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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

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    Enterprise Group PLC records 37% rise in revenue in 2021

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    GHASALC laments drop on number of digital transactions following e-levy

    Italy’s top producers of agro-tech products explore opportunities in Ghana

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Ensure fairness in awarding oil blocks – ACEP

byBobbie Osei
May 14, 2019
in Economy, Government, Local Economy, Oil And Gas
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Exactly one week to the May 21st deadline for the submission of bids, given to some 14 companies that applied to explore oil blocks put on offer by the government last year, the Africa Center for Energy Policy (ACEP) has called for fairness in the awarding of the oil blocks up for grabs.

President Akufo-Addo in October last year launched the country’s maiden Oil and Gas Licensing Round, and in the process three blocks were earmarked for allocation through open competitive tender, two through direct negotiations, while one would be reserved for the national oil company, GNPC.

But speaking on the state of petroleum agreements in the oil and gas sector, the Executive Director of ACEP Benjamin Boakye said government must endeavor to ensure transparency in the entire bidding process in order not to alienate potential investors.

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“What we want to see out of this process is for government to ensure that the bidding round is not rigged. Because that will send a bad signal to investors. And it will affect confidence of investors interested in participating in future bidding rounds.”

The new licensing regime

The purpose of the licensing round is to encourage transparency in petroleum agreements while employing competent and capable companies. The decision is also to enhance cost effectiveness and undertake oil exploration in a sustainable and mutually beneficial manner.

Nine oil blocks have so far been mapped out but only three blocks would be allocated through the open competitive tender. Two would be given through direct negotiations, while one would be reserved for the national oil company, GNPC. This brings us to six oil blocks to be given out in the first licensing round of bidding.

The other three are expected to be auctioned in the second round at a date yet to be fixed.

A statement issued by the Ministry of Energy explained that the process will be conducted in accordance with the provisions of the Petroleum (Exploration and Production) Act 2016, Act 919, the ancillary Petroleum (Exploration and Production) General Regulations 2018, LI 2359 and all other applicable laws in Ghana as well as the policy objective of the licensing round.

Between January and February 2019, there was an evaluation and announcements of pre-qualification of applicants in line with applicable regulations and invitation to tender of pre-qualified applicants.

The qualified companies were given four months within which to submit their tender while the Licensing Bid Rounds and Negotiation (LBRN) Committee between June and August 2019 will evaluate the tender.

The announcement of a successful tender is expected in mid-August 2019 which will pave way for negotiations to begin with the committee.

 

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Gov’t to commence talks with IMF for bailout

Financing agric sector alone not enough to grow it – GIRSAL CEO

Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

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Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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