The Minority Caucus in Parliament has voiced strong reservations following the approval of extensions to petroleum agreements in the West Cape Three Points (WCTP) and Deepwater Tano (DWT) blocks until 2040.
Led by Minority Leader Alexander Afenyo-Markin, the caucus argued that renewing the contracts years ahead of their original expiry dates—2034 for WCTP and 2036 for DWT—could set a troubling precedent for future concessions in Ghana’s oil and gas sector.
Concerns Over Negotiating Leverage
According to Afenyo-Markin, early renewals risk weakening the government’s future bargaining power with international oil companies.
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“Approving these contracts several years ahead of schedule could limit our ability to secure more favourable terms down the line and may encourage other operators to expect similar early renewals,” he cautioned.
The Minority maintains that such decisions could constrain Ghana’s ability to renegotiate improved fiscal terms in response to changing market dynamics or technological advancements in the energy sector.
Government’s Justification
Government officials have defended the extensions, pointing to a proposed US$2 billion investment package designed to sustain production levels and ensure operational stability within the blocks.
Parliament also approved amendments to the Master Gas Agreement, which authorities say will lower gas prices and strengthen supply to domestic industries—an intervention they argue supports economic growth and energy security.
Transparency and Long-Term Interest
Despite these assurances, the Minority insists that the timing of the approvals raises broader questions about transparency, fiscal discipline, and strategic oversight of Ghana’s petroleum assets.
The caucus warned that while attracting investment remains critical, Parliament must guard against decisions that could inadvertently prioritise short-term production stability over long-term national interest.
They further stressed that safeguarding Ghana’s negotiating leverage and ensuring rigorous parliamentary scrutiny should remain paramount when considering similar extensions in the future.
As debates continue, the development signals renewed tension over how best to balance investor confidence with sovereign control of Ghana’s petroleum resources.
Source: Accra Street Journal
Last Updated on February 20, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
