Minister for Energy and Green Transitions, John Jinapor, has unveiled plans to form a consultative committee tasked with conducting a thorough review of the country’s petroleum sector.

Speaking at a meeting with the Chamber of Bulk Oil Distributors, Jinapor emphasized that the new committee will address key challenges facing the industry and ensure that all relevant stakeholders are involved in shaping future policy decisions.

A primary focus of the review will be the impact of foreign exchange fluctuations on industry operations, a persistent concern for sector players. Jinapor highlighted the need for improved product security, quality, and sustainability in the downstream petroleum sector, with the goal of modernizing it to meet contemporary industry standards.

In addition to the sector review, Jinapor revealed that his ministry, in collaboration with the Ministry of Finance, is also reexamining the Gold for Oil policy, a key component of the government’s energy strategy. The Finance Ministry is working on the gold aspect, while the Energy Ministry is reviewing the overall policy framework.

“We are working on interim solutions, but the process will not be halted until we have a viable long-term approach,” Jinapor said. He also noted that President Akufo-Addo is establishing another committee to ensure enhanced transparency across the sector.

The February 4 meeting also served as an opportunity for Jinapor to engage with key industry stakeholders, including the Chamber of Bulk Oil Distributors, the Chamber of Oil Marketing Companies, and the Tanker Owners Union, as part of the ongoing consultation process.

Source:TheDotNews