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Oil And Gas

Govt projects ‘higher’ interest rates for energy bond

Ken Ofori-Atta - Finance Minister

Government may be targeting at least 19 percent interest rate on the energy bond to be issued to clear the debts in the energy sector. Citi Business News understands this is relatively higher compared to the estimated 18 percent rate on the ten year domestic bond. Sources close to the bond issue also indicate that the corporate nature of the ...

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LPG marketers backdown on closure of outlets

gas shortage

LPG operators have announced the rescheduling of the maintenance of their retail outlets with immediate effect. The move according to the businesses, is to ensure uninterrupted supply of liquefied petroleum gas. The decision was arrived at after an emergency meeting between OMCs, Ghana Liquefied Petroleum Gas Operators and the Liquefied Petroleum Gas Marketing Companies on Thursday, October 19, 2017. LPG ...

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Roadshow for GH¢10bn energy bond starts today

Charles Adu Boahen - Deputy Finance Minister

Government will today (October 19, 2017) embark on a roadshow for the energy sector bond to be used to clear the energy sector debt. Today’s roadshow, to be carried out in London, is the first of two roadshows to be conducted ahead of the issuing of the bond.. The bond is also expected to be issued in tranches with the ...

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Road show for energy bond starts tomorrow

bond

Government will tomorrow Thursday, October 19th, 2017 begin a road show for the energy sector bond, which will be used to clear the energy sector debt.. The show will commence in London on Thursday and there will be another in Accra on the 23rd of October, 2017. The 2.5 billion dollar bond which will be auctioned in tranches will start ...

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COPEC wants gas re-circulation extended by 3 more years

Executive Secretary for the Chamber of Petroleum Consumers, Duncan Amoah

The Chamber of Petroleum Consumers (COPEC) is advocating the extension of government’s proposed gas re-circulation program by at least two more years to address all major concerns. The Chamber argues that the teething issues with the program especially threats of a strike by the gas marketing companies will pose dire consequences on consumers if unresolved. The Executive Director of COPEC, ...

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Fuel prices to drop again in October

fuel-620x400-300x194

Consumers are expected to pay less at the pumps in the second pricing window of October. This is according to the Institute of Energy Security (IES) who have predicted a reduction in fuel prices of up to three percent. Fuel prices since the beginning of this year (2017), have seen marginal increase due to the constant depreciation of the cedi ...

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Low training of Ghanaians in oil industry worrying

oil  and gas

Stakeholders in Ghana’s Oil and Gas industry have bemoaned what they say is the low level of investment in the training of personnel in the sector. According to them, government has done little to increase local  participation in the sector despite the implementation of the Local Content Law which seeks to promote the maximization of value addition and job creation through ...

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Don’t stampede gov’t into closing fuel stations

Mr. Kwaku Agyemang-Duah (M)

The Association of Oil Marketing Companies (AOMC) has appealed to government to undertake thorough examination of the Atomic Junction Gas explosion before it comes out with a national policy on fire outbreaks at the pumps. The Atomic Junction gas explosion which occurred on Saturday claimed the lives of seven people, injuring over a hundred people. Following the explosion, Scores of ...

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Govt to issue energy bond in tranches

Ken Ofori Atta - Finance Minister

Government has disclosed it is considering to issue its energy bond in batches of two or three. Citi Business News understands this may be the case as it will attract relatively lower yields and reduce the debt repayment burden. The decision to avoid a wholesale issuing of the estimated 10 billion cedis or 2.5 billion dollar bond, according to Deputy ...

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Ghana’s exports rise to $ 8.9 billion

Gold

Ghana is benefitting from increased revenue from her exports which is ultimately expected to reduce the country’s burden on imports and correct the Balance of Trade (B0T). The latest figures by the Bank of Ghana indicate that the country received 8.95 billion dollars from her exports in August 2017 compared to the estimated 7 billion dollars it spent on importing ...

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Ghana Business News