructure, leveraging cutting-edge technology, and enhancing supply chain resilience to secure Ghana’s energy future. He emphasized that strategies must be robust, innovative, and adaptable to geopolitical tensions, technological advancements, and environmental concerns.
These concerted efforts, combined with a robust policy framework, have encouraged private sector investment, contributing significantly to Ghana’s policy target of 50% LPG penetration by 2030.
tigpost.co