He said the move was in line with government policy to deliberately increase the country’s shareholdings in mining and oil and gas companies.

Dr Kumah, who disclosed this in an interview with journalists on the sidelines of the launch of the 2019 Ghana Extractive Industries Transparency Initiative (GHEITI) Report, also said the exit of some companies from the extractive sectors as part of the global energy transition agenda through which some Western countries were shifting from hydrocarbons to other forms of clean energy, had created the need for the country to control interest in the extractive sector.

He said the government holding controlling interest in oil and gas would help the country to accrue more revenue from the sector.

Dr Kumah said GNPC this year had taken steps to increase our controlling interest in some of the oil and gas companies.

Asked if the government had any strategy to help the country rake in more revenue from the extractive sector, the Deputy Minister responded that the GHETI Report would help the government to have a full picture of what is happening in the sector to inform government policy decisions.

DrKumah, however, said the extractive sector was one of the sectors which was hardest hit by COVID-19, and therefore, there was a limit government could take from the sector.

Turning his focus on GHEITI, the Deputy Minister of Finance said Ghana signed on the EITI in 2003 and produced the first report in 2006, the report highlights payments players in the mining and oil and gas sectors made to government.

So far, he said the country has produced 16 mining and nine oil and gas reports.

Asked if the government had any strategy to help the country rake in more revenue from the extractive sector, the Deputy Minister responded that the GHETI Report would help the government to have a full picture of what is happening in the sector to inform government policy decisions.

DrKumah, however, said the extractive sector was one of the sectors which was hardest hit by COVID-19, and therefore, there was a limit government could take from the sector.

Turning his focus on GHEITI, the Deputy Minister of Finance said Ghana signed on the EITI in 2003 and produced the first report in 2006, the report highlights payments players in the mining and oil and gas sectors made to government.

So far, he said the country has produced 16 mining and nine oil and gas reports.