Former President John Dramani Mahama has promised to resuscitate the ailing petroleum sector and woo new investors into the industry, despite a just-ended 35% slump in oil production blamed on corruption and mismanagement under his successor's regime. At a forum in Accra, Mahama said that he was committed to restoring the petroleum sector to its former glory, and creating an enabling environment for foreign and local investment in petroleum exploration and production.
Until recently, it was believed that Mahama, president from 2012 to 2017, confirmed that the oil sector of the country had taken critical blows in the previous years. But reports say that Ghana's oil output has drastically fallen since 2017, a period marked by those opposing the government as characterized by corruption, no transparency, and bad governance. Specific factors have been blamed for the severe fall in oil production, such as the cancellation of major contracts and stalled exploration activities.
Despite these challenges, Mahama maintained that there was still ample room for expansion in the petroleum sector. He pointed to the country's vast offshore oil reserves, especially in the Jubilee Field, as yet a largely tapped resource that could yet attract investors with the right policies and a transparent regulatory framework.
"This was because our government was able to build a solid foundation for the petroleum industry, attracting international companies to invest in the sector. I will never move away from helping us reverse the damage of the last few years, and we make Ghana an attractive destination for investors once again," Mahama said.
The former president also called for more powerful mechanisms of accountability in the industry to prevent corruption from weakening any future growth. He noted that a renewed focus on governance reforms and strategic partnerships could help restore confidence in the sector and ensue that oil revenues actually benefit the Ghanaian people.
The remarks by Mahama come amidst mounting pressure on the country to work out solutions to increasing economic hardships, with revenue from oil playing a major role in the country's development. Many believe that a revitalized petroleum sector could be critical to reversing the country's economic downturn, which has been exacerbated by external factors such as global oil price fluctuations and inflation.
As Mahama's bid to regain presidency in 2024 now looms, his promise of petroleum industry reform continues to be one of the strong points in his campaigning.
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