Deputy Energy Minister, Dr. Mohammed Amin Adam says Ghana’s oil investment climate has been touted as the most liberal not just in the West African sub-region but the whole of Africa.

Speaking on behalf of Energy Minister, Dr. Matthew Opoku Prempeh at the official opening of the Ghana pavilion at this year’s Offshore Technology Conference underway in Houston, Texas, USA, he said Ghana’s petroleum fiscal regime is investor friendly offering higher returns to investors.

He added that the licensing regime is transparent, and provides investor certainty and flexibility, and also accommodates different financial products including risk capital as well as concessional facilities for the development of our oil and gas resources.

“Our oil basins are largely de-risked especially the Western Basin which contains about 80 prospects and 40 discoveries. This means that the potential to make a discovery when you invest in exploration in Ghana is very high,” he said.

Dr. Amin Adam who also represents the people of Karaga in parliament expressed satisfaction at the increased participation of both the private and public sector at the conference.

In his view, this shows that the potential for growing Ghana’s petroleum and energy industries is huge; and the prospects for accelerating the growth of the economy is much brighter in the future.

“As already demonstrated by data from the Ghana Statistical Service, real economic growth rate in 2021 is about 5.4% which outperformed what was projected at 4.4%, a strong indication of the return of our economy to pre-COVID times,” he noted.

He continued “The recovery of our economy means that we must position our oil and gas industry to play its strategic role of generating more revenue for the state, creating jobs for our people, adding value to the economy and improving on our trade balance. This calls for greater partnership between Ghanaian businesses and foreign investors.”