The Energy, Resources & Industrials Leader at Deloitte Ghana, Gideon Ayi-Owoo, has made a strong case for the government to ensure policy certainty within the energy sector.

According to him, this will enable Ghana to attract long-term investment, support sustainable economic growth, and fully maximise its oil and gas potential.

Addressing the media on the sidelines of the Africa Oil Week conference, Mr Ayi-Owoo said greater policy coherence is critical to unlocking investment in the sector.

“Discussions have changed significantly. Today, many investors will tell you that, given the scale of investment and capital involved, they need certainty and practical measures that support long-term investment,” he said.

Mr Ayi-Owoo added that achieving this would require a regulatory environment capable of providing investors with the certainty needed to commit significant capital to long-term projects.

Value Addition

Mr Ayi-Owoo, who also serves as Deputy Leader, Energy, Resources & Industrials, Deloitte West Africa, said the conversation around Africa's energy resources had shifted  from simply identifying the continent's vast oil and gas potential to determining how those resources could be converted into broader economic value.

“People will always say that Africa has enormous energy potential. However, if you look at the discussions over the past year and increasingly today, the focus is more on how we add value to this massive potential that we have,” he said.

He argued that the ultimate objective must be value addition rather than simply exporting hydrocarbons.

“There are very good examples of value addition emerging across the continent. Everybody now mentions Dangote, for example. There is also growing cross-country collaboration that demonstrates what is possible when countries work together to maximise the value of their resources.”

New Exploration and Collaboration Opportunities

His comments come as Ghana intensifies efforts to revive its upstream petroleum industry following years of declining production.

The government has secured about $3.5 billion in investment commitments, including $2 billion from the Jubilee partners for up to 20 new wells and $1.5 billion from the OCTP partners for field development and exploration.

Parliament has also extended the Jubilee and TEN licences to 2040, potentially unlocking a further $2 billion in investment, as the country eyes new exploration opportunities.

Mr Ayi-Owoo pointed to the West Africa Gas Pipeline project as an example of successful regional cooperation and said Ghana must ensure its oil and gas resources provide the feedstock required for industrialisation.

“Beyond that, the question is how we create more jobs. The answer lies in using these molecules not only for export but also for industrialisation. Industrialisation is where the jobs are created and where value is added. It is also how we ensure that a greater share of the revenue generated remains within our economies.”