Ghanaian Economic Thread (News and Pictures) [Archive]

boris89

June 18th, 2007, 07:30 PM

Accra - The announcement that Ghanaians will see and start spending a new Cedi from July 1, 2007 was well received. The idea of a re-denominated Cedi which will allow for more convenience in transacting business appealed to many.
For a country in which long periods of inflation had resulted in many workers taking home millions of Cedis, yet remained poor, pruning prices and values of some zeros was necessary to align the economic situation with reality.

The central bank settled on crossing out four zeros on all prices and values so that ¢10,000 became one new Ghana Cedi. With the new currency, the average price of a newspaper, for example, that cost ¢5,000 will become 50 pesewas, a litre of petrol that cost ¢9,300 will become 93 pesewas.

Until the idea of a new currency was mooted, the pesewa, which was supposed to be the smallest value Ghanaian money can buy, had disappeared because of long periods of inflation.

Now, after six consecutive years of steady and accelerated economic expansion with gross domestic product growth reaching 6.2 percent in 2006, the central bank decided that the time was ripe to re-denominate the Cedi.

And the central bank did not have to say much to convince Ghanaians that the new currency will be in their best interest. There was enough evidence to suggest that the old cedi had out-lived its useful life. For example, the high transaction cost at the cashiers, the general inconvenience and high risks involved in carrying loads of currency for transaction purposes and there was increasing difficulties in maintaining book keeping and statistical records.

On the currency market, US$1 exchanged for ¢9,300, the one British pound sterling went for ¢18,000 and the Euro, for ¢12,000.

As the central bank governor, Dr. Paul Acquah, points it, “The re-denomination exercise seeks to remove the deadweight burden or cost on the economy and improve the role of the Cedi as a means of exchange in Ghana.”

Instructively, the re-denomination of the currency will not change the external value of the Cedi and domestic prices are expected to remain the same, except for the change in currency numeraire, that is, equating ¢10,000 to GH¢1, which will apply across board.

Already, the central bank has issued guidelines on the pricing of goods and services, exchange quotations, banking transactions and accounting system to facilitate the smooth roll-out of the re-denomination exercise.

According to the central bank, extensive work done has indicated that the scope for rounding up or down is very much reduced if any at all. A survey of commodities in the consumer basket indicated that all prices end with two zeros, that is, in multiples of ¢100. Also, no item in the basket was priced below a ¢100.

Effectively, this meant that prices were quoted in the equivalent of Ghana pesewas as 1Ghana Pesewa = ¢100.

To ensure that price equivalents are maintained and do not change, the central bank directed that dual pricing be introduced during the transition period of the re-denomination exercise. So, from May 2007, shops, fuel pump stations and all sales points and service centres across the country started quoting prices and values in both the old Cedi and the new Ghana Cedi. And from July 1, when the new Ghana Cedi starts circulating, the old Cedi will remain legal tender and can be used alongside the new notes and coins till December 31, when it will be phased out.

Public education has taken centre stage in the re-denomination exercise. The central bank has put in place a phased public education programme to ensure that the general public is adequately sensitized on the re-denomination exercise.

Messages designed to educate the public have been delivered through TV, radio, newspapers, magazines, posters, fliers and other media throughout the country.

Rural communities and the less literate have not been left out. The central bank has engaged the services of the National Commission on Civic Education and the Information Services Department to conduct direct community contact programmes.

Media campaign has caught on well on the streets, markets, schools, churches and all four corners of the country. Even mobile phone ring tones constantly remind Ghanaians of the currency re-denomination message, "The value is the same

boris89

June 18th, 2007, 07:44 PM

UK firm Tullow Oil has announced the discovery of 600 million barrels of light oil offshore from Ghana.
Reserves in the Mahogany exploration well were far greater than the 250 million barrels than the firm had earlier forecast, it said.

Tullow - which saw its shares rise 10% on the news - jointly owns the West Cape block where the drilling took place with Anadarko Petroleum.

The firms share rights to the adjacent Tano basin, which could yield more oil.

With oil as a shot in the arm, we're going to fly
John Kufuor, President of Ghana

"Based on evidence to date, ultimate reserves are likely to be materially in excess of previous estimates, with some high potential zones still to be drilled," said Tullow's chief executive Aidan Heavey.
'Boost to economy'

Ghana's president, John Kufuor, told the BBC that the discovery would give a major boost to Ghana's economy.

"Oil is money, and we need money to do the schools, the roads, the hospitals. If you find oil, you manage it well, can you complain about that? Even without oil, we are doing so well, already. Now, with oil as a shot in the arm, we're going to fly," he said.

One oil analyst, who chose to remain anonymous, confirmed that the finding marks a significant discovery.

Tullow Oil holds a 22.9% stake in the West Cape Three Points licence and just under 50% in the Deepwater Tano licence.

The move comes as foreign firms are increasingly tapping into Africa for oil.

Tullow shares closed up more than 12% on the news in trading in London.

boris89

June 18th, 2007, 07:45 PM

Watch out west africa GHANA IS ELEVATING ITSELF.......

Matthias Offodile

June 18th, 2007, 08:20 PM

Is it true, Ghana has got oil? Never heard of that but hopefully it will be good for beautiful Ghana!

SportBilly

June 19th, 2007, 02:59 AM

I am truly excited about the oil find in Ghana and the redenomination of the cedi. Ghana is reaching for greater heights. Sweeeet.
:cheers:

kulani

June 19th, 2007, 01:44 PM

Is it true, Ghana has got oil? Never heard of that but hopefully it will be good for beautiful Ghana!

Yes, they made the discovery last friday but it only hit the news yesterday. It appears to be a significant discovery that may yield up to 600 million barrels. The most important thing about this discovery is that it will spur explorations across the other blocks and most likely result in more discoveries. So that's definately good news for Ghana. I spoke to a friend who is in Ghana by telephone and he confirmed that it was a major announcements which hit all the main news outlets.

naijalove

June 19th, 2007, 02:51 PM

Excellent!!

So the Stock of Oil in the West Africa region is rising:

nigeria : 35 billion barrels

Ghana : 600 million.

I would wager that Ghana's macro-economics will improve and they will definitely depend less on foreign aid. This good news couldn't have come at a better time.

I would like more explorations to occur all across West Africa. We might sitting on an oil rich region that stretches from Morocco all the way round to Nigeria. It will also improve the macro-economics of West Africa in general and help us take our spot in Africa and in the world!

9yja

June 19th, 2007, 04:35 PM

I knew it!I had always believe that the whole coast of west africa is liable to have oil.I just hope they go for more search now and they could finally strike the big bucks.
Can somebody tell me what was it that is olding Nigeria back to search for more oil?

9yja

June 19th, 2007, 04:42 PM

Matthias Offodile

June 19th, 2007, 04:53 PM

I would like more explorations to occur all across West Africa. We might sitting on an oil rich region that stretches from Morocco all the way round to Nigeria. It will also improve the macro-economics of West Africa in general and help us take our spot in Africa and in the world!

The whole region is still highly underexplored, even early starters like Nigeria and Gabon are still largely underexplored! Mali seems to be soaked in oil (read it in the press), Mauritania has oil, so why not Senegal? Oil exploration in Angola is starting to look onshore and most of the offshore is still highly underexplored, Ivory Coast has oil, Sao Tome has oil, there is a heavy oil twist between Equatorial Guinea and Gabon about a couple of island that are literally oil-saoked, boundaries are still not carified, Nigeria could and must edge up its oil production to at least 4.5 million barrels a day, for that the Nigeria Delta crises needs to be settled durably!

Matthias Offodile

June 19th, 2007, 04:55 PM

Yes, they made the discovery last friday but it only hit the news yesterday. It appears to be a significant discovery that may yield up to 600 million barrels. The most important thing about this discovery is that it will spur explorations across the other blocks and most likely result in more discoveries. So that's definately good news for Ghana. I spoke to a friend who is in Ghana by telephone and he confirmed that it was a major announcements which hit all the main news outlets.

I am really happy for Ghana:banana: ´cos Ghana has strong institituions ....and hoepefully the oil will not impinge negatively on their democratic consolidation process!

Håkønljzberg

June 19th, 2007, 06:11 PM

Greatest Oil Reserves by Country, 2006
Rank Country Proved reserves
(billion barrels)
1. Saudi Arabia 264.3
2. Canada 178.8
3. Iran 132.5
4. Iraq 115.0
5. Kuwait 101.5
6. United Arab Emirates 97.8
7. Venezuela 79.7
8. Russia 60.0
9. Libya 39.1
10. Nigeria 35.9
11. United States 21.4
12. China 18.3
13. Qatar 15.2
14. Mexico 12.9
15. Algeria 11.4
16. Brazil 11.2
17. Kazakhstan 9.0
18. Norway 7.7
19. Azerbaijan 7.0
20. India 5.8

Top 20 countries 90.2
Rest of world 68.1
World total 1,292.

Greatest Natural Gas Reserves by Country, 2006
Rank Country Proved reserves
(trillion cu ft)
1. Russia 1,680
2. Iran 971
3. Qatar 911
4. Saudi Arabia 241
5. United Arab Emirates 214
6. United States 193
7. Nigeria 185
8. Algeria 161
9. Venezuela 151
10. Iraq 112
11. Indonesia 98
12. Norway 84
13. Malaysia 75
14. Turkmenistan 71
15. Uzbekistan 66
16. Kazakhstan 65
17. Netherlands 62
18. Egypt 59
19. Canada 57
20. Kuwait 56

Top 20 countries 5,510
Rest of world 602
World total 6,112

Matthias Offodile

June 20th, 2007, 12:31 AM

Oil:Ghana could become 'an African tiger'

Written By:Muthoni Kariuki/bbc , Posted: Tue, Jun 19, 2007

Ghana's President John Kufuor says the discovery of the country's first major oil deposit could turn the West African country into an "African tiger".

"Even without oil, we are doing so well... With oil as a shot in the arm, we're going to fly," he told the BBC.

"My joy is that I'll go down in history as the president under whose watch oil was found to turn the economy of Ghana around for the better," he said.

The discovery of 600m barrels of light oil offshore was announced on Monday.

Reserves in the Mahogany exploration well were far greater than the 250m barrels that UK-based firm Tullow Oil had earlier forecast.

Tullow, which saw its shares rise more than 12% on the news, jointly owns the West Cape block where the drilling took place with Anadarko Petroleum.

Correspondents say champagne bottles were popping at Osu Castle, the seat of Ghana's government, after the announcement.

Mr Kufuor said the discovery would give a major boost to Ghana's economy.

"Oil is money, and we need money to do the schools, the roads, the hospitals. If you find oil, you manage it well, can you complain about that?" he told the BBC's Focus on Africa programme.

He dismissed suggestions that Ghana may follow in the footsteps of other countries that have mismanaged their oil wealth.

"Some are doing it well and I assure you if others failed, Ghana will succeed because this is our destiny to set the good pace for where we are. So we're going to use it well," he said.

"We're going to really zoom, accelerate, and if everything works, which I pray will happen positively, you come back in five years, and you'll see that Ghana truly is the African tiger, in economic terms for development."

His sentiments were echoed in many of Ghana's newspaper headlines on Tuesday.

The Statesman hailed the Gold Coast, Ghana's name under British rule, finding "black gold" and the Accra Daily Mail leads with the headline: "Thank God. Oil at last Thank God!"

The BBC's Will Ross in Ghana says the country is the midst of an energy crisis and every four days everybody has their electricity switched off for more 24 hours.

Ghana is described as somewhat of a success story in Africa but the country does suffer from widespread poverty and also has alarming levels of corruption, our correspondent says.

Tullow chief executive Aidan Heavey said the discovery was one of the biggest oil discoveries in Africa in recent times, but warned it could be up to seven years before the oil started to flow.

Tullow Oil holds a 22.9% stake in the West Cape Three Points licence and just under 50% in the Deepwater Tano licence.

The move comes as foreign firms are increasingly tapping into Africa for oil.

Matthias Offodile

June 20th, 2007, 12:34 AM

Håkønljzberg

June 20th, 2007, 01:14 AM

The list is not very accurate, where is Angola? its resserves are somewhere around 15 Bn barrels of oil (tendency upwards)

I THOUGHT THE SAME THING TOO. Venezuela should be number one now with the biggest discovery the World have ever known. EVEN NIGERIA'S GAS RESERVES should be 191 Trillion and not 185 Trillion. I guess they haven't updated their database to 2007 yet.
HERE IS THE LINK http://www.infoplease.com/ipa/A0872964.html
I'M happy for Ghana and i hope this will speed up its economic projects. I read somewhere last year that the West African region could have up to 350 billion barrels of undiscovered Off-Shore Oil Reserves in an American Energy journal. Even Nigeria could have up to 400 trillion of Gas reserves. it said.

SportBilly

June 20th, 2007, 03:21 AM

Quote by popa1980

"Oh how I will weep when they find oil in Ghana!"

Popa, you are a man of your word (I hope), wherever you are I hope you are doing this..............:cry:

:angel:

iluvnaija

June 20th, 2007, 10:07 AM

thats true he did say tht...whn i see where he posts next i'll remind him to weep...lol

Tbite

June 20th, 2007, 11:21 AM

ALCAN to set up a bauxite refinery in Ghana

Accra, June 19, GNA - ALCAN, the Canadian bauxite giant, is to establish a bauxite refinery in Ghana, a move President John Agyekum Kufuor says would help to add more value to the mineral resource. A site for the project has already been acquired at Sekondi-Takoradi in the Western Region.

Ms Jacynthe Cote, the Vice President of ALCAN International and Chief Executive Officer (CEO) of ALCAN Bauxite and Alumina, which has been operating in the country for over 60 years now, said good progress was being made on the refinery project.

This was when she lad a delegation of the company to pay a courtesy call on President Kufuor at the Castle, Osu, on Tuesday. She acknowledged the high quality of the country's mineral resource and said the financials were also good and that the company was delighted to have invested in Ghana.

President Kufuor expressed his delight about the refinery project, which incidentally coincides with the discovery of oil reserves off the coast of Axim and said, "It seems we are into the best of times."

He announced an ALCAN/Ghana partnership to exploit the huge bauxite deposits at Nyinahin in the Atwima-Mponua District of Ashanti and said the mineral would be refined in the country.

President Kufuor, during an earlier courtesy call on him by a delegation from the International Commercial Bank (ICB) Global Financial Holdings, spoke of the government's determination to ensure that the country's oil discovery became a blessing to the nation. He said Ghana would learn from the experience of countries that have succeeded in managing this natural resource well to the advantage of their economies and the benefit of their peoples.

Tun Dain Zainuddin, the Executive Chairman of the company, said in his country, Malaysia, oil has been of tremendous support to the economy. The prospects for Ghana therefore looked bright.

Tbite

June 20th, 2007, 11:23 AM

Re-denomination to cost over Â¢411 billion?

According to the newspaper, Daily Dispatch, the re-denomination of the national currency being embarked upon by the Bank of Ghana will cost the nation over 400 billion cedis.

The paper arrived at the 'conservative' figure after a collaborative costing exercise with some senior BoG officials.

Parliament has already requested for the total cost of the exercise and is awaiting a response from the Governor of the Central Bank, Dr. Paul Acquah.

The estimated cost of printing the first tranche of new currencies, according to the paper in a report filed by Ben Ephson and Kwamina Kum, is US$39,760,000, about 381,700,000,000 cedis billion.

Other expenses involving the re-denomination exercise are estimated at US$3,125,000, about 30 billion cedis. The total estimated costs are $42,885,000 or 411,700,000,000.

The paper explained that it arrived at these conservative estimated costs after various considerations.

â€œA July 26, 2002 press release by the BoG stated that the total cost of printing of new notes, including additional quantities of 1,000 cedis, 2,000 cedis and 5,000 cedis denominations amounted to 110 billion cedis ($13,253,000) at that time.

â€œOur sources at the BoG explained that the 110 billion cedis cost in 2002 was for additional quantities of three different currencies that had been designed already. The estimated costs (conservative) for the first tranche of five different currencies include the new design and extra security features. The 30 billion cedis ($3.125 million) includes the cost of hiring the South African company assisting in the exercise, advertising and extra security measures in the course of sending the new currencies around.â€

The paper said its BoG sources also revealed that the introduction of coins would greatly reduce the rapid rate at which the Bank was printing new notes, especially in the lower denominations, to replace mutilated ones.

It said in 2002, a senior Bank of Ghana official told the Ghana News Agency that the bank spent 3 billion cedis a month to replace mutilated bank notes, and also hinted that between January and August, 2002, the BoG destroyed mutilated notes of various denominations, the equivalent of 244.3 billion cedis, an average of 30.5 billion cedis of bad currency each month.

boris89

June 20th, 2007, 04:27 PM

Ghana's President John Kufuor says the discovery of the country's first major oil deposit could turn the West African country into an "African tiger".
"Even without oil, we are doing so well... With oil as a shot in the arm, we're going to fly," he told the BBC.

"My joy is that I'll go down in history as the president under whose watch oil was found to turn the economy of Ghana around for the better," he said.

The discovery of 600m barrels of light oil offshore was announced on Monday.

Reserves in the Mahogany exploration well were far greater than the 250m barrels that UK-based firm Tullow Oil had earlier forecast.

Tullow, which saw its shares rise more than 12% on the news, jointly owns the West Cape block where the drilling took place with Anadarko Petroleum.

'Destiny'

Correspondents say champagne bottles were popping at Osu Castle, the seat of Ghana's government, after the announcement.

Mr Kufuor said the discovery would give a major boost to Ghana's economy.

We're going to really zoom, accelerate... and you'll see that Ghana truly is the African tiger
Ghana's President John Kufuor

"Oil is money, and we need money to do the schools, the roads, the hospitals. If you find oil, you manage it well, can you complain about that?" he told the BBC's Focus on Africa programme.

He dismissed suggestions that Ghana may follow in the footsteps of other countries that have mismanaged their oil wealth.

"Some are doing it well and I assure you if others failed, Ghana will succeed because this is our destiny to set the good pace for where we are. So we're going to use it well," he said.

"We're going to really zoom, accelerate, and if everything works, which I pray will happen positively, you come back in five years, and you'll see that Ghana truly is the African tiger, in economic terms for development."

His sentiments were echoed in many of Ghana's newspaper headlines on Tuesday.

The Statesman hailed the Gold Coast, Ghana's name under British rule, finding "black gold" and the Accra Daily Mail leads with the headline: "Thank God. Oil at last Thank God!"

The BBC's Will Ross in Ghana says the country is the midst of an energy crisis and every four days everybody has their electricity switched off for more 24 hours.

Ghana is described as somewhat of a success story in Africa but the country does suffer from widespread poverty and also has alarming levels of corruption, our correspondent says.

Tullow chief executive Aidan Heavey said the discovery was one of the biggest oil discoveries in Africa in recent times, but warned it could be up to seven years before the oil started to flow.

Tullow Oil holds a 22.9% stake in the West Cape Three Points licence and just under 50% in the Deepwater Tano licence.

The move comes as foreign firms are increasingly tapping into Africa for oil

popa1980

June 20th, 2007, 08:21 PM

I havent started to weep just yet as this is still quite a small amount of oil. Not enough to make Ghana mor ecurrupt. Ivory Coast for example does very nicely with its oil- its self-sufficient with just a little surplus to export- that is what I hope for Ghana. Cameroon has done not too badly either, another small prodcuer of oil. The tears will be held back just for now.

Bond James Bond

June 21st, 2007, 06:05 AM

. .
"Based on evidence to date, ultimate reserves are likely to be materially in excess of previous estimates, with some high potential zones still to be drilled," said Tullow's chief executive Aidan Heavey.
' . . .
Maybe after they do some more drilling, it will get to be even more than 600 million barrels. :cheers:

Tbite

June 30th, 2007, 06:44 AM

Ghana: Economy can perform faster

Early forecasts for 2007 suggest that there could be an even faster pace of growth of 6.5 percent this year, the Governor of the Bank of Ghana, Dr Paul Acquah, has revealed.

Last year, the country recorded a 6.2 percent growth in Gross Domestic Product (GDP) in what he described as an environment of relatively subdued inflationary expectations and currency stability.

Dr Acquah said this at the 14th Consultative Group Meeting of the country's development partners and the government to discuss how to support Ghana's growth agenda.

The two-day meeting, which is also being attended by economic experts and civil society groups, is on the theme, "Human for Accelerated and Shared Growth".

The revelation comes in the wake of negative predictions for the economy as a result of the present energy crisis which is virtually crippling many industries and raising the operational cost of companies.

Dr Acquah said the bank foresaw the macro-economic outlook favourable and expected continued robust economic growth within a relatively low inflationary environment.

He said in spite of the positive outlook and resilience in the economy, there still remained some risks, including that from "the supply side, as well as terms of trade, that could slow growth momentum".

Dr Acquah said scaling up resources to support higher investment would play a significant role in the growth acceleration strategy to achieve the Millennium Development Goals (MDGs) and an emerging market economy status.

"On outlook for inflation, the energy situation continues to pose some risks and policy focus is to ensure that the cost-price increases associated with it do not become embedded in inflationary expectations," he said.

Figures from the Ghana Statistical Service put inflation presently at about 11 percent as of the end of May this year, up by .5 percent from April. But this is expected to ease slightly as a result of the food harvest expected from a favourable rainfall pattern this month.

Dr Acquah said the monetary policy of the bank would continue to be committed to the single-digit goal, adding that "this calls for strengthened policy co-ordination to ensure that the focus is on total public external debt to sustain the macro-economic outcomes and ensure debt sustainability" .

He said the Bank of Ghana's commitment was underlined by the formal adoption of an inflation targeting framework for monetary policy operations.

"This is expected to help anchor inflationary expectations further over the medium term and to deliver on price stability and financial stability to complement the accelerated investment strategy of government," Dr Acquah said.

The Minister of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu, gave an overview of the economy and said "the focus of our economic policy is to deepen and consolidate the overall macroeconomic stability that has been achieved over the past six years.

He stated "this is as reflected in rising GDP growth, declining inflationary trends, a low interest rate regime, stability of the cedi against the foreign currencies and the build up of our external reserves".

The minister said the economy had remained resilient, even in the wake of the increased world crude oil prices and the energy crisis being experienced presently.

Bond James Bond

July 7th, 2007, 06:17 AM

If this turns out to be true, this could be some fairly serious oil reserves.

http://www.kessbenfm.com/biz_read.php?nid=282

Ghana has huge oil potential - GNPC
2007-07-06 07:13:46
The Managing Director of the Ghana National Petroleum Corporation, Mr M.O. Boateng, has said Ghana is endowed with huge oil potential.

Speaking to the Crusading Guide, Mr Boateng said the recent oil find offshore the Cape Three Points in the Western region, though yet to be appraised, is a tip of the iceberg, considering Ghana's share of the world's hydrocarbons.

He said a report by the International Seabed Authority (ISA) says that about 1.23 billion tons of oil and 660 billion cubic metres of gas were obtained from offshore basins.

In the same report made in the year 2000, Ghana is said to have an "Extended Legal Continental Shelf (ELCS) potential of eight billion barrels of oil equivalent, worth about US$560 billion at current prices.

Mr Boateng said recent studies have shown that the bulk of the world’s hydrocarbons could be found buried in the sea.

He said since Ghana was a signatory to the United Nations Convention on the Law of the Sea (UNCLOS), it was allowed the opportunity to claim a further 150 kms into the sea to look for oil.

He said the GNPC, together with other stakeholders, had put the matter before cabinet for examination.

"I am happy to tell you that cabinet has approved our proposal and what is left is that we would need some money to conduct some seismic survey to demarcate this area and then it will give us some chance to promote the area," he said.

Mr Boateng added that the GNPC would need $5 million to conduct the exercise.

He, however, cautioned Ghanaians to exercise a lot of patience since oil prospecting required time and the commitment of a lot of financial resources.

Mr Boateng condemned as mischievous the attempt by some people to equate the June 18, 1970 oil discovery at Saltpond to the recent oil find at Cape Three Points.

According to him, though there was an oil find at Saltpond, the column of oil discovered was about 50 feet which could not be compared or equated to the over 312 feet deep column found offshore the Cape Three Points.

Mr Boateng disclosed that the Saltpond oil was being initially drilled at 6000 barrels a day by Amarco and Signal until it fell to 4000 barrels a day and slowed down to a level not viable.

"It was so bad that they stopped," he said.

DanteXavier

July 7th, 2007, 05:38 PM

Wow, awesome article! Can you imagine what such a discovery could do for Ghana if the oil were actually found and if it were as much as they estimate it could be? The place would skyrocket!

DanteXavier

July 7th, 2007, 05:45 PM

Ghana is serious about saving energy.

Ghana: Country Receives New Energy Saving Bulbs

THE MINISTER for Energy, Mr. Joseph Adda has taken delivery of the first consignment of 200,000 compact fluorescent lamps (CFL) as promised by government to replace the existing incandescent bulbs.

He emphasis that the government was working hard to save over 200 megawatts of power hence, the distribution of six million CFL bulbs nation-wide with the last consignment arriving in August this year.

Mr. Adda indicated that CFL bulbs with its introduction, would reduce cost, waste and also work towards solving the energy crisis, noting that that the first consignment would be deployed to the security sector, later to government institutions before extended to the public.

The Minister said the exercise would be carried out by a team of electrical engineers who would move from one place to the other educating people on the use of the energy saving bulb and checking the state of wire installation in various homes.

He commended the Association of Ghana Industries and the Energy Foundation for being in the forefront in the crusade for the country to move from the used of the incandescent bulbs to CFL bulbs.

The CFL bulb, which is of low harmonic distortion and over current protection with efficacy rate of 8000 hours, could last for over three years.

Responding to a question on how to flush out imitation, the Minister said the Legislation Instrument 1815 on which products do not meet the standards would not be offloaded from the port, would soon be enforced.

The Acting Executive Secretary of Energy Commission, Dr. A.K. Ofosu Ahenkorah said that the Commission has work out a strategy with the Environmental Protection Agency to check the toxin that would be exposed into the environment as a result of the break up of the bulbs.

Tbite

July 8th, 2007, 05:23 AM

Well Ghana is currently having an energy crisis. The West African Power pool however should ease the strain a little bit.

Kenguy

July 8th, 2007, 10:34 AM

Well Ghana is currently having an energy crisis. The West African Power pool however should ease the strain a little bit.

^^
I wish someone would come up with a massive power producing project eg. the one proposed on the congo river in DRC. This would stop the power crisis in much of the continent including Ghana.

Tbite

July 21st, 2007, 05:57 AM

Antrak Buys Ghana Air Planes

Antrak Air Ghana Ltd made a giant leap into the aviation industry over the weekend when it purchased two Ghana Airways DC-9 aircraft.

This brings to three, the number of airplanes purchased by Antrak Air since it started operations in September 2003.

Antrak�s rapid expansion within the airline industry is seen among industry experts in the West African sub-region as a magical performance. Antrak�s popularity has sky rocketed within such a short time.

