By Melissa Oteng
The government is targeting the elimination of crude oil imports by 2027, following a significant reduction in the volume of crude purchased from abroad, as it intensifies efforts to boost domestic petroleum production and strengthen energy security.
The Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, announced this at the 2026 Local Content Conference and Exhibition, where he outlined government’s commitment to developing commercially viable petroleum discoveries and expand Ghana’s participation in the upstream sector.
Dr. Jinapor said Ghana had reduced its crude oil imports from six parcels to two this year, with the ambition of bringing the figure to zero next year. He indicated that the strategy could generate savings of up to $500 million annually through import substitution, while government continues to support commercially viable discoveries, including the Urban Akoma field.
The Minister assured the Ghana National Petroleum Corporation (GNPC) of government’s full support in advancing viable petroleum projects, stressing that Ghana must maximise the benefits of its oil and gas resources.
He also identified natural gas as a critical resource with significant potential to drive the country’s energy and economic development.
Dr. Jinapor noted that Ghana faces stiff competition from other countries in attracting investment into the petroleum industry, making strategic partnerships and negotiations essential. He cited the Memorandum of Understanding signed between ENI as a major achievement in strengthening the sector.
President John Mahama, in his speech said, Ghana must attract the investment needed to finance and develop new petroleum reserves. He noted that this year marks 15 years since the establishment of the Petroleum Commission, emphasising the need for increased local participation as petroleum activities expand.
The President said Ghanaian businesses and workers must be positioned to compete for a greater share of opportunities generated by the industry.
Reflecting on the country’s petroleum journey, President Mahama recalled that the discovery of oil in the Jubilee Field in 2007 transformed Ghana’s oil sector, with commercial production beginning in December 2010. Subsequent exploration activities, he said, had resulted in more than 30 offshore discoveries.
He reaffirmed government’s commitment to creating a stable investment environment to attract the capital needed for further exploration and production.
President Mahama charged the Petroleum Commission to ensure that operators and suppliers adhere to clear standards on safety, environmental protection and local participation.
President Mahama subsequently declared the 2026 Local Content Conference and Exhibition officially opened and launched the exhibition, marking the commencement of activities aimed at promoting local participation, strengthening partnerships and enhancing competitiveness in Ghana’s upstream petroleum sector.
The 2026 Local Content Conference and Exhibition was held under the theme, “Enriching Local Content for Sustainable Growth: Building a Resilient Upstream Sector Through Reforms and Partnerships to Spur Competitiveness and Investment,” bringing together industry stakeholders to explore strategies for strengthening Ghanaian participation and building a resilient upstream petroleum sector.
