Ghana plans new oil laws

Ghana is preparing a new oil exploration and production law to cover new finds and production in the last six years.

Ghana's new oil law is to stop investors taking advantage Paul D Smith

The new law is expected to come into force by the end of the year, according to the director of finance, Solomon Asoalla, of the Ministry of Energy and Petroleum. It will replace the current law which dates back to 1984. Mr Asoalla told Ghana Business News: 'We currently don’t have a proper law to regulate the E&P of our oil and if we don’t act quickly, we will virtually be selling off our oil. We think that won’t be good for us. At the time our current E&P law was passed, we didn’t have oil. But now we have oil and are even producing. So, there is the need to get a new law that will take all these into consideration such that when an investor comes in, he doesn’t take advantage of the obsolete law to outwit the country.'


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