The National Petroleum Authority (NPA) has inaugurated a Steering Committee to spearhead the implementation of the 24-Hour Economy initiative within Ghana’s downstream petroleum industry. 

The launch, which took place last Friday at the authority's head office, forms part of the government’s broader efforts to drive economic transformation through round-the-clock productivity.

The committee has been tasked with developing regulatory frameworks, operational strategies, and implementing timelines to operationalise the 24-hour economy across the downstream petroleum value chain.

In his welcome address, the Chief Executive of the NPA, Godwin Kudzo Tameklo, underscored the significance of the initiative, indicating that the 24-hour economy was a key policy direction of the government and one the President was determined to realise.

“The issue of the 24-hour economy is a major policy priority for the President,” he said.

“To underscore its importance, the President has appointed a seasoned public servant, Goosie Tanoh, as the Presidential Advisor on the 24-hour economy to lead the national conversation on accelerating economic activities, particularly in sectors like ours,” Mr Tameklo added.

Downstream sector

The NPA boss emphasised that the downstream petroleum sector was uniquely positioned to lead the intended transformation.

“We are privileged to have key industry players present here today; from COMAC (Chamber of Oil Marketing Companies), CBOD (Chamber of Bulk Oil Distributors), BOST (Bulk Oil Storage and Transportation Company Limited) and others. This is the right platform to move this policy from political promise to implementable action,” he said.

Speaking on behalf of the Presidential Advisor on the 24-hour economy, Roland Atanganunge Azuvugu provided an overview of the initiative, which comprises eight interlinked pillars, namely Make 24, Grow 24, Build 24, Connect 24, Fund 24, Aspire 24, Show 24, and Go 24. 

These, he said, would provide the structural foundation for the 24-hour economy, with customised modules and incentives to support various sectors, including petroleum downstream.

“The downstream petroleum sector, which includes bulk distributing companies, oil marketing companies, LPG marketers, and depot operators, faces significant challenges from capital constraints to infrastructure gaps and uneven regional service delivery,” Mr Azuvugu said.

“This policy will introduce innovative financial models and market incentives to address these barriers,” he added.

Industry support

Industry leaders also pledged their support to the initiative.

The Chief Executive of COMAC, Dr Riverson Oppong, lauded the formation of the steering committee, stating that “from the oil marketing companies’ perspective, we understand the task ahead.

Certain foundational policies need to be in place, and we are committed to working with all stakeholders under the leadership of the NPA to ensure that”.

Chief Executive of the CBOD, Dr Patrick Kwaku Ofori, also called for the strengthening of physical and digital infrastructure.

“We need enhanced security presence in key storage hubs like the eastern corridor, where nearly 75 per cent of national storage capacity is located.

Additionally, investing in technology to track and monitor fuel discharge will help prevent losses and improve transparency,” he said.

The Steering Committee will be chaired by the NPA Chief Executive, with support from his deputies, Dr Sheila Addo and Dr Dramani Bukari.