The Chief Executive Officer (CEO) of the National Petroleum Authority (NPA), Godwin Edudzi Tamakloe has indicated that the authority will soon embark on a major legislative overhaul to review its governing Act to better reflect the rapid evolution of the downstream petroleum sector.
Addressing members of the Parliamentary Select Committee on Energy who were on a working visit to the Authority, Edudzi Tamakloe said the decision follows the realization that the current legal framework—established two decades ago—requires modernization to stay relevant.
The National Petroleum Authority Act, 2005 (Act 691), has served as the industry’s backbone for twenty years.
However, the CEO noted that the industry’s growth and emerging global energy trends have outpaced the original provisions of the law.
“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 CEO stated.
The NPA, he continued, intends to submit a new bill to Parliament shortly, alongside a Legislative Instrument (LI) aimed at revising the fees and charges within the sector.
The NPA leadership reinforced its commitment to being a “catalyst for economic transformation” through rigorous regulation and monitoring.
The CEO highlighted that the Authority’s mission remains centered on ensuring efficiency and stakeholder satisfaction while upholding core values of integrity, transparency, and excellence.
Edudzi Tamakloe also reminded the Energy Committee that as a “creature of Parliament,” the NPA is bound 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 said.
The proposed amendments are expected 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 players alike.
Source: Starrfm.com.gh