The US state department has made a special mention of Antrak Air on their website. Last Saturday, the company took delivery of two DC-9 aircraft from Boeing International Corporation at the Kotoka International Airport (KIA).

Ghana Airways entered into a lease purchase agreement with Boeing International but were unable to buy the two aircraft before its dissolution by the Ministry of Roads and Transport.

During the presentation, the managing director of Boeing, Mr. Thomas A. Frisby stated loudly that Antrak had outrightly purchased the DC-9, adding that the purchase of the planes were excellent choice for the airline�s regional routes.

http://www.ghanaweb.biz/GHP/img/pics/19683951.jpg

Matthias Offodile

August 22nd, 2007, 11:15 PM

Another "significant" oil find

Business News of Wednesday, 22 August 2007

... 800-million barrel oil field found
...'world class' oil field off the coast of Ghana
... to be developed as early as 2011

Tullow Oil has made another "significant" oil discovery in Ghana, in a block adjacent to one where it made a big discovery in June, supporting investor hopes that the country will become a major profit centre for the firm.

London-based Tullow said in a statement on Wednesday that the Hyedua-1 well discovered "a significant light oil accumulation", in the Deepwater Tano block, which Tullow operates and in which it has a 50 percent stake. U.S.-based Anadarko Petroleum Corp and private-equity backed Kosmos Energy own 18 percent each.

The oil field would transform Ghana’s $60 billion economy if successfully developed. Previous discoveries in the country have only held as much as 20 million barrels.

Ghana’s main money-earner is cocoa and it has been banking on a growth in tourism to drive GDP.

Aidan Heavey, Tullow’s chief executive, was due to meet the president Kufuor today.

Mr Hickey said the company plans to continue appraisal work on the field for the rest of the year “to increase our confidence in it.” He said it could be developed as early as 2011.

In June, the companies announced a significant discovery in the neighbouring West Cape Three Points block.

Source:
Reuters/GHP

http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=129328

Matthias Offodile

August 22nd, 2007, 11:16 PM

Ghana will or already has surpassed Côte d´ivoire now! Un believable!

Michaelda

August 22nd, 2007, 11:23 PM

so this brings the total to 1.4bn barrels?

Matthias Offodile

August 22nd, 2007, 11:35 PM

so this brings the total to 1.4bn barrels?

Yes, it does, Michaelda!:)

Bond James Bond

August 23rd, 2007, 03:46 AM

Hmmm. According to another article, this 800 million barrels is just a larger estimate of the previous estimate of 600 million barrels in the same oil field.

http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article2305305.ece

August 22, 2007
Tullow drills into 800-million barrel oil field
Shares surge as oil company proclaims discovery of 'world class' oil field off the coast of Ghana
Steve Hawkes

Shares in Tullow Oil, the biggest independent oil company in the City, surged today after a “world class discovery” off the coast of Ghana, west Africa.

The group said that results from an exploration well revealed a deepwater field it found in June was far bigger than expected and could yield 800 million barrels of crude.

Tom Hickey, chief financial officer, told Times Online: “By some distance this is the largest thing that Tullow has ever been involved in.

“Before we drilled Mahogany we thought the field may contain between 250 million to 600 million barrels of oil. Since then, with the two wells we have drilled, we think it has the potential to be bigger."

Merrill Lynch, the company’s broker, immediately raised its target price on the stock to 610p. Tullow’s share price rose 23p to 485.5p, up 5 per cent, valuing the business at nearly £3.1 billion.

Merrill said: “This confirms Tullow has made a world class discovery in Ghana. The company continues to look better positioned than most.”

Speculation of a success had been mounting since the start of the week, prompting a rise in Tullow’s share price .

The oil field would transform Ghana’s $60 billion economy if successfully developed. Previous discoveries in the country have only held as much as 20 million barrels.

The country’s main money-earner is cocoa and it has been banking on a growth in tourism to drive GDP.

Aidan Heavey, Tullow’s chief executive, was due to meet the Ghanian president today.

Mr Hickey said the company plans to continue appraisal work on the field for the rest of the year “to increase our confidence in it.” He said it could be developed as early as 2011.

Today’s drilling success comes six months after Tullow found a major oil field in Uganda. The group’s presence in Africa has been transformed by last year’s £580 million acquisition of Australia-based Hardman Resources.

kulani

August 23rd, 2007, 04:21 AM

Yes, it does, Michaelda!:)

Great news indeed for Ghana. :banana:

Michaelda

August 23rd, 2007, 03:14 PM

lets hope this doesnt make corruption increase in ghana

kulani

August 23rd, 2007, 03:31 PM

Well Ghana is currently having an energy crisis. The West African Power pool however should ease the strain a little bit.

I understand that the load shedding has been reduced from the initial schedule of once every 48 hours (2 days) to once every 96 hours (4 days). I heard that they have received some diesel power generators which are helping to ease the pain of this crippling power crisis. Also looks like the rain has been on it for the last few months. I will be going to Ghana in the next 4 weeks, to oversee our network expansion so i will be able to get first hand information.

popa1980

August 23rd, 2007, 07:13 PM

Its a disgrace that Ghana even has power outtages, African leaders have failed their people. Who would invest in Ghana if they no that power may run dry?

Matthias Offodile

August 23rd, 2007, 08:25 PM

lets hope this doesnt make corruption increase in ghana

Ghana´s new found wealth will be a very hard test for the country to see if Africa is truly "ripe" for democracy...we will hopefully all know how institutionalized, consolidated and sustainable Ghanaian democracy - which is frequently upheld as an example of an "African success story" in terms of democracy - will truly be in about 5-10 years time!... Ghana simply has to succeed!!!!

a_bondima

September 4th, 2007, 07:05 AM

more oil....
Ghana's oil find could be 2 billion barrels!!
The Statesman , 03/09/2007

Subsequent to the discovery of an estimated 800 million barrels of oil in the Deepwater Tano block at Cape Three Points by London-based Tullow Oil a few weeks ago, following the discovery of an estimated 400 million barrels by Kosmos Oil a little over two months ago, industry sources have told The Statesman the find could be as much as two billion barrels of oil.

And, with exploration still ongoing, further discoveries are set to be made.

If confirmed, it would place Ghana among the emerging players on the oil scene in Africa. Presently, Libya has the greatest known reserves in Africa, 39.1 billion barrels, followed by Nigeria, 35.9 billion, and Algeria, 11.4 billion.

Angola could soon be a major hitter too, while Equatorial Guinea and Mauritania could soon be knocking on the door.

Following our story of Wednesday August 29, officials of the Ghana National Petroleum Corporation have told this paper on condition of anonymity that as per industry practice, the discoverers of the oil based their assessment on the lowest possible estimate, raising the distinct possibility that there was more than met the eye.

Other industry players have concurred, arguing that given the relative speed within which the finds were made, Ghana's coastline could well be described as floating on a sea of crude.

They pointed out that GNPC was "absolutely right" to want to do its own assessment, given that it was the national oil company and had a stake in the venture.

They were at pains to stress though, that this assessment was in no way a reflection on the quantity or quality of the find, as might have been misconstrued from our earlier story.

As noted earlier, most such announcements tended to err on the side of caution, preferring to use a low estimate rather than a high that might not turn out to be as much as was believed to be.

A release issued by the Board of GNPC on Friday (see page 10) sought to allay the fears of the citizenry, assuring that the Corporation did not doubt that a world class oil discovery had been made, but it would like to satisfy itself about the potential quantities.

"Additional works will have to be done to firm up the exact reserves and the qualities of the reservoir, to enable production wells to be located and also model the desired production methods to achieve an optimal production."

The management of the Corporation have expressed their displeasure at the seeming confusion created by the headline for the story - "GNPC 'Rejects" 800m barrel oil find, to do own assessment," and which story was subsequently posted on the website of Anadarko, one of the partners engaged in the exploratory works in the Tano basin of the Western Region, according to the Board’s release.

African countries own 8% of world oil reserves, according to experts. An estimated $200bn in revenues will flow into African government treasuries over the next 10 years as new oilfields open up throughout the Gulf of Guinea.

Oil will bring the largest influx of revenue in the continent’s history, and more than 10 times the amount western donors give each year in aid.

Five countries dominate Africa’s upstream oil production. Together they account for 85% of the continent’s oil production and are, in order of decreasing output, Nigeria, Libya, Algeria, Egypt and Angola. Other oil producing countries are Gabon, Congo, Cameroon, Tunisia, Equatorial Guinea, the Democratic Republic of the Congo, and Cote d’Ivoire.

Nigeria has total production capacity of 3 million barrels per day, including 2 million barrels onshore and 1 million offshore. Nigeria is the largest oil producer in Africa, 11th largest producer in the world.

Libya has oil reserves estimated at 39 billion barrels. However, experts say the Arab country has the potential for further oil discovery, with only 25% of potential ‘oil land’ by the oil companies due to sanctions and stringent fiscal terms imposed on foreign oil companies.

Bond James Bond

September 4th, 2007, 08:14 AM

^
Other industry players have concurred, arguing that given the relative speed within which the finds were made, Ghana's coastline could well be described as floating on a sea of crude.
The next Saudi Arabia! :banana:

Matthias Offodile

September 4th, 2007, 05:48 PM

The next Saudi Arabia!

a bit far-fatched, Ghana´s oil resserves are above 1 BILLION barrels of oil and that of Saudi Arabia are above 280 BILLION barrels of oil...and let´s be honest even if there would be another Saudi Arabia in Ghana, neither the current oil producers nor the big companies would be interested in it ´cos they are currently reaping enormous profits.:)

Matthias Offodile

September 8th, 2007, 10:26 PM

Kufuor launches Ghana's landmark offshore banking

General News of Friday, 7 September 2007

NEW. Watch live television from Ghana plus the latest Ghanaian movies.
Accra, Sept. 7, GNA - Ghana on Friday celebrated a historic landmark in its banking industry with the launch by President John Agyekum Kufuor of In-Country Offshore Banking Services in Accra. The facility, a joint venture of Ghana and the Barclays Bank, is the first of its kind to be established in West Africa and is seen as an important step towards the realization of the Government's vision of making the country a major financial hub of the Sub-Region. It would provide banking services to non-resident customers by creating a portfolio of assets and liabilities and other investment products.

This way the country is expected to gain through more foreign exchange inflows, job creation and skills transfer in international banking.

Former Nigerian President Olusegun Obasanjo, Vice President Alhaji Aliu Mahama, Ministers of State, Members of Parliament and Government delegations from Nigeria, Togo, C=F4te d'Ivoire and Burkina Faso attended the ceremony.

President Kufuor said the Government was fully aware of the numerous challenges and difficulties inherent in the operation of the facility and gave the assurance that the necessary safeguards had been put in place to stave off abuses.

Legal and administrative measures, he said, had been enacted to provide the needed checks and balances within the economy in particular and society in general.

"These measures should promote best practices in service delivery. More importantly, they should affirm the good faith and determination of the entire society to make Ghana a safe, secure and peaceful environment for investment."

President Kufuor, through whose initiative the offshore banking had become a reality, said the nation already was acknowledged as investor-friendly and asked that the "Project" should exploit this positive image in securing the confidence of foreign and domestic customers.

It must help to transform the financial system for accelerated socio-economic development.

"It is gratifying that the results of the years of hard work on the macro-economy and the commitment to good governance are yielding fruits. The economy is stable, inflation and interest rates are declining while the Cedi maintains its value against major trading currencies." The Government, he said, would continue to provide the leadership and create opportunities to enable as many Ghanaians as possible to set up private businesses, generate employment and create wealth. President Kufuor commended Barclays Bank for the introduction of innovative products, which coincided with Government's policy of expanding the private sector through the development of micro, small- and medium-scale local enterprises.

Among these are the "Aba Pa", which requires only four Ghana cedis to open a savings account; Vehicle and Assets Finance for businesses to procure equipment and vehicles and partnering "Susu" collectors to provide seed capital and other micro-banking products to customers. Mr Kwadwo Baah-Wiredu, Minister of Finance, said the offshore banking was coming with the advantage of funds mobilization for investment and access to credit.

He said last year, 658 billion dollars was transferred from developing countries to the developed countries, noting that if about half of this had been lodged in such a facility in Africa, the pace of development of the Continent would have been tremendously enhanced.

Mr Frits Seegers, Chief Executive Officer, Global Retail and Commercial Banking, Barclays PLC, said Ghana was on course to becoming a world class, off-shore destination and pledged the Bank's support. "With this launch, together we are opening huge opportunities for Ghana's future. This initiative will project Ghana into prominence in the financial solutions arena."
Source:
GNA

Carver02

September 8th, 2007, 11:23 PM

Its a disgrace that Ghana even has power outtages, African leaders have failed their people. Who would invest in Ghana if they no that power may run dry?I wouldn't go so far as to call it a disgrace. The Ghanaian economy has been growing vigorously - that increases electricity consumption. If Ghana's electricity plants or distribution systems were broken that would be a disgrace, but that's not the case (as it is in Nigeria). Ghana is simply using 100% of its electricity production capacity - that means you get load shedding, there's no way around it. To say that the Ghanaian government has failed its people is really an uneducated remark.

An interesting point about the natural gas finds in Ghana and in East Africa is that the natural gas may be used to generate electricity and to help these countries diversify away from hydropower.

Matthias Offodile

September 9th, 2007, 04:29 PM

I wouldn't go so far as to call it a disgrace. The Ghanaian economy has been growing vigorously - that increases electricity consumption. If Ghana's electricity plants or distribution systems were broken that would be a disgrace, but that's not the case (as it is in Nigeria). Ghana is simply using 100% of its electricity production capacity - that means you get load shedding, there's no way around it. To say that the Ghanaian government has failed its people is really an uneducated remark.

An interesting point about the natural gas finds in Ghana and in East Africa is that the natural gas may be used to generate electricity and to help these countries diversify away from hydropower.

Sorry, but this is an uneducated remark!

popa1980

September 9th, 2007, 08:06 PM

Carver, how long have you lived in Ghana for. There was this problem 8 years ago and NO [pwer generation capacity has not been really increased yet to match the huge explosion in use.

Carver02

September 10th, 2007, 08:25 PM

Sorry, but this is an uneducated remark!How so?

Matthias Offodile

September 10th, 2007, 08:39 PM

How so?

for being too general and unreflected, Nigeria has great energy problems, no doubt about that, but the country isn´t lost in obscurity, your sentence alludes to this. You said "electricity plants or distribution systems were broken...as it is the case for Nigeria".

Carver02

September 11th, 2007, 01:00 AM

^^ Point taken. But I think you know from my previous posts that I know that Nigeria is not lost in obscurity.

Enkutatash, Matthias.

Kwame

October 3rd, 2008, 11:13 PM

I'm glad to see foreign investment is starting to be realized in Kumasi. As someone who's been to Kumasi countless time, I can say the market potential is HUGE! For Kumasi to be the second city, it really deserves more investment. :yes:

Kumasi Open For Business

Kumasi - One cannot help but be very upbeat about the economic future of Ghana and particularly Kumasi after the conference on Monday September 29, 2008 at Columbia University in New York City. The Millennium Cities Initiative, under the guidance of Prof. Jeffrey Sachs spared no effort in launching Kumasi Investment Day – North America. In an intimate session that was all business and that saw a combination of Ghanaians, Americans, Europeans and Asians, speaker after speaker shared the many opportunities that abound in the Kumasi area. With 97% of foreign investments going to the Accra metropolitan area, values are ripe for the picking in Kumasi.

Mr. Apiah Menka the Chairman of the Kumasi Development Foundation challenged Ghanaians to step forward and explore more business initiatives back home than political positions. He was followed by Ghana’s Ambassador to the US, H.E. Kwame Bawuah Edusei who listed at least eight areas where prospective investors might consider –food processing, ICT, petrochemicals, mines, cocoa, commercial real estate and infrastructure. The participants were asked by this writer to open their eyes and ears to new possibilities; make contacts and explore avenues for financing. Mr. Samuel Owusu Akyaw, President and CEO of Osteopath, provided a framework for evaluating investment opportunities.

Mr. Thomas Roettgen, CEO of MGF in Germany talked about how his firm is building cooperatives with Ghanaian palm oil farmers to generate ingredients for bio-fuel in Europe. Karen Hobson of Hobson Associates made a presentation on building state-of- the- art and affordable hostels at the Kwame Nkrumah University of Science and Technology to alleviate the housing needs for students. Have you ever seen a bicycle made of bamboo – i.e.- the frame? Representatives from KPMG asserted that bamboo is stronger than steel, it is available in the Kumasi area, and it can be made for utility and sold affordably. They had one on display.

Nana Susubiribi, Asokore Chief and representative of Asantehene (also known as Nana S.K.B. Asante) disclosed that rare minerals can be found all over the Kumasi area. The regulatory framework for investment and non-hindrance of the flow of profits are protected under Ghana’s constitution he added. The Chief Executive of the Kumasi Metropolitan Area, Ms. Patricia Apiagyei affirmed the support of her office for investors and the growing infrastructure in the metropolitan area to facilitate investment. Mr. Joseph Owusu Akyaw, the Chairman of the new Accra Mall advised prospective entrepreneurs to grab on to their passions, do the homework, gather and secure all necessary titles and documents, do the financials and then look for the money. It will be easier if you don’t ask the investor to do the running around.

Prof. Jeffrey Sachs said that he is very excited about the economic future of Ghana. He cited Ghana’s leadership, location, level of education and political stability as contributing factors. Kumasi is one of eight African countries selected for the MCI that enables the Earth Institute of Columbia to drive resources and partnerships to the adopted cities to accelerate their development. The participants were urged to not just attend conferences but get involved and share their experiences. In closing, Rex Poku of Dallas and Executive Secretary of ACONA promised to take the show on the road and open more Ghanaian eyes to the great investment opportunities in the Kumasi area. Once Kumasi succeeds, the model can be duplicated everywhere else. Yes Kumasi is open for business. Come on in.

GhanaWeb (http://www.ghanaweb.com/GhanaHomePage/economy/artikel.php?ID=150922)

Kwame

November 12th, 2008, 06:30 AM

Ghana To Invest $4bn In Aluminium Industry
11-11-08

Accra - Brazil and Norway have decided to partner Ghana to invest $4billion in the development of an integrated aluminnium industry which has remained a national dream since the First Republic.

President J.A. Kufuor, who announced this at the Eigth meeting of the Ghana Investors Advisory Council (GIAC) at Akosombo, said negotiations among the partners on the proposed project had reached an advance stage.

When the project comes on stream, it would provide employment for 4,000 Ghanaians and generate 4,000 megawatts of power. President Kufuor expressed the hope that Parliament would appreciate its great potential and give the proposed project the fullest support.

The two-day residential meeting was intended for ministers of state to give an update on progress made so far to make the country an investment destination of choice.

It was also to provide a platform for the President to thank members of the council and development partners for their invaluable suggestions, insights and ideas on best practices.

President Kufuor explained that half of the 4000 megawatts which would be generated by the aluminnium project would be fed into the West Africa Power Pool (WAPP).

Additionally, he said, a built-in feature of the project was the rehabilitation of some railway lines.

In furtherance of the government’s efforts at building the necessary infrastructure for investment, President Kufuor said the government was on the brink of securing $500 million concessionary loan from the Brazilian government for the construction of mini-dams on some selected rivers, including Oti, Pra and Ankobra.

Giving an overview of progress made so far to make the country attractive to investors, President Kufuor said remarkable achievements had been made in infrastructural development, telecommunications, human resource development, health, agriculture, cocoa production and job creation, among others.

The positive developments in those areas, he said, had made Ghana one of the few countries likely to achieve a number of the targets of the Millennium Development Goals.

Underpinning those developments, the President said, were good governance, rule of law and intense sensitivity to the basic freedoms of the citizenry.

He said the achievements had been made against the backdrop of ever-increasing price of crude oil and the global food crisis.
Mr Ishac Diwan, Country Director of the World Bank, was appreciative of the progress which had been made by Ghana in its development over the last few years, particularly in the areas of health, education and poverty reduction.

He said such an impressive progress had made the country a beacon of hope in Africa and a model of home-grown solutions and South-South co-operation for many developing countries.

In spite of the progress, he said, there were still some challenges in the effort to improve on the competitiveness of the country.
For that to be achieved, Mr Diwan said the next administration would have to focus more on skills development, innovation, science and technology, infrastructure, energy and sanitation.

Additionally, he said, there was also the need to manage the emerging oil industry well, and side by side with other sectors of the economy.

He said the World Bank and other development partners were putting themselves in readiness to provide the necessary assistance to Ghana in the event of the country being affected directly by the current global financial crisis.

The Minister of Trade, Industry, Private Sector Development and President’s Special Initiative, Papa Owusu-Ankomah, said the GIAC was a true legacy which spoke volumes of the government’s abiding commitment to partnership with the private sector in charting the country’s path to accelerated growth and poverty reduction.

Graphic Online (http://www.graphicghana.com/default.asp?sourceid=&smenu=1&twindow=&mad=&sdetail=5911&wpage=1&skeyword=&sidate=&ccat=&ccatm=&restate=&restatus=&reoption=&retype=&repmin=&repmax=&rebed=&rebath=&subname=&pform=&sc=2364&hn=graphicghana&he=.com)

ufookoro

November 14th, 2008, 03:09 PM

Ghana To Invest $4bn In Aluminium Industry

Both Countries have denied any intention to invest in the Alu.. Plant..:ohno::ohno:

popa1980

November 20th, 2008, 11:45 PM

What a joke of a government!

BUTEMBO21

November 21st, 2008, 12:43 AM

Now what's wrong with $4 billion Aluminum Exploitetion deal?

Am i missing something here?

Matthias Offodile

November 21st, 2008, 08:41 PM

Tullow Makes Small Discovery at Ebony Offshore Ghana

Tullow Oil Thursday, November 20, 2008

Tullow Oil's Ebony-1 exploration well, located in the Shallow Water Tano license offshore Ghana, has intersected two hydrocarbon bearing intervals in Late Cretaceous turbidite sands.
The West Ceres jackup spudded the well on October 22, and the well reached a total depth of 2,640 meters. The well lies in the south-west part of the Shallow Water Tano block in 86 meters of water and is the second commitment well in this license. Successful logging and sampling operations have confirmed a four meter oil bearing interval at 2,053 meters and a two meter high-pressure gas-condensate interval at 2,570 meters.

Log and sample data from the high-pressure gas-condensate sands and a regional seismic interpretation, indicate there may be a connection between these pinched-out sands and the material down-dip Tweneboa oil prospect which lies mainly in the Deepwater Tano license. Other possible interpretations for the high-pressure cannot however be excluded at this stage, and this is subject to ongoing evaluation.

Tullow (31.5%) operates the Shallow Water Tano license on behalf of partners Interoil (31.5%), Al Thani (22.5%), Sabre Oil and Gas (4.5% carried) and GNPC (10% carried).

"The current interpretation of the Ebony-1 result is extremely encouraging as it further de-risks the regional prospectivity and improves our overall understanding of the hydrocarbon distribution in the basin," said Tullow Chief Executive Aidan Heavey. "This has potentially positive implications for the Tweneboa stratigraphic trap prospect, which is scheduled for drilling in the first quarter of 2009."

DanteXavier

December 18th, 2008, 11:06 PM

Ghana realises its oil wealth

ncQexNRPvUc

popa1980

December 19th, 2008, 12:01 PM

Yeah, the politicians in Ghana are lining up to buy luxury Merecedes already but I dont think the corruption will be on the scale of Nigeria, Eq Guinea or Gabon. I always wished a country like Botswana or Cape Verde would find oil, they would spend it well.

Matthias Offodile

December 20th, 2008, 12:14 AM

ridiculous comments as always

Matthias Offodile

December 20th, 2008, 12:31 AM

and learn to differ EqG is bottom in terms of corruption while Gabon is still among the top 10 (least corrupt countries) in Africa.

having said that both countries are utterly corrupt, yes, but one figures well below the other (due to Transparency International 2007)

Out of 179..country ranking

49. Cape Verde (without oil and easy money)
69 Ghana (without oil and easy money)
84 Gabon (with oil)
168 Equatorial Guinea (with oil)

mega emerging markets in comparison..that the Western world praises day in and day out

72 Brazil
72 India
105 Argentina
105 Egypt
143 Russia
143 Indonesia

http://www.transparency.org/news_room/in_focus/2007/cpi2007/cpi_2007_table

Matthias Offodile

December 20th, 2008, 12:56 AM

..But anyway, I am still waiting for a true Kuwait in Africa..with 100 Billion barrels of oil (resserves)..pumping more than 2.5 million barrels of oil a day...if a country suffocates in money, it will invest

these countries don´t exist in Africa...there is no huge influx of cash into countries within Africa

Angola was destroyed by a vicious war...it will need enormous cash reserves to fully rebuild..I have read up to 200 Billion just for reconstruction (but I consider these figures modest)

Nigeria has 150 million mouth to feed and produces less oil than Kuwait which just has 1 million inhabitants.

and the so-called tiny oil states are just ridiculous and pitiable minnows in they eyes of the true big oil states in the Arabian Gulf (EqG, Sub Saharan Africa´s fourth largest oil producer churns out 0.35 million barrels of oil a day as opposed to Kuwait which has more than 2.5 million barrels of oil a day).

and when Ghana produces oil it is still just crumps (considering the level of development)

to give you an idea: it cost the German government more than $700 BILLION to rebuild the former DDR and Germany is a very rich country ..and although the DDR was a run down country it still had better infrstructure than most of Africa. ...but it still needed hundreds of billions to turn it into a developed nation...so what can $3 billion US dollar make for an African country like Ghana, let´s be realistic...it will still be poor, yes, if well managed a little less poor but still well below world average (which is the case for every african country outside SA)...$3 billion is nothing as compared to the $700 Billion spent on the former DDR.

popa1980

December 20th, 2008, 02:13 PM

Yawn Matt, yawn.....

Matthias Offodile

December 20th, 2008, 10:52 PM

I am just pushing things into perspective as some people jump to easy conclusions or base their knowledge on hearsay.:)

BUTEMBO21

December 21st, 2008, 01:43 AM

Bond James Bond

January 9th, 2009, 01:57 AM

At this rate I wouldn't be surprised if they ask Ghana to join OPEC.

http://uk.reuters.com/article/marketsNewsUS/idUKL815308620090108

Tullow Oil, Anadarko make new Ghana finds
Thu Jan 8, 2009 8:57am GMT
By Tom Bergin

LONDON, Jan 8 (Reuters) - UK-based oil explorer Tullow Oil (TLW.L: Quote, Profile, Research) and U.S. producer Anadarko Petroleum (APC.N: Quote, Profile, Research) made new discoveries around their Jubilee field in Ghana, Tullow said on Thursday, boosting its shares.

Tullow said in a statement its Mahogany-3 appraisal well in the West Cape Three Points licence had encountered a significant find beneath the Jubilee field and also showed the field extended much further to the southeast than earlier thought.

