Ghana\u2019s demand for petroleum products has increased significantly from an average of 7 to 41 percent in 2021, the Chief Executive Officer of the National Petroleum Authority (NPA) Dr Mustapha Abdul-Hamid has said.<\/p>\n
The unprecedented surge in consumption is as result of various technological based schemes and interventions being implemented by the downstream regulator to curb illicit fuel activities over the past few months.<\/p>\n
Speaking at the official opening of the 5th Edition of the Ghana International Petroleum Conference (GhIPCon), in Accra on Wednesday, 28 September 2022, Dr. Abdul-Hamid says the sector currently has annual sales value of GHC 32.94 billion representing a contribution of 7.2 percent to Ghana\u2019s Domestic Gross Product (GDP).<\/p>\n \u201cAfrica\u2019s petroleum downstream sector is entering a new era. As the world looks to accelerate its transition away from fossil fuels, the pressures on our industries are mounting,\u201d he said.<\/p>\n \u201cWe are all exposed to the global energy transition, as our countries depend on oil and gas revenues. Ghana\u2019s petroleum downstream industry which has an annual sales value of about GHS32.94 billion according to 2021 estimates contributes 7.2% of the country\u2019s GDP.\u201d<\/p>\n \u201cThis represents a 41% increase in demand for fossil fuels as compared to 2020. This is an unprecedented surge in consumption of fossil fuels when the annual average over the years had been between 5% and 7%,\u201d The NPA Chief Executive added.<\/p>\n He emphasized that Ghana is committed to reducing the emissions from consumption of energy products.<\/p>\n \u201cWe at the National Petroleum Authority are committed to reducing the emissions from the energy products we consume in Ghana, and this culminated to the reduction of sulphur content in transport and industrial fuels from a maximum of 5000ppm to a maximum of 50ppm.\u201d<\/p>\n \u201cAs previously mentioned, Ghana is one of the few African countries that consumes low Sulphur fuels, with a roadmap for local refineries to comply,\u201d he said.<\/p>\n Dr Mustapha Hamid further charged participants at this year\u2019s conference to deliberate on the key issues with a focus to devise strategies for deployment.<\/p>\n Speaking on behalf of the Energy Minister, a Deputy Minister of Energy, William Owuraku Aidoo, says Ghana remains committed to an energy transition agenda and the development of the petroleum industry.<\/p>\n \u201cGhana remains committed to both an energy transition agenda and the development of its petroleum industry, including downstream sector, we believe that the way forward is to strike an important and fair balance between the two without compromising our determination to maximize the benefits we need for our industrialization,\u201d he said.<\/p>\n \u201cI am convinced beyond measures that the conference will provide significant outcomes to guide us on the way forward, and I look forward to further engagements in this direction,\u201d he added.<\/p>\n \u00a0He further charged players in the West Africa Sub region to improve refinery capacity to produce high-quality fuels to reduce Green House Gas emissions.<\/p>\n The 3-day conference is on the theme \u201cEnergy Transition in the African Petroleum Downstream Context: Prospects, Challenges and the Way Forward\u201d.<\/p>\n The conference is being organized by the National Petroleum Authority (NPA) in collaboration with the African Refiners and Distributors Association (ARDA) under the auspices of the Ministry of Energy and the Ghana Chamber of Bulk Oil Distributors (CBOD).<\/p>\n It has attracted major players including CEOs, experts and decision makers in the petroleum sector across the West Africa Sub Region.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Ghana\u2019s demand for petroleum products has increased significantly from an average of 7 to 41 percent in 2021, the Chief Executive Officer of the National Petroleum Authority (NPA) Dr Mustapha Abdul-Hamid has said. The unprecedented surge in consumption is as result of various technological based schemes and interventions being implemented by the downstream regulator to […]<\/p>\n","protected":false},"author":1,"featured_media":1212808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[6973,85,243,709,1146,982,3408,17873],"class_list":["post-1212807","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-downstream","tag-growth","tag-industry","tag-npa","tag-percent","tag-petroleum","tag-witnesses"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1212807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1212807"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1212807\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1212807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1212807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1212807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Petroleum](\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/09\/WhatsApp-Image-2022-09-28-at-10.10.52-AM-1-1024x821.jpeg\" "\\"Petroleum")
<\/figure>\n![\"Petroleum](\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/09\/WhatsApp-Image-2022-09-28-at-10.10.52-AM-1024x586.jpeg\" "\\"Petroleum")
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