The African Center for Energy Policy (ACEP) has opposed calls for Ghana to hedge its oil against global price fluctuations. According to the Executive Director of ACEP, Benjamin Boakye, the move will rather be injurious to the country’s economy in the long run. He rather advocated that the Bank of Ghana and Ministry of Finance … Read more
The country’s economy last year grew by 3.5 percent, the lowest rate in the past 22 years and the fifth consecutive year of decline, data from the Ghana Statistical Service (GSS) has shown. Even before the statistical service announced the GDP growth figure, analysts predicted a torrid time for the economy on the back of … Read more
Oil giant Tullow has announced it will not be paying its shareholders dividends. According to Tullow, it took the decision following current financial constraints it is facing. Tullow which is listed on three stock exchanges including the Ghana Stock Exchange, in its 2016 financial report recorded a drop in its profits as compared to the … Read more
Tullow Oil has cut down its 2017 oil projection from Ghana’s Jubilee oilfields by 5200 barrels. The figure has dropped from 73,700 barrels in 2016 to 68,500 barrels. This was contained in the company’s 2016 financial statement released on Wednesday, February 8, 2017. Tullow’s profits however dropped by eight percent between 2015 and 2016. The … Read more
The Public Interest and Accountability Committee (PIAC) says the Ghana National Petroleum Company (GNPC) should desist from financing infrastructure projects with funds allocated to it from petroleum revenues. The Committee proposed that any outstanding payment (s) to be made in respect of the Western Corridor Road project must be paid from the allocations to the … Read more
The Public Interest and Accountability Committee (PIAC) has called on the Ministries of Finance and Energy to urgently convince the Volta River Authority to settle its indebtedness to the Ghana National Gas Company. It said this was in order to prevent the VRA’s debts to Ghana Gas from spiralling to unmanageable proportions and thus compromising … Read more
The Public Interest and Accountability Committee (PIAC) has called on the Ministries of Finance and Energy to urgently convince the Volta River Authority to settle its indebtedness to the Ghana National Gas Company. It said this was in order to prevent the VRA’s debts to Ghana Gas from spiralling to unmanageable proportions and thus compromising … Read more
The Public Interest and Accountability Committee (PIAC) has expressed doubts about the ability of the Ghana National Gas Company (GNGC) to commence the scheduled amortisation of the approximately US$1billion China Development Bank (CDB) loan facility that was contracted by the Government for the construction of the Atuabo Gas Processing Plant. PIAC said it arrived at … Read more
The Public Interest and Accountability Committee (PIAC) has asked government push the Volta River Authority (VRA) to pay more than $306 million it owes the Ghana National Gas Company (GNGC). The Committee warns in its latest report that the debts could hit unimaginable limits if the power producer does not move to clear it. The … Read more
Tullow Oil is expected to resume its daily 90 million standard cubic feet of natural gas supply to Ghana Gas effective today, November 22, 2016. Tullow, early this month announced a reduction of its daily natural gas supply by 40 million standard cubic feet to allow it complete a “critical turret remediation works upstream.” The … Read more