Yusif Sulemana, an energy expert, has predicted that Ghana’s oil sector investments will remain confined until it focuses on domestic resources.
According to him, the world is approaching a point where oil companies will lose interest in hydrocarbon investments, which would raise the cost of hydrocarbons, resulting in an increase in oil prices.
“The narrative will not change, there will be some headwinds. The headwinds are that we will continuously have constrained investments into the world of hydrocarbons. As long as we have constrained investments into hydrocarbons, the cost of energy will continue to rise and that’s a fact,” Dr. Sulemana said in a media interview.
“Developing countries like Ghana should take advantage of what we have; strategic advantage because even the players that we have within our shores like Tullow and ENI, may not be interested in hydrocarbons in a time to come,” he explained.
As a result, Dr. Sulemana is encouraging the government to use the African Continental Free Trade Agreement to encourage additional investment in the upstream oil business.
“When this happens earlier than expected and we are not also prepared to take advantage of our own destiny, it is going to be really difficult. So, countries need to look inward,” he said.
“I think in the coming years and beyond, there’s going to be growing alliance and Africa already has AfCFTA in place. We only have to make it work and work seamlessly,” he added.