The Civil Society Organizations (CSO) Alliance, consisting of four coalitions and eight organizations operating in Ghana's extractives and environmental governance sectors, has urged President John Dramani Mahama to invest in infrastructure in the petroleum sector.
According to one of the leaders of the Alliance, who also serves as the Executive Director of the Institute for Energy Security, Nana Amoasi VII, the petroleum sector is crucial to Ghana's economy.
Therefore, giving critical attention to this sector will ensure consistency and boost economic growth.
Speaking to the press on Wednesday, January 22, 2025, Nana Amoasi VII also called on the government to consider partial privatisation of the sector to address its financial challenges.
He stated that President Mahama should, "invest in critical infrastructure and explore partial privatization options to tackle financial challenges, prioritize domestic crude oil supply for local refineries as mandated by the petroleum agreement, and align the sector with global energy transition goals for long-term sustainability."
Nana Amoasi VII also suggested that all institutions taking crude on credit must pay within 60 days.
He further stressed that the government should collaborate with local refineries for crude production.
He explained that working with local refineries will "build confidence among investors before they make their investments... we want to see synergy between the upstream and downstream sectors. That's why we have it in our petroleum agreement that domestic crude supply from our indigenous fields should be prioritized for local refineries, but we are not seeing that happening."
"We want to ensure that the President enforces these regulations," he added.
The Executive Director of IES pointed out that this approach will save local industries the high cost of freight, create jobs in the country, boost the local currency against major trading currencies, and enhance the country's Gross Domestic Product (GDP).
The Alliance emphasised that Ghana's natural resources must be utilized effectively, and global energy transition goals must be followed for Ghana to become a leader in sustainable energy.
SA/MA
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