As Ghana welcomes the inauguration of Sentuo Refinery, a new player in the oil industry, there is a pressing need to examine not only the economic benefits but also potential environmental and health ramifications associated with its operations. While the refinery promises progress, it is crucial to navigate these...
The Public Interest and Accountability Committee (PIAC) has launched the inaugural Citizens’ Version of its statutory report on the management and utilisation of oil revenues of the country, toward bolstering transparency and empowering the public. This latest release offers a comprehensive overview of petroleum revenues’ utilisation throughout the year 2022. The Citizens’ Version, according...
By Joshua Worlasi AMLANU ([email protected]) The Petroleum Holding Fund (PHF) recorded a total inflow of US$1.06 billion in 2023 despite economic headwinds. This figure represents a slight decrease of US$0.37 billion from 2022's US$1.43 billion, according to the Bank of Ghana’s latest report. H1 2023, ended with crude oil prices dropping...
To get an assessment on the oil and gas industry from the industry itself, and what the prospects are for the year 2024, the B&FT has been speaking to the Chief Executive of the Ghana Upstream Petroleum Chamber, David Ampofo.  Q: What is the outlook for the industry this year? A:...
…the facts SML discussions ignore Until mid-December last year, Strategic Mobilisation Ghana Limited (SML) was like any ordinary business in the country - judiciously deploying its skills and talents in the concerted effort of nation building. Except for a few publications, mostly on its numerous corporate social responsibility (CSR) activities, the...
The Bank of Ghana (BoG) had acquired a total 432,358 ounces (oz) of gold from Ghana Chamber of Mines (GCM) members as of mid-December 2023, under the Domestic Gold Purchase Programme (DGPP) and voluntary forex sales initiative. This is equivalent to about 84 percent of the Bank’s planned purchases in...
Domestic gold production is projected to reach a record-breaking 4 million ounces (oz) in 2023, compared to 3.7 million ounces in 2022. This will mark the highest production in three years, once again solidifying the country’s position as foremost gold producer on the African continent. The Ghana Chamber of Mines (GCM)...
The country is expected to fork out approximately US$83.4million by March 31, 2024 as its initial subscription capital to the recently proposed Africa Energy Bank (AEB), which it is seeking to host. However, with the tight fiscal space that the country currently finds itself in, government has asked the Ghana...
Government has completed the divestiture of Jubilee Oil Holdings Limited (JOHL) shares, an offshore entity, to GNPC Explorco - a subsidiary of the Ghana National Petroleum Corporation (GNPC). Parliament’s Committee on Mines and Energy revealed this in its report in the third session of the 8th Parliament. The transfer of...
The international market has downgraded the quality of Ghanaian cashew, necessitating a price drop in the commodity on the local and global markets. This phenomenon, according to CEO-Tree Crop Development Authority (TCDA), William Agyapong Quaittoo, has consequently influenced the country’s drop - from second position in West Africa in terms...