Tullow said the finds raised its expectations for the field, although it did not specify new reserves estimates.

Shares in the London-based company rose 6.3 percent to 754-1/2 pence by 0849 GMT, outperforming a 0.3 drop in the DJ Stoxx European oil and gas sector index .

Anadarko holds a 30.875 percent interest in the West Cape Three Points Block. Private equity-backed Kosmos Energy is the block operator and also holds a 30.875 percent interest, while Tullow owns 22.9 percent.

Matthias Offodile

January 10th, 2009, 12:47 AM

At this rate I wouldn't be surprised if they ask Ghana to join OPEC.

http://uk.reuters.com/article/market...15308620090108

Tullow Oil, Anadarko make new Ghana finds

Well, for OPEC it is a bit far-fetched..but I am very happy for Ghana:cheers:

Morreover, the new president - a professor (!) - will manage it well!:)

popa1980

January 10th, 2009, 02:05 PM

Well, for OPEC it is a bit far-fetched..but I am very happy for Ghana:cheers:

Morreover, the new president - a professor (!) - will manage it well!:)

How naive of you. Charles Taylor was educated to a high degree also.

Matthias Offodile

January 11th, 2009, 12:16 AM

How naive of you. Charles Taylor was educated to a high degree also.

Sure, .... in how to ruin a beautiful country by enslaving the youth and making them kill like machines!

Popa1980, the level of education has a lot to do whether a president is capable or not...guess why Asia has developped so fast because their presidents were educated as opposed to the majority of empty-headed African presidents that were either installed by foreign regimes or virtually shot their way to power ...from grassroot to presidency!

popa1980

January 11th, 2009, 12:53 AM

Charles Taylor has a degree in Econommics from one of the top 30 business schools in the USA. This is Africa- education, sheducation.

Im sure there are plenty of other examples.

Matthias Offodile

January 11th, 2009, 01:10 AM

owo9ja

January 11th, 2009, 02:11 AM

BUTEMBO21

January 11th, 2009, 02:28 PM

popa1980, the majority of African leaders have no education, that´s why our continent is so screwed up! or let me say not the right education...Laurent Gbagbo holds a degree in "crap" subjects (history and philosopy). it is just ridiculous!

African cosntitutions should bar presidents from entering office if they don´t have a master degree in either law, egneeering or business administration..Africa lacks calculated technocrats that breath the word "economic and rule of law"

History and Phylosophy are not crap .

Running a country successfully has nothing to do with what degree one earned.
Of course it has to do with higher education. That one you are right.

Matt,
Many people simply don't know or simply choose to ignore one of the most important issues that plays a big role in african development and security.

Here it is. Ethnic factor is an absolut virus that has crushed the continent since the independence.

This is obvious in Uganda , Rwanda , Burundi, DRC, Zambia, Congo brazza, CAR and i'm sure some other countries across the continent this thing exist as well.

Certain Ethnics and tribes are just backward and don't value education as much, not business minded , .Others are just values education , business minded , with progressive mentality.
I'm saying this because i've been to these countries talked to the people in those countries and seen it with my own eyes. And once the educated Ethnics or tribes gets power it's a desaster for those who don't value education , none business minded people.

As for those who are not educated enough or don't value education as much takes power it's a desaster for those who are educated. This happens alot.
Not wonder we always see rebelions in many countries. and it takes away all chances for development.

I don't know if you ever take a moment to monitor this ETHNIC AND TRIBAL REALITY. But in my views this plays a huge role in African development.

Just take moment to access the lavel of African literacy country by country and try to read Ethnic and tribal relations.

popa1980

January 11th, 2009, 07:31 PM

Yawn...tribalism....

buhera

January 11th, 2009, 08:24 PM

I dont think good leadership has anything to do with higher education, Mugabe has so many degrees but he is a terrible leader , many of those corrupt and dictatorial leaders are educated their corrupt tendencies were not reduced by having a prefix to their name , leadership is about results not attributes

Matthias Offodile

January 12th, 2009, 12:37 AM

History and Phylosophy are not crap .

Yeah, maybe for Alice in Wonderland but Africa wake up we live in a dog eat dog world, stop dreaming! only mathermatics, hard facts count no talkie talkie...guess why Asia j so fine and Africa still moves like a drunkard!

We had this topic over and over again: the answer is the right education.

BUSINESS ADMINISTRATION, MEDCINE, LAW AND ALL FIELD OF ENGINEERING HAVE TO BE THE PRIORITY OF AFRICA AND IT WILL BE SUCESS FOR AFRICA!

Matthias Offodile

January 12th, 2009, 12:40 AM

buhera, most of Africa´s (past) dictators have no education: they moved from the bush to golden palaces where they turned mad...history has shown that some were even unable to spell and write properly.

buhera

January 12th, 2009, 02:37 AM

Matthias that may be true but Mugabe is different from some of them, i dont think being educated necessarily makes one a good leader especially given the fact that the more educated a person is the likelihood that the person will be knowledgeable in a narrow discipline and many leadership skills are developed by experience in the real world, the president is usually not the best economist or lawyer but as a leader he has to set the direction and be accountable to people. George Bush has an Ivy League MBA but is considered by many to be the worst president in the US. Africa's problems has a lot to do with the values of the leaders who are elected who see nothing wrong with accumulating wealth at the expense of their citizens and this is a quality that you will find in non-eduacted and educated people alike

BUTEMBO21

January 12th, 2009, 03:40 AM

Yeah, maybe for Alice in Wonderland but Africa wake up we live in a dog eat dog world, stop dreaming! only mathermatics, hard facts count no talkie talkie...guess why Asia j so fine and Africa still moves like a drunkard!

We had this topic over and over again: the answer is the right education.

BUSINESS ADMINISTRATION, MEDCINE, LAW AND ALL FIELD OF ENGINEERING HAVE TO BE THE PRIORITY OF AFRICA AND IT WILL BE SUCESS FOR AFRICA!

Education is a choice not an obligation. Why don't you want to understand this?

Matthias Offodile

January 15th, 2009, 12:47 AM

Education is a choice not an obligation. Why don't you want to understand this?

Choice is something for wealthy countries not for poor and screwed up ones like there are in Africa...it needs harsh and disciplined master-planning, why don´t you understand this? Germany and Japan didn´t get rich by making people study philosophy, history and all this "nonsense" subjects.

BUTEMBO21

January 15th, 2009, 01:40 AM

Choice is something for wealthy countries not for poor and screwed up ones like there are in Africa...it needs harsh and disciplined master-planning, why don´t you understand this? Germany and Japan didn´t get rich by making people study philosophy, history and all this "nonsense" subjects.

Well i know JAPAN , GERMANY didn't force anyone to study Math, Science , engeneering, physics ect ... , It's the policies the governement initiated that invited people to study these courses.

What African countries needs to do is to reform the education system , a reform that wil attract people to study Math , Engeneering , scence , Physics , IT, Medical, Construction ect...

But you are right that african countries need these courses you want badly.
But forcing people will never work. I don't know any country in the world that ever force people.
Even Soviet Union , Communist China, Communist North Korea, Communist Cuba plus all Countries that had the will and power to force people to do anything , never done it.

Your thought aren't bad nor are mine , they are just different, But they is one thing You , Me and many other people agree on , Africa need to reform it Education system and start prioritizing.

Bond James Bond

February 18th, 2009, 06:51 PM

26 billion barrels off the coast of Ghana???

LINK (http://dailyguideghana.com/newd/index.php?option=com_content&task=view&id=2151&Itemid=253)
More recently, Ghana joined the league of oil nations with almost 1 billion barrels offshore Jubilee field discovery. Government officials estimate that Ghana might have as much as 26 billion barrels of hydrocarbon potential.

Bond James Bond

February 18th, 2009, 07:01 PM

A little more detail here:

LINK (http://topics.myjoyonline.com/business/200809/20899.asp)
The Ghana National Petroleum Corporation (GNPC) estimates that Ghana’s three main offshore basins the Western Tano/Cape Three Points Basin, the Central Saltpond Basin and the Eastern Accra/Keta Basin, could together hold up to 26 billion barrels of oil.

Here's a map showing where the basins are:

http://www.gasopoil.com/images/Activity_Map_August_2006.jpg

OPEC here we come! :banana:

Actually I hope Ghana doesn't join OPEC.

Matthias Offodile

March 27th, 2009, 11:40 PM

And Ghana struck again:cheers:

Tullow makes oil discovery off Ghana

OGJ Oil Diplomacy Editor

LOS ANGELES, Mar. 25 -- Tullow Oil PLC, following the significant light hydrocarbon discovery it reported earlier this month, said that oil-bearing sands have been discovered in the deeper section of the Tweneboa-1 exploration well offshore Ghana.

"Tweneboa is a significant light hydrocarbon discovery which has extended the Jubilee play westwards and has identified oil in a deeper sand pointing to scope for further play development," Tullow said.

"We look forward to exploring these multiple targets offshore Ghana and pursuing these plays across the rest of our extensive Equatorial Atlantic acreage position," the company said.

In reporting the discovery, Tullow said, "The Tweneboa-1 well has been deepened to 3,938 m and encountered 4 m of highly-pressured oil-bearing sands as well as an over-pressured zone at total depth."

The results of wireline logs, pressure measurements, and sampling show that the well has found 26° gravity oil, which is independent of the shallower light hydrocarbon accumulation, the company said.

Near the total depth of the well, an over-pressured zone was encountered, which limited further progress.

"Integration of the seismic and well data is ongoing and further exploration drilling will now be required to test the extent of these deeper levels as well as the shallower accumulation where seismic indicates sands thicken away from the well location," Tullow said.

The Tweneboa-1 well was drilled by the Eirik Raude deepwater rig in a water depth of 1,148 m about 25 km west of the Jubilee field.

Tullow, with 49.95%, operates the Deepwater Tano license and is partnered by Kosmos Energy 18%, Anadarko Petroleum Corp. 18%, Sabre Oil & Gas 4.05%, and Ghana National Petroleum Corp. 10% (carried interest).

Kwame

March 27th, 2009, 11:50 PM

Bank of Ghana Secures World's Highest Certification
Daniel Nonor

26 March 2009

Accra - The Bank of Ghana (BoG) has secured an ISO/IEC 27001:2005 certification, which is the world's highest accreditation for information protection and security, the bank has said in a statement issued yesterday. It said the independent assessment was carried out by UK-based Lloyds Register Quality Assurance (LRQA), one of the few companies in the world to perform ISO 27001 audits.

ISO 27001 is the only auditable international standard which defines the requirements to ensure that sufficient security controls are instituted within the certified organization. Additionally, maintaining the ISO 27001 Certification requires an annual review and three year re-certification in the continual scrutiny of Bank of Ghana's information security management system in a manner that aims to provide confidence to clients and the public as a whole that the Bank's data is protected on an ongoing basis.

By this certification, the Bank of Ghana has distinguished itself as the first central bank in Africa and joins a small group of central banks including Federal Reserve Bank of New York, Reserve Bank of India, Bank of Indonesia, and Bank of Taiwan that have attained this prestigious status. The IMF and World Bank are among other financial institutions that have such a certification by the International Standards Organization.

The statement further stated that the certificationwas an indication that the Bank has addressed, implemented and controlled the security of the bank's information, and that BoG's management information and systems are secure to ensure the integrity of data sent out as well as data received, significantly limiting security and privacy breaches.

It also establishes that relevant laws and regulations are being met, especially in line with the BoG's mandate of ensuring an effective banking system in the country, and among other things Minimize internal and external risks to business continuity.

The bank also said, managed information security services for the certification project were provided by UK-based AKK Risk Management Consulting Ltd involved in the provision of such services to private as well as government institutions.

The Chronicle (http://db.ghanaian-chronicle.com/thestory.asp?id=11136&title=Bank%20of%20Ghana%20secures%20world%E2%80%99s%20highest%20certification)

Kwame

March 28th, 2009, 05:37 AM

Ecobank announces 50 per cent growth in profit
March 27, 2009

Accra, GNA - Ecobank Ghana Limited, one of the leading banking institutions in the country, on Thursday said it recorded a 50 per cent growth in its profit after tax during the year 2008.

Speaking at the bank's Annual General Meeting (AGM) in Accra on Thursday, Mr Tei Mensa Mante, Chairman of the Board of Directors, said profits jumped from GH¢22.3 million cedis in 2007 to GH¢33.6 million in 2008.

According to Mr Mante the Bank grew their income streams with strong performance in their net trading income pointing out that the net interest was also up by 29 per cent from GH¢35.7 million to GH¢46.1 million cedis attributing that to quality assets investments made by the bank.

The Board Chairman said the bank's operating cost also increased by 73 per cent following an expansion drive in respect of opening of new branches and other delivery channels undertaken during the year.

On the shareholders' return, Mr Mante said because the bank recorded an impressive performance, a dividend payment of GH¢0.16 per share for a total dividend payment of GH¢26.5 million cedis.

"This will represent a payment ratio of 90 per Profit After Tax transfer to regulatory and statutory reserves."

According to Mr Mante, the Bank's deposit mobilisation yielded positive results with deposits growing by 56 per cent from GH¢438 million cedis to GH¢683 million cedis adding "the growth in deposits shows the confidence of the banking public in our bank".

He told shareholders of amendments of regulations made by Council of the Exchange with effect from January, this year.

He said as part of the regulation, all new or additional security being listed should be electronic securities that had been admitted into the Ghana Stock Exchange Security Depository.

"The amendment of the regulations on the listed companies in compliance of the Exchange's request will enhance the rate at which securities are placed in the depository, make for more efficient and less cumbersome keeping of shareholders' records and ultimately improve liquidity in the capital market."

Mr Mante therefore encouraged all shareholders to contact a stockbroker with their share certificates and have those share certificates placed in the Ghana Stock Exchange.

He further pledged the bank's commitment to always maximize the returns on shareholders' investments.

Mr Samuel Ashitey Adjei, Managing Director, Ecobank Ghana Limited, said the bank's prospect for growth in the Ghanaian economy remained high although the global financial crisis could scale down the growth rates.

Mr Adjei told the shareholders that the bank had expanded its branch network from 32 in 2007 to 44 in 2008 adding that they were sited at strategic locations in order to promote the bank's growth.

Mr Adjei announced that the bank has also established a Venture Capital subsidiary known as Ecobank Venture Capital Financing Company.

According to him the company had received the needed regulatory approval to commence business adding, it would begins its operation during the first half of the year.

At the end of the AGM, shareholders in their resolutions approved the payment of dividend of 0.16 per share.

They further authorized directors of the bank as part of the increase of the Stated Capital of the company to GH¢100 million cedis.

Shareholders also approved on the transfer of GH¢4.1 million cedis from the bank's Income Surplus to states Capital and issued proportionate terms in favour of shareholders on the Register of the Company as of March 19, this year with GH¢40,306,250 bonus shares be credited as paid for.

Ghana News Agency (http://www.ghananewsagency.org/s_economics/r_5451/)

Matthias Offodile

March 30th, 2009, 12:38 PM

Shea processing plant to be established in Ghana

Fri, 27 Mar 2009

The Produce Buying Company (PBC) on Friday signed a memorandum of understanding (MOU) with Sysgate Limited of Brazilian towards the establishment of a sheanut processing plant in the country.

The establishment of the plant, which is a brainchild of Vice President John Mahama, would allow for the export of sheabutter and help Ghana tap into

a fast expanding global shea trade projected to gross 500 million dollars per annum within the next five years.

The estimated market value of shea in Brazil alone is 40 million dollars per annum.

Vice President Mahama who witnessed the signing ceremony at the Castle, Osu, described the event as the “first conspicuous step” towards revamping the shea industry and make it a driving force in the accelerated development of the savannah area of Ghana.

He recounted government's decision to promote the shea trade as crucial in the socio-economic development of the northern parts of the country in order to optimize its value chain and promote improved rural livelihoods for women.

In this regard, he tasked the management of the two companies to speed-up the implementation of the proposals so as to make Ghana competitive in the global shea trade where it clearly has a comparative advantage.

The savannah belt of Ghana includes the three northern regions and some parts of the Volta and Brong Ahafo Regions.

Though the shea crop is widely available in these areas, the difficulty in harvesting the wild crop and the lack of processing facilities had negatively contributed towards the downturn of the industry, a situation government has been working to reverse.

Following his election as Vice President, Mr Mahama held a series of meetings with the management of COCOBOD, the parent company of PBC, towards revamping the industry as part of the proposed Savannah Accelerated Development Authority agenda.

The establishment of the plant would enable PBC process between 40 to 100,000 tonnes of nuts yearly.

Mr Anthony Osei Boakye, Managing Director of PBC, who initialled for his company, commended the Vice President for the leadership he provided towards reviving an industry, which he said, had been in the lull for the past nine years.

He gave the assurance that the PBC would work towards the stability and progress of the industry to ensure its long term sustainability.

Mr. William Mensah, Deputy Chief Executive Officer (CEO) of COCOBOD, corroborated Mr Boakye views, adding that the intervention of the Vice President enabled his outfit to resume the supply of protective clothing to the women who pick the fruits in the wild to boost production.

Mr. Luis Fernando Serra, Brazilian Ambassador who also witnessed the ceremony, tasked the two organisations to use the pact to demonstrate that it

is through fair and free trade, rather than aid that poverty could be significantly reduced.

Mr Serra promised to work towards integrating the economies of the two countries through the promotion of trade.

Mr Erickson Ferrer da Rosa, initialed for Sysgate.

According to the PBC, Sysgate was chosen, because of the company's expertise in providing a special technology to maximize yields from shea processing through the supply and installation of the equipment on turn-key basis.

The government, earlier this week, announced its intention to make the development of shea industry a priority in its national development agenda to help harness the resources in the savannah belt of Ghana for accelerated development.

Kwame

April 2nd, 2009, 01:14 AM

Cadbury's Deal Destined to Sweeten More Farmers' Lives
Francis Kokutse

31 March 2009

Accra — The initiative linking British chocolate giant Cadbury's with a Ghanaian cooperative representing 40,000 cocoa farmers is set to grow further and enhance the livelihoods of more farmers.

Cadbury's announced at the beginning of this month that it would henceforth source fair-trade cocoa from Ghana based on a deal with non-profit organisation Fairtrade Foundation, the UK member of Fairtrade Labelling Organisations International. The foundation licenses use of the fair-trade mark in the UK in line with internationally agreed faire-trade standards.

The UK's most popular chocolate brand has decided to buy its cocoa from the Kuapa Kooko cooperative, which will add 750,000 dollars per annum to about 40,000 farmers' existing income from sales to the statutory regulator, the Ghana Cocoa Board (COCOBOD).

"This means an extra income for the farmers. We will also be able to go on with the extension services that have already been initiated by Cadbury's under its cocoa partnership service in Ghana," explained Kuapa Kooko chief executive Kwabena Ohemeng Tinayase.

"What we have seen under our partnership with Cadbury's, through Fairtrade, is an arrangement that is going to sustain the cocoa sector as well as boost production."

Through its affiliations with Fairtrade, the cooperative is able to pay a guaranteed premium price to the farmers - higher than what the government is paying.

Cadbury's involvement with Kuapa Kooko will eventually triple the amount of Fairtrade-certified cocoa from Ghana - from 5,000 to 15,000 tons per year.

As well as ensuring minimum prices, cocoa farmers' organisations will receive Fairtrade premiums of 1.5 million dollars in the first year alone for investment by local communities.

"We will also be working alongside local organisations to help organise more groups of cocoa farmers into co-operatives and work with them to achieve Fairtrade standards," said Alex Cole, corporate affairs director for Cadbury's, in a statement.

"We hope that by combining the expertise and standards of Fairtrade with work being done in the Cadbury Cocoa Partnership, this move will lead to a more sustainable future for tens of thousands of cocoa farmers, their families and villages," he added.

The Ghanaian government cannot be said to be sitting back either. The authorities have long realised that the cocoa sector is in a crisis and have tried various means to improve the earning of the farmers so that cocoa farming could become attractive for young people. Most of the present generation of farmers are getting old.

Presenting his 2009 budget earlier this month, minister for finance and economic planning Kwabena Duffuor stated that the cocoa farmers housing scheme, which seeks to provide affordable houses for cocoa farmers, "has taken off".

The department of rural housing has completed houses in the Western Region and will extend the project to the Central, Ashanti and the Brong Ahafo Regions. All these efforts are aimed at lifting the living standards of cocoa farmers.

One such farmer is 70-year-old Kwasi Gyan from Nankese outside Accra: "What we get (from government) is normally not enough. Most of us turn to money lenders to raise money when the need arises and they charge so much interest."

Talking to him reveals what may still prevent some cocoa farmers from pushing to be included in the new deal. When IPS asked him if he had heard of Kuapa Kooko cooperative that is offering a guaranteed price to its members, he replied in the affirmative.

"There is even such a group near where I farm. I have heard of the good things they do for their members but I do not sell my cocoa to them. My family sells to another company," Gyan said.

Tinayase is not surprised by Gyan's attitude: "Old family affiliations to other buying companies over the years have prevented some farmers from getting involved with Kuapa Kooko Limited."

Hopefully, in time, Gyan will join the 40,000 farmers of the Kuapa Kooka cooperative. He told IPS: "When I have carefully studied and understood what they really stand for, I may change my mind to be part of that family."

Inter Press Service (http://www.ipsnews.net/news.asp?idnews=46339)

Matthias Offodile

April 6th, 2009, 08:46 PM

Vanco, Lukoil sign new agreement with Ghana

4/1/2009 6:25:02 PM GMT

Drillship Aban Abraham

ACCRA, GHANA: The Government of the Republic of Ghana, the Ghana National Petroleum Corp. (GNPC), Vanco Ghana and Lukoil Overseas Ghana have signed a new petroleum agreement covering the Cape Three Points Deepwater block. Aban Offshore drillship Aban Abraham is mobilizing to begin deepwater drilling offshore Ghana for Vanco.

The new agreement replaces the existing petroleum agreement which expires at the end of April. The new agreement provides Vanco and Lukoil with the opportunity to continue the exploration of the area, during which new 3-D seismic and additional drilling activities are planned.

The new agreement also provides GNPC and the government of Ghana with commercial benefits, including higher royalty and increased GNPC participation.

The Cape Three Points Deepwater block encompasses 5,146 square kilometers (1,986 sq miles) in water depths ranging from 200 to 3,000 meters (656 to 9,842 ft) in the Tano Basin. Operator Vanco holds a 28.34 percent participating interest in the block with Lukoil holding a 56.66 percent participating interest. GNPC, Ghana's state oil company, holds a 15 percent carried interest, with the option to acquire up to an additional 5 percent in any commercial discovery.

Deepwater drillship Aban Abraham is leaving Cape Town, South Africa after completing final retrofit operations to enable the unit to drill in water depths of up to 2,000 meters (6,561 ft). The Aban Abraham will mobilize to Ghana to commence the Dzata-1 exploratory well by the end of April 2009.

Situated in 1,874 meters (6,148 ft) water depth, the Dzata Prospect is a large anticlinal structure with numerous Upper and Lower Cretaceous potential reservoir horizons and distinct direct hydrocarbon indicators, including flat spots and a gas chimney. The well will be drilled to a total depth of around 4,786 meters (15,702 ft), or 2,912 meters (9,553 ft) below the mud line.

"The Aban Abraham drilling unit is finally ready to drill this exciting prospect where we are hopeful of a significant discovery," says Vanco President Gene Van Dyke. "Vanco and Lukoil appreciate the assistance and support of GNPC and the Ministry of Energy in completing the new petroleum agreement which will allow the partnership to continue the aggressive exploration of the Cape Three Points Deep Water block."

kwam

May 1st, 2009, 09:47 AM

GDP growth was 7.3 per cent in 2008

The economy grew by 7.3 per cent in 2008 buoyed by strong growth in agriculture, industry and services, the Ghana Statistical Service announced on Thursday.

The GDP growth is based on about 70 per cent of data gathered so far from the different sectors.

“Not until we get all data, and are certain the remaining could not bring about any significant change, the figures remain subject to revision,” Mr Ebo Duncan, Head, Economic Statistical Division, told journalist at a briefing to announce the revised figures.

The Ghana Statistical Service in January quoted a growth rate of 6.2 per cent, which was based on available data through September 2008, generating a lot of argument among the public.

Mr Duncan said the estimation of the GDP was done in stages, with estimates generated at each stage being dependent on source data available. The different stages generate estimates which are sequentially designated as projected, provisional, revised or final.

He attributed the delay in the release of the GDP figure to the inability of the institutions involved in data gathering on which the Statistical Service relied in making the information available on time.

The previous government had in its 2008 budget targeted a GDP growth rate of 7.0 per cent, after a period of sustained growth. GDP had jumped from 3.7 per cent in 2000 to the new figure.

The agriculture sector continues to dominate the economy with a 33.59 per cent share of total GDP. Growth in the sector was 5.1 per cent driven by crops and livestock sub-sectors which went up by 5.82 per cent.

Industry grew by 8.1 per cent with a share of total GDP of 25.89 per cent.

The mining and quarrying sub-sector grew by 2.11 per cent, while the Manufacturing sub-sector recovered from a negative growth in 2007 and rose by 4.53 per cent.

The services sector had the highest growth rate 9.3 per cent. All sub-sectors grew more than 8 per cent except community, social and personal services. Wholesale and retail trade, hotels and restaurants sub-sector recorded the highest growth of 10.16 per cent.

Dr Grace Bediako, Government Statistician, said different estimates for a given year should not raise unnecessary alarms as these were an integral part of the process of arriving at the final estimates.

Source: GNA

Matthias Offodile

May 2nd, 2009, 12:00 PM

GDP growth was 7.3 per cent in 2008

Excellent news, go Ghana go!!:banana::cheers: Make poverty history!

Blue sun

August 2nd, 2009, 06:50 AM

Oil production to start next year - Tullow

August 1 2009

Tullow Ghana Limited, one of the companies involved in oil exploration in the country, has reaffirmed its commitment to start producing oil by the last quarter of next year.

It said it was working diligently and feverishly to produce first-class quality products.

The company is expected to produce 120,000 barrels of oil a day when it starts production.

The Vice-President of External Affairs and Corporate Social Responsibility of Tullow Ghana, Ms Rosalind Kainyah, made this known when she led a three-member delegation to pay a courtesy call on the Managing Director of the Graphic Communications Group Limited, Mr Ibraham Awal, in Accra yesterday.

The other members of the delegation were Mr Kofi Esson, the Government and External Relations Manager, and Okyeame Ampadu-Agyei, the Corporate Social Responsibility Manager.

Tullow Oil Plc is one of Europe's leading independent exploration and production companies operating a balanced worldwide portfolio which stretches across Africa, Europe, South Asia and South America.

The company is a versatile and balanced group with a portfolio of quality oil and gas assets managed by a team with excellent technical, commercial and financial skills.

Its exploratory successes in the Jubilee and adjoining fields have made Ghana one of Tullow's most important concessions.

Ms Kainyah said the company was committed to improving the lot of the people in its area of operation to ensure that they led better lives.

