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FEBRUARY 16, 2017


GOVERNMENT will soon review the Petroleum Act to make it possible for it to use the Heritage Fund for key developmental projects, Senior Minister, Yaw OsafoMaafo has announced.

According to the Senior Minister, the move is better than having the Fund sit ideal while critical areas of the economy lacks the needed support to make them more viable.

“We are going to look at the Heritage Fund. We want to introduce,as the President mentioned last week, fee-free education at the secondary level. And it is likely to be funded through the Petroleum Act,” Mr OsafoMaafo said.

“If that be the case, we have to make amendment and say that X per cent of the Heritage Fund or the Petroleum Fund would be used to support second cycle education;if we think that industry requires a stimulus that will enable it create more jobs that will in tend build the country for the future, we can look at it and put a certain amount for that too,” he added.

Mr OsafoMaafosaid government is also looking at developing,through the Fund, the agricultural and other key sectorsof the economy to support the future development of Ghana.

The Heritage Fund and the Ghana Stabilisation Fund are collectively known asthe Ghana Petroleum Funds.

Government, after the discovery of oil in 2007, set up the Funds because it was feared that allowing all the oil revenue to flow into the hands of politicians in the name of infrastructure development could be too costly for the nation because of the perceived corruption in government.

Recently however, some economic analysts and elements in government have been of the view that if the country has been able to develop strong transparency mechanisms to govern the Funds, then it should be able to do same with respect to the use of the funds for infrastructure development.

They are of the view that this would lay a strong foundation for present and future development while minimising the amount and cost of borrowing.

“What makes the use of the Ghana Petroleum Funds as a means of managing the oil revenue more worrisome in the face of the huge infrastructure deficit is that the country continues to borrow at very high rates of interest for infrastructure development, while part of the oil revenue continues to be kept in savings attracting insignificant rates of return,” a paper by the Institute of Fiscal Studies titled Revenue Earmarking in Ghana: Management and Performance Issues, states.

For instance, in 2015, government borrowed $1 billion for infrastructure development at an interest rate of 10.75 per cent, while the country had a little over $500 million in the Petroleum Funds attracting a mere 0.74 per cent rate of return.

The Senior Minister said it does not make economic sense to have that huge amount sitting in an account overseas and attracting little interests while Ghana borrows at high rates for infrastructural development.

“If the Heritage Fund is set aside for the future, the provision of infrastructure now and the development of industry to create more jobs is also for the youth who are the future,” Mr OsafoMaafo noted.


FEBRUARY 17, 2017


Ghana has about eight giant agencies contributing to the economic growth of the country’s hydrocarbons. These agencies are the Ghana National Petroleum Corporation, the Petroleum Commission, the National Petroleum Authority, the Ghana National Gas Company, the Tema Oil Refinery, the Bulk Oil Storage and Transportation Company, the Ghana Oil Company and the Ghana Cylinder Manufacturing Company.

These agencies have peculiar roles they play in the hydrocarbon industry. However, the appointment of heads of these agencies have often appeared complicated to some citizens. The hydrocarbon sector of Ghana is also guided by the Constitution of the land.

Article 195 of the Constitution of Ghana, gives the power of appointments of persons to hold or to act in an office in the public services to the President. This, the president is expected to carry out in accordance with the advice of the governing council of the service concerned given in consultation with the Public Services Commission.

However, there is no requirement under the law for the Chief Executive to either have experience or knowledge of the industry. The National Petroleum Authority Act, 2005 (Act 691), Section 48, outlines the appointment process and roles of Chief Executive Officers appointed by the President. In this section, the chief executive officer must be a member of the board of the National Petroleum Authority (NPA).

Also he or she shall be responsible for the day to day administration of the affairs of the Authority and shall ensure the implementation of the decisions of the board. He or she is mandated by law to delegate a function to an officer of the Authority but shall not be relieved from the ultimate responsibility for the performance of the delegated function.

At the Petroleum Commission, the Chief Executive shall hold office on the terms and conditions specified in the letter of appointment in accordance to the Petroleum Commission Acts of 2011, Act 821. The law also specifies that he or she should be a person of high moral character and integrity with the relevant qualifications and experience related to the functions of the commission.

The Ghana National Petroleum Corporation is the mother oil state agency. Appointments of its managing directors and chief executive officers are strictly done by the President on the advice of the minister given in consultation with the Public Services Commission. Criteria for appointment under Section 6 of the Ghana National Petroleum Corporation 1983, PNDCL 83 states that the appointee must be a citizen of the country. It further states that the person must be someone who has not been sentenced to death or to a term of imprisonment exceeding 12 months.

