Ghana has dismissed assertions that Africa is surrounded with high risk levels in terms of oil and gas investments.
According to leading figures of Ghana’s oil and gas industry, these assertions are not borne out of facts but are long-held perceptions about the continent which have no basis in truth.
Speaking to prospective investors as the leader of the Ghana delegation on behalf of the Energy Minister, Dr. Matthew Opoku Prempeh at the Africa Energy Chamber’s “Invest in African Energy” Reception in Dubai, United Arab Emirates on Thursday, 30th March, 2023, CEO of the Petroleum Commission, Mr. Egbert Faibille Jnr., said all the suggested risks in the form of political, expropriation, financing and geological risks are myths that need to be countered with the available facts and data.
On Geological risks, he said Africa holds around 13% of the world’s natural gas and about 8% of oil with the recent success of huge commercial oil and gas discoveries in the continent.
“Africa is the major hotspot for Deepwater exploration and therefore the chances of success remain high both onshore and offshore on the back of the available evidence” he said.
Mr. Faibille argued that politically, Ghana has gone through peaceful and successful democratic transitions in its 4th republic and therefore stands as a beacon for the African continent, symbolizing a politically stable environment for investments to thrive.
“Ghana is stable politically and has enormous respect for the rule of law and democratic accountability and therefore, I say without the fear of contradiction that your investments are safe in Ghana”. Debunking negative perceptions in respect of expropriation and financing, the Chief Executive said, Africa and for that matter Ghana is the best destination for investment in terms of returns and growth. “It is for these reasons that I believe that Africa has to build capital on the continent through multilateral agencies to be able to support Africa’s growth and development” he added
On his part CEO of the National Oil Company, GNPC, Mr. Opoku Ahweneeh Danquah participating in a panel discussion on the theme “ Taking advantage of Africa’s upstream opportunities” said Ghana’s oil and gas industry presents one of the best investment opportunities in the sub region in view of its high prospect sedimentary basin and attractive fiscal regime, citing the numerous interests that has been shown by investors as a result of the recent oil and gas road shows by the Commission “Ghana also has a tried, tested and proven legal and regulatory framework. Come and let’s do business in Ghana because our track record is unassailable” he said
Energy Minister, Dr. Matthew Opoku Prempeh who was not physically present in Dubai for the event in a virtual solidarity message expressed the need for the necessary spotlight to be put on Africa for its collective growth and advancement.
Source:Mybrytfmonline.com/Kwabena Nyarko Abronoma
