The African Continental Free Trade Area (AfCFTA) presents Africa with the opportunity to grow its downstream petroleum industry, a Ghanaian official said here on Wednesday.
Herbert Krapa, Minister of State at the Ministry of Energy, said this in his keynote address at the Ghana International Petroleum Conference (GHiPCON) ongoing here.
The minister urged the continent to take advantage of these opportunities to develop the industry to be able to deliver the fossil fuel needs of the continent while deriving net benefits from a well-functioning downstream value chain.
“AfCFTA can enhance market access, stimulate investment, and drive economic growth. We must capitalize on these opportunities to strengthen our industry and promote sustainable development across the continent,” Krapa said.
For the continent’s petroleum industry to derive the full benefits of AfCFTA, the minister said the industry must look beyond the traditional market and diversify the products available on the market.
We must venture into new revenue streams, including biofuels, advanced chemicals, hydrogen, liquefied natural gas, compressed natural gas, autonomous transport-on-demand initiatives, electrical charging stations, renewable energy, and even expanding retail outlets, urged the minister.
He added that the industry should also optimize efficiency, growth, and sustainability, which are the cornerstones of a thriving downstream supply chain.
“If we optimize our operations, embrace modern technology, and make sustainability a running theme in all we do every day, we can achieve the results we desire for our industry,” he added.
The minister pledged the government’s resolve to continue to promote and explore policies that enhance Ghanaian content, support capacity building, and create opportunities for the Ghanaian industry.
That way, we can guarantee that the benefits of our resources are widely shared while ensuring the development of our local workforce and businesses, added the minister.
More than 400 companies from Africa and other markets registered to participate in the three-day event, which culminates in an awards night this Friday.
GHiPCON is hosted biannually by the Ministry of Energy, the National Petroleum Authority, and the Chamber of Bulk Oil Distributors. Enditem