Also, he or she has not been convicted of an offence involving dishonesty; he or she has not been declared an insolvent or a bankrupt under any law in force in Ghana and is of sound mind. All persons appointed as Chief Executive Officers hold office for a period of 5years upon the terms and conditions specified by the President in its instrument of appointment and may be re-appointed for a further 5years.

However, the appointment of the managing director may be terminated by the President giving 6-months’ notice or the payment of 6-months emoluments in lieu of that notice and in addition the managing director is entitled to receive the benefits that had accrued at the time of the termination.

Again in Section 10 of the PNDCL 83, the managing director may by writing addressed to the President resign the appointment by giving 6 months’ notice.

Furthermore, a senior officer of the corporation shall be designated by the board to perform the functions of the managing director in the event of where the office of the managing director has become vacant or the managing director is temporarily absent or is otherwise incapable of performing the functions of the office.

New CEO’s under the Akuffo-Addo Administration
After the sworn-in of the President, the country witnessed the dismissal of the Tema Oil Refinery Boss, the National Petroleum Authority and the Petroleum Commission. Others with the likes of Mr Sipa Yankey, the Chief executive office of the Ghana Gas Company resigned as bosses.
Currently, the National Petroleum Authority is headed by Mr Hassan Tampuli. Furthermore, Mr Kwame Awuah Darko, Managing Director (MD) of the Tema Oil Refinery (TOR) who assumed his position in June 2015 is currently being replaced by a new Mr Isaac Osei.
Dr Ben K. D Asante has been appointed the Chief Executive Officer(CEO)of the Ghana National Gas Company following the resignation of the then CEO, Dr. George Sipa-Adjah Yankey. The lucky CEO of the Petroleum Commission is still in charge of regulatory affairs at the Commission. Jacqueline P. Parditey

The Association of Oil Marketing Companies (AOMCs) organised a 2-day workshop dubbed 'MASTERCLASS WORKSHOP ON EX-PUMP PRICING' on 8th February, 2017 & 9th February, 2017, at the association's secreteriat as a Continuous Industrial Education (CIE) Training for its members.

The workshop highlighted the strategies that could be adopted by OMCs/LPGMCs in negotiating with BDCs for product supplies which could enable them set competitive prices for petroleum consumers.


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FEBRUARY 14, 2017

6_Kwabena_DuffuorA former Finance Minister Dr. Kwabena Duffuor is urging Parliament to ensure transparency in the management of Ghana’s oil revenue.

This comes as government readies to gain from the benefits of the new oil fields of Tweneboah-Enyira-Ntomme (TEN) in the next few months.

The Public Interest and Accountability Committee (PIAC) in its last three reports has pointed to problems in the management of the proceeds from oil revenue specifically in the Stabilization Fund.

Speaking at a forum organised by the Institute for Fiscal Studies (IFS), the founder of the HODA Holdings, Dr. Duffuor said the 275 Members of Parliament must lead the charge of ensuring transparency in how Ghana’s oil funds are properly managed.

The forum highlighted the major issues bedeviling the management of the country’s funds with special focus on oil.


FEBRUARY 2, 2017


The Acting Chief Executive of the National Petroleum Authority, Hassan Tampuli says the immediate objective of the President of the Republic of Ghana, His Excellency, Nana Addo Akufo Addo is to ensure the constant supply of quality fuel for both motorists and power generation.

He said the provision of quality fuel will ensure smooth flow of vehicles for motorists and constant power generation for industries and households.

Mr. Tampuli mentioned these objectives during his first meeting with staff of the Authority since his appointment as Acting Chief Executive.

Mr. Tampuli also had an introductory meetings with Directors and Heads of departments of the NPA and subsequently met with all staff.

He observed that the petroleum downstream sector is critical to the sustenance of the economy, security of the state and livelihood of its citizens.

It is therefore imperative that the NPA upholds the highest health and safety standards in the downstream industry in order to promote the growth and development of the economy.

Mr. Tampuli observed that the recent concerns raised by the public on safety standards of the petroleum downstream industry must be a wakeup call for the strict enforcement of regulations in the downstream industry.

Mr. Tampuli pledged to provide the necessary leadership that drives results and appealed to all staff for their support to make the goals of the new administration a success.

He assured the visibly enthusiastic staff of his commitment to quality and competence and tasked them to continue to deliver and show good results.

Speaking on behalf of the staff of the Welfare Association of the NPA, Mr. Joseph Awen Awan, pledged the support, commitment and cooperation of staff towards achieving the vision of the new administration.


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