John Abdulai Jinapor secures $3.5bn in petroleum investments

Energy Minister John Abdulai Jinapor has announced that Ghana secured $3.5 billion in investment commitments to revitalize the country’s upstream petroleum sector. Speaking at the African Energy Week, the Minister revealed that crude oil production has already seen a 30 percent increase, successfully reversing a five-year period of decline. This production boost is largely attributed to a strategic $2 billion agreement with Kosmos Energy focused on the Jubilee and TEN projects.

The $2 billion commitment from Kosmos Energy is set to finance the development of up to 20 new wells, which will significantly expand Ghana’s offshore operations. Kosmos Energy CEO Andy Inglis emphasized that the agreement aligns investor requirements with Ghana’s national energy priorities, fostering a more competitive investment environment. In addition to increasing crude export volumes, the project is designed to enhance the domestic supply of natural gas to support power generation and national energy security.

To attract these substantial commitments, the government has implemented a series of legal and fiscal reforms aimed at boosting investor confidence and streamlining local participation. Minister Jinapor noted that these measures are part of a broader strategy backed by President John Mahama to ensure that the benefits of the petroleum sector translate into tangible improvements for Ghanaians. The strategy also includes efforts to strengthen national refining capacity and increase job creation within the extractive industry.

This influx of capital marks a significant turning point for Ghana's energy landscape as the government moves to maximize the value of its natural resources. By balancing competitive fiscal terms with national interests, the Ministry of Energy aims to sustain this growth trajectory, ensuring that the upstream sector remains a primary driver of national prosperity and industrial development in the years ahead.