Ghana has renewed its call for fresh investment into its upstream petroleum sector, saying increased exploration and production activity is needed to unlock the country’s remaining hydrocarbon potential and create greater economic value at home.
The call came at the opening of the 2026 edition of Africa Oil Week in Accra on Tuesday at the Kempinski Gold Coast Hotel, bringing together government officials, investors, oil and gas companies, financiers and other industry stakeholders to discuss the future of Africa’s petroleum sector.
Representing the President of the Republic, Chief of Staff at the Office of the President, Hon. Dr Julius Debrah, said Ghana was ready to work with investors and industry players to unlock opportunities in the petroleum sector while ensuring that investment delivers wider economic benefits.
“We are open for business, and we are ready to work with investors to unlock the opportunities in our petroleum sector. But we want to ensure that these investments create value beyond the extraction of our resources,” Dr Debrah said.
He said government’s focus was on creating an environment that gives investors confidence while strengthening Ghanaian participation in the industry
Energy and Green Transition Minister Hon. Dr John Abdulai Jinapor said Ghana needed sustained investment to revive exploration, increase production and maximise recovery from its petroleum resources.
“Investment is the lifeblood of the upstream petroleum industry. Without sustained investment in exploration and production, the sector cannot achieve its full potential,” he said.
Dr Jinapor said proposed reforms to the upstream legislative and fiscal framework were before Cabinet and would be submitted to Parliament following approval. The reforms include new fiscal terms based on water depth, reduced initial carried interest for GNPC, longer petroleum agreements and more flexible exploration and relinquishment provisions.
He said government intended to have the reforms passed before the end of the year.
“One thing I want to assure you now is that the reforms will make Ghana more attractive in the subregion,” Dr Jinapor said, pointing to recent memoranda of understanding with major exploration and production companies as signs of renewed investor interest.
But the government says attracting capital must go hand in hand with greater local economic participation.
“The true measure of success in our upstream petroleum sector is not only the volume of oil produced or revenues generated, but also the extent to which the sector stimulates local enterprise, technology transfer, skills
enhancement, employment creation, and industrial growth,” the Minister said.
That investment message was also reflected around the conference’s exhibition centre, where the Petroleum Commission is showcasing Ghana’s upstream opportunities to prospective investors.
The Chief of Staff and the sector Minister later visited the Commission’s exhibition booth, where they were taken through a range of upstream opportunities being presented to investors and other participants at the conference.
The Petroleum Commission delegation at this year’s event is being led by its Chief Executive Officer, Ms Emeafa Hardcastle, who is expected to participate in a number of speaking engagements during the conference as part of efforts to position Ghana’s hydrocarbon potential before international investors.
PC CEO takes Chief of Staff and sector Minister round the PC exhibition booth
A highlight of the morning was the signing of a Memorandum of Understanding between the Ministry of Energy and Green Transition, Shell and Chevron, to lock in agreed terms that will form part of a future petroleum agreement in relation to the South Deep Water Tano Block in Ghana’s offshore Western Basin. The agreement, signed by Minister Jinapor on behalf of the Ministry, signals efforts to translate Ghana’s renewed investment drive into concrete opportunities for exploration and development.
The Commission is seeking to highlight available upstream opportunities and deepen engagement between government, investors and local industry as Ghana works to translate petroleum investment into tangible economic value.
The conference comes at an important moment for Ghana’s petroleum industry as the country seeks to attract new exploration and production capital while ensuring that investments generate lasting benefits for the wider economy.
This year’s edition, which ends on Thursday, 3rd September, brings together governments, investors, exploration and production companies, financiers, service providers and other key players in Africa’s energy industry, providing Ghana with a platform to showcase its upstream potential and turn investor interest into new partnerships.