Ghana’s Parliament has given its approval to the Petroleum Production and Exploration Bill on. The law, which will regulate the nation’s oil sector, comes 9 years after Ghana discovered oil.

Emmanuel Kofi Buah, Energy Minister, said that even though the PNDC Law 84 which had regulated the industry has been helpful, the new phase the nation has entered in terms of oil production requires a legal regime that is tact and in tune with international standards.

Buah explained that the new law is expected to address key issues within the oil sector in areas such as
the environment, local content and capacity building. He also noted the law has a transparency provision which will ensure that activities undertaken in the sector are open and fair. This, he believes will attract more investment into the industry and encourage multinational corporations to do business with the country.

The Energy Minister is very hopeful that the law will send a clear message to the international community that Ghana is opened for business and we determined to make Ghana the hub for oil production in the sub-region.

The Parliament also passed the Income Tax Amendment Bill, the Customs Amendment Bill, the Companies’ Amendment Bill and approved the 2016 Supplementary Estimates for the government.