Ghana’s oil and gas industry has made steady progress in pushing for more local content in the sourcing of goods, services and labour. However, with the outbreak of COVID-19, the industry is set to face major setbacks due to disruption caused by the Coronavirus pandemic and the collapse in...
The Public Interest Accountability Committee (PIAC) has urged the Bank of Ghana and Ministry of Finance to consider broadening the qualifying investment instruments in order to diversify Ghana Petroleum Funds (GPFs) investments in both low and high risk portfolios to maximise returns.
As it stands now, the Petroleum Revenue Management...
The Public Interest and Accountability Committee (PIAC) has urged the government to disburse oil revenues earmarked for projects, rather than accumulating it over time.
According to the Committee, which has oversight responsibility for the prudent management of the country's petroleum revenue, there are oil-funded projects that face funding challenges and...
...as 450 local workers face job losses
The country's bid to ensure that locals play a key role in the oil and gas industry is set to face major setbacks due to disruption caused by the Coronavirus pandemic and the collapse in oil prices.
The industry, over the past six years,...
So far, an estimated US$324million worth of drilling, acquisition and interpretation of seismic, geological and geophysics data projects have been postponed across the petroleum upstream sector, the National Petroleum Commission has said as the coronavirus pandemic continues to wreak havoc on the country’s oil and gas industry.
Among them is...
The International Energy Agency (IEA) bumped up its 2020 oil demand forecast last week Friday but warned that the spread of COVID-19 posed a risk to the outlook.
The Paris-based IEA raised its forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month, citing...
Global oil demand has rebounded somewhat faster than previously thought, although the spread of the corona virus in the United States and Latin America is “casting a shadow over the outlook,” the International Energy Agency (IEA) wrote in its latest Oil Market Report.
The last few weeks have seen crude...
The Bank of Ghana has commended GOIL Company Limited for taking the initiative as the first Oil Marketing Company to enter into the electronic payment system through the “GOIL/gh-link Card usage at all GOIL Filling Stations.
Mr Setor Amekudzi, Head of BoG Payment Systems who gave the commendation said digitization...
GOIL Company in Ghana (GOIL), in partnership with the Ghana Interbank Payment and Settlement Systems (GhIPSS), has launched the gh-link card on GOIL’s Point of Sale (POS) devices for use across the country.
With this development, all gh-link cards used mainly by banks and other financial institutions can now be...
Samuel has been a cocoa farmer for 12 years. Since the end of the Akuafo cheque system, he had always been paid in cash for his cocoa, until last season. That was when the licensed buying company (LBC) that he sells to introduced a new system for purchasing cocoa....