ACCRA, July 17 (Xinhua) -- The African Continental Free Trade Area (AfCFTA) has the potential to grow the continent's petroleum downstream industry, a Ghanaian official said Wednesday.
Herbert Krapa, minister of state at the Ministry of Energy, made the remarks in his keynote address at the Ghana International Petroleum Conference that opened in Accra, the country's capital, urging Africa to develop the industry to be able to deliver the fossil fuel needs of the continent while deriving net benefits from a well-functioning downstream value chain.
"AfCFTA can enhance market access, stimulate investment, and drive economic growth. We must capitalize on these opportunities to strengthen our industry and promote sustainable development across the continent," Krapa said.
For the continent's petroleum industry to derive the full benefits of AfCFTA, the minister said the industry must look beyond the traditional market and diversify the products available.
He suggested that the industry should also optimize efficiency, growth, and sustainability, the cornerstones of a thriving downstream supply chain. "If we optimize our operations, embrace modern technology, and make sustainability a running theme in all we do every day, we can achieve the results we desire for our industry."
The minister pledged the government's resolve to continue to promote and explore policies that enhance Ghanaian content, support capacity building, and create opportunities for the Ghanaian industry.
"That way, we can guarantee that the benefits of our resources are widely shared while ensuring the development of our local workforce and businesses," added the minister.
More than 400 companies from Africa and other markets registered to participate in the three-day event, culminating in an awards night Friday. ■