At his constituency level, Dr. Matthew Opoku Prempeh is hailed; when it comes to the national level he is highly acclaimed, and now at the international level, he is accepted because of how he is able to put Ghana’s energy sector case across to attract investors.
The Minister of Energy exhibited prowess in selling the sector that he is heading when he led a team to Dubai recently to expose Ghana’s potential in the energy sector during the Dubai Expo 2020.
The event, which should have been held in 2020, was postponed because of the dreaded COVID-19 that hit the world from the latter part of 2019.
Dr. Prempeh made a unique presentation that was deemed as unprecedented, as he was able to sell Ghana’s energy sector to investors who were present during the turn of the Ministry of Energy to espouse the numerous investment opportunities in that sector in Ghana.
At the Dubai Expo, Dr. Prempeh asked Energy Business leaders and Decision makers to find in Ghana’s energy sector, a friend and a partner.
“Ghana’s energy sector is awash with plethora of opportunities which could be the basis for mutually beneficial partnerships,’’ he said.
The Energy Minister said, in Ghana, Exploration and Production (E&P) licenses are awarded through open, transparent and competitive public tender processes. However, he added that E&P licenses may be awarded through direct negotiations without public tender if direct negotiations represent the most efficient manner to achieve optimal exploration, development and production of petroleum resources in a defined area.
“There are also farm-in opportunities in some of the existing licenses for prospective investors to operate through existing Petroleum Agreements without having to go through block application and negotiation processes” he said
He continued, “Ghana’s sedimentary basins are de-risked and highly prospective and our petroleum industry is regulated by clear, predictable and suitable fiscal, legal and regulatory regimes.
In the downstream petroleum sector, the minister, who is also Member of Parliament for Manhyia South, said Ghana aspires to become a hub for refined petroleum products in the West African sub-region and beyond, and thus the establishment of the Petroleum Hub Development Corporation (PHDC).
He said the hub will host infrastructure, such as refineries, port terminal facilities, storage facilities, petrochemical plants, as well as Liquefied Natural Gas (LNG) terminals, with a network of pipelines.
In the power sector, the minister said the generation, transmission and distribution value chain presents opportunities to the private sector.
“Our quest to promote energy efficiency in electrical appliances, among others, within the context of scaling up 10% renewable energy penetration by 2030 brings key opportunities for strategic investor partnership,” he added.
Through info-documentaries and presentations, the ministry’s agencies explained the current projects in their sectors that need financing and strategic partnerships.
The minister assured prospective investors of Ghana’s robust legal and regulatory framework, anchored on the respect for the rule of law and the high regard for democratic accountability.
“I am confident that Ghana will impress you, if you choose to invest in its energy sector,” Dr. Prempeh concluded
From the Dubai Expo, the Energy Minister would not rest, but went to the United States of America (USA) and continued with the agenda to speak about Ghana’s energy sector potentials.
In the US, Dr. Prempeh met with the United States Deputy Secretary, Department of Energy, Mr. David M. Turk, on the sidelines of CERAWeek, which was held in Houston, Texas.
Their discussions revolved around Ghana and USA Government cooperation in navigating Energy Transition and creating pathways for mutual interest in the energy sector.
He assured the Deputy Secretary of Ghana’s eagerness to meet transition goals with much emphasis on gas, and used the opportunity to invite investors into Ghana’s nuclear energy sector.
“Even though the risk in investing in Africa is high, the gains and returns are much higher for any investor. Ghana provides a stable, peaceful and investor-friendly country to guarantee the safety of your investments,” Dr. Prempeh stressed.
Mr. Turk used the opportunity to welcome Dr. Prempeh and the Ghanaian delegation to the United States and expressed his country’s readiness to support the transition agenda.
It is important to note that the Energy Minister, while in the US, had meeting with Egypt’s Minister for Petroleum and Mineral Resources on how the two countries would cooperate for the mutual benefits for their countries.
Apart from that, he engaged with Chief Executive and Chairman of KOSMOS, Andrew Inglis, and had another meeting with Baker Huges’ Chairman and Chief Executive, Lorenzo Simonelli, and also participated in the Africa Energy and Economic Forum (AEEF), which centred on energy transition in Africa.
There should not be surprises if foreign investors from around the globe begin to rush to Ghana and clamour for the energy sector because the Energy Minister is uniquely flying the country’s energy sector flag and selling it very well on international platforms.