Gov’t to modernize GNPC Act to meet current industry standards - Energy Minister

The government is set to update the Ghana National Petroleum Corporation (GNPC) Act, enacted in 1983, to align with current industry standards.

The Minister for Energy and Green Transition, Mr John Abdulai Jinapor, announced this at the inauguration of the newly formed GNPC board on Monday in Accra.

He stated that the plans to update the Act are to bring it in line with current industry standards.

He highlighted the decline in oil production and concerns over reserves, adding that the encouraging interest from leading oil firms presents a chance to reposition GNPC for the years ahead.

Mr Jinapor urged the board to improve the corporation’s performance and ensure long-term sustainability.

He noted GNPC’s importance in Ghana’s petroleum sector, calling it a key player in the country’s economic growth and energy stability.

“GNPC is not just another state-owned institution. It is the leading entity in Ghana’s upstream oil and gas industry. Through careful investments and partnerships, it supports national development and helps secure the country’s energy needs,” he said.

He urged the board to demonstrate strong leadership, maintain transparency, and ensure accountability in managing GNPC’s operations.

He also encouraged them to support efforts to expand the corporation’s capabilities, particularly through its subsidiary, Explorco.

On his part, the newly appointed Board Chairman, Prof. Joseph Oteng-Adjei, expressed gratitude for the opportunity and promised a results-oriented approach.

“We appreciate the President’s confidence in us to steer GNPC forward. This board brings together diverse expertise, and we are ready to tackle the sector’s challenges. We will collaborate with the Ministry and work diligently to advance GNPC’s goals,” he said.

The other members include Kwame Ntow Amoah (Acting CEO), Hajia Zuwera Mohammed Ibrahim, Seidu Alhassan Alajor, Mawutor Agbavitor, Kwame Jantuah, and Andani Yakubu Abdulai (Yoo-Naa).