The Public Interest and Accountability Committee (PIAC) is advising the government to promote a very business-friendly regulatory environment in the upstream petroleum sector to attract foreign investors.

According to PIAC, the unitisation case between Italian firm ENI and Ghanaian firm Springfield in which Springfield appears to have been favoured did not go down well with foreign firms.

Speaking to Joy Business, Technical Manager at PIAC, Mark Agyemang said the government must ensure a level playing field, else the foreign investors that have the capacity to explore and produce oil will shun Ghana.

“Ghana should be seen to be a business-friendly and harmonised regulatory environment coming from a single point which is the regulator. The ministry [Energy] can come in if there are some disagreements more like a mediation process”

“But the ministry should not be seen to be in controlling affairs and taking a position that's when it happens could deter investors”, he pointed out.

He stressed that the foreign firms interact among themselves, adding, “If you do that it sends signals out”.

“Yes, we are all trying to promote local goods but you don't do that to the detriment of a legitimate foreign company that has been in operation in your country for all these number of years”, he concluded.