Ben Boakye oil industry: The need for fair regulation and investor confidence

Ghana’s handling of an oil arbitration case has raised concerns about governance, political influence, and investor confidence.

The dispute involved the government’s directive for unitizing the Afina and Sankofa oil fields, which an arbitration tribunal later ruled was a misinterpretation of Ghanaian law.

Despite this, the government maintained its stance, citing the need for further studies, raising doubts about regulatory predictability.

Private sector players argue that financial and technical competence, not political backing, is key to success in Ghana’s oil industry. Policymakers are now considering extending Springfield’s WCTP Block 2 rights to mitigate misjudgments and attract investment.

While some firms are revising their strategies, maintaining a transparent regulatory environment is crucial for long-term industry growth and investor confidence as Ghana competes for global capital in oil exploration.