Agency overview | |
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Formed | 2011 |
Jurisdiction | Government of Ghana |
Headquarters | Plot # 4A George Bush Highway, Accra - Tema Motorway, Accra |
Agency executive |
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Website | petrocom |
The Petroleum Commission is a Ghanaian state agency under the Ministry of Energy and Petroleum responsible for the regulation, management and coordination of all activities in the upstream petroleum industry for the benefit and welfare of Ghanaians. [1] The commission was established in 2011 as an independent regulator in the petroleum sector of Ghana. [2]
The commission was established in 2011 by an Act of Parliament (Act 821) in consequence of hydrocarbons discovered in commercial quantities. The purpose of the act was for the regulation and management of the utilization of petroleum resources and also to coordinate the policies in the upstream petroleum sector. [1] [3] [4]
The commission is responsible for monitoring, supervising, inspecting and auditing all petroleum activities in Ghana. The commission is also responsible for registering and receiving registration fees of all industry players of the upstream oil and gas sector of Ghana. The commission also recommends national policies connected to petroleum activities to the Minister of Energy. The commission receives applications and issues licenses for specific business operations in the petroleum field as stated by the petroleum laws and regulations. The commission is also tasked with the promotion of local content and Ghanaian participation in the petroleum industry as stated by the Petroleum Exploration and Production Law of 1984 (PNDCL 84), and other laws and regulations for national development. [5]
The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals. These have given Ghana one of the highest GDP per capita in West Africa. Owing to a GDP rebasement, in 2011 Ghana became the fastest-growing economy in the world.
Governance comprises all of the processes of governing – whether undertaken by the government of a state, by a market, or by a network – over a social system and whether through the laws, norms, power or language of an organized society. It relates to "the processes of interaction and decision-making among the actors involved in a collective problem that lead to the creation, reinforcement, or reproduction of social norms and institutions". In lay terms, it could be described as the political processes that exist in and between formal institutions.
The Minister for the Environment, Climate and Communications is the senior minister at the Department of the Environment, Climate and Communications in the Government of Ireland.
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations. Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.
Regulatory economics is the economics of regulation. It is the application of law by government or independent administrative agencies for various purposes, including remedying market failure, protecting the environment, and economic management.
The Trinidad and Tobago Stock Exchange (TTSE) is the main stock exchange in the Republic of Trinidad and Tobago, and the largest stock exchange in the Caribbean region by market capitalization. As a member-state of CARICOM several companies from Barbados, Jamaica, Saint Vincent and the Grenadines and the Eastern Caribbean Securities Exchange also cross-list their stocks onto the Trinidad and Tobago Stock Exchange. The unique four symbol alphanumeric Market Identifier Code (MIC) used to identify the TTSE as defined under ISO 10383. of the International Organisation for Standardization (ISO) is: XTRN.
Government procurement or public procurement is the procurement of goods, services and works on behalf of a public authority, such as a government agency. Amounting to 12 percent of global GDP in 2018, government procurement accounts for a substantial part of the global economy.
The Mining industry of Ghana accounts for 5% of the country's GDP and minerals make up 37% of total exports, of which gold contributes over 90% of the total mineral exports. Thus, the main focus of Ghana's mining and minerals development industry remains focused on gold. Ghana is Africa's largest gold producer, producing 80.5 t in 2008. Ghana is also a major producer of bauxite, manganese and diamonds. Ghana has 23 large-scale mining companies producing gold, diamonds, bauxite and manganese, and, there are also over 300 registered small scale mining groups and 90 mine support service companies.
Ghana generates electric power from hydropower, fossil-fuel, and renewable energy sources. Electricity generation is one of the key factors in order to achieve the development of the Ghanaian national economy, with aggressive and rapid industrialisation; Ghana's national electric energy consumption was 265 kilowatt hours per capita in 2009.
The drinking water supply and sanitation sector in Ghana faces a number of challenges, including very limited access to sanitation, intermittent supply, high water losses and low water pressure. Since 1994, the sector has been gradually reformed through the creation of an autonomous regulatory agency, introduction of private sector participation, decentralization of the rural supply to 138 districts and increased community participation in the management of rural water systems.
The energy policy of Malaysia is determined by the Malaysian Government, which address issues of energy production, distribution, and consumption. The Department of Electricity and Gas Supply acts as the regulator while other players in the energy sector include energy supply and service companies, research and development institutions and consumers. Government-linked companies Petronas and Tenaga Nasional Berhad are major players in Malaysia's energy sector.
The Council for Scientific and Industrial Research (CSIR) was established by NLC Decree 293 of October 10, 1968 amended by NLCD 329 of 1969, and re-established in its present form by CSIR Act 521 on November 26, 1996. The genesis of the Council however, dates back to the erstwhile National Research Council (NRC), which was established by the government in August 1958 to organize and coordinate scientific research in Ghana. In 1963, the NRC merged with the former Ghana Academy of Sciences, a statutory learned society. Following a review in 1966, the Academy was reconstituted into, essentially, its original component bodies, namely a national research organization redesignated the CSIR and a learned Society, designated the Ghana Academy of Arts and Sciences.
The Ministry of Energy and Petroleum is the government ministry in charge of extending and ensuring a continuous supply of energy services to every division of the Ghanaian economy in an energy sufficient, environmentally friendly manner.
The Ghana National Petroleum Corporation (GNPC) is the state agency responsible for the exploration, licensing, and distribution of petroleum-related activities in Ghana.
The Ghana Revenue Authority (GRA) is the Ghana administration charged with the task of assessing, collecting and accounting for tax revenue in Ghana. The core mandate of the Authority is to ensure maximum compliance with relevant laws in order to ensure a sustainable revenue stream for government as well as the controlled and safe flow of goods across the county’s borders.
The Ghana Local Content and Local Participation Bill 2013 is a bill passed in November 2013 by the Ghanaian government that stipulates that Ghanaians should be prioritised in terms of employment in the petroleum industry, and should benefit from the country's resources. The law is expected to ensure that Ghana's natural resources benefit Ghanaians, while also allowing foreign oil companies to reap fair returns on their investment.
The Ministry of Fisheries and Aquaculture Development is a ministry in the Ghanaian government that concentrates on carrying out development interventions to move the fisheries sector and the industry to contribute efficiently to the overall development of the Ghanaian economy. This forms part of the 2014-2017 Sector Medium Term Development Plan.
Ghana has one of the highest rates of cybercrime in the world, ranking 7th in a 2008 Internet Crime Survey. The most popular form of cybercrime in Ghana is cyberfraud and is typically achieved via credit card fraud. However, recent decreases in universal credit card usage has seen the expansion of other cybercrimes such as blackmail and hacking. This growth in crime has warranted a government response, with policies specifically addressing the cyberspace being developed. This has necessitated various studies including a cyber security maturity study which was inaugurated by the Ministry of Communications and conducted by the Global Cyber Security Capacity Center (GCSCC) of the University of Oxford in collaboration with the World Bank.
The Energy Commission is a parastatal, mandated by law to regulate and manage the development and utilization of energy resources in Ghana, specifically in electricity licensing, renewable energy, natural gas and energy efficiency.
Bulk Oil Storage and Transportation Company Ltd (BOST) is a Ghanaian state agency under the Ministry of Energy and Petroleum responsible for the development of a network of storage tanks, pipelines and other bulk transportation infrastructure throughout the country and also to keep strategic reserve stocks of petroleum for Ghana. The company is now tasked with an additional responsibility as the Natural Gas Transmission Utility (NGTU) to develop the Natural Gas infrastructure throughout the country.