The Chief Executive of the National Petroleum Authority, Dr. Mustapha Abdul-Hamid, says one of his major priorities will be to ensure that the petroleum downstream regulator is financially viable.

Speaking at the opening of a management retreat in Ada, Dr. Abdul-Hamid said the downstream sector is an important component of Ghana’s economic success, but, if the right things are not done to ensure efficiency and robustness, the industry may struggle to contribute the expected revenue targets for national development.

Alluding to the manner in which the banking sector suffered due to wholesale granting of licenses,  Dr. Abdul-Hamid said the same approach will not be adopted to ensure the industry is sound and safe.

According to him, the licenses for the establishment of petroleum retail outlets should be given to those that are willing and prepared to do business, contribute the right amount of taxes into state coffers and ensure the nation benefits significantly.

He added that, third party activities in the industry should not be encouraged, because it undermines the integrity of the sector and the operations of those doing the right things.

Dr. Abdul-Hamid also affirmed his commitment to improving efficiency of the NPA’s operations, improving staff morale as well as building the capacity of staff to deliver on his mandate.

According to him, a united front and team work among staff will ensure the objectives are achieved.

Dr. Abdul-Hamid also said the authority under his leadership will deliver first class service to stakeholders in the petroleum downstream sector.

The retreat is part of the authority’s way to review its mid-year performance and expedite planned strategies to meet its target for the year.