Former Ghana National Petroleum Corporation (GNPC) CEO Tsatsu Tsikata has warned the Ghana government to tread the 'oil path' with care and to implement pragmatic policies in order to make the most of oil revenue.
Speaking about the energy sector at an insurance forum in Accra, he said lessons should be learnt from the country's gold mining industry: “If gold has not made us rich over a century, why should we think oil will do it overnight?,” he asked delegates.
He also asked the government to focus on the development of natural gas, rather than oil, as this would push the country's development agenda further. It was critical to diversify Ghana's power supply in order to move forward, he said.
He told delegates that natural gas development, power generation and transmission all present major opportunities for the insurance industry. He urged local insurance companies to start targeting opportunities in the petroleum sector sooner rather then later to ensure that Ghanaian firms are fairly represented in the field.
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