NPA boss woos UAE investors to invest in Ghana’s petroleum industry
The Chief Executive of the National Petroleum Authority, Dr. Mustapha Abdul-Hamid, has urged oil investors in the United Arab Emirates (UAE) to take advantage of Ghana’s favourable petroleum market environment and invest in infrastructures in the country.
He noted that, oil jetties, pipeline and distribution infrastructures, refineries and gas processing plants, storage and loading gantries are areas up for grabs by investors.
He said this while speaking at an Energy Investment Forum organised by the Energy Ministry on the sidelines of the EXPO 2020 in Dubai, UAE, stating that the establishment of NPA removed restrictions on the establishment and operations of facilities, and importation of crude oil and petroleum products.
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The NPA Boss mentioned that it has also created a reliable legislative and regulatory regime that has delivered for the country a downstream industry, whose contribution to the economy has grown more than four-fold, with private players – both local and international – forming a major part of the industry.
Also touching on why there is the need to invest in Ghana’s petroleum downstream industry, the NPA Boss said, “our unique geographical position along the coast of West Africa, democratic stability and security require that we provide leadership in building an integrated infrastructure to serve the sub-regional petroleum industry.”
The Petroleum Hub Development Corporation Chief Executive, Mr. Charles Owusu, also said government would provide both economic and regulatory incentives to investors such as corporate tax exemptions and waivers.
“These waivers will cover import duties and taxes and levies on machinery and equipment.”
He also stated Ghana was ready to reduce corporate tax rate from 35 percent to 15 percent after a 10-year tax holiday for petroleum sector investors.