According to her, the company would not only provide employment opportunities for the people, but also equip them and small and medium enterprises (SMEs) with the requisite training.

She explained that oil revenue would be used for the benefit of the people and described the discovery of oil in the country as a blessing.

Ms Kainyah said the company would engage in sound environmental practices and indicated that its environmental impact assessment (EIA) would be made public next week by the Environmental Protection Agency (EPA).

Mr Awal urged Tullow Ghana to learn from the problems some oil exploration companies were facing in other countries to avoid confrontation with the local people.

He pledged the commitment of the GCGL to partner and work with the company and urged it to take advantage of the GCGL's newspapers to do business in the country.

According to him, the GCGL had 85 per cent of the market share, of which Tullow could take advantage as it operated in the country, adding that it should not wait until there were problems.

He said G-Pak, a subsidiary of the GCGL, was also available for the printing of high quality labels .

For his part, Mr Esson said the company was sponsoring 14 members of staff of the Ghana National Petroleum Corporation (GNP C) to pursue practical studies in various disciplines in oil and gas exploration and production, adding that 10 of them were into petroleum engineering.

Tullow has interests in two exploration licences offshore Ghana - Deepwater Tano and West Cape Three Points.

Both blocks lie in deep water and in 2007 two successful exploration wells located a substantial discovery which straddles the boundary between the two blocks, known as the Jubilee Field.

In 2008, an accelerated Jubilee appraisal and development programme commenced on the field. The first appraisal well, Mahogany-2, was drilled in May, followed by the Hyedua-2 and Mahogany-3 wells at the end of2008.

The results from these wells indicated that Jubilee is a continuous stratigraphic trap with combined hydrocarbon columns in excess of 600 metres.

Source: Emmanuel BonneyDaily GraphicGhana

http://www.modernghana.com/newsp/230546/1/pagenum/oil-production-to-start-next-year-tullow.html#continue

Blue sun

August 2nd, 2009, 07:35 PM

Ghana to host this year's International Tourism Day Celebration

2009

Kumasi, Aug 1, GNA - Ghana would host this year's International Celebration of the World Tourism Day in Accra from September 21-27. The event, to be organized by the United Nations World Tourism Organization (UNWTO) would attract the participation of all the 181-member countries.

The theme for the celebrations is "Tourism: Celebrating Diversity". Mr Charles Osei-Bonsu, Deputy Executive Director of the Ghana Tourist Board (GTB) in charge of Finance and Administration, announced this at a stakeholders meeting organized by the Board in Kumasi on Friday.

The event, he said, would be used to highlight the tourism potential of Ghana as well as those of the other participating countries.

He said he was confident that the returns in terms of foreign exchange to the country would make the hosting worthwhile. Mr Osei-Bonsu, who is a member of the event's Planning Committee, said Ghana was expected to become a showcase to woo foreign investors into the various sectors of the economy.

The choice of the country, he said, was influenced by its acknowledged good governance, stability and hospitality of the people. Dr. Nana Baah Wiredu, Tourism Consultant and Chairman of the Sub-Committee for Exhibitions, recognized Ashanti Region for its unique culture and appealed to all stakeholders to participate in the activities of the celebration.

Mr Oti Awere, Tourism Manager from the Wild Life Division of the Forestry Commission, said tourism could become the economic backbone of the country and hoped that the celebration would greatly enhance the potentials of the industry.

A number of local and foreign journalists would be covering the event and this would enable the country and its tourism attraction to be publicized to the whole world.

Exhibitions, conferences, food fair, trips, quiz competitions, workshops and music and dance competitions would be held as part of the celebration.

Source:
GNA

http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=166189

Blue sun

August 4th, 2009, 03:41 AM

Ghana’s oil production to reach 240,000 barrels in 2013

Aug 3, 2009

The country will produce 240,000 barrels of oil and 240,000 million standard cubic feet of gas per day under the second phase of the Jubilee Field project which is expected to commence in 2013, the Deputy Minister of Energy, Dr Kwabena Donkor, has disclosed.
According to him, “the appraisals so far conducted indicate that the Jubilee Field contains expected recoverable reserves of about 800 million barrels of light crude, with an upside potential of about three billion barrels”.
Dr Donkor, who made this known when he opened a two-day seminar on oil and gas for youth activists in Accra last Saturday, said there were greater prospects for the discovery of more oil.
The event, which was on the theme, “Oil and Gas Exploration in Ghana: Opportunities and Threats for the Youth”, was organised by the Youth Network for Human Rights and Democracy and the Friedrich Ebert Stiftung (FES).
Dr Donkor said under Phase One of the Jubilee Field project, 120,000 barrels of oil and 120,000 million standard cubic feet of dry gas per day would be produced next year.
He said the discovery of oil and gas in commercial quantities provided the country an immense opportunity to effectively improve its economy, for which reason all sectors of the economy were positioning themselves for the take-off into the new economic horizon created by the oil and gas discoveries.
“There are many who are sceptical and are asking whether the oil and gas find will be a curse for Ghana, as it has been the case in some African countries. Whether the oil and gas discoveries will be a curse or a blessing will depend on the collective will of the people of Ghana,” he said.
Dr Donkor said with the discoveries, a number of opportunities were knocking at the doors of the youth at the various stages of the oil and gas industry in the upstream, midstream and downstream activities.
These, he said, were drilling services, production maintenance service, geological services, engineering, fabrication and construction.
In addition, he said, opportunities existed in sectors such as insurance, food and beverages, transportation, health and safety, banking and financial services, as well as seismic.
He said it was, therefore, up to the youth to take advantage of the opportunities and urged educational institutions to position themselves by introducing programmers that had relevance to the market being created by the oil and gas find.
He said as a result of the oil threats, the government, on coming into office, withdrew the Petroleum Bill from Parliament for further review and broader stockholder participation before remission to Parliament.
“Though the production horizon of the oil in the Jubilee Field may be short (20 years), the ministry is leaving no stone unturned in ensuring that the necessary legislation and institutions are put in place to ensure that the benefits of the oil find in our time will also extend to those yet unborn,” Dr Donkor emphasised.
The Executive Director of the Youth Network for Human Rights and Democracy, Mr Prosper Hoetu, said the organization was a youth-oriented one committed to building the capacities of young people for good governance, peace building and conflict prevention towards consolidating democracy in the country.
He said the country’s discovery of oil and gas in commercial quantities came as good news in the midst of its socio-economic challenges, saying that when they were managed properly, oil and gas could be a major source of socio-economic transformation.
The Programmes Co-ordinator of the FES, Mr Danaa Nantogmah, said while oil discovery had been regarded as a blessing in Africa “it is often associated with the resource curse phenomenon”.
The objective of the seminar, he said, was to provide basic knowledge and understanding of the emerging oil and gas industry.
Mr Nantogmah expressed the hope that the seminar would provide a platform for youth leaders and activists to devise strategies to effectively engage the government and other stakeholders in developing and implementing a national oil and gas policy that would safeguard the environment and prevent political corruption and violent conflict.

http://ghanabusinessnews.com/2009/08/03/ghanas-oil-production-to-reach-240000-barrels-in-2013/

Blue sun

August 4th, 2009, 03:07 PM

ECOWAS Women Business Group meet

Aug 3 2009

Members of the ECOWAS Women Business Group on Friday converged in Accra for a day's meeting to network and promote business development ideas. The meeting enable members to forge a united front to champion their business interest and take charge of the small and medium scale enterprises sector in the sub-region. Mr Wilson Atta Krofah, President of the Federation of West African Chambers of Commerce and Industry, who opened the meeting called for integration among the women to spearhead the direction and development of the private sector.

Mr Krofah called on women to work as a team and fight towards the integration of the sub-region. He said through integration, their businesses could be well co-ordinated. Mr Krofah urged the women to use their influence as managers to drive the development of the private sector in the sub-region.

http://www.modernghana.com/news/230700/1/ecowas-women-business-group-meet.html

Blue sun

August 6th, 2009, 03:21 AM

Ghana to become "a major exporter" of electricity to Nigeria

August 05, 2009

Arrangements are reported to have been concluded for Ghana to become "a major exporter" of electricity to Nigeria and other West African countries.

Ghana's deputy Minister of Energy, speaking at the fifth Aelex Lecture, in a paper titled, "How Ghana Kept The Light On", said,: "Ghana wants to be a major exporter of electricity and arrangements have been made for this". Nigeria has declared a force majure in its supply of free flow of gas to Ghana. But this is not unexpected as we have, for long, planned an alternative for this even before we appended our signatures on the West African Gas Pipeline document".

The story now is that we have discovered abundant gas in our west corridor. And even with this, we will not limit our source of power generation to gas"

"Supply of adequate, reliable and economically priced power supply is vital for the socio-economic development of every nation. It has been observed that the GDP growth rate of a nation has direct relationship with the growth in the per capita electricity consumption.

"The development of the various sectors of the economy, such as industry, agriculture, health, education, tourism, among others, depends heavily on reliable, adequate and economically priced power supply.

"The vision of energy sector of Ghana is to provide adequate and reliable energy supplies to all sectors of the Ghanaian economy to support socio-economic development, poverty reduction and also for export".

http://www.ngex.com/news/public/newsinfo.php?nid=8426

charles4u

August 6th, 2009, 05:27 PM

Blue sun

August 9th, 2009, 11:58 PM

Mining Company, Miners Return to Talks in Ghana

By Anna Boiko-Weyrauch
Accra
07 August 2009

Labor and management from mining company AngloGold Ashanti are back in negotiations, after the union stopped work at the company's two mines in Ghana earlier this week.

Ghana's National Labor Commission stepped in and got the two sides to return to negotiations. Five-thousand employees who had assembled outside the mines are also back at work while the parties discuss compensation.

One of the issues is the pay gap between foreign and local workers. Union deputy Eric Gyima says his organization had to get involved to bring the lower salaries of Ghanaian mineworkers closer to their foreign colleagues' pay.

"We believe that as a trade organization we cannot sit unconcerned and allow these glaring imbalances and injustices, unfairness, to continue," he said.

The mineworkers' union says some foreign employees are paid almost thirty times more than a Ghanaian doing the same job. AngloGold Ashanti vice president for Ghana, Keith Faulkner, says it is unfortunate, but that is how they have to do business.

"You need to compete on the international market for an international skill, then you have to pay an international salary. It does cause angst and grief because it is disparate, there is a gap and everybody in the industry knows that," he said.

Gyima says union members understand the general market situation.

"We are not saying pay us the salary you pay to, you know, the administrators or that you pay to the bosses. That is not the point. But we believe there might be a fair distribution in incomes so far as AngloGold's income policy is concerned," he said.

Gold is Ghana's largest export. AngloGold Ashanti reported record earnings of $167 million in the second quarter - an 11 percent increase over the start of the year on the strength of improved production from mines in Ghana and Tanzania.

Beyond the dispute over salary inequality in Ghana, there is also the issue of whether pay rates should be determined in dollars or in the local currency, Cedis.

Under the current system, salaries are first quoted in dollars and then paid to workers in cedis. That way workers are more protected from a shaky local economy. Now, the company wants to determine the salaries in cedis from the start. Faulkner says that makes more sense given the local economy.

"We should always be looking at the equity of their earnings with relation to the local economy. With the purchasing power, with the forces on them and adjust wages and salaries appropriately," he said.

Faulkner says when AngloGold converts workers' salaries from dollars to local currency, the workers benefit when the exchange rate is good for the dollar, but sometimes they lose money if the exchange rate falls. He says rising inflation this year has also made paying workers more expensive.

The union is suspicious that AngloGold Ashanti is just trying to save money. Gyima says workers want to keep the current payment system.

The Mineworkers Union and AngloGold Ashanti both say they hope to finish negotiations as soon as possible. Union members say they are prepared to strike in the next two weeks if the differences are not resolved.

http://www.voanews.com/english/2009-08-07-voa18.cfm

Xusein

August 11th, 2009, 06:41 AM

IMO, Ghana is one of the countries in Africa that I'm most optimistic in the future.

Matthias Offodile

September 12th, 2009, 12:38 PM

Another UK oil company targets Ghana

By Ghana Businessnews.com

Ghana, seen as an emerging turf for global oil and gas market has seen another UK-listed oil services company, Petrofac Plc, planning to expand its business into the country.

A Dow Jones Newswire report says the company also plans to expand into Nigeria and Norway.

The CEO of Petrofac, Ayman Asfari was quoted as saying, “We see lots of exciting things in West Africa, in Ghana and Nigeria, which is a difficult environment, but we're looking at some gas projects there.”

Petrofac's Managing Director of Offshore Engineering Operations, William Dunnett reportedly said “We're now actively looking at tendering for business there, mature [oil and gas] projects, and sincerely hope we'll be active there within six months.”

Ghana announced the discovery of oil and gas in commercial quantities in June 2007. Since then, the country has seen the influx of interest groups in the oil and gas sector into the country.

One of the leading oil and gas companies with a major stake in the country's oil sector is another UK company, Tullow Oil.

Tullow has a 38% stake in the country's Jubilee oil field which it says contains about 1.8 billion barrels of oil and has 17 wells.

The Jubilee oil fields is also said to be the largest to be discovered in West Africa in the last 10 to 15 years and commercial production of oil is expected to start in June 2010.

Deputy Minister of Energy, Dr Kwabena Donkor, had said that under Phase One of the Jubilee Field project, 120,000 barrels of oil and 120,000 million standard cubic feet of dry gas per day would be produced in 2010.

Production would be increased to 240,000 barrels of oil and 240,000 million standard cubic feet of gas per day under the second phase of the Jubilee Field project which is expected to commence in 2013.

According to him, “the appraisals so far conducted indicate that the Jubilee Field contains expected recoverable reserves of about 800 million barrels of light crude, with an upside potential of about three billion barrels”.

The mainstay of Ghana's economy has been cocoa and gold, until the discovery of oil. Oil is however, expected to be at the top as the country's major source of earnings when commercial production begins.

Source: Ghana Businessnews.com

Matthias Offodile

September 17th, 2009, 10:50 AM

Ghana discovers more oil and gas

By GNAGhana
Business/Finance | 17 hours ago

The Sankofa-A1 well, drilled at Cape Three Points Block on Ghana's offshore by Ghana National Petroleum Corporation (GNPC) in conjunction with Vitol Upstream Ghana Limited (Vitol), discovered a net hydrocarbon column of approximately 36.3 metres.

It comprised 33.1 metres of gas and 3.2 metres of oil in reservoir sands of Campanian age.

A statement issued in Accra on Tuesday by the GNPC said: “The success of this well confirms the prospects of these Upper Cretaceous reservoir sands in the Tano/Cape Three Points Basin blocks offshore Western Ghana where the Jubilee field was discovered and is being developed.”

The Sankofa-1A well is located 38 kilometres east of the Jubilee field and 21 kilometres east of the Odum discovery in the West Cape Three Points block.

Drilling at the well has been suspended for possible re-entry. The target reservoir was successfully cored, and a full wireline logging programme was also ran.

The statement said the well was drilled with the Blackford Dolphin Semi-Submersible drilling rig in water depths of 866 metres and reached a total depth of 3,704 metres MD (3,674 metres TVDSS).

The Vitol Block covers a total area of 2,080 square kilometres in water depths ranging from 50 metres to 1,400 metres.

This is the first exploration well to be drilled during the first phase (that is three years) of the three-phased seven-year exploration period provided under the Petroleum Agreement entered into with the Government of Ghana and GNPC in 2006.

Vitol has 90 per cent interest in the block while GNPC has 10 per cent carried interest. GNPC has the option of acquiring an additional 10 per cent paying interest on commercial discovery.

It also operates the offshore Cape Three Points South Block.

Nana Boakye Asafu-Adjaye, GNPC Managing Director said, “This discovery marks another milestone in the effort that GNPC has been making over the years to establish Ghana as a significant hydrocarbon province.

Both the oil and gas that have been encountered in this well are of importance to Ghana's aspiration”.

Mr. Steve Want of Vitol said “We are excited that this first well in our exploration programme in Ghana has made a discovery. We will continue our close partnership with GNPC and the Government of Ghana in the exploration programme and look forward to more successes in the years ahead”.

Vitol Upstream Ghana Limited, a subsidiary of Vitol Holding S.a.r.l., a major oil company, obtained the first petroleum agreement with the Government of Ghana in 2006, to explore hydrocarbons in the West Cape Three Points Block offshore Ghana and a second petroleum agreement in 2008 in the southern block—the Offshore Cape three Points South Block.

GNPC was established under PNDC Law 64 in 1983 with a mandate to undertake petroleum exploration, development and production activities on its own or in association with other companies and to ensure that the exploration of these hydrocarbon resources benefited the people of Ghana.

source:GNA/Ghana

http://www.modernghana.com/news/238931/1/ghana-discovers-more-oil-and-gas.html

Matthias Offodile

September 26th, 2009, 12:56 PM

Ghana Eurobonds to Extend Rally on Oil, Bailout, Says Barclays
Share | Email | Print | A A A

By Garth Theunissen and Laura Cochrane

July 28 (Bloomberg) -- Ghana’s Eurobonds, which surged 93 percent since November, are poised to extend their gains as newly discovered oil deposits and international bailouts accelerate the economic recovery, Barclays Capital said.

The West African nation’s 8.5 percent dollar-denominated bonds due 2017 are likely to rally further on rising export revenues and a more stable currency, Ridle Markus, an Africa strategist at Barclays-owned Absa Capital in Johannesburg, said in a phone interview today. The bonds rose, lowering the yield to 9.73 percent from 9.83 percent as of 11:42 a.m. in the capital Accra.

“Ghana’s Eurobonds offer very attractive yields for investors looking for exposure to Africa because the economic risk associated with the country has declined markedly,” said Markus. “The country’s fiscal position is going to get a lot more attractive over the next 12 months and we expect to see a lot more demand for Ghanaian assets as a result.”

The West African nation, the world’s second-biggest cocoa producer after the Ivory Coast, plans to boost oil output to 500,000 barrels a day by 2014 as it seeks to become the continent’s newest crude exporter.

The International Monetary Fund said earlier this month that it would lend Ghana $1.02 billion to support the country’s balance of payments, the biggest loan to an African nation since the start of the global financial crisis. On June 30, the board of the World Bank agreed a $535 million loan to finance the budget deficit and tackle poverty.

Gold Miner

Production on the Jubilee oil field may begin in the second half of 2010, according to a July 15 statement by Tullow Oil Plc, which holds a 34.7 percent stake in the field. Ghana expects output from the field to reach 120,000 barrels a day by the third quarter of next year, Markus said, citing discussions with government officials.

The goal may make Ghana, which is also Africa’s second- biggest gold miner, one of the world’s top 50 oil producers, London-based Tullow Oil said in a July 15 statement.

Oil exports may help Ghana’s economy expand 6.1 percent next year and 10.5 percent in 2011, compared with an estimated 4.1 percent growth this year, based on Absa’s forecasts.

To contact the reporter on this story: Garth Theunissen in Johannesburg gtheunissen@bloomberg.net; Laura Cochrane in London at lcochrane3@bloomberg.net
Last Updated: July 28, 2009 10:32 EDT

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPzwdFrV8SuA

DanteXavier

September 28th, 2009, 06:29 AM

Lots of good news in Ghana! Good to hear it!

Matthias Offodile

October 7th, 2009, 01:20 PM

Exxon said to be in talks to buy $4 billion stake in Ghana oil field from Kosmos of Dallas

10:52 PM CDT on Tuesday, October 6, 2009

By ELIZABETH SOUDER / The Dallas Morning News
esouder@dallasnews.com

Exxon Mobil Corp. is in talks to buy a stake in a massive oil field off the coast of Ghana for around $4 billion from Dallas' Kosmos Energy LLC, according to media reports and a person familiar with the deal.

Kosmos, a privately held oil and gas company that focuses on West Africa, sent a letter to other bidders terminating the process, according to a knowledgeable industry source, and entered exclusive talks with Irving oil giant Exxon. A sale would require approval from Ghana's government, said two people familiar with the process.

Ghana is set to become West Africa's newest oil exporter in late 2010, when output begins at the Jubilee field. The deal comes at a time when Exxon's oil production has declined and the company has said it might fail to meet its 2009 target for 2 percent output growth.

Exxon, Kosmos and the private equity companies involved in the negotiations declined to comment publicly on the deal.

"Exxon Mobil routinely evaluates potential development opportunities around the world. We do not comment on the details of commercial discussions or opportunities," Exxon spokesman Patrick McGinn said in an e-mail.

Kosmos owns less than 25 percent of the Jubilee field. Other owners include: Anadarko Petroleum Corp., Sabre Oil & Gas, EO Group and Ghana National Petroleum Corp.

The partners, together, have spent $3.2 billion to develop the field, with Kosmos contributing about a quarter of that amount.

Jubilee, which was discovered in June 2007, may hold 1.8 billion barrels of oil and will produce 120,000 barrels of crude a day, according to London-based Tullow Oil PLC, project operator and another owner of Jubilee.

Kosmos is led by James Musselman, former chief executive at Triton Energy Ltd. Triton discovered oil off the coast of Equatorial Guinea and was sold to Hess Corp., then known as Amerada Hess Corp., in 2001.

Musselman and his partners started Kosmos in late 2003 after raising $800 million from private equity investors Blackstone and Warburg Pincus.

The Jubilee sale marks the company's first asset sale. Rather than producing oil, Kosmos' business model is finding oil fields and selling them.

Staff writer Elizabeth Souder and Bloomberg News contributed to this report.

Matthias Offodile

October 17th, 2009, 03:32 PM

Ghana's Oil Find - Reserves Are More Promising

By Daily Graphic - Daily Graphic
Business/Finance | 21 hours ago

Another successful appraisal has been made of an oil well in the West Cape Three Points Block, offshore Ghana.

The Mahogany-4 well, which is the eastern-most appraisal of the Jubilee field, encountered more than 140 net feet of predominantely oil pay in high-quality, stacked reservoir sands. The well is located approximately five miles east of the original Mahogany-1 discovery well and about 2.5 miles northeast of the Mahogany-3 appraisal and Mahogany Deep discovery well.

'The encouraging results of the Mahogany-4 appraisal well build upon our successful delineation programme that continues to extend the potentially productive area of the Jubilee field beyond the existing unit boundaries,' said Bob Daniels, Anadarko Senior Vice President, Worldwide Exploration. 'The well intersected the main Jubilee reservoir and also encountered new deeper oil sands that the partnership plans to evaluate through future exploration and drilling activity.'

Reservoir fluid samples recovered from the well indicated an oil gravity of approximately 35 degrees API. The well was drilled to a total depth of about 12,000 feet in approximately 3,540 feet of water by the 'Atwood Hunter' semi-submersible drilling rig.

Once the rig completes operations at Mahogany-4, it will move to drill a development well in the Jubilee field, followed by appraisal wells to delineate the nearby Odum and Tweneboa discoveries.

The partnership also recently spud the Mahogany Deep-2 well in the West Cape Three Points Block. This well is an appraisal of the Mahogany Deep discovery announced earlier in 2009, as well as a test of the Jubilee field’s southern extent.

Anadarko holds a 30.875 per cent interest in the West Cape Three Points Block. Kosmos Energy is the block operator and also holds a 30.875 per cent interest.

Other partners include Tullow (22.896 per cent), Sabre (1.854 per cent), The E.O. Group, a Ghanaian oil and gas company, (3.5 per cent) and the Ghana National Petroleum Corporation (10 per cent carried interest).

In Cote d’Ivoire, the company announced that the South Grand Lahou exploration well in block CI-105 offshore Cote d’Ivoire reached the targeted objective and found it to be water bearing. The well was drilled to a total depth of approximately 14,900 feet in about 6,100 feet of water.

'To date, we have enjoyed tremendous success in our West African Cretaceous programme,' said Daniels. 'The South Grand Lahou exploration well, which was drilled in less than 20 days, did not encounter hydrocarbons, but it does provide us with an important calibration point within the trend.

We plan to incorporate the data into our models as we evaluate our 2010 programme that will continue to mature the more than 30 additional identified prospects and leads in the trend.'

Anadarko operates South Grand Lahou with a 50 per cent working interest. Co-owners in the block include Tullow (22.3 per cent working interest), Petroci Holding (15 per cent working interest) and Thani (12.6 per cent working interest).

Source: Daily Graphic - Daily Graphic

http://www.modernghana.com/news/244148/1/ghana039s-oil-find-reserves-are-more-promising.html

Matthias Offodile

December 15th, 2009, 04:43 PM

Kosmos Finds More Oil For Ghana

By Daily Guide - Daily Guide
Business/Finance | Wed, 09 Dec 2009

Kosmos Energy, the international oil exploration and production company with a focus in West Africa, announced yesterday that it has discovered more oil in its Odum-2 appraisal well, which is located 4 kilometres north-east of the Odum-1 well that was discovered in 2008 in the West Cape Three Points Block.

The new find, which lies approximately 18 kilometres east of Kosmos' Mahogany-1 exploration well and the Jubilee oil field, is the company's ninth consecutive successful exploration and appraisal of wells offshore Ghana with a 100 percent success rate in the region.

According to a release, the results of drilling, wireline logging and reservoir fluid samples showed that the Odum-2 well penetrated net hydrocarbon-bearing pay of 20 meters (66 feet) in high quality that was stacked with sandstone reservoirs over a gross interval of 182 meters (597 feet).

“We are pleased that we have successfully confirmed the second of our four oil and gas discoveries to date offshore Ghana.

“The Odum-2 well validates the upside potential of the Campanian play on the West Cape Three Points Block, which has been determined to be separate from the Jubilee field play.

We will continue to evaluate the well's results,” said Brian F. Maxted, Chief Operating Officer of Kosmos.

He said the reservoir fluid samples that was recovered indicated an oil gravity of approximately 18-19 degrees API, adding that the Odum-2 well encountered an oil-water contact 58 meters (190 feet) below the lowest-known oil in the Odum-1 well, a discovery that has extended the known oil column beyond the deepest oil seen in the Odum-1.

Kosmos Energy is the operator of the West Cape Three Points Block, which the company holds a 30.875 percent interest.

It also holds an 18 percent interest in the Deepwater Tano Block.

The Odum-2 well was drilled by the “Atwood Hunter,” which is the semi-submersible rig to a total depth of 2,506 meters (8,222 feet) in a water depth of 816 meters (2,677 feet).

Following the drilling of the Odum-2 well, the rig would now be moved to the adjacent Deepwater Tano Block where it expected to drill the Tweneboa-2 appraisal well to evaluate the most recent find. Kosmos and its block partners are currently drilling the Mahogany Deep-2 appraisal well using the “Aban Abraham” drillship.

By Bennett Akuaku
Source: Daily Guide - Daily Guide

popa1980

December 18th, 2009, 03:48 PM

Expect Ghana to be pumping 1 million+ barrels by the end of next decade as more and more wells are found. For me though, 250-500,000 would be fine so other industries dont suffer. As I said before, the government of Botswana is the only government in SS Africa I trust not to massively oil funds.

