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    Chamber of IPPs disappointed over ECG’s tariff increase request

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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    BoG Governor confident inflation has peaked; expects rate to start declining

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    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

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Government supports GNPC’s decision to acquire stakes in Aker Energy, AGM Petroleum deal – NAPO

byNerteley Nettey
September 1, 2021
in Oil And Gas, Top Stories
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Government says it fully backs the decision by the Ghana National Petroleum Corporation, GNPC, to acquire stakes in Aker Energy and AGM Petroleum Ghana Limited.

This is according to the Energy Minister, Dr. Mathew Opoku Prempeh.

The 1.65 billion loan billion dollar deal has been met with stiff opposition from civil society organizations who say the deal is not in the best interest of the country.

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However, GNPC says it’s the best deal for the country.

But speaking at the swearing in of the reconstituted Board of the GNPC in Accra, Energy Minister, Dr. Mathew Opoku Prempeh says government is fully behind the GNPC.

“The government is going to support you 100 percent in this direction of local content and the promotion of our petroleum resources in the acquisition of shares in some petroleum. It is not only Aker.

“I do know there is the intention to go into Aker Energy, there is an intention to go into AGM, there is an intention to go into Springfield and there is also an intention to go into the Jubilee Fields and the Ten fields to acquire not only significant or more shares but more experience in the exploration of agenda of GNPC,” he said.

It will be recalled that, the Chief Executive Officer (CEO) of the Corporation, Dr. K.K. Sarpong has said he will ensure that the deal goes through.

He maintained that he personally entered into the agreement after he was convinced that the deal when brokered will be beneficial because the partnership between GNPC and the other partners is crucial to Ghana’s oil and energy space.

“I don’t think that Aker Energy and AGM are in a hurry to leave. If you look at the time profile set for this energy transition – that is the movement from fossil fuels to renewables, we are talking about a 30-year period to get to that level. It is a long way to go, so over time you will see that there is the movement of investment into the extraction and production of fossil fuel and shift capital to fossil fuel. Are they telling us, we should leave our oil in the soil, I think there is hypocrisy there.”

“Indeed, the Western Countries have extracted oil in their backyard and our fields, and they want us to leave ours there. This is something that, as someone from a developing country, I find it very difficult to accept. It is this realization and kind of position which dawned on me which really necessitated my push for this agenda. All that I am saying is that within this time frame, production should be going on now and if they shift investment from us, it means we cannot develop our fields and our oil will remain in the soil”, he added.

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