The Vice President of the Republic of Ghana, H.E Dr. Mahamudu Bawumia has stressed that he has an unshaken belief that the petroleum downstream industry will continue to be the anchor for the transformation of African countries.
The Vice President said this while delivering a speech as a special guest of honour at the Ghana International Petroleum Conference 2022 (GhIPCon) today, Wednesday, September 28.
Speaking at the Conference organised by the National Petroleum Authority (NPA) on the theme "Energy Transition in the African Petroleum Downstream Context: Prospects, Challenges and the way Forward", Dr. Mahamudu Bawumia said it is most appropriate coming on the heels of the inauguration of the National Energy Transition Committee to draft a framework geared towards achieving net zero carbon emissions by 2050.
He said while the government of Ghana is fully committed to achieving net zero carbon emissions by 2070, it has to take steps to accelerate the production and utilisation of the country's oil and gas reserves.
Vice President Bawumia noted that even as the government wants to contribute to reducing emissions, it is of the view that a balance must be struck and maintained in the context of social, economic, and environmental requirements.
He said in the process to succeed during the energy transition, countries and industry players should prioritise innovation and come up with solutions to tackle the challenges.
“In order to thrive during the energy transition, I will urge the players in the downstream sector on the African continent to focus on innovation and diversification. They should also keep an eye on the long-term implications of the transition and stay prepared for potential disruption in the future which can be turned into future growth areas,” H.E Dr. Mahamudu Bawumia said in his address.
In his concluding remarks to formally declare the 2022 Ghana International Petroleum Conference (GhIPCon) open, the Vice President indicated that “the conference offers a platform for key stakeholders across the sub-region, to harmonize policies, and opportunities to allow the petroleum downstream industry to respond to global developments and trends consistent with member countries’ development interests,” while adding, “And I have an unshaken belief that the petroleum downstream industry will continue to be the anchor for the transformation of our countries.”
The 2022 GhIPCon incorporates an Africa Refiners and Distributors Association (ARDA) technical session.
This technical session is expected to share best practices amongst ECOWAS regulators in Senegal, Mali, Burkina Faso, Nigeria, Cote D’Ivoire, and Togo and other key stakeholders on progress made thus far on adoption of the mandated AFRI-5 (50-ppm Sulphur) fuel specification and promote collaboration on its implementation going forward.
The Conference which kicked off today in Accra will end on Friday, September 30.