The Public Interest and Accountability Committee (PIAC) has joined a long list of advocates that have urged government to seriously consider restoring its hedging programme in order to cushion the country against the impact of oil price shocks on the state’s purse. The advice of a Committee established by an Act of Parliament to provide … Read more
Nana Akufo-Addo has alleged in the coming days President John Dramani Mahama will announce a reduction in the prices of petroleum products in a bid to woo voters to retain him. “We’re being told that very soon, they are going to reduce the petroleum (energy sector) levy (on the price buildup of petroleum prices). We, … Read more
The Monetary Policy Committee (MPC) of the Bank of Ghana will next week Monday, announce its policy rate for commercial banks in the country. The announcement will conclude the MPC’s 73rd regular meeting which starts this Friday, November 14. For the fourth consecutive time this year, the MPC kept the policy rate unchanged at 26 … Read more
The 2016 presidential candidate of the New Patriotic Party has revealed that in the coming days, and in his desperation to hang onto power, President John Dramani Mahama will announce a reduction in the prices of petroleum products. “We’re being told that very soon, they are going to reduce the petroleum (energy sector) levy (on … Read more
The 2016 presidential candidate of the New Patriotic Party is claiming that in the coming days, and in a desperation to hang onto power, President John Dramani Mahama will announce a reduction in the prices of petroleum products. “We’re being told that very soon, they are going to reduce the petroleum (energy sector) levy (on … Read more
Local service companies in the oil and gas sector have been advised to conduct feasibility studies into areas where they want to operate to avoid loss of investment. Mr. Theophilus Ahwireng, Acting Chief Executive Officer of the Petroleum Commission, gave the advice at the opening of the 2016 Local Content Conference and Exhibition in Takoradi. … Read more
Investors around the world are reacting with shock to Donald Trump’s victory in the U. S. presidential election. Global stock markets are dropping, Mexico’s currency has tanked and U.S. stocks are poised for a very rough open. Markets hate uncertainty, and many investors believe Trump’s unpredictable nature and anti-trade stance could bring global turmoil. Dow … Read more
The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel. It explained that this was the case as members of the Organization of the Petroleum Exporting Countries (OPEC) prepared to limit production after a long period of unrestrained output. It said in its Online Media … Read more
The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel. It explained that this was the case as members of the Organization of the Petroleum Exporting Countries (OPEC) prepared to limit production after a long period of unrestrained output. It said in its Online Media … Read more
The government has revived talks with the China Development Bank (CDB) for the remainder of the almost US$2 billion loan facility it abandoned in 2014. The government suspended discussions with the Chinese bank after the country utilised the first tranche of US$ 1 billion from the US$3 billion loan agreed with China in 2011. The … Read more
Government is in strategic negotiations with Chinese authorities to access the remainder of the US$3 billion loan for energy and gas infrastructure projects, Seth Terkper, Finance Minister has said. This loan will be repaid by leveraging revenue flows from lean gas from the country’s Jubilee oil field. The China Development Bank (CDB) disbursed US$1billion of … Read more
The Minister of Finance, Seth Terkper, has confirmed the New Patriotic Party’s (NPP) claims that government intends to offer gas from one of the country’s gas fields to China for a loan from China Development Bank (CNB) for a period of 19 years starting in 2018. Mr. Terkper however downplayed the NPP’s suggestion that the … Read more
Finance Minister, Seth Terkper, has disclosed that the main propeller of growth next year will be the oil and gas sector with the Jubilee oil field expected to take center stage. Oil production in Ghana’s first oil field, Jubilee, was pegged at over 90,000 barrels per day when running optimum level but technical hitches have … Read more
The Ghana cedi is projected to sell at a higher amount in relation to other major currencies on the global interbank market, Groupe Nduom (GN) Research has predicted. According to the analyses by GN Research, published in its economic outlook report for the fourth quarter, the cedi was estimated to be sold at “GHS4.00, GHS5.04 … Read more
The government has renewed its promise to maintain strict fiscal discipline and avoid the mistakes made in the last elections ahead of the 2016 polls. President John Mahama, who is seeking a second term, faces a tough battle against opposition leader Nana Addo-Dankwah Akufo-Addo in the presidential election scheduled for December 7, this year, and … Read more
The Finance Minister, Seth Terkper today announced a prospective new Eurobond issue and all tender offer in respect of the outstanding Eurobonds due 2017. A release by the Finance Ministry said, “Following from our prior roadshow in August 2016, when we indicated that we would continue to monitor markets with a view to a potential … Read more
Every economy managed according to the rules of capitalism may experience boom, recession or depression. Nigeria’s current recession has been in the pipeline to burst anytime the shallowness of her economy was exposed. The current recession was not caused by ethnic, religious or social polarities existing in the Nigerian federalism: it was caused by an … Read more
It’s heart-warming to note efforts by the present administration led by President Muhammadu Buhari to invigorate the economy for the overall interest of Nigerians. One of such proposals is the ‘Emergency Economic Stabilisation Bill 2016’ seeking emergency powers from the National Assembly to push his planned stimulus for the economy. In the proposal, President Muhammadu … Read more
The General Transport, Petroleum and Chemical Workers’ Union (GTPCWU) has warned that hundreds of its members are set to lose their jobs in the coming weeks due to the drop in world oil prices. According to the union, some 300 workers have already been laid off as others are expected to follow. Speaking to Citi … Read more