Ghana’s oil sector investments would continue to be constrained, if it does not focus on internal resources.
According to Energy Expert, Dr. Yusif Sulemana, the world is nearing an era where oil firms will lose interest in hydrocarbon investments.
This, he said, will increase the cost of hydrocarbons, translating into spike in oil prices.
“The narrative will not change, there will be some headwinds. The headwinds are that we will continuously have constrained investments into the world of hydrocarbons. As long as we have constrained investments into hydrocarbons, the cost of energy will continue to rise and that’s a fact.”
“Developing countries like Ghana should take advantage of what we have; strategic advantage because even the players that we have within our shores like Tullow and ENI, may not be interested in hydrocarbons in a time to come,” he explained.
Dr. Sulemana is therefore urging government to take advantage of the African Continental Free Trade Agreement to attract more investments into the upstream oil industry.
“When this happens earlier than expected and we are not also prepared to take advantage of our own destiny, it is going to be really difficult. So, countries need to look inward”.
“I think in the coming years and beyond, there’s going to be growing alliance and Africa already has AfCFTA in place. We only have to make it work and work seamlessly,” he alluded.