The government says it is undertaking major reforms in Ghana's upstream petroleum sector to improve investor confidence and attract fresh oil and gas investments. The reforms, expected to be completed by the end of the year, include a review of the country's fiscal and regulatory framework to make Ghana more competitive in Africa's upstream industry.

Speaking at The Africa Business Conversation organised by AB & David Africa, Deputy Minister for Energy and Green Transition, Richard Gyan-Mensah, said government has established an Upstream Reform Committee to review the country's fiscal regime and regulatory framework.

"The government is actively competing for global capital and is implementing the reforms necessary to ensure that Ghana remains one of Africa's most attractive upstream investment destinations. Ghana is open for business and ready for the next generation of upstream investments," he said.

He added that renewed interest from international energy companies, expansion in gas processing capacity and plans for a second gas processing plant underscore government's commitment to building a modern and integrated energy sector.

Deputy Chief Executive for Exploration and Production at the Ghana National Petroleum Corporation (GNPC), Michael Nii Armah Aryeetey, said bureaucratic delays remain a major obstacle to attracting investment.

"Approval timelines and decision-making are some of the reasons companies cross the border to Côte d'Ivoire and Angola. The bureaucratic system needs to be cleaned up so we can move investors from just showing interest to committing capital," he stated.

Technical Advisor to the Ministry of Finance, Theophilus Acheampong, disclosed that government is working to make Ghana's fiscal regime more competitive.

"We are trying to bring the fiscal take from about 65–67 percent to around 55 percent to align with what is happening in the broader sub-region. But we also need reforms on the regulatory side to improve the speed of decision-making," he noted.

Meanwhile, Deputy Chief Executive of the Petroleum Commission, Nasir Alfa Mohammed, said government is committed to ensuring the reforms are implemented before the end of the year.

"The committee reviewing the fiscal regime and petroleum laws has completed its work and submitted its recommendations. The minister has promised to do everything possible to ensure these reforms are brought into fruition by the end of this year," he said. Stakeholders at the forum expressed optimism that the reforms will strengthen investor confidence, attract fresh capital and position Ghana as a more competitive destination for upstream oil and gas investment.