As Ghana continues to position itself as the preferred upstream petroleum investment destination, the Petroleum Commission has reaffirmed its commitment to strengthening regulatory efficiency and the ease of doing business for global upstream investors.
During a Business-to-Government session during the African Petroleum Regulators Forum (AFRIPERF), held on the sidelines of the AOW Energy Conference, the Deputy Chief Executive Officer of the Commission, Nasir Alfa Mohammed Esq., addressed stakeholders on how African petroleum-producing countries can create more competitive investment environments on the continent
He mentioned that while governments have a responsibility to protect the public interest, investors require an environment that gives them confidence to commit capital for the long term.
“Governments need investment that creates production, jobs, revenues, energy security and broader economic growth. Investors, on the other hand, need predictable rules, competitive systems, regulatory certainty, infrastructure and commercially viable opportunities,” he said.
He added that the focus should therefore be on creating conditions where responsible investment and legitimate national interests reinforce each other, rather than compete.
Managing Director and Country Chair of Shell Ghana, Mr. Brian Muriuki, said companies evaluate opportunities across multiple jurisdictions and must continually justify their investment choices to internal investment committees. While speed is important, he stressed that clarity and predictability are equally critical, particularly for investments with 20 to 30-year horizons.
“I’d rather somebody tells me ‘no’ than tells me, ‘We are interested,’ and then keeps us waiting indefinitely,” he said, emphasising the importance of timely and definitive regulatory decisions.
Mr. Joe Mensah, Senior Vice President and Head of Ghana Business Unit at Kosmos Energy also shared his experience and demonstrated how effective collaboration between government; the regulator and investors can help move capital commitments into actual activity and production.
Following discussions with government, the company engaged the Petroleum Commission, which worked with it through the regulatory and technical requirements, including the development plan. The process subsequently moved to approval and implementation, with the company now undertaking its committed drilling programme.
The discussion also turned to the ease of doing business, with industry participants highlighting the need to streamline the multiple permits and approvals investors may encounter when entering the Ghanaian market. A coordinated one-stop-shop approach was identified as a potential means of reducing administrative bottlenecks and making the investment process more seamless.
Lessons were further drawn from jurisdictions such as Angola and Rwanda, particularly their efforts to improve fiscal frameworks, permitting and the broader business environment.
For the Petroleum Commission, the discussions reinforce the need for regulation to evolve alongside the changing demands of the global investment landscape, protecting Ghana’s national interests while providing investors with the certainty, and efficiency required to commit long-term capital in the upstream petroleum industry.