Business News of Wednesday, 1 April 2026

Source: classfmonline.com

24-Hour Economy Authority, NPA sign deal to boost petroleum operations

Godwin Edudzi Tameklo is the CEO of the NPA Godwin Edudzi Tameklo is the CEO of the NPA

The 24-Hour Economy Authority and the National Petroleum Authority (NPA) have signed a Memorandum of Understanding (MoU) aimed at expanding 24-hour operations across Ghana’s downstream petroleum sector.

The agreement, signed in Accra on March 31, 2026, establishes a framework for operational readiness, security coordination, and institutional collaboration to support the country’s economic transformation agenda.

Under the MoU, the National Petroleum Authority will be responsible for developing and enforcing operational standards for round-the-clock activities.

These will cover areas such as lighting, security, staffing, digital fuel monitoring, and fire safety across fuel stations, refineries, storage depots, and tanker operations.

The 24-Hour Economy Authority will coordinate broader support systems, including deployment of security agencies and cross-government collaboration to assist certified operators.

Officials say the partnership is critical to ensuring a reliable fuel supply as Ghana advances its 24-hour economy programme, which focuses on expanding agro-processing, manufacturing, and logistics infrastructure.

Presidential Adviser on the initiative, Augustus Goosie Tanoh, noted that the programme is designed not only to extend business hours but also to build industrial capacity and stimulate demand across key sectors.

Implementation will begin with a nationwide pilot covering about 10 percent of the downstream petroleum sector, with immediate emphasis on security deployment.

The initiative brings together key industry and security stakeholders, including petroleum industry groups, transport unions, and state agencies such as the Ghana Police Service and the Ghana Revenue Authority.

Chief Executive of the National Petroleum Authority, Godwin Kudzo Tameklo, said the agreement aligns the Authority’s regulatory role with the national development agenda.

He emphasised that clear and enforceable standards would be implemented to ensure safety, protect consumers, and safeguard critical infrastructure.

The 24-Hour Economy programme is part of a broader national strategy to boost productivity, promote value addition, and accelerate inclusive economic growth, he said.