The National Petroleum Authority (NPA) is exploring various aspects of the downstream petroleum value chain, alongside a comprehensive implementation plan to facilitate the rollout of a 24-hour economy within the industry.
The Chief Executive of the NPA, Mr. Godwin Kudzo Tameklo Esq., said the initial phase might include the deployment of automated dispensers at selected petroleum retail outlets, as well as the implementation of measures to ensure the continuous operation of bulk storage facilities and depots, among other initiatives.
He said the planned implementation of the 24-hour economy in the downstream petroleum sector was in line with President John Dramani Mahama’s vision of running a 24-hour economy to grow the economy and create more jobs.
Mr. Tameklo Esq. was delivering a keynote speech at the Downstream Dialogue 2025 organized by the Chamber of Oil Marketing Companies (COMAC) in Accra on Tuesday.
The two-day dialogue is held on the theme; “Ghana’s Downstream Oil and Gas Sector: Challenges and Opportunities.”
The platform is for the stakeholders in the petroleum downstream sector to discuss pertinent issues, share insights, and develop actionable strategies for the growth and sustainability of the industry.
Topics include: “Downtown Petroleum Sector, Local Content and Participation “, “Navigating the Energy Transition in the Downstream Petroleum Sector: Challenges, Opportunities, and the Roadmap to Sustainability “, and “Policy Development and Regulatory Reforms.”
Mr. Tameklo Esq. said the NPA envisioned a downstream sector that is innovative, efficient, and sustainable.
“Since assuming office, I have emphasized the importance of affordability, quality, and reliability in the supply of petroleum products to Ghanaians.
“Our commitment is to ensure fair pricing and strict adherence to industry standards, in alignment with the vision of President John Dramani Mahama, to reset and transform the sector while also rolling out 24-hour economy solutions”, he said.
The NPA Boss called for robust collaboration with industry players, sister government agencies, and international partners to achieve the goals set in the industry.
“We must strive to reaffirm our commitment to excellence, transparency, and innovation. Together, we can overcome challenges and seize opportunities to ensure that Ghana’s petroleum downstream industry remains an efficient and significant contributor to our nation’s prosperity”, he said.
Mr. Tameklo Esq. said since the inception of the NPA about twenty years ago, the industry had evolved significantly.
He said a solid foundation had been laid through the establishment of regulatory frameworks for pricing, supply, quality and the development of infrastructure among others.
“Ghana’s petroleum downstream plays a pivotal role in providing assurance for our nation’s energy security while driving economic growth”, he said.
The NPA Chief Executive said while achieving a lot, the impact of some policies had brought about some negative externalities such as illegal imports, credit opacity, distribution inefficiencies and some infrastructure glut amongst many others.
Besides, he said, the industry was also evolving to accommodate the global call for climate change mitigation plans as well as the impending risk of stranding of fossil fuel assets.
Mr. Tameklo Esq., therefore, called for a balance between providing energy security (product availability, accessibility and affordability) to Ghanaian consumers as well as ensuring that the industry adapts efficiently to energy transition happenings around the world.
SOURCEthebftonline.com
