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Ghana will need to ensure that companies and commodity traders in the oil sector disclose their commodity trading activities with disaggregated data, and not on only the Ghana National Petroleum Corporation (GNPC).
Although available oil sales data has been used to hold GNPC accountable for their commodity trading activities, there is limited public awareness of this data and how it can be used for accountability purposes.
Besides, the data as disclosed is far from comprehensive.
According to the West Africa Regional Manager (Anglophone) at Natural Resource Governance Institute (NRGI), Ms Nafi Chinery, a disclosure by the above stated actors had become necessary because despite being a new producer, the oil sector represented a significant source of revenue in Ghana.
A general introduction to oil and gas law in Ghana
Introductioni Historic overview
The upstream oil and gas activities in Ghana consist of exploration, development and production of oil and gas. These activities are undertaken in five sedimentary basins within Ghana s territorial areas made up of the Tano Basin and Cape Three Points Basin in the Western Region (mostly referred to together as the Western Basin), the Saltpond Basin in the Central Region, the Accra/Keta Basin and the Inland Voltaian Basin. The Western Basin, Saltpond Basin and Accra/Keta Basin are all offshore and have been explored. The Inland Voltaian Basin is onshore and has not been really explored.