No Result
View All Result
Monday, August 15, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target- sector ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    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

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target- sector ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    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

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Government engages Bank of America Securities for valuation of GNPC-Aker Energy oil deal

August 15, 2021
Share on FacebookShare on TwitterShare on Whatsapp

A Deputy Minister for Energy, Andrew Egyapa Mercer, says the government has begun engaging American multinational investment banking division – Bank of America (BofA) Securities Inc. to conduct a valuation of the fields involved in the planned Ghana National Petroleum Corporation (GNPC) and Aker Energy oil bloc acquisition for oil exploration in the country.

Mr. Egypa Mercer maintains that the engagement is to bring to light, the real value of Ghana’s stakes in the deal, following concerns raised by Civil Society Organizations (CSOs) that the planned acquisition is not in Ghana’s best interest.

15 civil society groups, working in the extractive industry, petitioned Parliament saying, although they are not against the deal, its possible merits “cannot be a guise for poor decisions that threaten the country’s economic and fiscal outlook”, hence must be reconsidered.

ADVERTISEMENT

But speaking on The Big Issue, the Deputy Energy Minister explained that aside from Lambert Energy Advisory’s valuation of the oil blocs, the government has gone a step further to seek the services of a third party; Bank of America Securities to independently get its own value.

“As we speak, the Ministry of Finance pursuant to the mandate that was given by Parliament has engaged the Bank of America securities to do a fair value assessment of the field and has requested GNPC to make its data room available to Bank of America Securities to undertake that exercise that will then lead to the real numbers that the Bank of Ghana is going to negotiate. The Lambert advisory valuation was commissioned by GNPC and Aker not the Ministry of Finance or Energy”, he said.

 

 

To this end, the deputy Minister clarified that no arrangement has so far been sealed yet among the entities involved to warrant the criticisms of the Civil Society Organizations.

“No transaction has been concluded as we speak. No agreement has been executed as we speak. What GNPC put before Parliament and cabinet is a work programme. Going forward, I think that previous attempts to get us an operator have not been successful.”

“There is an opportunity that is springing up now with Aker coming in to commence its work, so we can get the mandate to go and negotiate with Aker based on some submissions that have been done. That will inform us on some parameters within which those negotiations can be held. Cabinet evaluated the request and approved the request. Parliament then mandated the Finance Minister and the Energy Minister to negotiate. That negotiation has not taken place.”

He added: “so I urge them [CSOs] rather than making a suggestion that someone has done something untoward, the engagement is commencing. They may have views, but the Government of Ghana has been mandated by the people to manage their affairs on their behalf. Civil society will have a say, but the ultimate decision will be taken by the government. And so to suggest that if the Government of Ghana wants to engage in oil exploration, there is a best option is neither here nor there.”

Meanwhile, Andrew Egyapa Mercer, insists that, despite the red flags raised against the deal, the arrangement is critical to exploration activities before Ghana’s oil reserves hit a level of terminal decline.

“The truth of the matter is that these are valuable assets that if we do not explore are going to be stranded, and the government has taken a decision that rather than making these assets stranded, it is going to empower GNPC through the arrangement that is being negotiated to enable  GNPC to become an operator on its own. We can have criticisms about deals that were unsuccessful, but it does not mean we cannot proceed with that route by ensuring that the capacity that GNPC has will help us explore that resources.”

Source: Nii Larte Lartey | citinewsroom.com | Ghana
Tags: Aker EnergyAndrew Egyapa MercerGhana Business NewsGNPC
Previous Post

ADB’s profit after tax in 2020 up by 400% despite impact of COVID-19

Next Post

OMC’s likely to repeat infractions in audit report if GRA refuses to ‘bite’ – COPEC

Next Post
TAX EVASION red Rubber Stamp over a white background.

OMC’s likely to repeat infractions in audit report if GRA refuses to 'bite' - COPEC

Accra Kotoka International Airport Arrivals
ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.