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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.


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 2, 2017


The minister designate for Evaluation and Monitoring, Dr. Anthony Akoto Osei has hinted of plans to help restructure the country’s energy debts. Taking his turn at the ministerial vetting committee on Monday, Dr. Akoto Osei said his ministry has plans to collaborate with the energy and financial ministries to ensure that the country is not plunged into erratic power supply. He emphasized that “If you have 200 million in your budgets and you go and give 800 million, and then obviously there will be debts. So you need to stick to your budget.

The nature of the energy sector is that it deals with big finances, and if we stick by our budget the issue of arrears will not arise. He adds that as a member of the economic management team, his outfit will not hesitate to advice the finance ministry on the outcome of negotiation of the IMF programme.“As a member of the economic management team, my advice is to support the finance minister when he meets the EMT, and we will be around to advise him to take it to parliament because it is constitutional”


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.


FEBRUARY 2, 2017


The Takoradi Port would now be able to accommodate bigger vessels to enable large quantities of cargo to be loaded through the port.

This follows the completion of the first 200 metres of the proposed 800 metres quay wall bulk ore terminal as part of the ongoing expansion project at the country’s maiden port.

Currently, the new bulk jetty, which has been dredged to minus 16 (-16) chart datum, has been opened to traffic to handle bulk mineral ore which is expected to boost revenue generation.

So far two large vessels, M.V Josco Fuzhou with a draft of 11.7m and M.V Iris Oldendoorf sailing with a draft of 13.5m have berthed at the port to load bauxite.

To meet the ever-growing demands of the port’s clientele, the Port of Takoradi has embarked on a major expansion and investment programme to transform the port’s capacity, facilities, and operations.

The original master plan recommended segregation of cargo and improved container handling facilities.

However, the discovery of oil prompted a new master plan to accommodate facilities to service offshore support operations, development of bulk and container terminals, the positioning of a floating dock for vessel repairs with depths ranging from 10 to 16 metres.

Phases one and two of the project included the extension of the breakwater, provision of a bulk terminal/jetty to handle bulk commodities and dredging of the access channels. The berths will also be dredged to a depth of 16.0 metres.

Speaking to Business Guide, the Public Affairs and Marketing Manager of the Takoradi Port, Peter Amo-Bediako, mentioned that the expansion project of increasing revenue was gradually coming to fruition even though the entire project had not been completed.

He explained that unlike the old port, the construction of the new bulk jetty would enable the Takoradi Port to accommodate larger vessels with large volumes of cargo and would also help reduce operation cost.

He mentioned that since the Takoradi Port commenced business in 1928, the two vessels are the largest vessels in terms of size and draft to berth at the port.

Mr Bediako noted that the first vessel, M.V Josco Fuzhou, had an initial load of 37.760m/t at the No.3 buoy and was later shifted to the new bulk jetty to top-up with 13.367mt of bauxite, increasing the final load to 51.127mt.

“The second vessel did not berth at buoy N0.3 at the old port to do initial loading but was piloted to the new jetty to commence loading of 63,000mt of bauxite. This brings to total loading to 114,127mt of bauxite,” he added.

Source:  Daily Guide

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