Matthias Offodile

December 20th, 2009, 08:36 PM

1 million barrels of oil A DAY, you must be dreaming. your imagination must be running wild.

Sims

December 22nd, 2009, 12:28 AM

Country Production (1/07)
Algeria 1,360
Angola 1,700
Libya 1,650
Nigeria 2,250

Ecuador 500

(in thousands of barrels per day)

So for Ghana to be pumping even half of what Nigeria is pumping today I think is a bit too optimistic.
I would expected Ghana to be somewhere around Ecuadors level (half a million barrels maximum)

Source used:
United States Department of Energy

popa1980

December 22nd, 2009, 05:38 PM

1 million barrels of oil A DAY, you must be dreaming. your imagination must be running wild.

They will be pumping 250,000 a DAY from ONE, i repat, ONE field. With the rate of new discoveries in Ghana 1,000,000 seems pretty easily achievable by 2020.

Sims

December 22nd, 2009, 06:23 PM

With all due respect we cannot base our expectations on "the rate of new discoveries", we have no guarantee for a single future discovery.

desert burner

December 25th, 2009, 06:22 AM

They will be pumping 250,000 a DAY from ONE, i repat, ONE field. With the rate of new discoveries in Ghana 1,000,000 seems pretty easily achievable by 2020.

^^agreed it has potential to reach One million barrel per day:cheers:

Matthias Offodile

January 15th, 2010, 11:39 AM

MTN locates West and Central Africa office in Ghana

Last Updated: Tuesday, 12 January 2010, 22:19 GMT

MTN has confirmed that the Head office of the West and Central Africa region is to be located in Ghana.

The West and Central Africa (WECA) office comprises of 9 operating
units including Nigeria, Benin, Cote D'Ivoire Liberia, Cameroun, Guinea Bissau, Guinea, Congo Brazzaville and Ghana.

Corporate Service Executive of MTN Ghana, Mawuena Dumor indicated that Ghana was chosen because of its friendly business environment among other things. The headquarters will be the administrative hub of the 9 countries that constitute the WECA region.

“The establishment of the office in Ghana provides enormous benefits not only to our business but to the country and we are excited to be hosting it”, Ms Dumor said.

The benefits include leveraging economies of scale in respect of supply of telecoms infrastructure across the region which will have positive implications for the national agenda to make Ghana the gateway to West Africa. It will also create opportunities to apply Ghanaian knowledge, expertise and experience to other MTN operating units’ technical and stakeholder engagement initiatives. Ghana has been recognized at the MTN Group level for execution excellence in Marketing and Social Responsibility. Indeed the Ghana OU continues to support knowledge sharing in these key areas of the business.

There are three Regional Offices within the MTN Group. They are South East Africa (SEA), Middle East and North Africa (MENA) and the West and Central Africa (WECA) Regions. The WECA office is managed by the Vice President for the region, Mr Christian De Faria
and will be located in the company’s head office in Accra.

About MTN Group

Launched in 1994, the MTN Group is a multinational telecommunications group, operating in 21 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: "MTN". As at 30 September 2009, MTN recorded 108 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. The MTN Group is a global sponsor of the 2010 FIFA World Cup South Africa™ and has exclusive mobile content rights for Africa and the Middle East.

http://news.myjoyonline.com/business/201001/40467.asp

Matthias Offodile

January 15th, 2010, 11:42 AM

Ghana gets €130 million from Germany

afrol News, 13 January - The German government has pledged €130 million to Ghana under its financial and technical cooperation for the period 2009 to 2011. The new pledge represents an increase of more than 60 percent in assistance from the German government to realise its aim of providing support for partner countries that succeeded in practicing good governance.

According to a statement from the Germany Embassy in Accra, Germany made the commitment at inter-governmental negotiations between the Republic of Ghana and the Federal Republic of Germany on 17 and 18 December 2009 in Bonn, Germany.

The statement said the intergovernmental dialogue highlighted the strong commitment of Ghana to achieving the Millennium Development Goals and to promoting broad-based growth.

The German delegation acknowledged Ghana's successes in reducing poverty as well as playing a leading role in ensuring regional stability and democratisation.

Both delegations stressed the importance of the recent oil and gas discovery to Ghana's sustainable growth and the need to adopt international best practice for the exploitation of the resource, the release said.

"The Ghanaian-German bilateral development cooperation is based on Ghanaian strategies and implemented within the framework of the Ghana -Joint Assistance Strategy,” said the statement.

The release said; "in this context it was agreed to continue the German assistance in the existing focal areas of sustainable economic and financial development; agriculture and decentralization".

Additionally, Germany had scaled-up its commitment for direct budget support in the framework of the Multi Donor Budget Support to the tune of 55 Million Euro in September 2009.

Matthias Offodile

March 7th, 2010, 06:04 PM

Bank of Trinidad and Tobago explores opportunities in Ghana

Last Updated: Wednesday, 3 March 2010, 11:0 GMT

The Deputy Managing Director of the Republic Bank of Trinidad and Tobago, Mr. Gregory Thompson, has expressed optimism about identifying investment opportunities in the country.

"Ghana's economy has a lot of similarities with Trinidad and Tobago, and having had the privilege of operating in our oil economy successfully, we believe there are several areas where we can bring lessons we have learned to bear on the Ghanaian economy," he said.

Mr. Thompson made these remarks when the delegation paid a visit to the Minister of Energy Dr. Oteng-Agyei.

The high powered delegation was led by the Honorary Consul of the Republic of Trinidad and Tobago, Mr. Hilton John Mitchell. It also included Gregory Thompson and Mr. Robert Le-Hunte, Managing Director of Barbados National Bank.

The delegation expects to interact with major players within the financial sector, including the Governor of the Bank of Ghana, the Minister of Finance and Economic Planning, as well as regulators, managing directors of banks, and the business community.

The Republic Bank of Trinidad and Tobago is one of the largest and most successful indigenous banks in the English-speaking Caribbean, with a current asset base of approximately US$7 billion and employs over 4,500 people in the Caribbean islands of Trinidad and Tobago, Grenada, Guyana and Barbados.

"Given that the total asset base of the Ghanaian banking sector is about US$10 billion, we have a strong enough base to participate meaningfully in Ghana's economy," said Robert Le-Hunte.

The Republic Bank has proven expertise in financing Trinidad and Tobago's efficient production, processing and monetization of gas, with the country being the largest producer of methanol and ammonia in the world.

The Bank also has a lot of interest in agriculture.

Source: B&FT

http://news.myjoyonline.com/business/201003/42953.asp

jules3c

March 10th, 2010, 01:36 AM

Any news on the progress of the bui hydroelectric dam lately?
If there is anybody with some good news about it would you please post it. I'd like to see some pictures of it.

jules3c

March 10th, 2010, 01:38 AM

Any news on the progress of the bui hydroelectric dam lately?
If there is anybody with some good news about it would you please post it. I'd like to see some pictures of it.

Rep. Riograndense

March 13th, 2010, 01:36 AM

i think that the solution for the african countries and, in the same way, for all developing countries, is diversify the economy.

It's sad to say but, in africa, a country non-oil producer cannot reach the economic sucess. The money gained with the oil is not invested in another ways to strengthen the economy. Everything become worse with the corruption and the lack of infrastructure. It's a hard and long way to reach the development, but it can be done, specially when the country is rich in minerals, oil and fertile soil. It depends, of course and basically, of the people education level and specialized workforce.

This just to start, obviously the whole thing is much more complex.

desert burner

March 13th, 2010, 01:39 PM

hakz2007

April 1st, 2010, 12:57 PM

S. Korean oil company in talks with Ghana
SEOUL, April 1 (PNA/Yonhap) -- Korea National Oil Corp. (KNOC), a South Korean state-run firm, has held talks with Ghana about purchasing a stake in an offshore oil field, a government source here said Thursday.

The source at the Ministry of Knowledge Economy said KNOC held working-level talks with Ghana National Petroleum Corporation (GNPC) to explore the possibility of buying into the Jubilee oil field, located some 60 kilometers off the coast of the West African country.

The official, who spoke on condition of anonymity, said KNOC could be willing to take part in exploration and production at the deep-water field. If the South Korean oil company seeks to buy a stake, it will have to hold talks with the U.S.-based Kosmos Energy and other foreign energy companies that are in partnership arrangements with GNPC.

The Jubilee field, situated at a depth of 1,200 meters below the ocean's surface, was discovered in June 2007 and may have recoverable reserves totaling more than 600 million barrels, with some estimates placing the reserve at up to 1.8 billion barrels.

KNOC, however, said that while it is interested in the oil field in Ghana, no specific negotiations have taken place and hinted that talks are not ongoing.

The corporation is the main player in Seoul's effort to raise the country's self-sufficiency in oil and gas to 30 percent in the long term, from just 9 percent last year. (PNA/Yonhap) http://www.pna.gov.ph/index.php?idn=3&sid=&nid=3&rid=267521

hakz2007

April 9th, 2010, 09:09 AM

Ghana's economy grows steadily: minister
ACCRA, April 9 (PNA/Xinhua) -- Ghana's economy is growing steadily after the country initiated the "Better Ghana" economic program, Ghanian Information Minister John Tia Akologu said on Thursday.

Briefing the media on the national economy, Akologu said the inflation rate was cut down from 18.1 percent in January 2009 to 14.23 percent in last February thanks to the government's prudent management policies.

"The decision by the Monetary Policy Committee of the Bank of Ghana to reduce the policy rate by 200 basis points from 18 percent to 16 percent also led to a reduction in the treasury bill rate to 17 percent in mid-February from an average of 25 percent in October 2009," he said.

The official said that since taking office in January 2009, the current government has managed to trim the huge fiscal deficit of close to 15 percent of the GDP to less than 10 percent and settled most of the arrears estimated at about 1.7 billion cedis (about 1.214 billion U.S. dollars) across all sectors of the economy.

The minister also said beneficiaries of the payments included railway workers, newly recruited nurses and teachers whose salaries were not paid for several months in 2007 and 2008.

"Investment inflows have already started coming in appreciable volumes and as the government continues to promote the investment competitive advantages of the country, the country's job market would continue to expand and absorb a growing number of skilled laborers," he said.

The 200 companies registered with the Ghana Investment Promotion Center in 2009 are expected to create about 18,800 jobs for Ghanaians, he said.

He added that the government also attached great importance to the education sector, citing as examples the free school uniform program for deprived pupils, the distribution of over 42 million free exercise books and a 50-percent increase in capitation grant. (PNA/Xinhua) http://www.pna.gov.ph/index.php?idn=3&sid=&nid=3&rid=268817

royal_ron2012

April 18th, 2010, 11:41 PM

Ghana racing against the oil curse

The West African state of Ghana has the potential to become a major oil producer. Its oil reserves are significantly bigger than initially estimated. But then so is the challenge posed by the management of such riches. The Ghanaian government is becoming increasingly assertive, with Members of Parliament being trained in the niceties of oil contracts and royalty arrangements. ‘In the past Ghana uncritically signed agreements with the oil companies. Those days are over.’

Koen Speijer (29) of Rotterdam-based shipping agent Supermaritime presides over the Ghanaian port of Takoradi like an eagle on its nest. On behalf of Supermaritime he has managed to secure the top floor of the Harbor View hotel, perched high above the city. From this vantage point he uses a telescope to monitor shipping movements in the port, where maritime traffic has mushroomed since the discovery of oil some 60 kilometres out to sea.

Takoradi lies some 250 kilometres west of the Ghanaian capital of Accra. Situated a further 250 kilometres west is Abidjan, capital of the Ivory Coast. Not so long ago Takoradi was a port city in decline, welcoming a mere two vessels a month to its dilapidated harbour. But since oil was discovered, times have changed dramatically. The discovery of the Jubilee oilfield in 2007 has dynamised the local economy. Oil corporations and service companies have engendered a huge demand for plant and personnel. The market value of the rundown colonial mansions along Beach Road has exploded and there’s a running battle for commercial sites.

The further development of the oilfield and the increasing number of exploration companies searching for other fields out to sea has led to a rapidly growing offshore industry. Two oil rigs, supply vessels and a growing number of geological research vessels all require operational support. Shipping agent Speijer manages the customs clearance of building materials, ship supplies and crew transfers, including helicopters and aircraft. Not exactly the standard package offered by a shipping agent. ‘The oil find has resulted in a new economy, and then you can’t simply keep doing what you’ve always done,’ Speijer explains. ‘We’re trying to get a piece of the action.’

Jubilee

For years Ghana was ignored by most oil companies. That didn’t stop the country from scouting for oil and investors – albeit with little success at first. So no one in the oil sector lost any sleep over the cheap offshore concessions granted by Ghana in 2004 to Kosmos Energy of the US and Anglo-Irish Tullow Oil. But that all changed in 2007, when they announced spectacular finds which sent a shockwave through the industry. Both companies discovered large reserves of ‘light’ – high-grade – oil. After further drilling, in late 2008 the capacity of the new Jubilee field was estimated at more than 1.2 billion barrels of oil – a considerable fortune with oil prices of some $80 per barrel. Not only that, but the field also holds large reserves of gas amounting to some 800 billion cubic feet (bcf) – equal to the annual consumption of Australia. Jubilee was the biggest offshore oilfield discovered off the West African coast for years and Kosmos and Tullow shares rocketed.

Production from the Jubilee field, which is coming on line in December this year, is estimated at 120,000 barrels per day (bpd), later ramping up to 240,000. Those are relatively modest numbers, but new finds off the coast of Ghana and beyond suggest that Jubilee could form part of an extended chain of oilfields stretching northwards to Sierra Leone and Senegal. The biggest oil multinationals, including ExxonMobil, BP and China’s CNOOC, are now all too eager to come on board. According to Ghana’s Ministry of Energy, future oil production is set to outstrip all current projections. ‘We believe that Ghana will be producing a million barrels per day in five to six years,’ says Kwaku Boateng, the Ministry’s Director of Petroleum Upstream. ‘Our prospects are brilliant.’

With one million barrels a day, Ghana will be promoted to the major league, alongside producers such as Indonesia. The country could easily become the third-largest oil player in the region, after Nigeria and number one producer Angola. And an eye-catcher in geopolitical terms. If the oil companies succeed in realising Ghana’s potential, the Gulf of Guinea will boost its daily oil production to over 6 million barrels, roughly 8 percent of the global total. Ghana’s stability will become a matter of international concern. That stability could be jeopardized if state oil revenues hit $2-4 billion a year, adding more than 20 percent to the national budget.

The rich oil reserves along Africa’s west coast have traditionally fuelled corruption and mismanagement. Ghana could prove the exception to the rule. For more than twenty years the country has been hailed as an oasis of calm in an otherwise unstable region. Its liberal reforms have made it the darling of foreign donors and investors. But the flood of petrodollars could tempt politicians to change course and extend state power, which is already considerable. ‘The Ghanaians are genuinely aiming to get it right, they want to set an example’, says the Dutch ambassador to Ghana, Lidi Remmelzwaal. ‘But good intentions alone will not be enough. The government wants to keep everybody happy. That won’t be an easy ride.’

Que sera, sera

The band on the sweeping terrace of the Shangri La Hotel in the Ghanaian capital of Accra launches into the resigned tones of Que sera, sera, Whatever will be, will be. The lyrics ringing out into the darkness of the surrounding night are symbolic of the way ordinary Ghanaians view the benefits the burgeoning oil industry may bring. ‘The money will go to the politicians, that’s certain. We won’t see a penny’, is what many local people say.

The country’s intellectual and political elite is similarly cautious. They have gathered in one of Accra’s most luxurious hotels for a two-day conference on biometric voter registration. Sagem of France is presenting a biosmartcard which it says can eliminate fraud in the upcoming 2012 general elections. This innovation, which has already proved its worth in elections following the bloody civil war in neighbouring Ivory Coast, appeals to the politicians and opinion-makers present in Accra. ‘The oil revenues have made bolstering the democratic election process a top priority,’ says Kofi Bentil of the liberal think tank IMANI, and one of the speakers at the conference. ‘Those petrodollars are an open invitation to people to get involved in politics and steal money, an incentive for keeping the state apparatus inefficient and developing a system that permits fraud. Just as in Nigeria and Angola, oil is bound to escalate the political tensions in Ghana.’

Those tensions can already be seen in some places, particularly in the coastal region facing the Jubilee field, where the population can see firsthand how the oil industry is gathering speed. In some cases expectations are unrealistically high. In West Ghana some villages are already reported to be quarreling over future oil money from the government. And there are reports of hot-headed youths threatening protest action and violence if no jobs are reserved for them. Some observers have even drawn comparisons with the violent Niger oil delta in Nigeria.

‘There are some ridiculous demands being made’, acknowledges Awulae Annor Adjaye III. He is the traditional leader of Western Nzema, the coastal region stretching from Takoradi to the border with Ivory Coast. ‘But we won’t take up arms like they did in Nigeria. People here know they can bring about change by voting in the elections. For our young people, too, that’s a better way than war and violence. But the government cannot be allowed to ignore us by saying that oil is a national treasure and that’s it. You can’t deny fishermen access to fishing grounds near the oil finds without offering them some kind of compensation. And any gas processing plant and petrochemical industry along the shoreline here will cost the people who live off the coconut palms their livelihood. The government has to compensate us. There must be schooling and work for the youth.’

New oil legislation

Concerns about the future of Ghana as an oil state are focused above all on the slow response of the government of president John Atta Mills that came to power in January 2009. There’s an urgent need for new legislation in order to ensure that future oil revenues are managed in a transparent way. And there needs to be greater clarity on the role of the national oil company GNPC. After all, bad examples of a mighty oil company in state hands lie close to hand. In Nigeria the NNPC is a breeding ground for corruption. And in Angola the highly competent national oil company Sonangol has grown into a mighty conglomerate with a wide range of international interests as well as a conduit for billions of petrodollars to the ruling elite.

But Ghana is taking a long time to decide on its policies. Of Ghana’s parliamentarians no one is more aware of this than Moses Asaga, Chairman of the parliamentary Committee for Energy Affairs. Asaga arrives more than an hour late for our appointment in Parliament House. ‘Large numbers of voters from my district came to my house to celebrate the inauguration of a minister and then I have to give them something to eat,’ he says apologetically.

Last year Asaga accused the government and the influential GNPC of contriving to engineer the new oil legislation between themselves to the exclusion of parliament. But the energy committee chairman says that this has now been remedied. He is counting on the speedy announcement of a new oil act providing for an international platform of public tenders, so that new players in Ghana’s oil sector will know exactly what their position is. In addition, Asaga says, Ghana needs an independent oil sector regulator. He would like to see GNPC become a wholly commercial oil company, competing with other industry players. And with a view to transparency, the petrodollars should be held in a separate development fund. ‘I hope that the legislation is all ready by the time production comes on-stream,’ Asaga says.

However, Ghana’s already running behind schedule, says Ishmael Adjekumhene. ‘Even if legislation is passed soon, it will be impossible to implement the new rules on time’, he says. Adjekumhene is director of an institution that has been schooling MPs in the finer points of oil contracts and royalty regimes. ‘Most of the parliamentarians knew almost nothing’, he says. ‘In the past they signed agreements with the oil companies without any regard for the small print. They allowed themselves to be dictated to entirely by GNPC.’

For this reason there is an ongoing risk of mismanagement and clientelism. Some observers point to indications that a new web of patronage is already being spun around the oil fields. But many Ghanaian policy makers regard their neighbouring countries with a slight feeling of superiority. They’re convinced their country won’t be the next to fall victim to the oil curse. ‘I hope we in Ghana can make the difference,’ says Kwaku Boateng at the Ministry for Energy. ‘We have discovered oil at a good time in the country’s history. We have democracy, government is functioning very well and we have a very active civil society. Ghana cannot afford to fail. And we have no excuse for failure. I think that we can succeed with the help of God.’

In any event Ghanaians have become increasingly assertive in their negotiations with foreign oil majors. Earlier this year the government halted the planned sale by Kosmos Energy of its 23.5% share in Jubilee to Exxon Mobil for $4 billion. The Ghanaians want to buy Kosmos’ stake themselves and sell part of it on, possibly to the Chinese. And the Ghanaian government wasn’t afraid to deploy strong-arm tactics to get Kosmos to see things their way. Kwaku Boateng is quite frank about this. ‘They [Kosmos] have other stakes in Ghana as well. So for their long-term interest in Ghana, it’s better for them to give government the opportunity to buy at a fair price.’

Credit: Rudolf ten Hoedt

Source: European Energy Review

royal_ron2012

April 19th, 2010, 05:45 PM

Ghana To Build A New International Airport In The Western Region

The Government of Ghana is to build an additional airport in the Western Region to serve the needs of the business community, especially the budding oil sector and other emerging business opportunities.

To this end, government has tasked the Ministry of Transport (MOT) to conduct feasibility studies on an identified location, which would lead to the commencement of the project early next year.

Eric Tetteh, Planning Officer at MOT, who announced this at the first meeting of the Inter-Ministerial Committee on Tourism in Accra last week, said the ministry would later this month begin feasibility studies in the area.

The meeting discussed, among other issues, what the various Ministries, Departments and Agencies (MDA) that formed the membership of the Inter-Ministerial Committee were doing to improve infrastructure such as roads, airports, rail and communication facilities at tourist sites to boost patronage for the sector.

It also discussed simplification of visa processing and acquisition for overseas visitors, sanitation improvement and beautification of Accra and other urban centres, data collection on visitors to the country and the streamlining of activities for improved results.

Mr. Tetteh said the move to build the second airport in the Western Region formed part of the MOT’s policy to make the country an aviation hub.

He said the new airport would be responsible for all commercial activities in the region, while the existing one would take care of activities of the security agencies, the main reason for which it was built.

Mr. Tetteh said the Ministry was also working to position the Tamale Airport as an international one by improving its infrastructural facilities, adding that measures were being put in place to improve safety and security at the ports, a situation that would boost the confidence of tourists and investors.

He said government was also working to attract public private partnership for the project as well as construct new rail lines to tourists and commercial sites to boost investment.

Sarbah Zita Okaikoi, Minister of Tourism said government was poised to develop the country’s tourism sector to become the preferred tourist destination in Africa, which would contribute immensely to the country’s economy.

In a speech read on her behalf by Koby Acheampong, Deputy Minister of Tourism said the tourism sector offered huge potential in terms of foreign exchange earnings, revenue generation and employment creation, stressing that government was poised to develop and promote it both locally and internationally.

She said the country’s tourism sector could stimulate the growth of other sectors such as agriculture, manufacturing, construction, transport, financial and ancillary services.

She however noted that this could only be achieved if stakeholders foster and strengthen necessary inter-sectoral collaboration and called on members of the committee, the private sector and other stakeholders to effectively participate in the meetings to develop the sector to create wealth.

“It cannot be disputed that the multi-faceted and multi-dimensional nature of tourism development in terms of the resource/product development, packaging and marketing is a huge task which require inter-sectoral collaboration and coordination with relevant public and private institutions and development partners,” she said.

Rojo Mettle-Nunoo, Deputy Minister of Health disclosed that government was working to re-equip the Ghana Ambulance Service by increasing its fleet to enhance emergency services in the country.

He said apart from assuring tourists of safety during emergencies, it would help promote critical emergency situations in remote areas where health facilities were not readily available.

James Agyenim-Boateng, a Deputy Minister of Information, called on MDA’s to use technology application to fast-track operations within the public sector.

He said the world was now at a technological age, adding that MDA’s must not be left out of the revolution.

Isaac Owusu Mensah, Assistant Director of the Ghana Immigration Service in charge of the Kotoka International Airport, said the GIS, in collaboration with the Ministry of Foreign Affairs, had put in place measures to make visa application and acquisition easy for all visitors.

Mr. Mensah said the GIS had also installed a data centre which would help to monitor people with fake documents and also provide records on the backgrounds of visitors.:banana:

hakz2007

April 26th, 2010, 05:35 PM

GHANA ON COURSE TO PUMP FIRST OIL BEFORE END OF THIS YEAR
CAPE COAST, April 25 (NNN-GNA) -- Ghana Deputy Minister of Energy, Mr Emmanuel Armah-Kofi Buah announced that the country was on course to pump its first oil from the Jubilee Field come the last quarter of this year.

Production in the last quarter, he said, marked the beginning of the first phase of the Jubilee Field Project. A total of 120,000 barrels of oil a day and 120,000 mmscfd of gas a day are expected to be produced.

Mr Buah said Phase two would start in 2013 indicating that from that time 240,000 barrels of oil and 240,000mmscfd of gas would be expected to be produced on daily basis.

Mr Buah made this known in a speech read for him by Mr Joseph Ben Okai, the Director of Policy Planning at the Ministry of Energy, at the Central Regional forum on "local participation in petroleum activities" in Cape Coast recently.

The forum, which formed part of a series of "road show on petroleum and gas", would be replicated in all regions of the country. It was organised by the Ministry of Energy in collaboration with the Central Regional Coordinating Council to solicit views from the public on the oil and gas sector.

Mr Buah said pipelines were under construction to convey gas to a proposed gas processing plant at Bonyere in the Western Region for the production of products such as ethanol, propane and fertilizer.

He said with the availability of gas as a cheap energy source, opportunities abounded for all kinds of industrial activities, adding that gas would be piped to the existing power plant at Aboadze in the Western Region to enhance electricity generation for the country.

Mr Buah said government was committed to and would ensure the active involvement of Ghanaians in the oil and gas exploration to help eradicate poverty among the populace.

He said other areas that would attract business opportunities include real estate development, telecommunications, banking, insurance, weather forecasting, search and rescue services as well as transport and catering.

He announced government's intention to use the revenues to be accrued from the sale of the oil and gas to diversify the economy to enable every Ghanaian to benefit.

Mr Buah said the oil and gas would not overshadow other productive sectors of the economy such as agriculture, tourism and mining noting that Non Traditional Exports would be promoted alongside.

He said social amenities such as schools, hospitals and sanitation facilities would be provided with the oil and gas proceeds. Mr Buah added that it would also enable government to support the development of the political, economic and social governance systems.

Mr Kojo Efonam, an oil and gas specialist from the Environmental Protection Agency (EPA), said systems were being put in place to minimize the effect of possible discharges and spillages of oil and gas at the field.

He said his outfit would ensure that residents of the oil producing areas were not unnecessarily exposed to the serious security risks as have been the case in other oil producing countries.

Mr. Kwaku Boateng, acting Director in charge of Petroleum at the Ministry of Energy, advised job seekers to also explore other areas such as the hospitality industry since direct job creation from the oil and gas exploration would be limited.

He said the oil and gas revenues would not change the lives of Ghanaians overnight but that its impact would be realized over a period of time.

Participants at the forum suggested among others that roads, hospitals and other requisite facilities should be constructed in the area.

