The African Continental Free Trade Area (AfCFTA) holds significant potential to expand the continent’s petroleum downstream industry, according to Herbert Krapa, Ghana’s Minister of State at the Ministry of Energy. Krapa delivered his keynote address at the Ghana International Petroleum Conference, which commenced Wednesday in Accra, the country’s capital.
Krapa emphasised the need for Africa to develop its petroleum industry to meet the continent’s fossil fuel demands while maximising the benefits from an efficient downstream value chain. “AfCFTA can enhance market access, stimulate investment, and drive economic growth. We must capitalise on these opportunities to strengthen our industry and promote sustainable development across the continent,” he stated.
To fully capitalise on the benefits of AfCFTA, Krapa urged the petroleum industry to expand beyond traditional markets and diversify its product offerings. He highlighted the importance of optimising efficiency, growth, and sustainability within the downstream supply chain, considering these factors as essential for a thriving industry.
“If we optimise our operations, embrace modern technology, and make sustainability a running theme in all we do every day, we can achieve the results we desire for our industry,” Krapa said.
He also reaffirmed the Ghanaian government’s commitment to advancing policies that enhance local content, support capacity building, and create opportunities for the Ghanaian petroleum industry. “That way, we can guarantee that the benefits of our resources are widely shared while ensuring the development of our local workforce and businesses,” Krapa added.
The Ghana International Petroleum Conference has attracted participation from over 400 companies across Africa and other international markets. The three-day event will conclude with an awards night on Friday.
