Ghana sets to join crude oil producing countries, as bill on oil regulation passes into law
The law, which will regulate the nation’s oil sector, comes nine (9) clear years after Ghana discovered oil.
Speaking to Joy News after the House approved the Bill, Energy Minister, Emmanuel Armah Kofi Buah, says even though the PNDC Law 84 which regulated the industry has been helpful, the new phase the nation has entered in terms of oil production requires a legal regime that is tact and in tune with international standards.
He explained the new law is expected to address key issues within the oil sector in areas such as the environment, local content and capacity building.
He also noted the law has a transparency provision which will ensure that activities undertaken in the sector are open and fair.
This, he believes will attract more investment into the industry and encourage multinational corporations to do business with the country.
He was hopeful that the law will send a clear message to the international community that Ghana is opened for business and we determined to make Ghana the hub for oil production in the sub-region.
The House also passed the Income Tax Amendment Bill, the Customs Amendment Bill, the Companies’ Amendment Bill and approved the 2016 Supplementary Estimates for the government.