Accra: The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, has announced that the authority will soon undertake a significant legislative overhaul. This initiative aims to review its governing Act to better align with the rapidly evolving downstream petroleum sector.
According to Ghana Web, Edudzi Tameklo made this announcement while addressing members of the Parliamentary Select Committee on Energy, who were on a working visit to the Authority. He emphasized that the current legal framework, established two decades ago, requires modernization to remain relevant in the face of industry changes.
The National Petroleum Authority Act, 2005 (Act 691), has been the industry's foundation for twenty years. However, Tameklo noted that industry growth and emerging global energy trends have surpassed the original provisions of the law. He remarked, "Twenty years after the enactment of the NPA Act in 2005, it has become necessary for us to catch up with industry growth, industry perspective, and the new evolving matters that are coming up."
The NPA plans to submit a new bill to Parliament shortly, along with a Legislative Instrument (LI) designed to revise the fees and charges within the sector. The leadership of the NPA reiterated its commitment to being a "catalyst for economic transformation" through rigorous regulation and monitoring.
Tameklo also highlighted that the Authority's mission remains focused on ensuring efficiency and stakeholder satisfaction while upholding core values of integrity, transparency, and excellence. He reminded the Energy Committee that as a "creature of Parliament," the NPA is obligated to report its activities and financial margins regularly. "The operations of the Authority also come with issues of margins and levies. Anytime Parliament gives us the opportunity to take anything, Parliament wants to monitor," he stated.
The proposed amendments aim to streamline operations in the downstream sector, providing a more robust framework for managing petroleum pricing, distribution, and infrastructure development in Ghana. Members of the Energy Committee expressed their readiness to review the upcoming bill to ensure it serves the best interests of the Ghanaian public and industry stakeholders alike.