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Oil And Gas

IFS renews pressure to hedge Ghana’s oil

Executive Director of IFS - Prof. Newman Kusi

The Institute of Fiscal Studies (IFS), has made fresh calls for Ghana to hedge its oil to protect the country from shocks in the global price of crude. The Institute is warning the country risks missing out on its 7 percent growth target for 2017 should prevailing conditions on the global oil market persist. “We are not going to achieve ...

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PIAC hits GNPC for investing outside core area

GNPC

The Public Interest and Accountability Committee (PIAC) has once again lashed out at Ghana National Petroleum Corporation for refusing to adhere to a directive not to invest its proceed in non-core business of the industry. In its Semi Annual Report on Management of Petroleum Revenue, PIAC bemoaned the decision of GNPC to invest in areas it has advised the corporation ...

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2016 first half petroleum revenue dropped by 55%

The FPSO JEA MIlls

Ghana’s revenue from the petroleum sector for the first half of last year dropped by over 50%. The figure declined from US$274.47 million in 2015 to US$126.41 million for the same period last year. This translates to a 55% reduction in revenues when compared to total petroleum receipts during the same period in 2015 (US$274.47 million) but 4% better than ...

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Ghana is safe from kerosene shortage – Energy Institute

kerosene

The Institute for Energy Security (IES) has downplayed fears of a likely shortage of Kerosene following scarcity of the product in Nigeria. According to the Institute, Ghana has about 20 million litres of domestic kerosene and seven thousand liters of aviation kerosene available and will not be experiencing a shortage any time soon. “Ghanaians need not to be alarmed about ...

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Reducing fuel prices: Analysts suggest local refining of crude

Ken Ofori-Atta is Finance Minister nominee

Oil and gas analyst, Kwame Jantuah has advised the NPP government to increase the country’s capacity to refine more crude at a cheaper cost if it is to reduce the prices of fuel. His comments follow the assurance by the Finance Minister Nominee, Ken Ofori Atta to consumers that there will be no immediate hikes in the prices of fuel ...

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Aidan Heavey to serve as Tullow Group Chairman

Aidan Heavey

Founder and current CEO of Tullow Oil Aidan Heavey is to take up the position of chairman of the Tullow group. The move is however subject to approval by shareholders through a vote on its next AGM which is slated for 26 April, 2017. A statement from Tullow on the matter said ”Mr. Heavey’s tenure as Chairman will not exceed ...

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Boakye Agyarko’s nomination for Energy Ministry apt- ACEP

President Akufo-Addo naming Boakye Agyarko as nominee for Ministry of Energy.

The financial experience of Boakye Agyarko is good for the current state of Ghana’s energy challenges—this is a verdict from the African Center for Energy Policy (ACEP) on the nomination of Mr. Agyarko for the position of Energy Minster by President Nana Akufo-Addo. Mr. Agyarko is described as a successful banker, having worked as a banker in New York for ...

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Dumsor must stay in the past – President Akufo Addo

dumsor

President Nana Akufo-Addo has charged the Minister nominee for the Energy Ministry, Boakye Agyarko, to work to avert dumsor permanently. According to the President, Mr. Ayarko’s major challenge upon approval by Parliament, would be to prevent a power crisis. “What he has to do is to assure the Ghanaian people that dumsor is going to be a thing permanently of ...

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Boakye Agyarko nominated for Energy Ministry

agyarko proper

President Nana Addo Dankwa Akufo-Addo has named Boakye Agyarko as the Minister for Energy, subject to parliamentary approval. Mr. Agyarko was a Policy Advisor for the 2016 campaign team of the New Patriotic Party(NPP). He is a successful banker, having worked as banker in New York for several years. He has also worked as an investment banker for years, with ...

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Govt must stock fuel to avert power crisis- ACEP

Dr. Ishmael Ackah

The African Center For Energy Policy (ACEP) has called for pragmatic steps to stock fuel in order  to power the nation’s thermal plants to avert a power crisis in the near future. According to the group, Ghana already has enough capacity but currently requires the financial strength to acquire more fuel to produce stable power. Speaking to Citi Business News, ...

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Ghana Business News