The Chamber of Bulk Oil Distributors (CBOD) has applauded the Ministry of Energy and the National Petroleum Authority (NPA) for committing to initiate steps to protect the petroleum resource sector from foreign invasion.

The Chamber, in a press statement dated October 15, 2021, declared its intention to support the government's plans of promoting higher participation of Ghanaians in the downstream petroleum local content policy.

In an earlier leaked petition to the Energy Ministry, the Chamber blamed the National Petroleum Authority for its failure “to revise its licensing requirements to conform with the Ghanaian Content and Ghanaian Participation Policy for the Petroleum Downstream as finally approved by Cabinet in March 2019.”

The Bulk Oil Distributors explained in the petition that the future of the downstream sector remains bleak if the canker continues while recommending that the “policy and regulatory actions, in respect of our petition, will preserve the President’s aspirations of delivering the commanding heights of our economy to Ghanaians.”

CBOD Chief Executive, Senyo Hosi and Board Chair, Ivy Appiah Owusu who signed the statement insisted that the “continuous abuse of the Policy by the NPA is endangering the long-term sustainability of the OMC and BDC subsectors.”

But in a subsequent update, the Chamber announced that "since our petition, we have been duly engaged by the NPA and Ministry of Energy who identify with our concerns and have commenced steps to remedy and address the issues raised."

They underscored that the move will increase Ghana's chances of achieving the necessary outcomes, and help to salvage the industry.

"We are impressed by the alacrity and zeal with which the Minister of Energy, the NPA CEO and Board have moved to address our concerns and protect the Ghanaian downstream for Ghanaians."

"We are grateful to the Minister, Hon Matthew Opoku Prempeh, the NPA Board Chairman, Mr Joe Addo-Yobo and the NPA CEO, Dr Mustapha Hamid for the openness with which they continue to engage with us to address issues of concern to the industry," the statement added.