The President of Ghana, John Mahama, has called for massive production of petroleum in West African countries ahead of the coming global changes.
While speaking at the Africa CEO Forum in Abidjan, Ivory Coast, Mahama warned that the coming global shift to renewable energy will render crude oil resources useless. He also feared that if drilling is not hastened while there’s demand, Ghana risks retaining untapped oil resources buried underneath its soil.
Additionally, many countries have decided to align their use of oil and gas with the international targets for decreasing carbon emissions that cause deadly climate change. Mahama further observed that within the next one or two decades, the world would have transitioned to renewable energy.
He therefore urged every oil-producing country to make haste while the sun shines, as oil is in transition.
Meanwhile, President Mahama, inaugurated in January, blamed Akufo-Addo’s administration for stalling oil exploration through regulatory bottlenecks and investor disputes with Tullow, ENI. He said investor confidence fell and the sector faced major disinvestment due to the previous government’s disputes with British-based Tullow Oil.
According to reports, the decreased investment in new wells caused Ghana’s crude oil production to drop from 71.44 million barrels in 2019 to 48.25 million barrels in 2023. The President further disclosed that ENI, which had relocated its expatriate management to Côte d’Ivoire due to regulatory uncertainty, has now resumed operations in Ghana.
However, Mahama, who called for immediate action, also emphasized that Ghana must stay committed to its clean energy targets. He noted that the Renewable Energy Act mandates that at least 10 percent of the country’s energy mix come from renewable sources.
