The government is reviewing Ghana’s legislative and fiscal framework for the upstream petroleum sector as part of efforts to attract more investment into the industry.

Energy and Green Transition Minister Dr John Abdulai Jinapor disclosed this while delivering the keynote address at Ghana Day during Africa Oil Week 2026.

He said the proposed reforms are designed to create a more competitive and predictable environment for investors, particularly those interested in deepwater, ultra-deepwater and frontier exploration.

The reforms include more appropriate incentives for deepwater, ultra-deepwater and frontier exploration, a more competitive royalty structure and a reduction in GNPC’s initial carried interest from 15% to 10%.

Other proposed changes include longer loss carry-forward and Petroleum Agreement periods, as well as more flexible arrangements for exploration and field development.

Dr Jinapor said the reforms are currently before Cabinet and, once approved, will be transmitted to Parliament, with government targeting passage before the end of 2026.

He said the measures form part of President John Dramani Mahama’s broader commitment to revitalising the upstream petroleum sector and making Ghana an increasingly attractive destination for investment.