By Benjamin Nii Nai,GBC
Copyright gbcghanaonline
By Benjamin Nii Nai Anyetei
Ghana has secured a major upstream energy boost with the signing of a US$1.5 billion Memorandum of Intent between the Government of Ghana, ENI, Vitol, and the Ghana National Petroleum Corporation (GNPC). The agreement, signed at the Africa Oil Week, is expected to significantly enhance oil and gas production capacity and reposition the country’s energy sector for sustained growth.
Speaking on behalf of government, the Minister of Energy and Green Transition, John Jinapor, said the investment represents more than just financial inflows. “This is not just a figure on paper; it is a vote of confidence in Ghana’s upstream petroleum sector, our economy, a commitment to job creation, and a catalyst for the infrastructure that will power our nation forward,” he declared.
The deal, according to Jinapor, forms part of an integrated strategic investment plan that will optimise oil operations, deepen collaboration with international partners, and drive sustainable energy transformation. He stressed that the initiative aligns with President John Dramani Mahama’s vision of creating a business-friendly environment that balances investor confidence with protection of Ghana’s national interest.
As part of government’s broader energy agenda, Jinapor highlighted the adoption of the Gas-to-Power Policy, which aims to maximise the use of domestic natural gas for electricity generation. This, he explained, will enhance energy security, reduce dependence on imported fossil fuels, and promote sustainable development.
He also assured that government remains committed to resetting Ghana’s upstream petroleum sector, reversing recent declines in production, and ensuring the sector continues to contribute significantly to economic growth and industrialisation.
“We will continue to take bold steps to address the dwindling oil production witnessed in the last couple of years. This partnership with ENI, Vitol, and GNPC marks the beginning of a new phase of resilience and growth in our energy sector,” Jinapor emphasised.
The US$1.5 billion deal is expected to generate thousands of direct and indirect jobs, boost infrastructure development, and strengthen Ghana’s positioning as a competitive oil and gas hub in West Africa.
