Ghana National Petroleum Corporation (GNPC) CEO, Opoku A Danquah, says African governments need to collaborate and ensure that their oil resources are used for African development.
He said this when he joined international energy experts at the opening of the Invest in African Energy Forum in Dubai.
The forum was to showcase investment and partnership opportunities across Africa’s burgeoning energy sector.
This high-level panel discussion also aimed to enhance energy cooperation between African energy policymakers and stakeholders with the international financial community and global investors.
At the opening ceremony speaking on Making Energy Poverty History by 2030- Africa’s Advantage, Mr Daquah said, “Over a third of Africa’s produced oil is exported out of the continent. African governments need to collaborate and ensure that these resources are used for African development.”
He also stated that the advantage of Africa is that there is a lot of supply of natural gas resources, and there is a lot of potential demand.
Consequently, the resources cannot be stranded in the long term.
The GNOC CEO further said, “Most of the funds ploughed in Africa’s upstream petroleum sector are from the Global North and Asia.
“At least 85% of funds invested today come from outside the continent. So, there is a clear and rational perception that African governments are not putting enough capital into Africa”.
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