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Ghana’s 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 a result of various technology-based schemes and interventions being implemented by the downstream regulator to curb illicit fuel activities over the past few months.
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 an annual sales value of GHC 32.94 billion representing a contribution of 7.2 percent to Ghana’s Domestic Gross Product (GDP).
“Africa’s 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,” he said.
“We are all exposed to the global energy transition, as our countries depend on oil and gas revenues. Ghana’s petroleum downstream industry which has an annual sales value of about GHS32.94 billion according to 2021 estimates contributes 7.2% of the country’s GDP.”
“This 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%,” The NPA Chief Executive added.
He emphasized that Ghana is committed to reducing the emissions from the consumption of energy products.
“We 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.”
“As previously mentioned, Ghana is one of the few African countries that consume low Sulphur fuels, with a roadmap for local refineries to comply,” he said.
Dr Mustapha Hamid further charged participants at this year’s conference to deliberate on the key issues with a focus to devise strategies for deployment.
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.
“Ghana remains committed to both an energy transition agenda and the development of its petroleum industry, including the 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,” he said.
“I am convinced beyond measures that the conference will provide significant outcomes to guide us on the way forward, and I look forward to furthering engagements in this direction,” he added.
He further charged players in the West Africa Sub-region to improve refinery capacity to produce high-quality fuels to reduce Green House Gas emissions.
The 3-day conference is on the theme “Energy Transition in the African Petroleum Downstream Context: Prospects, Challenges, and the Way Forward”.
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).
It has attracted major players including CEOs, experts, and decision-makers in the petroleum sector across the West Africa Sub Region.
[9/28, 1:18 PM] Ben Npa: *Ghana will transition from fossil fuel to renewable energy by 2070, says Bawumia*
The Vice President Dr Mahamudu Bawumia has announced plans by the government to transition from the use of fossil fuel to renewable energy by 2070.
To that end, Dr Bawumia has called on stakeholders in the energy sector to accelerate the production and utilization of oil and gas reserves in Ghana.
Dr Bawumia was speaking at the official opening of the 5th Edition of the Ghana International Petroleum Conference (GhIPCon), in Accra on Wednesday, 28 September.
“Let me add that Ghana has set a target of 2070 to fully transition from fossil fuels to renewable energy. So, even though as a government, we are fully committed to achieving net zero carbon emissions by 2070, we also have to take steps to accelerate the production and utilization of our oil and gas reserves.
“What this means is that even though we want to contribute to reducing emissions, we are of the view that a balance must be struck and maintained in the context of our social, economic, and environmental requirements.”
“So, fossil fuels, particularly natural gas will continue to be part of Ghana’s energy mix in the short term, whilst strategies will be put in place to increase the share of renewable energy in the mix from medium to long term,” Dr Bawumia said.
On his part, the Chief Executive of NPA, Dr Mustapha Abdul-Hamid reiterated the government’s commitment in reducing the emissions from the consumption of petroleum products.
“We at the NPA are committed to supporting the government’s agenda in reducing the emissions from the energy products we consume in Ghana.
“And I’m glad to mention we were the first west African country to reduce sulphur content in transport and industrial fuels from a maximum of 5000ppm to a maximum of 50ppm” he stated
This year’s conference is on the theme “Energy Transition in the African Petroleum Downstream Context: Prospects, Challenges and the Way Forward”.
The 3-day conference is on the theme “Energy Transition in the African Petroleum Downstream Context: Prospects, Challenges and the Way Forward”.
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).
It has attracted major players including CEOs, experts, and decision-makers in the petroleum sector across the West Africa Sub Region.
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