The Chief Executive Officer (CEO) of Ghana’s petroleum downstream regulator, NPA, Dr. Mustapha Abdul-Hamid, has invited oil investors in the United Arab Emirates (UAE) to take advantage of the country’s favourable petroleum market environment and come to invest in its petroleum infrastructures.
He mentioned that there is an opportunity for investment in oil jetties, pipeline and distribution infrastructures, refineries and gas processing plants, storage and loading gantries as areas for grab by investors.
Dr. Abdul-Hamid said this at the just ended Energy Investment Forum organised by the Ministry of Energy on the sidelines of EXPO 2020 in Dubai, UAE.
He said the establishment of NPA has led to the removal of restrictions on the establishment and operations of facilities, and the importation of crude oil and petroleum products.
He stated 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.
Touching on why Ghana should be the preferred destination for their investment, Dr. Hamid 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.”
Mr Charles Owusu, the Chief Executive of Petroleum Hub Development Corporation, on his part, said the Government of Ghana would provide both economic and regulatory incentives such as corporate tax exemptions and waivers to investors.
“These waivers will cover import duties and taxes and levies on machinery and equipment,” he added.
He also stated that Ghana is ready to reduce the corporate tax rate from 35 per cent to 15 per cent after a 10-year tax holiday for petroleum sector investors.