The Central Regional Minister, Mrs Ama Benyiwa-Doe, who chaired the forum called on participants to share information on the industry to people to enable people to make informed decisions.http://www.namnewsnetwork.org/v2/read.php?id=118065

hakz2007

April 29th, 2010, 07:58 AM

GHANA DEVELOPS COMPREHENSIVE URBAN POLICY
ACCRA, April 29 (NNN-GNA) -- Ghana's Ministry for Local Government and Rural Development has developed a comprehensive National Urban Policy which will functionally integrate social, economic, institutional, cultural, environmental and spatial aspects of urban development.

The national response to urbanisation had so far been piecemeal and not sufficiently integrated and holistic, said the minister, Joseph Yieleh Chireh, when he inaugurated the Functional Technical Working Group on National Urban Policy Formulation Process in Accra Wednesday.

Noting that Ghana's population was growing at 2.7 per cent per annum, and the urban population at 4.4 per cent, he estimated that the population would reach 24 million by the end of 2010 with 50 per cent of the people living in urban areas. "This represents tremendous development potential and opportunities as well as presents problems and challenges," he added.

Yieleh Chireh pointed out that while most cities were driving their respective national economies, Ghana's urban centres currently were the locus of extreme poverty, slums, chronic housing shortages, traffic congestion and environmental pollution, deteriorating basic services, increased social inequality and limited employment opportunities.

Another area of concern was how urban settlements were planned, he said, adding that the continuing sprawl of settlements without adequate infrastructure was disturbing, expensive to manage and unsustainable in the long term.

"This cannot continue. We must find a mechanism for ensuring that the development of our urban centres is well co-ordinated to warrant the efficient functioning of the settlements within businesses," he said.

Yieleh Chireh said that in order to promote urbanisation as a catalyst for economic growth, social improvement and environmental sustainability, his ministry would continue to undertake some urban development activities in addition to developing the national urban policy.

These are strengthening the Urban Development Unit (UDU) to spearhead the co-ordination, monitoring and evaluation of urban development activities in the country by implementing a 40-million-euro Ghana Urban Management Pilot Project at Ho in Volta Region (province), Sekondi-Takoradi in Western Region, Tamale in Northern Region and Kumasi in Ashanti Region, to improve the livelihood of the people respectively.http://www.namnewsnetwork.org/v2/read.php?id=118493

GHANA TO PROCURE NEW AIRCRAFT FOR AIR FORCE, SAYS VEEP
ACCRA, April 29 (NNN-GNA) -- The Ghanaian government is on the verge of procuring new aircraft for the Ghana Air Force, says Vice-President John Dramani Mahama, who adds that the planes will include one 90-seater aircraft from Brazil and four helicopters.

He told reporters here Wednesday that the government was also working on the purchase of one Falcon 900 Presidential jet which was ordered during the previous Kufuor Administration.

The Brazilian aircraft will replace the Fokker 27 aircraft which the Ghana Air Force had used for 37 years, said Vice-President Mahama, who added that apart from having a high seating capacity, the aircraft also had the range to carry troops for assignments in other parts of the continent.

Vice-President Mahama said it was not true that the government had abrogated the contract signed by the former government to procure a Falcon 900 Presidential jet, adding that cancelling the contract would cost the government between 7.0 million and 10 million USD.

"The aircraft has already been customized for Ghana. The only thing that we did was to review the deal and change the seating capacity from 10 passengers and three crew members to 16 passengers and three crew members."

He said while negotiations on other aircraft were on-going, the Falcon 900 Presidential jet would be in the country between July and August this year and he called on people seeking information on the procurement to go through the right channels rather than mischievous ways to misinform the public.

The vice-president also said Tata Motors, an Indian automobile company, had already sealed a deal with the government to provide 300 Tata buses using natural gas on a pilot basis for an urban transport programme.

"The buses will not use petrol or diesel, but will depend solely on natural gas which is not only cheaper, but also environmentally friendly." http://www.namnewsnetwork.org/v2/read.php?id=118491

hakz2007

May 7th, 2010, 06:33 AM

GHANA'S MILLENNIUM DEVELOPMENT AUTHORITY COMMITS 402 MLN USD TO CONTRACTS
ACCRA, May 7 (NNN-GNA) -- Ghana's Millennium Development Authority (MiDA) has committed 401.94 million USD in various contracts up to the end of April, 2010, says its chief executive officer, Martin Eson-Benjamin.

He told a Meet-the-Press-Series here Thursday that the five-year programme was on course and the expectation was that the programme budget would be fully utilized within the period.

The MiDA was set up by the Ghanaian government to oversee and manage the implementation of the Ghana Programme under the Millennium Challenge Account of the United States government for sustainable reduction of poverty through growth as contained in the Compact signed between the two governments, secure proper and effective utilisation of the Millennium Development Fund granted to Ghana under the Compact and oversee and manage other national development programmes of similar nature funded by the government of Ghana, development partners or by both.

"MiDA's only prayer is that all contractors, who have been engaged on the projects, will work diligently to meet their contractual obligations," said Eson-Benjamin, who also asked all project affected persons to move off the road corridors to allow work to progress without any hindrance.

So far, MiDA had negotiated and compensated more than 7,000 project-affected persons, he said. The goal of the 547 million USD Compact programme, signed three years ago, is to reduce poverty through the promotion of sustainable economic growth.

The programme, which is currently being run in 30 districts and municipal assemblies in three intervention zones, aims to raise farmer incomes through a private sector-led development and transformation of agribusiness.

It will enhance the production and productivity of high-value cash and food staple crops and enhance the competitiveness of Ghana's agricultural products in regional and global markets.

Eson-Benjamin said the initial procurement challenges that slowed project activities had all been resolved adding, however that government would need to provide some funding to support additional investments under the utilities relocation and resettlement of project-affected persons.

Programmes under the compact consists of three projects namely agriculture, transportation and rural services. Under the agricultural projects, more than 1,200 Farmer-Based Organizations (FBOs) are covered.

Besides, the Commercial Development of Farmer-Based Organization programme, MiDA is also assisting poor rural farmers to confidently participate in local and international markets through an investment worth 214 million USD.

The aim is to diversify, intensify or expand agricultural practices and outputs and improve the quality of the produce, among other things.

On land cases, Eson-Benjamin said MiDA was currently working with the Judicial Service and had already funded and completed a review of the backlog of land cases pending in courts all over the country.

"We are standing by with funds to provide essential Information Technology infrastructure to assist in the complete rehabilitation and modernization of ten circuit courts," he said, adding that the selected courts would handle and clear the backlog and any new land cases.

On agricultural credit, he said over 26.3 million Cedi had been disbursed to more than 9,600 individual farmers as seasonal and working capital loans as well as for the purchase of capital items. http://namnewsnetwork.org/v2/read.php?id=119387

hakz2007

May 13th, 2010, 12:30 PM

AUSTRALIAN MINING FIRM TO START FULL-SCALE OPS AT GHANA MINE BY SEPTEMBER
ACCRA, May 13 (NNN-GNA) -- Australian mining company Signature Metals, operators of the Owere Gold Mines at Konongo-Odumase in Ghana's Ashanti Region (Province), will start full-scale mining operations by September this year, says the project manager, Roger Banister.

More than 70 per cent of equipment installation at the mine has been completed, he said, adding that the company was only waiting for the Environmental Protection Agency (EPA) to complete its impact assessment studies before commencing business.

The mine covers an area of 12 square kilometres and it is estimated to produce 100,000 ounces of gold annually.

Banister told a media briefing at Konongo Tuesday that the company had received more than 4,000 employment applications so far, but would hire only 350 people. About 80 per cent of them would come from the 12 communities where the mining operations would be concentrated, he said.

He expressed satisfaction with the level of co-operation the company was receiving from the traditional leaders in the area. They include the chiefs from Agyareago, Atunsu, Domeabra, Kwakorkor, Konongo, Kyekyebiase, Kyekyewere, Nyaboe, Nyinampenease, Obenemase, Odumase and Patriensa.

Banister re-affirmed the company's determination to ensure that it lived up to its social responsibility to the people in its operation area.http://namnewsnetwork.org/v2/read.php?id=120109

hakz2007

May 25th, 2010, 09:22 AM

TULLOW TO BEGIN MASSIVE EXPLORATION
ACCRA, May 23 (NNN-GNA) -- Tullow Oil plc (Tullow), Operator of the Jubilee Field in Ghana, is set to commence a new round of massive oil exploration campaign with up to four wells in the company’s Deepwater Tano license in Ghana.

The search for the black gold due to start in June this year follows the company’s successful work at the Tweneboa-2 oil well.

Tullow’s fresh exploration will not be limited to Ghana. Significant wells are also planned in Liberia, Sierra Leone, French Guyana and Guyana to test the extension of the Jubilee play in the Equatorial Atlantic region.

Tullow goes into these massive exploratory works, while looking forward to its first oil flow from Ghana’s Jubilee Field in the last quarter of this year. The company sees the expected oil flow in Ghana as a landmark event for itself, its partners and the people of Ghana.

According to Tullow, besides the Jubilee Field programme and plans for an accelerated basin-wide development to significantly enhance the value of the Lake Albert Rift Basin in Uganda, “a high-impact drilling campaign is planned for the second half of 2010.”

Given the extent of this activity, Tullow's Board believes the outlook for 2010 is very positive.

In an Interim Management Statement released on May 12, the Group said it would announce its half year Trading Statement and Operational Update on July 6. The release said Tullow has continued to perform very strongly in 2010. Tullow said it has also strengthened its balance sheet by completing a £925 million equity placing.

Giving an Operational Update on its activities in Ghana, Tullow cited the commissioning of ‘FPSO Kwame Nkrumah MV21’, named after Ghana’s first president. The official Commissioning of the FPSO was performed in Singapore on May 1, 2010.

The vessel will set sail for Ghana at the end of May, to be connected to subsea equipment which have since been installed on the seabed.

According to Tullow, the drilling phase of the project was finished in February 2010 and completion equipment are now being installed in the wells with production scheduled to commence in late 2010, while ongoing well completion work continue for a further three to six months.

During this period, facilities will be commissioned and production will be steadily ramped up to an expected plateau rate of 120,000 barrels of oil per day, Tullow announced.

They disclosed that in January, the Tweneboa-2 appraisal well in the Deep Water Tano license proved Tweneboa to be a major oil and gas-condensate field. The potential of this expansive 200sqkm turbidity fan system will be evaluated with an exploration and appraisal drilling campaign scheduled to commence next month.

According to Tullow, drilling will start on the high-impact Owo-1 exploration well, which will test the upside potential of the greater Tweneboa resource range in the West of the structure.

“This will be followed by a well on the Onyina prospect, which lies between the Jubilee and Tweneboa fields. The rig will then return to the Tweneboa field to drill further exploratory appraisal wells. In parallel, conceptual field development planning is in progress with the aim of completing an assessment of field commerciality in mid-2011.

“In April, the Atwood Hunter rig drilled the Dahoma-1 well, in the southeast Jubilee area, some 11 km down-dip from known oil. Water bearing reservoirs were encountered below a possible oil-water contact.

“Indications of oil migration in the reservoirs suggest potential for oil trapped up-dip. The rig is now drilling Mahogany-5 to test up-dip oil accumulations east of Mahogany-3,” the statement revealed. http://www.namnewsnetwork.org/v2/read.php?id=121236

preme3000

May 25th, 2010, 12:05 PM

The boss Kwame Nkrumah must be smiling. Responsible leadership has been key to Ghana's stability over the last couple of decades, lets hope oil does not undo all of that. We need more visuals of Ghana on SSC, I have been impressed with what I have seen of Accra. I was there for a few weeks as a kid but I don't remember nothing about at all.

hakz2007

June 4th, 2010, 07:50 AM

GHANA'S WATER MINISTER URGES PUBLIC TO CONSERVE WATER
ACCRA, June 4 (NNN-GNA) -- The Ghanaian government is considering new legislation that will encourage efficient recycling and re-use of waste water, especially by the food and beverages industries, which use large amounts of water in their operations, says Water Resources, Works and Housing Ministrr Alban S.K. Bagbin.

"It is regrettable that in the face of water shortages and other challenges, many of us still splash our lawns and gardens and also wash our cars with expensively treated water that other Ghanaians would queue and fight to get," he said here Thursday.

He told a press briefing on the way forward for Ghana's water sector that businesses would have to choose between either paying tax on their waste water or purify it for re-use.

The minister, who demonstrated how waste water could be recycled for use by drinking filtered visibly dirty water, said his ministry would soon come out with a policy on harvesting rainwater as a way of life.

He noted that with the availability of water purifying equipment on the market, rainwater could be harvested and made wholesome to supplement the country's over-stretched water supply system.

"Our long-term plan is to enact appropriate legislation to be implemented through authorities such as the metropolitan, municipal and district assemblies to incorporate and enforce the harvesting of rain water in new building designs," he added.

Bagbin said the government would further establish an inter-agency co-ordination unit for the efficient and sustainable use of water resources and he mentioned sectors like agriculture, energy, transport, tourism, roads and highways as some notable agencies that had a stake in the use of water one way or the other.

Noting that the management of the 81 water systems in the country was contracted to Aqua Vitens Rand Limited (AVRL) in 2006 and the contract was due to expire in June 2011, he assured Ghanaians that the government, together with its development partners, was seriously studying the performance of AVRL and other options for improving the overall management of the urban water sector.

Bagbin said his ministry was also putting in place new initiatives to keep and sustain the functioning of water systems in the rural areas. The government was partnering some organizations to ensure sustainable water supply in the rural areas.

He specifically mentioned a project dubbed "Sustainable Services at Scale, Triple-S," a project aimed at developing business models which would ensure on-going maintenance and repairs of water systems in the rural areas.

"We are exploring available and affordable technologies such as the use of solar powered pumps to enable rural communities to have access to water at affordable cost," he added.

Bagbin advised Ghanaians to use water wisely, saying: "The success of making potable water available to all Ghanaians depends on what happens in your home, office, communities, towns and cities."http://namnewsnetwork.org/v2/read.php?id=122502

hakz2007

June 8th, 2010, 08:00 AM

BELGIAN MISSION MISSION EXPLORES TRADE OPPORTUNITIES IN GHANA
ACCRA, June 8 (NNN-GNA) -- A 40-member business delegation from the Belgium Chamber of Commerce, Industry and Agriculture has held discussion here with counterparts in Ghana to explore avenues for partnerships and co-operation to boost trade between the two countries.

Maurice Vermeesch, THE Chairman of East African Chapter of the chamber, said Monday the delegation members had decided to establish trade partnerships with Ghanaian firms because of the strength and stability of the economy.

In addition, Ghana upheld international best standards of business transactions coupled with its improved relationship with the World Bank and other international organizations which convinced the delegation that their investments would be safe in Ghana, he added.

Vermeesch said members of the delegation were interested in partnerships in water treatment, logistics, ports and agri-business. He was optimistic the interactions would yield positive results.

Mahama Ayariga, Ghana's Deputy Minister of Trade and Industry, said the government was implementing reforms on legislative and administrative procedures to ensure that the country's investment environment was friendly to investors.

He mentioned continuous economic stability, low inflation rate, competitive corporate tax rates and investment incentives, vibrant financial infrastructure, available skilled labour as some of the measures and incentives which made the country an attractive destination for investment.

Ayariga said the government was promoting investment in seven areas including agriculture and agri-business, financial services, information and communication technology, infrastructure and utilities, manufacturing and industries, oil and mining services and tourism to support growth and development programmes.

He assured the delegation of favourable legal regime to facilitate their operations and urged them to respect the laws of the land.

Dirk Verheyen, Belgium's Ambassador to Cote d'Ivoire, with responsibility over Ghana, announced that the Belgian government would commence issuing visas to Ghanaian businessmen in Accra from next month. Currently, Ghanaians travelling to Belgium acquire visas in Cote d'Ivoire because Belgium has no Consulate in Ghana.

Verheyen said Belgium would use the platform of a sister-Consulate in Ghana to issue visas to only businessmen from Ghana; other Ghanaians still had to go to Cote d'Ivoire to acquire visas to travel to Belgium.

The delegation, which arrived in Accra last Saturday, would continue to interact with other business leaders in the country before their departure on Wednesday.

The Ghanaian delegation was drawn from the Association of Ghana Industries (AGI), Ghana Chamber of Commerce, and Ghana Investment Promotion Centre (GIPC).http://namnewsnetwork.org/v2/read.php?id=122979

hakz2007

June 12th, 2010, 05:11 AM

GHANA SENDING INVESTMENT PROMOTION MISSION TO MIDEAST IN JULY
ACCRA, June 11 (NNN-GNA) -- The Ghana Investment Promotion Centre (GIPC) is to lead a delegation of business executives from Ghana's public and private sectors on an investment promotion mission to Turkey, Abu Dhabi, Dubai and Iran from June 17 to July 2 this year.

The objective of the mission is to familirise businesses there on the investment potential of Ghana as well as to promote investment opportunities in Ghana in the priority sectors, including oil and gas services, infrastructure, real estate development, energy, manufacturing, agriculture and agro-processing, information and communication technology, financial services and tourism.

In a statement issued here Thursday, the Head of Marketing and Public Relations of the GIPC, Bennet Elvis Niboi said the delegation would follow up on several enquires and leads from some sovereign wealth funds and individual investors in the region to be visited on investment opportunities in Ghana.

"The mission would also provide the avenue for dedicated one-on-one meetings to further explore specific opportunities," the statement added.

George Aboagye, the Chief Executive Officer of the GIPC, would lead the delegation to hold business seminars to discuss Ghana's potentials and business opportunities, as well as investment regulations and procedures.

Other members of the delegation include Chief Executive Officers of the Ghana Free Zones Board and teh Ghana Export Promotion Council, members of the Parliamentary Select Committee on Trade, Industry and Tourism, representatives from Ghana National Chamber of Commerce and Industry (GNCCI), private businessmen and the media.

In Iran, the delegation would discuss with competent authorities the modalities for accessing credit facility of 70 million USD secured by the GNCCI during its successful mission to Iran, the statement said.

In December 2009, the government of Ghana, through the GIPC and Ministry of Foreign Affairs and Regional Integration, successfully negotiated and initialled a Bilateral Investment Treaty with the Islamic Republic of Iran. The treaty, among other issues, seeks to improve trade and investment relations between both countries. http://namnewsnetwork.org/v2/read.php?id=123291

Matthias Offodile

June 15th, 2010, 11:16 AM

More oil found offshore Ghana

Drilling offshore Ghana

afrol News, 10 June - Ghana, expected to become a net oil exporter next year, has been endowed with yet another offshore oil discovery. The Ghanaian deepwater offshore region now seems commercially viable, but analysts warn of an emerging "oil curse".

The Ireland-based company Tullow Oil has reported yet another oil discovery on the Jubilee field off Ghana. The hired Atwood Hunter rig had "encountered oil in four out of five wells in the exploration and appraisal programme in the area immediately to the southeast of the Jubilee Field," Tullow's Angus McCoss said in a statement.

The Mahogany-5 well, where the latest discovery was made, was drilled to a total depth of 3,988 metres in a water depth of 1,149 metres. The well is located approximately 62 kilometres offshore and about 7 kilometres southeast of the Mahogany-1 well, the Jubilee discovery well.

According to Mr McCoss, the four oil strikes on the Jubilee deepwater field boded well for commercial activities. But Tullow now "aims to discover even more hydrocarbons to further enhance the commercial development of this licence," he announced.

But further exploration on the Jubilee field would have to wait until October. The rig is now to leave Ghana to work for another operator. It is scheduled to return to Ghana in the fourth quarter of 2010 on a planned nine-month drilling programme in the West Cape Three Points licence.

Anyway, the discoveries on the Jubilee field already have been big enough for oil production being planned to start in December this year. By now, reserves of 800 million barrels of oil have been documented offshore Ghana

With continued oil discoveries, Ghana is now slowly moving forwards to an oil economy. But only slowly, as the latest analysis of the Ghanaian
Ghana's main offshore oil fields

"Looking to 2011–12, the fiscal space created by Ghana's move to oil producer status will initially be modest," IMF analysts hold. As Ghanaians are gearing up for oil revenues and hoping for more government spending, the IMF strongly warns against such ideas before substantial oil exports are secured.

"It will be important to tailor spending plans to available resources," the IMF warns the Ghanaian government. Government spending was already exaggerated and based on too many unsecure loans. The Fund therefore called for "regaining control over the budget and for prudent use of Ghana's future oil resources."

Further, structures to avoid the "oil curse" were still not in place in Ghana. "Transparency in managing oil revenues and related spending will be key," the Fund's analysts advised. Also, the "the under-pricing of energy products" in Ghana was still a problem that needed to be addressed.

But both the Accra government and Ghanaians at large are well aware of the oil curse, knowing all too well how nearby Nigeria has failed to profit from its enormous wealth. There is therefore a public demand in the well-founded democracy to avoid anything that resembles Nigeria in Ghana's future oil bonanza.

President John Atta Mills is soon to present extensive oil management policies and legislation to the Accra parliament, following a long advising process from the IMF and other, non-Nigerian oil producing countries.

http://www.afrol.com/articles/36315

hakz2007

July 19th, 2010, 06:30 AM

GHANA GOVT SHOULD SECURE NATIONAL INTEREST IN OIL FIND - OIL CONSULTANCY GODAC
ACCRA, July 19 (NNN-GNA) -- The President of Ghana Oil Drilling Academy and Consultancy (GODAC), has asked Government to define a road map on how to achieve the proposed 90 per cent local content in the burgeoning oil industry.

Mr Prince Frimpong Donkor, also the Chief Executive Officer of the academy said it is common knowledge that oil companies usually ignore the inclusion of local people in their operations often on the grounds that they do not have the prerequisite qualification.

Speaking to the Ghana News Agency during the graduation of 34 students of the academy, Mr Donkor said there is the need for government to put in place clearly defined legislation to guide the operations of the oil companies and also strategise on how local people would be fully integrated into the oil production industry.

He urged government not to allow operating companies to dictate the pace of training of the local population, emphasising the need for the Executive and stakeholders to develop and adopt standard training programmes for the citizenry.

Mr Donkor said offering the people specialised training and skills would ensure that they take up the lower jobs and bring their expertise to bear on the country's development process.

Touching on the training of graduates, Mr Donkor said GODAC provide students the opportunity to get first class qualifications at home instead of travelling to Europe for similar courses.

He said trainees from GODAC, who successfully completed the International Association of Drilling Contractors course, have good understanding of rig power system, a practical knowledge of basic maintenance and an understanding of the rig environment. http://namnewsnetwork.org/v2/read.php?id=127381

oshon

July 27th, 2010, 02:35 AM

Ghana's quest to reduce traffic congestion in the capital city has been given a major boost, with the implementation of the Accra Monorail project. The project, which is being undertaken by the Intercontinental Commerce Corporation (ICC), a USA firm, is estimated to cost $1.5billion.

The project will be financed 100% from loans and equity contribution by Intercontinental Development Corporation (IDC). Though, work is ongoing, the proposed Monorail project will take 12 months to be completed, and will provide over 15,000 jobs for the teeming Ghanaian youth during the construction period. The project, when completed is expected to offer over 1,000 full time jobs to Ghanaians.

Currently, the public transit in the city of Accra is provided by a mix of privately owned mini-buses known as 'tro-tro', taxis and buses, which add to the congested streets and contribute to air pollution. The new transit system (Monorail) will operate on elevated beams in order not to disturb the pedestrians and traffic on the ground.

The well known 'tro-tros', buses and other commercial vehicles will be rerouted to feed the transit line after implementation, in order to link more passengers to the Monorail system. The Monorail will carry more than 700,000 passengers per day, with cruising speeds up to 80 kilometre per hour and run 24 hours in a day.

Dr. Ron Watson, a Transportation Engineer and Specialist told some journalists in Accra, over the weekend that the elevated monorail system would be eight miles in length with 16 stations during the first phase of the project and would help alleviate traffic congestion, reduce pollution and increase mobility in the Accra metropolis.

Additionally, the system will allow commuters to bypass stand still traffic by gliding over the congested streets safely, while eliminating hours of commuting between downtown and the residential areas. The Monorail project also includes hotel, business and conference centre, multi-storey shopping complex, beach resort with villas and golf course and other real estate developments.

This real estate development will provide substantial cash for the Accra Monorail project, ensuring project viability and no Ghanaian Government budgeted funding. Furthermore, the project will contribute to the modernization and economic development of the Accra metropolis, improve quality of life and boost tourism.

When quizzed why ICC's elevated transit system for Accra, Dr. Watson stated that "ICC's initial findings in Accra indicate that Ghanaians want more mobility, not less mobility. Elevated rapid transit will provide this mobility above and beyond that being provided by automobile and not at the expense of the automobile".

Dr. Watson disclosed that the monorails may be automated and not requiring drivers and would be controlled by an electronic control system. The President of ICC, E.J. Miller said the company operates the same project in Cairo, Egypt, and Jida and Mecca in Saudi Arabia.

oshon

July 27th, 2010, 02:37 AM

Ghana: Ministry Signs MoU for Affordable Housing
24 July 2010

Accra — The Ministry of Water Resources, Works and Housing has signed memoranda of understanding with some investors, both local and foreign, to provide affordable housing for Ghanaians.

Sector minister, Mr Alban Bagbin said, a total of 145,802 safe, decent and low-income affordable housing units of various types would be constructed and delivered by those companies.

The minister was answering a question posed to him in Parliament by the MP for Akim Abuakwa North, Professor Emeritus Samuel K. Amoako.

The MP wanted to know what steps the ministry was taking to provide affordable housing for workers.

Mr Alban Bagbin mentioned some of the interested investors as Messrs STX Engineering and Construction Ghana Limited with a project proposal of about $10 billion from Korea for 200,000 units with 45 per cent of the units (90,000 units) earmarked for workers and Messrs Goodwill International Group of Companies with a proposal to provide 14,360 affordable houses of various kinds to be constructed in all the regional capitals.

Others are Messrs Agu Resources Limited in partnership with African-Asian Financial and Properties Holding Company LLC of USA, which with the support of the government, was constructing 10,000 units at Nsakina near Amasaman, as well as Messrs Italconstruct International Limited with a proposal for 11,332 housing units.

The minister also stated that the State Housing Company Limited had proposed to construct 110 housing units countrywide while Messrs Swiftforms Systems Limited had also proposed to build 20,000 housing units in the 10 regional capitals.

Mr Bagbin told the House that the Ministry started the National Housing Programme in 1994 with the objective of providing houses for low and middle income workers of the country.

"Between 2000 and 2004, the policy lulled. Then in 2005, a project, dubbed Affordable Housing Project, to provide 100,000 housing units over a five-year period was initiated," he stated.

He said to date, more than 5000 housing units were at various stages of construction at six sites namely; Borteyman-Nungua, Kpone near Tema, in the Greater Accra Region, Asokore Mampong in the Ashanti Region, Koforidua in the Eastern Region, Tamale in the Northern Region and Wa in the Upper West Region.

Responding to another question from the MP, the minister stated that the central government had made available a total of GH¢3,420,000.00 for emergency food relief activities this year.

