By Ali Elias
Ghana is making significant strides toward becoming a major energy investment hub, with the Ministry of Energy and Green Transition actively seeking to attract global players in the oil, gas, and renewable energy sectors. At the recent International Energy Week in London, Ghana’s Minister of Energy and Green Transition, John Abdulai Jinapor, met with the African Energy Chamber (AEC) to reinforce the country’s commitment to fostering a favorable business environment for both regional and international investors.
During the discussions, the AEC pledged to conduct a working visit to Ghana to explore investment opportunities and collaboration prospects. This partnership aims to drive economic growth by implementing fiscal frameworks that make Ghana an attractive destination for oil, gas, and energy investment.
“Invest in Ghana” Forum to Showcase Opportunities
As part of these efforts, Ghana will host a dedicated Invest in Ghana Forum at African Energy Week: Invest in African Energies 2025 in Cape Town. The AEC will work closely with Ghana’s Ministry of Energy and Green Transition, Ghana National Petroleum Corporation (GNPC), the National Petroleum Authority, the Petroleum Commission, and private sector players to position the country as a prime investment destination for oil and gas stakeholders from both G20 and non-G20 nations.
With proven oil reserves of 1.1 billion barrels and gas reserves of 2.1 trillion cubic feet (according to the World Bank), Ghana is increasing production through enhanced investment in exploration and field development. Over 17 oil and gas projects are planned by 2027, with recent and upcoming regulatory reforms expected to attract greater foreign participation.
Regulatory Reforms and Investment Incentives
A key driver of Ghana’s energy expansion is the Gas Master Plan, a long-term market growth strategy extending through 2040. The plan aims to incentivize capital and technology investments across the gas value chain. Additionally, upcoming fiscal reforms are expected to encourage spending in the oil sector, including:
– Proposed amendments requiring companies to allocate at least 15% of each project to the state as free and carried interest.
– More flexible oil royalty regimes to attract investors.
These reforms, along with strong collaboration between the AEC and Ghana’s Ministry of Energy and Green Transition, are designed to sustain investment inflows and create a competitive energy sector.
Major Players Driving Ghana’s Energy Growth
Several leading energy companies are already active in Ghana’s oil and gas industry.
– Eni operates across exploration, refining, and chemicals, with significant involvement in the Offshore Cape Three Points (OCTP) exploration project and the offshore CTP 4 block. The OCTP project, anchored by the Agyekum Kufuor FPSO, integrates oil and gas field development.
– Tullow Oil, in partnership with Kosmos Energy, produces 100,000 barrels per day (bpd) from the Jubilee field and 10,100 bpd from the TEN field. The company expanded its operations with the Jubilee South East project, which began production in 2023, bringing three new wells onstream in early 2024.
– Aker Energy, GNPC, Lukoil, and Bulk Ship & Trade are developing the Pecan Phase 1A Upstream Project, currently in the approval stage, with production expected to begin in 2025. Meanwhile, the Ntomme Far West Development is progressing toward its first drilling phase.
– TotalEnergies has a strong presence in Ghana’s downstream sector, operating multiple petroleum depots.
West Africa’s First Integrated Petroleum Hub
In addition to upstream developments, Ghana is spearheading a transformative downstream project with the creation of West Africa’s first integrated petroleum hub. The government finalized agreements in June 2024 for the project’s initial phase, backed by funding from the TCP-UIC private sector consortium. The multi-phase development will feature: Three refineries, five petrochemical plants, storage tanks and jetties, a dedicated port, LNG and logistics infrastructure.
These investments will enhance Ghana’s refining and export capacity, reducing reliance on fuel imports and positioning the country as a key energy hub in the region.
AEC Pledges Continued Support
NJ Ayuk, Executive Chairman of the AEC, emphasized Ghana’s strong investment climate and commitment to energy sector reforms.
“These projects affirm that Ghana is open for business. The country has been proactive in establishing regulatory frameworks that support multi-million-dollar investments, and with further reforms, Ghana is poised to become a leading energy hub in West Africa. The AEC will continue to support the country as it pursues this goal and looks forward to a productive working visit ahead,” Ayuk stated.
Implications for Ghana’s Energy Future Ghana’s proactive approach to energy investment and regulatory reforms is set to unlock significant economic growth. By fostering partnerships, streamlining fiscal policies, and expanding its energy infrastructure, the country is enhancing its appeal to investors. These initiatives will drive job creation, boost government revenues, and secure Ghana’s role as a leading player in Africa’s energy landscape. As the nation moves forward with its ambitious plans, it is well-positioned to shape the future of West Africa’s energy sector.