Category: Oil And Gas
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Hedge Ghana’s oil to protect economy from shocks – PIAC
The Public Interest and Accountability Committee (PIAC) has impressed on the Bank of Ghana and Finance Ministry to target hedging Ghana’s oil reserves to protect the economy from massive revenue losses due to declining global oil prices. In its 2016 Annual report, PIAC warned of extreme financial losses in the near future following the over…
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PIAC demands swift clearance of $ 2.4bn energy sector debts
The Public Interest and Accountability Committee (PIAC) has warned that the troubles confronting Ghana’s energy sector may deepen soon if the huge debts in the sector are not settled. PIAC argues that the debt owed particularly by the Volta River Authority (VRA), greatly affected operations for 2016 considering the declining global oil prices. In the…
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200mw Asogli plant lying idle due to insufficient gas–Chairman
Operators of the Sunon Asogli Power Plant have told Citi Business News the plant is running at half capacity due to insufficient gas supply from the West African Gas Pipeline Company (WAGPCo). The company which completed its phase two power plant in January this year is expected to add about 360 megawatt power to its…
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No fuel shortage in Ghana- Boakye Agyarko assures
The Minister of Energy Mr. Boakye Agyarko has announced that government is working to ensure sustained availability of petroleum products at affordable prices. The move, according him is aimed at making fuel shortage a thing of the past as a reliable supply chain is established. Speaking at the maiden Energy Summit held yesterday in Accra,…
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Fuel prices to go up by 4% in June- IES
The Institute of Energy Security (IES) is predicting a 4% increase in fuel prices for the first pricing window in June. Principal Research Analyst at the Institute, Richmond Rockson attributed the development to the depreciation of the cedi by 1.18%, as well as increase in prices of gas oil and gasoline. “When you look at…
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Give value for money – Energy Minister charges new Audit Committee
Energy Minister, Boakye Agyarko has charged the new Audit Committee for the energy ministry to commit itself to giving value for money as it commences its work. As part of fulfillment of provisions of Section 86 of the Public Financial Management Act 2016 (Act 921), the Minister on Friday, June 2, 2017 inaugurated a five…
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Govt to clear all energy debts – Pres. Akufo-Addo
President Akufo-Addo has assured that government will clear all debts in the energy sector to bring back efficiency into the generation and distribution of electricity in the country. Debts in the energy sector are currently at 2.4 billion dollars, as the Finance Ministry announces plans to raise a bond to settle the debt. Speaking at…
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Declining oil prices will least affect Ghana – Economist
Some Economists have ruled out any significant impact on Ghana’s economy following the declining global oil prices. The decision by Oil Producing and Export Countries (OPEC) including Russia to cut down production due to increased supplies has resulted in a drop in prices. Contrary to the expectations of many investors in the oil and gas…
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Ghana ready to abide by nuclear safety rules– Atomic Energy
The Ghana Atomic Energy Commission has expressed its readiness to maintain high safety standards as the nation prepares to establish a nuclear power plant. Most Countries in Africa are reluctant to establish nuclear plants due to stringent rules from the International Atomic Energy Agency on upholding strict measures. Ghana has been presented with a document…
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We’ll retrieve debt owed us by govt- GOIL Board
The Board Chairman of GOIL, Kwamena Bartels has outlined pragmatic measures to retrieve all debt owed to the company by government. GOIL, which an indigenous oil marketing company is owed by government agencies and security services including the Ghana Police, running into millions of cedis. Speaking to Citi Business News on plans to retrieve the…