Corruption a barrier to foreign investment in gas sector – Ghana Gas CEO

Chief Executive Officer of the Ghana Gas Company Limited (Ghana Gas), Dr Ben K. D. Asante has asserted that the rampant cases of corruption in the country have taken a toll on foreign investment in the gas sector.

According to him, corruption is a major factor that acts as a barrier to foreign investment in the country. He also bemoaned the infrastructural challenges within the sector as well as the absence of a regulatory framework.

Addressing the media at the Ghana International Petroleum Conference in Accra, Dr Asante made the claim based on a 2012 report by the World Bank which focused on the ease of doing business in African countries.

“This was a study that was done by the World Bank in 2012, and it looked at various investors who were coming into Africa. And they mentioned that some of the barriers to investment, number three was corruption. Another key factor that was mentioned was infrastructural challenges and lack of regulatory framework,” he said.

In order to improve the confidence of foreign investors, the Ghana Gas CEO suggested that a master plan for the gas sector, as well as an institutional framework, be put up in order to address the problems highlighted in the World Bank research.

“We certainly need a gas master plan. We need cohesion in our institutional and regulatory framework. The Ministry is doing a good job actually trying to get some clarity to those in terms of the regulatory and institutional framework. We need to do more to get the investor to know that there is no ambiguity as to who is doing what,” he added.

The 2018 Ghana International Petroleum Conference was held at the Kempinski Hotel on Wednesday, June 6, 2018. The theme for this year’s edition is "Ghana as a petroleum hub: Realizing the Vision."