Deputy Minister for Energy and Green Transition, Richard Gyan-Mensah, has admitted that unresolved legacy issues in Ghana’s petroleum sector caused some major international oil companies (IOCs) to reduce or redirect their investments to other countries.

Speaking at the Africa Business Conversation organised by AB & David Africa on Wednesday, July 29, 2026, he said the government is working to address these challenges by implementing recommendations from the Upstream Reform Committee.

According to him, “The government recognises that the uncertainty created by legacy issues pushed some of the world’s leading international oil companies to redirect their investments to other countries.”

He said the government has engaged industry players to resolve their concerns, adding that some global energy companies have already expressed renewed interest in Ghana’s upstream petroleum sector.

Richard Gyan-Mensah, however, stressed that renewed interest alone is not enough.

“Capital will only be invested where there is regulatory certainty, competitive fiscal terms, a business-friendly environment, reliable data and the infrastructure needed to bring discoveries to market,” he stated.

He further disclosed that the government has received the Upstream Reform Committee’s report, which contains recommendations aimed at improving Ghana’s competitiveness, reducing the cost of doing business and restoring investor confidence.

He added that the next step is to implement the recommendations to make Ghana more attractive to international investors and enable the country to compete more effectively with other African oil-producing nations.

ANAS/MA

Ghana's recovery due to superior economic management - Ato Forson