Government to push major reforms to make Ghana’s upstream oil sector more competitive

The government is reviewing Ghana’s legislative and fiscal framework for the upstream petroleum sector as part of efforts to attract more investment into the industry.

He said the measures form part of President John Dramani Mahama’s broader commitment to revitalising the upstream petroleum sector and making Ghana an increasingly attractive destination for investment.

The reforms include more appropriate incentives for deepwater, ultra-deepwater and frontier exploration, a more competitive royalty structure and a reduction in GNPC’s initial carried interest from 15% to 10%.