2024 was an eventful year for the Energy, Extractives, and Infrastructure sectors. Amid
heightened political activity leading up to the December elections, several key projects were
initiated or completed across various industries.
Our 2025 Outlook reflects on our 2024 forecast and examines expected policy and regulatory
reforms under the new government, the impact of its “Big Push” infrastructure agenda, and
financial constraints from the ongoing IMF programme and proposed tax cuts.
Our contributors also explore how global energy transition trends and Ghana’s economic policies
will shape key sectors.
Introduction
Amid heightened political activities culminating in the December general elections, 2024 saw the
commencement of several projects and the completion of existing projects across various
sectors.
For the energy and extractives sectors, several projections in our 2024 Outlook including the
parliamentary ratification of the Ewoyaa lithium mining lease, commencement of development of
the Pecan field, and the potential commencement of exploration activities in the DWCTP block
continued to face delays.
These notwithstanding, there were noteworthy developments in these sectors in 2024. These
included Springfield’s completion of appraisal works on the Afina discovery; operationalisation of
Ghana’s first major private oil refinery; signing of agreements towards the establishment of a
decommissioning fund for the Jubilee Field signing of agreements and sod-cutting for the
development of Phase I of the Petroleum Hub project in the Jomoro Municipal Area in the
Western Region; presentation of bills to Parliament to restructure the power sector including
proposals to merge existing state-owned power generation and distribution companies;
commencement of processes to establish Ghana’s first manganese refinery and alumina
refinery; commissioning of Ghana’s first gold refinery with state participation and Ghana’s largest
bitumen processing plant; and Newmont’s sale of its Akyem mine to Zijin Mining Group.
The year also proved to be significant as critical pending legal disputes were concluded: (i)
ENI/Vitol obtained a favourable award quashing Ghana’s Minister of Energy’s directives issued to
the OCTP partners for the unitisation of the OCTP field with Springfield’s Afina discovery; and (ii)
Tullow Ghana Limited obtained a favourable award from the International Chamber of Commerce
(ICC) in connection with its prolonged dispute with the government over a branch profit tax
assessment of USD 320 million.
Regarding Infrastructure, the La General Hospital project and the reconstruction and expansion
of the Tema Motorway commenced in 2024 as projected in our 2024 Outlook. Further, Ghana’s
infrastructure sector saw the procurement of new trains for Ghana’s railway transportation
system; commissioning of the 97-kilometre standard gauge Tema-Mpakadan railway line;
launching of a performance tracker to promote transparency and accountability in infrastructure
projects across Ghana; completion and operationalisation of the Kumasi International Airport;
inauguration of a multi-million-dollar integrated recycling and composting plant in the Ho
municipality in the Volta Region; the completion of the Tema Motorway flyover project; and the
near completion of the 200 affordable housing units at Amrahia in the Greater Accra Region.
On regulatory developments, the National Roads Authority Act, 2024 (Act 1118) was passed as
predicted to establish the National Roads Authority as a unified body consolidating the mandates
of the three key agencies of the Ministry of Roads and Highways (the Ghana Highway Authority,
the Department of Urban Roads, and the Department of Feeder Roads). Act 1118 makes the
new authority responsible for the planning, development, maintenance and management of the
national road network in Ghana and provides for other matters. However, the fate of the new law
now hangs in the balance following the suspension of its implementation by the government this
month to allow for further engagement after major concerns were raised by some key
stakeholders.
Additionally, the following laws relevant to the focus sectors came into force in 2024:
- Ghana Shippers Authority Act, 2024 (Act 1122) – repeals the Ghana Shippers’ Authority
Act, 1974 (NRCD 254), establishes the Ghana Shippers’ Authority to regulate the
commercial activities of shippers and shipping service providers in the shipment, storage
and delivery of international trade cargo by sea, air and land, and provides for related
matters; - Ghana Civil Aviation Act, 2024 (Act 1120) – repeals the Ghana Civil Aviation Act, 2004
(Act 678) and its amendments, reviews and consolidates the laws relating to civil
aviation, establishes the Ghana Civil Aviation Authority to regulate aviation safety and
security, and provides for related matters; - Fisheries (Port State Measures) Regulations, 2024 (LI 2490) – combats illegal,
unregulated and unreported fishing, gives effect to the implementation of the Port State
Measures Agreement to deter, prevent and eliminate illegal, unregulated and unreported
fishing, and provides for the conservation, utilisation and management of fisheries
resources; - West African Gas Pipeline (Amendment) Regulations, 2024 (LI 2489) – amends the West
African Gas Pipeline Regulations, 2005 (LI 1814) by increasing the intervals required for
the inspection and testing of “Vital Equipment”, being equipment whose failure can cause
certain prescribed hazards under the law, by the West African Gas Pipeline Company
Limited or another person engaged by it; and - Aircraft Accident and Incident Investigation and Prevention Regulations, 2024 (LI 2483) –
provides for, among others, the conduct of an investigation of an aircraft accident or
incident, and the rights, privileges and status of persons attending investigations of
aircraft accidents and incidents.
The Environmental Protection Act, 2025 (Act 1124) was passed on January 2, 2025. The Act,
which has recently received presidential assent, amends and consolidates laws relating to
environmental protection; establishes the Environmental Protection Authority to regulate and
protect the environment; provides for pesticide control and regulation; provides for the control,
management and disposal of hazardous, electrical and electronic waste; provides for the co-
ordination of climate change responses; and provides for related matters.
Links to:
2025 Outlook and Projections
Commercial Outlook
Legal/Regulatory & Policy Outlook
Authors:
Seth Asante; Seyram Dzikunu; Elizabeth Ashun; Godwin Ofosuhene Nkrumah; Theodosia
Tandoh; Grace Mensa-Bonsu
For further information and updates please contact Bentsi-Enchill, Letsa & Ankomah, the LEX Africa member in Ghana, on info@bentsienchill.com or visit www.bentsienchill.com
