The Petroleum Commission, through its Business Advisory and Enterprise Development (BAED) Department, last week organised a virtual workshop aimed at deepening understanding of risk management and insurance practices within Ghana’s upstream petroleum industry.
The workshop brought together regulators, legal experts, insurance professionals and industry stakeholders to examine the country’s insurance landscape, regulatory requirements and emerging operational risks in the upstream petroleum sector.
Opening the event, Director of Economics and Local Content at the Petroleum Commission, Mr. Kwaku Boateng, said strengthening awareness of insurance and risk management is essential to ensuring a resilient and sustainable petroleum industry
“Risk management and insurance are not merely compliance requirements; they are critical safeguards for protecting investments, supporting business continuity and strengthening confidence in Ghana’s upstream petroleum sector,” Boateng said.
Delivering an overview of Ghana’s insurance industry, Stella Jonah, Head of Market Strategy and Innovation at the National Insurance Commission (NIC), highlighted the growing importance of insurance in mitigating financial and operational risks across the energy sector.
“As Ghana’s petroleum industry continues to evolve, effective insurance coverage and sound risk management practices remain indispensable for protecting assets, ensuring operational resilience and safeguarding national economic interests,” Jonah noted. Participants also explored the legal and regulatory framework governing upstream petroleum insurance during a presentation by Daniel Yaw Amoah Boakye of the Petroleum Commission’s General Counsel Directorate.
Mr. Boakye emphasised that compliance with insurance obligations is fundamental to responsible petroleum operations and supports transparency, accountability and investor confidence.
“A clear understanding of the legal and regulatory framework enables operators to meet their obligations while contributing to a stable and competitive petroleum industry,” he said.
The workshop further examined operational risks associated with upstream petroleum activities in a presentation by Kwabena Larbi, Head of Pool at the Ghana Oil and Gas Insurance Pool (GOGIP), who discussed industry-specific risks and the role of specialized insurance mechanisms in mitigating potential losses.
A general question-and-answer and feedback session, moderated by Amega Setsoafia of the Petroleum Commission’s General Counsel Directorate, provided participants with the opportunity to engage experts on practical challenges, regulatory expectations and emerging trends in petroleum insurance.
Closing the day, Ms. Priscilla Antwi-Boasiako, Manager for Contracts Administration at the Petroleum Commission, underscored the importance of sustained collaboration among regulators, insurers and industry operators.