He said the activities being undertaken included clearing, excavation and widening of channels; lining and construction of specified channels, construction of culverts at critical locations and the construction of a footbridge

hakz2007

September 6th, 2010, 05:35 AM

WE WILL DELIVER THE OIL ON SCHEDULE - TULLOW
KUMASI (GHANA), Sept 5 (NNN-GNA) -- Mr Dai Jones, President and General Manager of Tullow Oil, has said the scheduled production of oil from the jubilee fields by December this year, would never fail.

"We have promised the people and government of Ghana that we will deliver crude oil before the end of the year." he emphasized. "All the necessary measures have been put in place to ensure the smooth flow of oil."

Mr Jones was responding to the appeal of the Asantehene, Otumfuo Osei Tutu II, to the management of Tullow Oil Company to strive to surmount all challenges and stay on schedule in the production of the country's first oil in commercial quantities.

He had led a 19-member delegation to pay a courtesy call on the Asantehene at the Manhyia Palace, on Thursday.

The Asantehene said it was the hope of the entire Ghanaian society that the discovery of oil in commercial quantities and its subsequent production in the latter part of this year, would help ease some of the infrastructural and poverty challenges of the majority of the people.

It was, therefore, important for the management of Tullow Oil, he said, to ensure that all the challenges that may delay production were removed to ensure the smooth flow for the benefit of the people.

Otumfuo Osei-Tutu said the government was currently holding discussions with all stakeholders on the effective and efficient utilization of the oil revenue and expressed the hope that its timely production would help the government to provide the needed social amenities for the benefit of the people.

He commended Tullow Oil for investing in Ghana and charged the management to offer them training in the oil industry so that the local workers would get the needed experiences to take up higher responsibilities.http://namnewsnetwork.org/v2/read.php?id=132252

Simfan34

September 6th, 2010, 04:30 PM

royal_ron2012

September 8th, 2010, 03:19 AM

Simfan34

September 27th, 2010, 01:03 AM

Fitch Raises Outlook On Ghana To Stable As Economy Stabilizes

Fitch Ratings raised its outlook on Ghana's speculative-grade credit ratings on a stabilizing economy and in anticipation of increased oil production later this year.

Veronica Kalema of Fitch said tight fiscal and monetary policy, as well as use of funding from the International Monetary Fund, has stabilized the African nation's economy.

Meanwhile, inflation declined to a single-digit percentage in June for the first time since 2006 as Ghana's current account deficit narrowed to 8% of gross domestic product last year from 21% a year earlier and its budget gap shrank to 10% from a peak of 14.5% in 2008. The declining inflation rate has eased the government's cost of borrowing, Fitch said.

The outlook change comes as the nation has reached accords to bring more investment into Ghana.

It and China on Wednesday signed project loans and another deal totaling $15 billion, the latest in a string of Chinese investments in Africa. On Wednesday, the China Export Import Bank and the government of Ghana signed a $10.4 billion concessionary-loan agreement for various infrastructure projects, payable over 20 years, the government of Ghana said on its website. A separate loan of $3 billion, from the China Development Bank, is slated for Ghana's burgeoning oil-and-gas sector.

Ghana has one of the highest debt levels among single-B rated countries at more than 60% of GDP. While the government's fiscal consolidation has been slower this year than 2009 as it pays off debt, Fitch expects the inherited arrears to be cleared by 2012.

Still Fitch said Ghana's ratings could face downward pressure if the government returns to "fiscal mismanagement." Any upgrade would depend on continuing commitment to completing a revamp of public finances. The ratings agency has Ghana's long-term issuer default ratings at B+, four steps into junk territory.

:cheers:

preme3000

September 28th, 2010, 01:12 PM

Ghana: Asia's Big Oil Companies Outbid Western Rivals President John Evans Atta Mills, his government and the Ghana National Petroleum Corporation are entertaining offers for cooperation and a stake in the Jubilee oil field from all over Asia.

Since ExxonMobil's US$4 billon offer for Kosmos Energy's 23.5% stake in the Jubilee field was rejected last month (AC Vol 51 No 17), Asian national oil companies have been doing the rounds in Accra, all aiming to become GNPC's financier and operating partner. Kosmos, however, is contemplating a listing of its shares as an alternate way to go ahead with the project.

ExxonMobil abandoned its offer on 17 August, opening the way for a GNPC bid backed by the China National Offshore Oil Corporation. Sources at GNPC told Africa-Asia Confidential that the deal would include a $5 bn. loan to the GNPC. CNOOC would take a 10% stake, another major oil company 10% and GNPC 3% of Jubilee, which is estimated to hold more than 1.2 bn. barrels of oil. CNOOC is in good odour with Accra due to previous promises by the China Development Bank to bankroll Ghana's oil infrastructure with billions of dollars in preferential loans (AAC Vol 2 No 11).

Agreement on the price of the sale could be more problematic following the 13 September confirmation by Tullow Oil of a big new discovery in the Owo field on the Deepwater Tano Block, in which Kosmos has an 18% stake. Kosmos says that the ExxonMobil offer of $4.3 bn. was under market value, and it would now prefer to sell at $5-6 bn. GNPC had offered to match ExxonMobil's offer, but Accra is wary.

Other countries are joining the fray. After the visit of Crown Prince Naruhito in March, the Japanese government made an interesting bid that would allow GNPC to buy out the Kosmos stake. Tokyo tempted the Accra government with a $1.5 bn. credit, a long-term $4 bn. loan and fewer strings than CNOOC. The Japanese side, however, brings fewer technical skills to the table.

Japanese companies already have a foothold in Ghana's oil and gas sector, albeit a tenuous one. In 2008, Mitsui Ocean Development and Engineering won a $875 mn. contract to provide oil processing facilities for the Jubilee field. But exploration financing was held up last month when the World Bank's International Finance Corporation called for new due diligence on Mitsui because it had paid $5 mn. to a consultancy part-owned by Tsatsu Tsikata, the influential member of the National Democratic Congress and former GNPC head (1998-2000).

Early at the oil and gas rush

Backed by the state-owned Japan Oil, Gas and Metals National Corporation, Mitsui owns a 20% stake in the highly prospective Keta Basin. Since October 2009, Japan's Modec-Itochu has been working on a $1 bn. gas project with Italy's Saipem, Nigeria's Oando and GNPC. The contractors will build gas pipelines, a processing plant and storage facilities. Japan's oil and gas diplomacy began in September 2008 when Yasutoshi Nishimura, Parliamentary Vice-Minister for Foreign Affairs, led a delegation to West Africa. They and GNPC agreed to look at oil and gas projects and electricity development. Japanese company Marubeni announced that it would like to set up operations in Ghana to benefit from the oil boom.

Indian Commerce Minister Anand Sharma was in Accra in early September with a delegation including representatives of the Oil and Natural Gas Corporation, ONGC-Videsh and GAIL (India). The executives discussed joint ventures in Ghana's offshore sector with GNPC. GAIL and ONGC have been in talks with GNPC since December 2009, but the talks have yet to yield tangible results. At the 2009 India-Africa Hydrocarbons Summit, Ghana's Deputy Energy Minister Emmanuel Armah-Kofi Buah was blasé about Indian overtures, saying that 'a lot of companies are interested' in Jubilee - but GNPC Chairman Ato Ahwoi has been on several official visits to New Delhi.

ONGC-Videsh was one of the first companies out of the gates in the initial phase of the Kosmos sale, but its offers have not had much play in Accra. While CNOOC had first brought in Goldman Sachs to advise on its initial bid, ONGC hired Citigroup to advise on a bid worth between $3-5 bn. in July 2009. If Indian companies cannot get in on this round of Ghana's oil development, Delhi is keen to get ONGC-Videsh to cooperate with GNPC on future exploration projects.

After meeting Trade Minister Hannah Tetteh, Sharma offered to train Ghana's oil cadres at the Indian Institute of Petroleum. Finance Minister Kwabena Duffuor requested that Sharma get Indian companies to invest in building Ghana's capacity in the upstream and downstream oil sectors. Back in October 2004, ONGC-Videsh signed a memorandum of understanding (MoU) with GNPC for exploration and production cooperation, but it promised much and delivered little. It did, however, incorporate provisions for the training of GNPC officials in India.

State-owned Engineers India Ltd. have been trying to penetrate the Ghanaian market. The company, which builds oil platforms, oil and gas processing units and refineries, set up a Ghana office in November 2009. It started further talks with GNPC in February to work with GAIL on monetising Ghana's gas resources and building up infrastructure. Indian Petroleum Minister Murli Deora says that Delhi is keen to back its companies' development of liquified natural gas plants in Africa. The lack of a foothold in Ghana's oil and gas sector is holding back other Indian-backed projects.

In July, India's state-owned Rashtriya Chemicals and Fertilizers signed an MoU to build a $1.5 bn. gas-based fertiliser plant at Shama in Ghana's Western Region. The million-tonne-per-year plant should be in operation by 2014, but the government has not guaranteed RCF a secure source of feedstock. Earlier this year, Energy Minister Joe Oteng-Adjei emphasised that the priority for gas from Jubilee would be energy production, whereas future gas finds could be used for fertiliser and other projects. Worryingly for RCF, Oteng-Adjei said that that may take four to five years.

A lack of gas at the Chinese-built Asogli power plant delayed the plant's start-up and Asogli was inactive for over a year when it could have been producing 200 megawatts for the national grid. Production of 100 MW only began on 12 September. Asogli may not have a steady supply of gas until sometime next year. The fertiliser project is 51% owned by GAIL and RCF, while the Ghanaian government holds the remaining shares. The project promises to have large knock-on effects for agriculture in Ghana and the rest of West Africa. It will also produce liquefied petroleum gas for the transport industry.

South Korea's Korea National Oil Corporation has also been mentioned as a strategic partner for the Accra government, but its current hostile takeover bid for Britain-based Dana Petroleum, which has assets in North and West Africa, makes its engagement in Ghana less likely. A delegation of South Korean officials were in Accra in March to discuss investment in exploration, production and downstream activities. Chief Executive KangYoung-won said that KNOC was interested in the Kosmos stake, too, but GNPC sources said Seoul's offer was contingent on the government buying back the stake.

The Korea Petroleum Association held a refining conference at Ghana's National Petroleum Association in December 2009 to announce its interest in a joint refinery project and Vice-President John Mahama met representatives of Samsung on 16 September to discuss a dedicated oil and gas port at Cape Three Points. In 2004, Seoul promised to part-finance Ghana's longest oil pipeline, which was completed in 2006. The 260-kilometre, $40 mn. Buipe-Bolgatanga Petroleum Products Pipeline was built with $38.2 mn. from Seoul. It connects the refinery in Tema to Ghana's Northern Region.AllAfrica.com

hakz2007

October 1st, 2010, 02:23 PM

GHANA TO HAVE SECOND OIL RIG FOR ITS JUBILEE FIELD
TAKORADI, GHANA, Oct 1 (NNN-GNA) -- Ghana will have a second oil rig, the Millennium, installed at the Jubilee Oil Field at West Cape Three Points in the Western Region by November.

The rig will boost the Floating Production and Storage Offloading (FPSO) facility to be able to work effectively as the country explores its oil deposits, says Dr Toni Aubynn, Director of Corporate Affairs of Tullow Oil.

Speaking to the media here Thursday, he said the management of Tullow Oil was working round the clock to ensure that the first oil was poured by December 2010. So far, 90 per cent of the work on the FPSO had been completed and the recent discovery of the Owo well with significant quantities of light, sweet and high quality oil and gas would further boost the country's resources.

The new well will be subjected to further tests to determine the total deposits and appropriate strategies for its exploration.

Dr Aubynn said Tullow Oil would continue to play its role by being sensitive to community concerns and would not compete with government over projects.

He said Tullow Oil and its Jubilee Field partners would assist six coastal districts in the Western Region (province) to develop a proper spatial plan.

Dr Aubynn said the lack of a proper spatial plan, if not addressed quickly, could affect the development of the nation and lead to unplanned and haphazard development.

He said the beneficiary districts are Nzema East, Ahanta West, Jomoro, Shama Ahanta East, Shama and Ellembelle. http://namnewsnetwork.org/v2/read.php?id=134901

hakz2007

October 6th, 2010, 04:19 PM

Ghana, Cote Dâ€™Ivoire get $10 million grant
The US Department of labour is to support Ghana and Cote Dâ€™Ivoire with a $10 million grant to fund Framework of Action to eliminate the worse forms of Child Labour in Cocoa growing areas.

This would be done through the collection of data, provision of education and remediation services for such children.

The International Chocolate and Cocoa Industry has also committed $7 million in funding for the next five years.

This came to light when the Minister of Employment and Social Welfare, E.T. Mensah signed the New Harkin-Engel Protocol on behalf of Ghana in the US recently. This was contained in a statement issued by the Ministry of Employment and Social Welfare.

Ghana and Cote Dâ€™Ivoire are said to produce more than half of the worldâ€™s cocoa.

In a related development, the Indian High Commissioner to Ghana, Ruchi Ghanashyam has paid a courtesy call on the Minister of Employment and Social Welfare, E.T. Mensah in his office Accra.

Mr. E.T Mensah commended the Indian government for supporting Ghana especially in its Rural Electrification Programme.

He pledged governmentâ€™s commitment to strengthening the bilateral relationship between the two countries through South-South Co-operation.http://gbcghana.com/index.php?id=1.140642#

hakz2007

October 31st, 2010, 04:38 PM

FINANCIAL INSTITUTIONS URGED TO INVEST IN GHANA’S EASTERN REGION
KOFORIDUA Oct. 31, (NNN-GNA): Eastern Regional Minister Samuel Ofosu-Ampofo has challenged financial institutions to help provide job opportunities in the area, by investing their capital into viable ventures.

He noted that, apart from the hospitality industry, the area lacks job opportunities and urged that they channel their funds into agro-business and processing.

Ofosu-Ampofo was receiving officials of Venture Capital Trust Fund, in his office, in Koforidua, on Friday.

He urged the company to look at areas where they can invest and generate employment.
Ofosu-Ampofo advised the company to channel their resources into housing in the new Juaben Municipality to help arrest the accommodation problems facing workers.

Daniel Duku, Chief Executive Officer of the company, told the regional minister that they were in the region to assist small-scale industries and farmers and also to educate and inform the public on how to access their funds.

He said their emphasis would be on tourism, saying that, "We want to promote tourism in the region".

Duku said the company had funds for real estate development and urged the Regional Coordinating Council (RCC) to access it.

He said the company had enough money for lending and that, unlike the commercial banks, they have a simple procedure in accessing funds.http://namnewsnetwork.org/v2/read.php?id=137868

oshon

November 28th, 2010, 09:48 PM

The Government of Ghana and the China National Machinery Import & Export Corporation (CMC) has signed a US $ 6,050 billion contract agreement for the construction of a railway infrastructure from Nsawam through Kumasi to Paga and from Tamale to Yendi.

The contract, which was signed in Accra, yesterday, will enable the first and the second phases of the projects to commence on September 1, 2012 and in June 2014, respectively.

Addressing the delegations from the CMC and Board members of the Ghana Railway Development Authority, the Minister for Transport, Mr. Mike Hammah, noted that good roads and smooth transport system of a country are necessary for the nation's accelerated economic development.

The Minister pledged the Ministry's commitment to revamping the railway system to attract investors into the country to improve the economy, and expressed hope the contract will bring a long lasting cordial relationship and collaboration between Ghana and Chinese government.

He was hopeful that the completion of the railway infrastructure will help improve micro economic indicators as well as strengthen the country's economy, by making the country's export and import sector more competitive to bring about an improved balance of payment position and create job opportunities for the youth.

The Vice President of the CMC, Zhao Jun, expressed appreciation to Government for the collaboration, and gave the assurance that, with the support and help from the Chinese Government, his company will execute the job satisfactorily.

Mr Daniel K. Markin, a Board member of the Ghana Railway Development Authority, said the completion of the project will open the country to many businesses and reduce road traffic.

He called on all stakeholders and the entire nation to support this project to make the better Ghana agenda achievable.

oshon

November 28th, 2010, 10:05 PM

Accra, Nov. 28, GNA - More than 70 Turkish companies will converge in Ghana to exhibit their products at the Ghana International Trade Fair Centre in Accra from December 8 December 11. The products to be exhibited include, iron and steel products, mechanical appliances, electrical machinery and equipment. Also on display would include agricultural products, fertilisers, irrigation systems, disinfectants, household and kitchen products, building chemicals, diapers, detergents, cleaning products, milling machines and drilling machines and compressors.

The wide range of products comprise mill systems (cleaning, grinding, conveying units - compact structure automation storage systems), satellite antennas, light construction equipment, hand tools, power transformers, distribution transformers, hydraulic cutting machines, mechanical cutting machines, light construction equipment, mobile phones, digital satellite and a wide range of electronic products as well as clothing, mineral fuels and oils, articles of iron and steel products.

The second of its kind, the exhibition is being co-ordinated by Meridyen International Fair Organisation of Turkey and Driwald Consult of Ghana with the support of the Embassy of Turkey, Ghana Export Promotions Council, Association of Ghana Industries and the Ghana Chamber of Commerce among other corporate entities.

Mr Alper Cekic, Meridyen's Chief Executive Officer, said in a statement in Accra at the weekend that the exhibition would provide a unique opportunity to showcase products from Turkey and develop productive business relations with their counterparts in Ghana for effective knowledge sharing. Turkish exports, he noted: "Reached $115.3 billion in 2007, and has a target of $200 billion by 2013, and a total trade of at least $450 billion," he said.

oshon

November 28th, 2010, 10:06 PM

Ghana's banking sector undergoes significant transformation

Accra, Nov. 28, GNA - Mr Kwesi Amissah Arthur, Governor of the Bank of Ghana, on Saturday said the country's banking sector has significantly been transformed and continued to improve with new regulations and guidelines seeking to maintain stability.

"This has made the sector more efficient, innovative, competitive and profitable," he added. Mr Amissah Arthur made this known at this year's annual Bankers Dinner Dance dubbed: "Governors Day" in Accra.

He noted that the country had a fairly well diversified banking and financial system, with twenty-six banks in operation, half of which were foreign controlled with the rest in command of Ghanaians. He said the growth in total assets was driven largely by the relatively new banks in the system, but noted that assets concentration in few banks had continuously declined, reflecting the intense competitive environment under which they were operating.

Mr Amissah Arthur said the banking sector was growing at a fast pace alongside deepening financial intermediation, therefore, recomputed financial sector indicators using the rebased Gross Domestic Products figures, showed that there was substantial room for improvement. He observed that one of the critical issues that had proved rather challenging for the sector and the broader economy this year, had been high lending rates and its effect on access to credit. He said as part of restructuring the global planning, steps were being taken in a number of countries to limit bank from actively engaging in proprietary trading that was not instigated by clients, referred to as the "Volcker Rule".

oshon

November 28th, 2010, 10:08 PM

Kakum, Nov. 26, GNA - Alhaji Collins Dauda, Minister of Lands and Natural Resources, on Friday said the government was rolling out a National Forest Plantation Development Programme with an employment target of 51,000 jobs.

He said the programme, which was being implemented in all 170 political districts of the country, has a planting target of 51,000 by the end of 2011.

The Minister made the announcement when he met the Dutch Taskforce on Biodiversity and Natural Resources to discuss biodiversity conservation in Ghana, at the Kakum National Park, near Cape Coast. He said the programme was to help identify additional sources of wood supply to reduce pressure on the natural forest resources and to bridge the huge gap between wood demand and supply.

He was however worried that long-term funding of the programme to ensure its sustainability was a major challenge and stressed that it would require additional funding from development partners. Alhaji Dauda said another major challenge the nation faced in biodiversity conservation was the high rate of deforestation as a result of wildfires, excessive illegal logging and chainsaw lumbering, surface mining and fuel-wood harvesting.

He said encroachment on forest reserves was another problem that required immediate attention and added that through funding from the Natural Resources and Environmental Governance Programme (NREG), of which the Netherlands Government was a major contributor, efforts were being made to resettle communities near forest reserves since they were becoming a serious threat to the reserves. He also mentioned inadequate infrastructural development of the National Parks to fully exploit their tourism potentials as another challenge.

The Minister noted that about 60 percent of the nation's population lived in the rural areas and were highly dependent on biodiversity and ecosystem for their livelihoods. He said the erosion of biodiversity should therefore be of great concern to everyone since the nation's very survival depended on how well its biodiversity and ecosystems were conserved and sustained. Alhaji Dauda disclosed that Ghana was the first country to sign the Voluntary Partnership Agreement (VPA) with the European Union with the commitment to ensuring that only legal timber was produced and exported to the European market. He said by the agreement, Ghana would ensure that wood in the domestic market came from only legal sources to significantly minimize illegal harvesting of timber which destroyed the ecosystem. The leader of the 15-member Dutch Taskforce, Mr Hans Alders, said they had noticed the importance of biodiversity in Ghana and were therefore in the country to learn about the nation's policies in terms of biodiversity and that the youthful economy of the Netherlands largely depended on biodiversity. He said it was important to connect children to nature, adding that they would learn from Ghana's experience and create parks such as the Kakum National Park. The Taskforce, led by Mr Gerard Duijfjes, Netherland's Ambasador to Ghana, included scientists, government officials and academicians.

oshon

November 28th, 2010, 10:32 PM

Nexans, a top global cable manufacturer, will scale up its investments in Ghana in readiness to tap into opportunities in the emerging oil industry, the company's Chairman and Chief Executive Office, Frederic Vincent has said.

Speaking in an interview with a cross section of journalists during a duty tour of the country, Mr Vincent said its local unit, Nexans Kabelmetal Ghana Ltd, was offering training, upgrading machines and learning more about specifications in order to get the staff ready for the transition into manufacturing cables for the oil and gas sector when opportunities presented itself.

While in the country, the Nexans Chairman and CEO held talks with key state organisations in the energy and infrastructure sectors and also met with a team of Nexans staff who were on strategic global leadership training in Ghana.

His visit was also part of a tour of some of the company's production sites as part of a global strategy by the company to weather the global economic crisis, and maintain its position as market leaders, controlling seven per cent of the worldwide cable market with over âÂ‚Â¬5 billion revenues of sales in the highly fragmented market. In Ghana, Nexans leads in the manufacture and supply of cables to the local market and for export.

"The company is providing the necessary training and future development in the industry, meeting specifications and benchmarks," he said.

Nexans is the world leader in cable manufacturing and supply. It is specialised in production and supply of cables and cabling solutions for the infrastructure, industry, building and the local area network (LAN) markets, employing a total of 22,700 people, including those in Ghana.

The company plans to invest 1.3 million dollars in the local unit in the next three years in readiness for meeting future needs and development in the country. This will complement the 1.5 million dollars invested in replacing old machinery with brand new ones and building the human resource capacity.

oshon

November 28th, 2010, 10:34 PM

Telecommunications companies in Ghana have taken centre-stage in Ghana's economy as the oil industry which is expected to make a huge impact is about to begin in November or December 2010.

The mobile phone companies put together are the fastest growing businesses as a large number of Ghanaians use mobile phones. The number of mobile phone users in Ghana, has thus been predicted to reach 70% of the country's total population of about 23 million.

A new report by the Business Monitor International (BMI) which says on its website that it is a leading, independent provider of proprietary data, analysis, ratings, rankings and forecasts covering 175 countries and 22 industry sectors, has said.

According to BMI, in the first six months of 2010, it calculated that the number of mobile subscribers increased by 7.3% to reach 16.475 million. For the year as a whole, BMI says it now predicts that the market will expand by just over 14%. This will raise the penetration rate to just over 70% by the end of 2010.

Ghana has six mobile phone companies licensed to do business in the country, but only five are in operation. These are MTN, which is the largest, Tigo, the oldest mobile phone provider, Vodafone, Zain and Kasapa. The sixth provider, Globacom is yet to start operations.

It is, however, expected that when Globacom begins operations, the number of subscribers will rise. On the other hand, the introduction of compulsory SIM registration, which became effective on July 1, 2010, will result in much weaker mobile customer growth in 2010, compared with 2009, the report said.

It could also result in the widespread deduction of inactive and unregistered mobile customers by the operators, it added. Source: Ghanabusinessnews.com

oshon

November 28th, 2010, 10:38 PM

AN oil expert, Dr. Robert Adjaye has asked Ghanaian entrepreneurs to take risks and venture into the emerging oil sector, especially petroleum and gas management. "No country ever develops with its citizens not being prepared to take risks," he said, adding that in Ghana, "It is not only talking and talking and pushing government. Our business people should be prepared to take reasonable risks."

Addressing journalists drawn from the print and electronic media in the Western Region on Monday on the opportunities at stake in the oil industry for indigenous Ghanaian companies, Dr. Robert Adjaye who works with the Institute of Petroleum Skills Development, said instead of over relying on government to open the window of hope, it was important for indigenous enterprises to also adopt new measures that would position them well in the business. "The first step is with us as individuals because it is easy always to blame others" he pointed out.

According to him, the oil and gas industry is so huge that it could take care of all Ghanaian businesses, particularly those working with the petroleum value chain. "We need to be proactive rather than talking. We talk too much in this country, we think we know everything and yet we don't", he asserted.

Dr. Adjaye, whose experience and engineering work has taken him around the globe, explained that the midstream, upstream and downstream activities of the industry should be able to play the significant role in the creation of jobs.

On local content, which is primarily the key sector that many Ghanaians are eyeing, he said the downstream alone, including medical services, banking, insurance, hospitalities, food and beverages, domestic services among others can position indigenous businesses to grow and stay in business

According to Dr. Adjaye, the ultimate aim of local content was to create jobs. He argued that for Ghana to be able to achieve the hundred percent local content targets, the policy should be included in all transactions as far as the oil and gas management in the country was concerned.

"Local content should be included in all transactions in order to facilitate the transfer of skills and technology" he added.

According to Dr. Adjaye, the challenges facing the young oil industry in Ghana include undeveloped industrial area, inadequate infrastructure, lack of comprehensive national capacity building, insufficient training centers and institutions, poor concept of timing cum poor quality time management, lack of access to funding by indigenous enterprises among others.

Despite the aforementioned challenges, he gave assurance that the most important thing is for Ghanaians to realize how the industry operates and deal with the challenges as and when they come.

abesha

December 15th, 2010, 06:20 PM

Ghana oil begins pumping for first time

The West African nation of Ghana has begun to pump its first commercial oil after the discovery of the offshore Jubilee Field three years ago.

President John Atta Mills turned on the valve at an offshore platform.

A consortium led by UK-based Tullow Oil hopes to produce 55,000 barrels per day, increasing to 120,000 barrels in six months.

Ghana, one of Africa's most stable countries, is expected to earn $400m (£254m) in the first year.

Wearing safety gear and blue overalls, the president opened the valve in a televised ceremony some 60km (40 miles) off the coast from the town of Takoradi, Reuters news agency reports.

