Accra: The Ministry of Energy and Green Transition and the National Petroleum Authority (NPA) have held a stakeholder engagement to review comments on the draft National Petroleum Authority Bill, 2024. The proposed legislation seeks to replace the existing NPA Act, 2005 (Act 691), aiming to strengthen regulatory powers, including expanded licensing for bunkering and transhipment.
According to Ghana News Agency, Mr. John Abdulai Jinapor, Minister for Energy and Green Transition, opened the forum in Accra, emphasizing the government's commitment to transparency, reform, and inclusiveness in building a robust and efficient petroleum downstream sector. He noted that the review is not only about enhancing regulation but also about aligning the NPA's operations with Ghana's energy transition agenda.
Mr. Jinapor highlighted the necessity for the revised Act to incorporate cleaner and alternative fuels and mechanisms that encourage private investment in low-carbon solutions. He stressed the importance of securing a future that balances economic growth with environmental responsibility.
The Minister acknowledged that Act 691 had laid the foundation for significant sectoral gains, such as price deregulation, improved LPG distribution, and the promotion of fair competition. However, he pointed out that the rapid growth of the industry had outpaced the regulatory tools provided under the current law.
He remarked on the dynamic nature of the petroleum downstream industry, which continues to evolve rapidly, often outpacing regulatory measures. The industry has seen considerable growth over the past two decades, necessitating a timely review of the regulatory framework.
Mr. Jinapor underlined that the review comes amid global calls for energy sustainability and security. He urged stakeholders to consider past developments, current challenges, and the vision for effective regulation while reviewing the Act. The emphasis should be on power, resource control, authority, and policy, devoid of personal interests, to ensure the petroleum downstream industry thrives in a competitive and sustainable environment.
