John Abdulai Jinapor is the Minister of Energy and Green Transition
The Government of Ghana has secured a $3.5 billion investment to revitalize the country’s oil and gas sector, signing a Memorandum of Understanding (MoU) with the Jubilee/TEN and Offshore Cape Three Points (OCTP) partners.
Under the agreement, the Jubilee/TEN partners will invest $2 billion, while the OCTP partners are set to contribute $1.5 billion to stimulate production and expand reserves.
The announcement was made in Accra by Dr John Abdulai Jinapor, Minister of Energy and Green Transition, during the launch of the 2023 Ghana Extractive Industries Transparency Initiative (GHEITI) Mining and Oil and Gas Reports.
He explained that ongoing policy and legislative reforms, including resolving challenges around gas aggregatorship and enhancing regulatory certainty, had attracted renewed interest from major international oil companies.
These interventions are expected to sustain the sector’s contribution to the national economy while longer-term reforms are implemented.
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Transparency and Accountability in Resource Management
The launch highlighted the importance of transparency and accountability in managing Ghana’s natural resources.
Dr Steve Manteaw, Co-Chair of the GHEITI Multi-Stakeholder Group, emphasized that the initiative empowers citizens to demand accountability from government institutions.
Sector Contributions to the Economy
Patrick Nomo, Chief Director of the Ministry of Finance, reported that the extractive sector contributed about GH¢16.7 billion to domestic revenue in 2023, representing roughly 7% of total government receipts.
He further revealed that transfers from extractive activities to sub-national authorities reached GH¢1.8 billion, supporting infrastructure and local development in mining and petroleum-producing areas.
The sector also generated net foreign exchange inflows of $3.9 billion, helping stabilize Ghana’s balance of payments and exchange rate.
He stressed that GHEITI reports remain critical tools for fiscal forecasting, national planning, and policy formulation, providing independently verified data to guide decision-making and ensure prudent management of Ghana’s natural resource wealth.
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