Ghana’s petroleum fiscal regime is investor-friendly and offers higher returns to investors, a Deputy Minister for Energy in the Republic of Ghana has told investors in the United States of America.
Dr. Mohammed Amin Adam, therefore, wooed them to take advantage of the favourable petroleum market environment in Ghana.
“Our petroleum fiscal regime is investor-friendly offering higher returns to investors. The licensing regime is transparent and provides investor certainty and flexibility,” Dr Amin said on the sidelines at the ongoing Offshore Technology Conference (OTC) investor forum in Texas, USA.
He mentioned that Ghana was aspiring to become a hub for refined petroleum products and petrochemicals in the West African sub-region and that there were numerous petroleum downstream opportunities available for grab.
“Government has, therefore, designated a free zone area for the development of petroleum and petrochemical refineries, storage and transportation facilities for the export of products to largely African markets. This requires collaboration with the private sector to achieve the objectives of the Hub,” he emphasised.
The Deputy Minister for Energy stated that the government established the Ghana Petroleum Hub Corporation which was necessitated by investors’ demands for the removal of ‘regulatory fatigue, red tapes and long lead times in project development’.
That, he said, was to facilitate the issuance of permits and licences to potential investors “and to play a rapid response role in addressing the challenges investors encounter in delivering on projects.”
In a related development, the Deputy Minister for Energy, Dr Mohammed Amin Adam, in a brief ceremony, officially opened Ghana’s pavilion at the OTC at the NRG Park in Houston Texas.
The OTC, an annual event, provides energy professionals with the opportunity to meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters and has expanded technically and globally with the Arctic Technology Conference, OTC Brasil and OTC Asia.