The discovery of oil off Ghana's coast has raised questions about whether Ghana can escape the "resource curse", where discoveries of valuable commodities fuel conflict and corruption instead of funding development.

Analysts have raised concerns about the lack of laws to manage oil revenue and the lack of an independent regulator for the sector.

The government has said it is working to get an oil bill passed.

The government has forecast that the oil will boost Ghana's economic growth rate from 5% this year to as much as 12% next year.

Production is eventually expected to bring in $1bn a year.

The Jubilee Field is estimated to hold 1.5bn barrels of oil. A second offshore field was discovered in September that is believed to hold another 1.4bn barrels.

The fields are some of the largest oil deposits found in recent years.

Learning from mistakes

Observers say militant insurgency like that in nearby Nigeria's Niger Delta is unlikely as long as the government manages expectations.

It is a momentous day for Ghana - barely three years after that first vial of oil was presented to former President John Kufour.

Hopes are high, tempered by a fair amount of realism - most people seem to understand oil production is unlikely in itself to bring about lower fuel prices and that it will take time for real benefits to accrue.

The government is currently negotiating huge multi-billion dollar loans for infrastructure developments, using oil as collateral, which has met with some stiff opposition from the parliamentary minority and other civil society groups. "We've looked at the experiences of other countries and it has not been positive," says Mohammed Amin Adam of campaign group Publish What You Pay.

Other concerns are focussed on how the oil money is spent rather than when. "Politicians' decisions tend to be very short-term and short-sighted," says Kofi Bentil of Ghanaian think-tank Imani.

"Transparency to population is very important," said Stephen Hayes, head of the Corporate Council on Africa - a group of some 180 mainly US firms that invest in Africa.

"They also have a fairly transparent society compared to other countries dealing in oil - so they've got a better opportunity to get it right," he told the BBC's Focus on Africa.

He says lessons can be learnt from others' mistakes and points out that Ghana's economy is more diversified than other oil-producing countries in Africa. It earns billions from cocoa and gold.

"The oil revenues expected only represents 6% of their economy - compare that to Nigeria where oil revenue represents 92% of the economy or Angola where it's almost 100%," he said.

"It indicates they won't be dependent on oil revenue... and are in a far better position to manage it more wisely."

The BBC's David Amanor in the capital, Accra, says there a positive mood about the pumping of the country's first oil - and plenty of advice about how the revenue should be spent.

"I'm very much excited because maybe that will be able to solve some of problems for us," a lottery-ticket seller said.

"The first area should be education, secondly agriculture and thirdly health."

Another man said the move was a blessing for him and the country.

"It's going to benefit me so I'm really excited. I've completed school but I've not found any work to do - I hope oil will help me to get a job."

Our reporter says Ghana also has a growing civil society community which is anxious to ensure environmental and development considerations are given a voice in the area where the oil is being bumped.

"A lot of the fishermen are now moving away because of the oil rig - they cannot fish within a certain parameter," says Adwoa Bame from the Women's Initiative for Self-Empowerment group.

"The men go out and bring the fish to the fishmongers, who are normally women," she told the BBC.

"So we need to look at how we can develop programmes that can sustain these communities in terms of livelihoods."http://www.bbc.co.uk/news/world-africa-11996983

Congrats Ghana!

I have to say I thought the money would be higher than $1 billion (high estimate), but perhaps this is best since oil won't overwhelm the economy.

popa1980

December 15th, 2010, 08:59 PM

Ghana oil begins pumping for first time

http://www.bbc.co.uk/news/world-africa-11996983

Congrats Ghana!

I have to say I thought the money would be higher than $1 billion (high estimate), but perhaps this is best since oil won't overwhelm the economy.

Thats from the first of 4 oil finds. The other 3 are still to be developed. Thats the problem with some of these smaller oil companies- Shell or Texaco would have developed all the fields by now.

Those figures are wrong anyway- oil makes up 92% of Nigerian exports, not the economy. I think oil is maybe, what, 20% of the Nigerian GDP?

jules3c

December 16th, 2010, 12:57 AM

Thats from the first of 4 oil finds. The other 3 are still to be developed. Thats the problem with some of these smaller oil companies- Shell or Texaco would have developed all the fields by now.

Those figures are wrong anyway- oil makes up 92% of Nigerian exports, not the economy. I think oil is maybe, what, 20% of the Nigerian GDP?

If they export an average of 2 million barrels a day at an everage price of $70 per barrel.
360 days x $140 millions = $220 billion per year approximately. what's the Nigerian GDP?

popa1980

December 16th, 2010, 04:19 AM

If they export an average of 2 million barrels a day at an everage price of $70 per barrel.
360 days x $140 millions = $220 billion per year approximately. what's the Nigerian GDP?

sorry, i was wrong, in may 2010 it was 40% if Nigerian GDP.

BUTEMBO21

December 16th, 2010, 07:22 AM

paddylo

December 16th, 2010, 12:41 PM

sorry, i was wrong, in may 2010 it was 40% if Nigerian GDP.

Oil makes up 18% of Nigerias GDP

and 80% of Govt Revenues

paddylo

December 16th, 2010, 12:47 PM

If they export an average of 2 million barrels a day at an everage price of $70 per barrel.
360 days x $140 millions = $220 billion per year approximately. what's the Nigerian GDP?

Yawn thats not how The Revenues acruing to the state are calculated

Nigeria runs Joint ventures with oil companies in which it owns 50% through NNPC and they own the rest
Whatever is shared is profits. .ie after cost of production is removed

In the newer deep offshore fields Nigeria recieves only Petroleum Profit taxes
which are taxed at a low 30% of profits to encourage developments of those fields

The bottrom line is Nigerias 2011 Federal Budget just released last week is about $30billion dollars. . .if u add the states it may jump to $50billion

Thats about it. . and note that taxes make up about 20% of that $50billion so not all of it is oil earnings

paddylo

December 16th, 2010, 12:52 PM

Only 6% of the economy? Thats pretty good, actually very good. The other 3 field to be

Angola, as 100%, Nigeria 92% ?

When is SS Africa going to export finished goods? Industrialization(or Manufacturing) is not even in existence . Apart from S.Africa.

We got a long way to way go.

Those figures are wrong. . . .oil does not make up 92% of Nigerias economy. .
oil barely employs 50,000 ppl in the whole country

Oil does make up a large % of Nigerias exports
but Exports is not synonymous with GDP

For example the USAs Economy is 70% Services and 30% Manufacturing
of that exports make up barely 5% of total GDP

In Nigeria Exports as percentage of GDP is about 20%

BUTEMBO21

December 16th, 2010, 01:28 PM

Those figures are wrong. . . .oil does not make up 92% of Nigerias economy. .
oil barely employs 50,000 ppl in the whole country

My bad, i confused, economy to Government budget/revenue.

I know the oil money is about $40 billion/year, which about the same amount of Government revenue ( about $35 billion? if i'm not mistaken).

So, even if the Oil is not exported, the country's economy is big enough and can easily replace Oil revenue.

Nigeria must be a Tax heaven, i guest only states/provinces and cities collect Taxes. Is there a Federal Tax at all?

Anyways. Ghana is going to be more corrupt as much or almost the rest of the Oil SS Africa. Hopefully not as much, . But Oil, mineral easy money is so sweet.

The Oil revenue also will make a big chunk of their government budget/revenue. Its inevitable. perhaps if the leaders are smart enough, they could let province and cities collect more taxes and greatly reduce Federal Taxes.
States and cities could then get more revenue through the taxes and use that to spearhead development without much Federal involvements for the time being (as the oil is flowing).

jules3c

December 17th, 2010, 04:09 AM

Yawn thats not how The Revenues acruing to the state are calculatedNigeria runs Joint ventures with oil companies in which it owns 50% through NNPC and they own the rest
Whatever is shared is profits. .ie after cost of production is removed

In the newer deep offshore fields Nigeria recieves only Petroleum Profit taxes
which are taxed at a low 30% of profits to encourage developments of those fields

The bottrom line is Nigerias 2011 Federal Budget just released last week is about $30billion dollars. . .if u add the states it may jump to $50billion

Thats about it. . and note that taxes make up about 20% of that $50billion so not all of it is oil earnings

I wasn't talking about revenue, but rather oil export in dollar terms and it was only a guestimate. Whatever.

oshon

December 30th, 2010, 03:56 AM

Professor Francis K.A. Allotey, Director of Institute of Mathematical Sciences, has called for a linkage between industry, universities and research centres to produce the required manpower to lead the country’s transformation and development agenda.

He said this would expose as well as adequately equip graduates with the requisite knowledge on the demands and challenges of industry to enable them respond effectively.

Prof. Allotey made the call at a session dubbed Africa Next Knowledge Brokerage (ANKB) conversation on "A Political Economy of Ghanaian Innovation” with Prof. Allotey and Prof. Knud Skouby in Accra.

It was to recognise the contributions and achievements of Professor Allotey to the development of mathematics and science in the country and the world at large, and Professor Skouby, Director of Copenhagen Institute of Technology for the development of faculty and academic courses in especially public universities in Ghana.

Prof. Allotey said the current situation portrayed a disconnection between industry and institutions of higher learning and research centres leaving graduates unemployed.

The mathematics and science Scholar and a Former Pro Vice Chancellor of Kwame Nkrumah University of Science and Technology, called for investment in science education.

“Ghana should fund research into specific areas to enhance development, and guarantee sustainable development because it gives knowledge and know-how, essential tools to unlocking opportunities,” he said.

Prof. Allotey called for a paradigm shift in the training of graduates which must be mathematically-driven to inculcate a sense of curiosity among graduates to ginger them to become creative and innovative.

He said a major hindrance to the country’s development was the assertion that children should not be inquisitive but urged parents to allow their children to explore and take risks, adding “some of those risks may turn out to be fortunes for the individual and nation”.

Professor Skouby challenged Ghanaian universities to produce high level manpower in computer sciences to enhance development.

He said Ghana lacked enough PhD holders in computer sciences, and could boast of less than 10, a situation which was not good enough to drive her technology development agenda.

Mr Gaddy Laryea, Managing Director of MMRS Ogilvy, an advertising agency and Mr Kofi Ansah, a renowned Ghanaian Creative Fashion Designer, who were interveners at the session, expressed optimism that the Ghanaian youth could excel when given the needed assistance.

They proposed the establishment of an entrepreneurial fund to support young entrepreneurs to put their ideas into viable ventures.

oshon

December 30th, 2010, 03:58 AM

Some local industries are set to register their presence on the booming markets in West Africa.

Voltic Mineral Water is one such company that has taken the lead distributing to Togo and other countries in the sub-region.

The latest to join the pack is indigenous liquor producer, Kasapreko which has fixed its eyes on the Nigerian market, hoping to cream as much of that populous market as possible.

The company started exporting to some West African countries including Nigeria last year but encountered challenges securing certification to fully enter that market due largely to protective measures there.

But speaking to Joy Business on Tuesday, Marketing Manager, Hayford Adjei Manu, said the new feat demonstrates its urge to expand its market base and promote the country’s presence abroad.

Kasapreko, an indigenous company in the Ghana Club 100 rankings, placed fourth and picked up best product in the 20th marketing performance awards by the Charted Institute of Management Ghana.

Multimedia Broadcasting, operators of Joy FM, won the Media Organisation of the Year Award.

Mr Manu said Kasapreko's high place on the Ghana Club 100 rankings attests to the quality of Kasapreko’s products.

oshon

December 30th, 2010, 04:00 AM

The President, John Evans Atta Mills on Tuesday at the Castle met two young talented Ghanaians who have invented technological gadgets that helps in improving daily activities.

The young geniuses' enterprise were brought to the president's attention after a series of appearances on Kwaku Sintim-Missah's 'Thank God it's Friday' weekend entertainment variety show on Metro TV.

Gideon Agyare who said he completed Chemu Senior High School in 2001 and David Dagba who dropped out of school when his father died, went to the Castle in the company of KSM.

The president is convinced of the need to harness their talents and inventions to the benefit of the nation, and thus invited them with the view to learning what assistance they may need.

Gideon has major projects in solar and electrical energy, with some of his inventions focusing on the use of electric boards and motors to power cars and outboard motors.

David on the other hand generates electricity using salt, and he says he could produce electricity from salt and sea water.

The president who was impressed with their works, said he was going to direct the necessary ministries to take charge and also ensure that on pilot bases, they are given the opportunity to exhibit their talents. He also said they will be aided to enter into mass manufacturing.

oshon

December 30th, 2010, 04:03 AM

If you think that China is the world's fastest growing economy, think again.However, among the major (or large) economies, China does remain the fastest growing economy. But if you take smaller nations too in the list, China slips down the list.

1. Ghana: 20.146%
Many economists believe that Africa is the next boomtown. Several African nations are now growing at a rapid pace, trying to make lives better for their people. None more so than Ghana.

For quite a long time, Ghana received many unflattering adjectives to describe its economy: 'worst managed', 'disastrous', etc. However, the small African nation has since then come a long way and is the world's fastest growing economy today.

Ghana's economy is growing at a blistering 20.15 per cent, says Economy Watch. It's a $23.4-billion economy. Blessed with rich reserves of natural resources, Ghana has suddenly turned around and is now speeding along the growth path.

Ghana suffered the most due to the ineffective economic policies of past military governments, says Wikipedia, but the new government has managed to bring the country out of economic doldrums.

Economic reforms, political stability, low crime rate, and an overhaul of earlier policies have made the nation very attractive to foreign investors.

Ghana is oil-rich, has large gold and diamond deposits, and has a booming tourism industry.

Others are:
2. Qatar: 14.337%
3. Turkmenistan: 12.178%
4. China: 9.908%
5. Liberia: 9.003%
6. India: 8.43%
7. Angola: 8.251%
8. Iraq: 7.873%
9. Ethiopia: 7.663%
10. Mozambique: 7.548%

oshon

December 30th, 2010, 04:05 AM

LUKoil, Russia's largest independent oil producer, has held top-level meetings with representatives from three West African states, including Liberia, as a part of a $9 billion overseas investment program.

The president of LUKoil Overseas, Andrei Kuzyayev, met Ghana's energy minister, Joe Oteng Adjei, for discussions about the expansion of the company in Ghana, including the development of new projects, according to the latest corporate newsletter, Neftyanie Vedomosti.

After leaving Ghana, Kuzyayev held talks in the capital of Sierra Leone, Freetown, and LUKoil Overseas senior vice president Dmitry Timoshenko visited Liberia's capital of Monrovia.

Countries like Sierra Leone and Liberia, “which have just come through terrible civil wars … are today, with the interest of foreign investors, quickly resurrecting their shattered economies,” the company's publication said.

Sierra Leone and Liberia have significant, largely untapped offshore oil reserves.

Kuzyayev said in March that LUKoil would invest $3 billion each year in projects outside Russia from 2011 through 2013.

In partnership with the U.S. company Vanco Energy, LUKoil is currently working on two projects in the Gulf of Guinea — the Cape Three Points Deep Water block in Ghana and CI-401 in Ivory Coast waters. The blocks are a part of the Tano oil-and-gas basin and cover some 15,000 square kilometers of deep water.

The West African continental shelf is an interesting prospect for many international companies, said Valery Nesterov, an oil analyst at Troika Dialog.

“I think almost all Russian companies will be looking at the West African shelf — including Rosneft and TNK-BP,” he added.

LUKoil's potential resources in the area currently consist of up to 35 million barrels. The company said in September that it might have more petroleum in West Africa than in West Siberia.

As a private oil company competing against state-run monoliths, LUKoil has “limited access to [new] Russian resources,” Nesterov said. “LUKoil is forced to diversify abroad in order to spread the risks of working in Russia.”

Moreover, LUKoil's drilling experience in the deep West African waters is unique, said analyst Artyom Konchin of UniCredit Securities.

“They are the only Russian company who are working offshore at such depths,” he said.

Acquiring expertise in working continental shelves at any depth may be a way of gaining the edge in domestic Russian competition for new licenses.

Although Russian continental shelves are not as deep as the West African one, Nesterov said LUKoil is gathering “very useful experience for future drilling operations.” LUKoil also works in the Caspian Sea.

Rosneft is currently working with U.S. oil company Chevron on the Black Sea shelf. It is possible Rosneft may seek another partner, Nesterov said.

French firm Total used its Girassol deepwater project off the coast of Angola, also in the Gulf of Guinea, to convince Gazprom that its expertise was necessary to help develop the giant offshore Shtokman gas field. Total was accepted by Gazprom as a partner in its Shtokman venture in 2007.

oshon

January 20th, 2011, 03:52 AM

January 19, 2011
Accra, Jan. 19, GNA - Ghana on Wednesday put in place a Petroleum Security Co-ordinating Committee (PSCC), to shore up the accomplishment of the fledgling oil industry.

The PSCC is strategically placed to regulate safety and security of the oil and gas sector in line with a security master plan developed by the Ministerial Committee on Oil and Gas.

Membership of the seven-member committee is drawn from the Ghana Armed Forces, Ghana Police Service, National Security, Ghana Maritime Authority, Ghana National Petroleum Corporation and the Ministry of Energy.

Brigadier General Charles Mankatah (rtd), a former Commandant of the Kofi Annan International Peacekeeping Training Centre is the National Co-ordinator of the Committee.

"The effort to provide a secure and congenial environment for the oil and gas industry has been a high priority on the agenda of government for the past two years," says Defence Minister Lieutenant General John Smith at the 'Square' (Ministry of Defence) in Accra when he inaugurated the PSCC.

He noted that security for the sector was an utmost requirement for success of the petroleum industry, stressing: "We have to provide a secure and congenial environment for Ghana's oil and gas industry to thrive to ensure progressive socio-economic development in the country."

Lt Gen Smith commended the foresight of the Presidency for mooting the idea of the Security Master Plan, indicating that the framework would provide a safe and secure air, land and sea environment within which the oil and gas extraction, exploration, production and marketing companies can operate freely within the confines of international laws and protocols.

He exhorted the committee to live up to its mandate and to work closely with stakeholders in the industry.

oshon

January 20th, 2011, 03:54 AM

Ghana and India are to set up a $1.1 billion fertiliser plant at the Shama Industrial Area of the Western Region.

Under the arrangement, the joint company will buy gas generated from the oil fields from the Ghana National Petroleum Corporation (GNPC) and use it for the production of fertiliser, beginning from 2016.

A five-member Indian delegation, led by the Secretary of the Department of Fertilisers of the Ministry of Chemicals and Fertilisers, Dr Sutanu Behuria, is in the country to finalise arrangements on the management, funding and shareholding structures of the joint company.

The delegation, accompanied by Mr Kwesi Ahwoi, Ghana’s Minister of Food and Agriculture; Mr Emmanuel Kofi Buah, a Deputy Minister of Energy, and Mrs Ruchi Ghanashyam, Indian High Commissioner to Ghana, yesterday called on the Vice-President, Mr John Dramani Mahama, at the Castle, Osu.

Mr Mahama said the memorandum of understanding (MoU) on the fertiliser plant has been signed in India by Ghanaian and Indian government officials.

He said as population increased, there was the need to increase food production to cater for the number, noting that fertiliser production was one of the ways of increasing food production and achieving food security.

“Fertiliser production is a strategic way of improving our capacity to make fertiliser affordable to our farmers to achieve food security,” he said.

Mr Mahama said despite the fact that Ghana’s priority was to use the gas from the oil fields to generate power, the government would do well to sell some of the gas for the production of fertiliser.

He said the establishment of the fertiliser plant would create jobs and be an impetus for economic growth.

He, therefore, stressed the need for the technical teams of the two countries to reach consensus and cut the sod to start the project on time.

Mr Ahwoi said the Agriculture Ministry and the Ministry of Energy were fine-tuning the discussion on the sale of the gas and indicated that the landowners of the Shama Industrial Area would be equity shareholders in the project.

He announced that the joint company was also sourcing the $1.1 billion for the project from Ghanaian and Indian financial institutions.

Mr Buah said the Ministry of Energy was committed to supporting the project, since the ministry had a policy to promote local content and use the oil and gas to strengthen other sectors of the economy.

Dr Behuria noted that developing countries depended on developed countries for fertiliser, which affected their food production.

Therefore, he said, developing countries needed to “increase fertiliser production and not be at the mercy of foreign companies”.

He said India needed a guarantee of the government’s commitment to sell the gas to the joint company for the production of fertiliser

and asked the government to sell the gas at a local rate to the company in order to encourage the production of fertiliser in large quantities to support local farmers

oshon

January 20th, 2011, 03:55 AM

Accra, Jan. 19, GNA - Mr Ekram Javad Miller, President of the Intercontinental Development Corporation of the United States of America, on Wednesday expressed interest in investing in the country's rail system.

He said they had already carried out feasibility studies with the Ministry of Transport on rail transport in Accra and were ready to invest a total of $1.5 billion in the construction.

Mr Miller announced this when he called on Vice President John Dramani Mahama to discuss the way forward towards the final implementation of the project.

He said the population of Accra was growing on daily basis and required alternative transport systems to decongest vehicular traffic in the city.

"Due to heavy traffic in the city… I am told some people spend over three hours travelling from home to office and back and I trust that with the implementation of the rail system, workers would spend a little over 20 minutes for the same journey."

Mr Miller said he had already advanced moves to acquire half of the amount from the United State of America Bank, in addition to his personal funds, to execute the project.

He said the project would create a number of jobs for the youth and reduce workers' monthly expenditure on transport.

Vice President Mahama gave the assurance that government would review its development priority list to include the rail transport system.

He said the Ministry of Finance and Economic Planning would also study the terms of the project and come out with appropriate measures after which it would be taken to parliament for approval.

Vice President Mahama commended the investor for the confidence reposed in Ghana's democratic credentials and expressed the determination to collaborate with them for the execution of the project.

oshon

January 20th, 2011, 04:03 AM

With over half of Ghana's labour force employed in agriculture, which represents one third of its GDP, and industrialisation of its economy still a long way off, its current administration has introduced a parliamentary bill to invest substantial amounts of the expected oil revenue into the agricultural sector.

As a signatory to the Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming the nation's agricultural sector, the government has directed capital toward repairing and improving the transportation and distribution infrastructure serving agricultural exports, improving access to its air and sea ports as well as limiting post harvest losses estimated at up to 50% of total production.

Against this encouraging background, South Africa-based event organisers, Exhibition Management Services (EMS), in partnership with Accra based EXPO Promotions, announced the first in a series of agribusiness events, AGRITEC West Africa 2011, an International Exhibition & Conference on Agribusiness & Aquaculture, Agricultural & Horticultural Equipment, Systems & Technology together with Associated Infrastructure which will take place from 10-12 May 2011 at the La Palm Royal Beach Hotel in Ghana's capital city Accra.

oshon

January 20th, 2011, 04:05 AM

Ghana has been billed to make significant strides in the field of technology, and not just become the gateway to Africa, but also a destination of choice. Ghana's relationship with China is also billed to improve significantly.

This relationship would place Ghana on a high pedestal for a giant take off in ICT development.

Speaking in an interview with The Chronicle during the New Year holidays in Accra, Bishop Sam Owusu, President of Covenant Mission Bible College recounted a chronology of Ghana's development within every ten years since 1940 to date, and gave an insightful outlook of how Ghana's development would be in the next ten years.

According to the President of the college, stages of the country's development during this period span from 1940 to 1950, which saw Ghana, make significant strides in her mineral resource exploration, with mining of gold taking centre stage.

From the 1950s to the 1960s, according to him, heralded the struggle for political emancipation and saw vigorous political activities in the country's development, while the preceding years of the 60s saw a significant improvement in the country's agricultural development.

The early 80s saw the country plunged into food crises, with the 1983 crises as a testimony of that era of the country's development.

However, after that stage of the country's development had phased out, the country moved on further into a new phase of educational development in the 1990's to the year 2000, which saw an impressive upsurge of educational institutions, with the private sector spearheading the reforms during the period. He mentioned that private schools and institutions sprang up during this period.

The period between 2000 and 2010 saw the solid transformation on the political landscape of the country. During this period, the country had consolidated efforts at its political principles and ideologies. During this period, the country had somewhat built solid democratic credentials.

The period between now and the next ten years, he noted, would herald the transformation of technological development of the country. This would put the spot light on Ghana as the technology hub of Africa. During this period, Ghana would see a significant stride in the field of telecommunication.

He, however, advised governments to embark on a vigorous industrial revolution during this period, but warned that a civil unrest in one of the country's neighbouring countries could disturb the development agenda during this period, and thus called on the security to be on the alert.

oshon

January 20th, 2011, 04:16 AM

A Wisconsin company will build 104 fire trucks for the Republic of Ghana. Pierce Manufacturing, part of the Oshkosh Corporation, has received a $31-million-order to build the vehicles.

They’ll help Ghana’s National Fire Service expand its number of stations around that country from 136 to 202.

In a statement, Oshkosh said a Pierce dealership in South Africa will open a service facility in Ghana to maintain the new trucks. Those vehicles are supposed to be delivered by early next year.

Oshkosh CEO Charlie Szews says the new order is a major step for Pierce Manufacturing in its efforts to expand worldwide.

oshon

January 20th, 2011, 04:26 AM

Koforidua, Jan. 19, GNA - Mr Joseph Amenowode, Chairman of the Conference of Regional Ministers, on Wednesday noted that despite the challenges confronting the Government, it was able to lay a solid foundation for the economic take-off of the country.

"We have witnessed tremendous growth in various sectors of our economy, as recently stated in the preamble to the Budget Statement and Economic Policy of Government of Ghana for the year 2011," he said.

Mr Amenowode who is also the Volta Regional Minister was opening a review meeting of the Conference of Regional Ministers in Koforidua.

He urged his colleagues to be proud for being part of the success story, adding: "We have indeed contributed our quota in the attainment of these landmark successes."

Mr Amenowode indicated that the Conference of Regional ministers as an integral part of Government machinery was well positioned to continue to offer its advice as well as play its role in the attainment of the objectives of President Mills.

"It is in this direction that it is important for us to hold this review meeting to critically take stock of developments, since the last conference and also look at emerging issues and the way forward in our resolve to achieve the Better Ghana Agenda."

Mr Amenowode reminded the regional ministers that the Government was half way through its four- year term of office and it was their responsibility together with party functionaries to intensify the dissemination of the achievements of the Executive to all corners of the country.

"This year being an Action Year, we have to effectively play our co-ordinating and monitoring roles so that we can achieve all our targets and promote development in our Regions."

On behalf of his colleagues, Mr Amenowode expressed gratitude to the Presidency and the Ministry of Local Government and Rural Development for the collaborating role they had played in ensuring that the Conference met regularly to deliberate on critical national issues and also offer the necessary recommendations for the attainment of set objectives.

"We shall continue to do our best to ensure that the objectives of the Medium Term Development framework of Government, which is the shared Growth Development Agenda are attained within the time frame."

Mr Samuel Ofosu-Ampofo, out-going Eastern Regional Minister, noted that the two-day review meeting would afford them the opportunity to deliberate on issues that would move the country forward.