Category: Economy
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Protect Ghanaians from layoffs with local content policy for oil & gas sector – Union
The General, Transport, Petroleum and Chemical Workers Union of the Trades Union Congress, wants government to take a second look at the local content policy for the oil and gas sector, to ensure that Ghanaians are protected from layoffs when production companies face operational challenges. This follows Tullow Oil Ghana’s decision to reduce its workforce…
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Petroleum Commission urged to engage GSA to standardize oil measurement
Parliament has urged the Petroleum Commission to work with the Ghana Standards Authority, (GSA), to check the measurement of Ghana’s oil meant for export. This follows concerns raised by some civil Society Organizations about the metering system used by multinational companies producing oil in Ghana. After debating the issue on the floor of Parliament, Executive…
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GIPC woos US investors at business meeting with Mayor of Broward County
The Ghana Investment Promotion Centre (GIPC) has intensified efforts to boost investments in the country with a call on foreign governments and individuals to take advantage of the country’s numerous investment prospects to facilitate development. The Centre says there are many investment opportunities that are underutilized or untapped, requiring huge capital and human investments. An…
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Ghana’s petroleum revenues dip amidst production challenges
Ghana’s petroleum revenues for 2019 fell by more than four percent according to provisional data released by the Bank of Ghana. The central bank’s data released earlier this week shows that the country recorded US$503.1 million from crude oil liftings, surface rentals and corporate taxes in the second half of 2019. The first half of…
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ACEP urges 40% projected revenue in Stabilization Fund against oil price volatility
In order to avoid the impact of revenue shortfalls from the oil and gas sector often due to price volatility on the international market, the Africa Center for Energy Policy (ACEP), is asking government to secure at least a 40 percent projected revenue in the Stabilization Fund. According to a report on petroleum funds published…
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New US$3 billion Eurobond will not balloon public debt – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has given the assurance that the country’s debt to GDP, which is the total value of all goods and services produced, would not escalate to alarming levels with the issuance of the latest Eurobond. Ghana’s debt to GDP is currently around 63 percent. Following Ghana’s eighth appearance on the Eurobond…
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Auction proceeds won’t be enough to pay us – Depositors of collapsed financial firms
Some depositors of the collapsed savings and loans companies, microfinance firms and finance houses say they may not receive all their locked up funds through the auctioning of used cars and other assets belonging to the defunct financial institutions. The depositors are of the view that that the proceeds from the exercise may not be…
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Gov’t secures US$3 billion Eurobond at cheaper rates
A delegation led by the Finance Minister Ken Ofori-Atta on Tuesday, February 4, 2020, completed the issuance of a US$3 billion Eurobond in three installments with interest rates better than what was realized in similar bonds issued last year. The three-tranche bond was sold with 7-year, 14-year, and 41-year maturities. A member of the delegation…
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Ghana set to issue longest ever Eurobond at 41-years
The government’s planned US$3 billion Eurobond will be done in three tranches at three different maturity periods with the longest being a 41-year bond. The 41-year bond thus becomes the longest-dated bond ever issued by an African country trumping the 31-year bond the government issued at its last Eurobond appearance in 2019. In addition to…
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Ghana to accept bids for US$3 billion Eurobond today
Ghana will today, Tuesday, February 4, accept bids from investors for its US$3 billion Eurobond after the successful completion of a week-long roadshow in Europe and the United States. A government delegation led by the Finance Minister, Ken Ofori-Atta, brought their roadshow, which had seen them interact with investors from Europe and North America, to…