Ghana Unveils Upstream Petroleum Reforms To Attract Investment At Africa Oil Week In Accra

Ghana on Tuesday announced a series of reforms to its upstream petroleum sector aimed at attracting fresh investment, as Africa Oil Week (AOW) 2026 opened in Accra.

The measures include reducing the Ghana National Petroleum Corporation’s (GNPC) carried interest from 15% to 10%, extending petroleum agreement terms from 25 to 30 years and changing the structure of signature bonuses.

The government will replace the traditional signature bonus with a one-time payment linked to the post-discovery declaration of commerciality. It will also extend the loss-carry-forward period from five to 10 years.

Energy and Green Transition Minister Dr. John Abdulai Jinapor said the reforms were intended to make Ghana’s upstream sector more competitive and attract international investment.

Explaining the reduction in GNPC’s carried interest, Jinapor said the government would benefit more from taking a smaller share of a significantly larger investment.

Jinapor also highlighted developments in Ghana’s downstream and gas sectors, including the resumption of crude processing at the country’s refinery.

He said the government had secured major agreements involving international oil companies, including a $1.5 billion agreement with Eni and a $2 billion deal involving Tullow and its partners.

Jinapor also placed Ghana’s petroleum reforms within the broader debate over Africa’s energy transition.

With more than 600 million people on the continent lacking access to electricity and about 1 billion without access to clean cooking, he said Africa’s transition must take its development needs into account.

“For Africa, therefore, the energy transition cannot simply be about moving away from one source of energy to the other,” Jinapor said.

“It must rather be about moving our people from energy poverty to energy prosperity.”

He also cited an estimated annual saving of about $500 million from shifting Ghana’s thermal power generation towards domestic natural gas instead of relying more heavily on liquid fuels.

Jinapor pointed to the West African Gas Pipeline, which connects Ghana, Nigeria, Togo and Benin, as an example of how cross-border infrastructure can support energy security and economic development.

He also noted Ghana’s ability to export electricity to neighbouring countries, including Burkina Faso, Togo, Benin and Côte d’Ivoire.