Dr. Mustapha Abdul-Hamid, Chief Executive of the National Petroleum Authority (NPA), has invited oil investors in the United Arab Emirates (UAE) to take advantage of Ghana’s favorable petroleum market environment and invest in infrastructure in the country.
Investors are interested in oil jetties, pipeline and distribution infrastructure, refineries and gas processing plants, storage and loading gantries, according to him.
We have a strong regulatory system in place to safeguard your investment – NPA CEO to Oil Investors in Dubai
Dr Abdul-Hamid stated at an Energy Investment Forum organized by the Energy Ministry on the sidelines of EXPO 2022 in Dubai, UAE, that the establishment of NPA removed restrictions on the establishment and operation of facilities, as well as the importation of crude oil and petroleum products.
He also mentioned that it has created a dependable legislative and regulatory regime that has provided the country with a downstream industry whose contribution to the economy has more than quadrupled, with private players – both local and international – playing a significant role.
Concerning the need to invest in Ghana’s petroleum downstream industry, the NPA CEO stated that “our unique geographical position along West Africa’s coast, democratic stability, and security necessitate that we provide leadership in building an integrated infrastructure to serve the sub-regional petroleum industry.”
Mr. Charles Owusu, Chief Executive Officer of Petroleum Hub Development Corporation, stated that the government would provide both economic and regulatory incentives to investors, such as corporate tax exemptions and waivers.
These exemptions will apply to import duties.
These exemptions will apply to import duties, taxes, and levies on machinery and equipment.”
He also stated that Ghana was prepared to reduce corporate tax rates from 35% to 15% following a 10-year tax holiday for investors in the petroleum sector.
