Hedge Ghana’s oil to protect economy from shocks – PIAC

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The Public Interest and Accountability Committee (PIAC) has impressed on the Bank of Ghana and Finance Ministry to target hedging Ghana’s oil reserves to protect the economy from massive revenue losses due to declining global oil prices.

In its 2016 Annual report, PIAC warned of extreme financial losses in the near future following the over 50 percent drop ...

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Akufo-Addo opens FPSO Kufuor

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President Nana Addo Dankwa Akufo-Addo on Thursday 6 July symbolically turned the production valve on Floating Production Storage and Offloading (FPSO) vessel John Agyekum Kufuor to officially commence production of oil in commercial quantities from the Sankofa-Gye Nyame fields.

The ceremony was held offshore.

ENI is the operator of the OCTP block with a ...

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Ghana to rake in $2.3bn annually from Sankofa gas project

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New figures released by the International Finance Corporation (IFC)   has projected that the Sankofa Gye Nyame Oil  and Gas  field will generate about $2.3 billion in revenues for the government of Ghana annually .

The field which will provide reliable gas supply for thermal plants is also estimated to help produce about 1000 megawatts of power.

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Oil-funded road project drags for 83 months

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The emergency upgrading works on the Ho-Adidome and Adaklu-Abuadi road in the Volta Region, which began in June 2010 and scheduled to be completed within nine months have delayed.

The 18.8 kilometer (km) road is only about 78 per cent complete and forms part of infrastructure projects that have received revenue from the country’s oil proceeds.

Although work ...

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PIAC demands swift clearance of $ 2.4bn energy sector debts

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The Public Interest and Accountability Committee (PIAC) has warned that the troubles confronting Ghana’s energy sector may deepen soon if the huge debts in the sector are not settled.

PIAC argues that the debt owed particularly by the Volta River Authority (VRA), greatly affected operations for 2016 considering the declining global oil prices.

In the Committee’s 2016 annual ...

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