The Chief Executive Officer (CEO) of the Chamber of Oil Marketing Companies, Riverson Oppong, has expressed his concern over Africa exporting over 85% of its crude oil while still importing LPG, petrol, diesel, and other petroleum products.

In a recent interview, he emphasised that, despite the country’s capabilities, particularly in Ghana, success hinges on creating an environment that makes investors feel valued, happy, and willing to refine oil domestically.

Oppong highlighted that Ghana has struggled to gain investor confidence throughout the entire value chain of the oil and gas industry, citing a lack of consistency in laws governing investment.

"Today this works for an investor; he comes to invest, tomorrow you change policy that will affect revenue and we have seen that kind of policy swift or changes in the continent and even in Ghana for many many years now," he stated.

Oppong noted that if investors observe that Ghana is disciplined in its refining volumes, they would prefer to refine crude oil in the country rather than exporting it to international markets and importing the finished products.

He pointed out that many leading investment companies purchase from the same Integrated Oil Companies (IOCs), which are vertically integrated and possess significant refining capacity in their home countries.

He believes Ghana can achieve a similar status, especially considering the over six billion litres of crude oil products it consumes.

"Once the likes of Talus, DNI, and Victors see that we have discipline in the volumes we are refining, let me tell you, they will be happy to refine their crude oil in the country rather than sending it to the international market and bringing back the product here," he uttered.