Browsing: Mining & Energy

The Russia-Ukraine invasion induced unprecedented spike in crude oil and gas prices is troubling many economies. This, coupled with the escalating U.S dollar exchange rate to the local currency (Cedi) threatens petroleum products supply in the country.

Within the past few weeks, prices of fuel at the pumps have consistently rise to hit an all-time high of about GHC8.30 per litre as at last week. Consumers have attributed the spikes to exchange rate escalation and too many taxes. But, NPA believes the discussions with the ministries will focus largely on the possible removal of some taxes on petroleum products.

Assessing ten 10years of oil production in Ghana, the Public Interest and Accountability Committee (PIAC) has called on the government and petroleum agreement (PA) negotiators to do a better job for the citizens. 

As at Tuesday evening, Brent crude was trading at about $137.64 according to Refinitiv. But, addressing a potential ban on Russian oil, Goldman’s commodities team wrote overnight that Europe’s dependence on Russian oil imports, of c. 4.3 mb/d of which 0.8 mb/d comes from pipeline, suggests that such a coordinated response will likely take time, leaving the possibility for only a US ban in short order. 

A finance and energy analyst has assured Ghanaians to lose no sleep as the fallout from the Ukraine invasion will have no immediate effect on prices of our petroleum products. Rather, he advised the managers of the economy and the forex market regulators to put in measures to control the escalating exchange rate as witnessed in the past few weeks.

It is a fact that over the past 30 years we have been patiently trying to come to an agreement with the leading NATO countries regarding the principles of equal and indivisible security in Europe. In response to our proposals, we invariably faced either cynical deception and lies or attempts at pressure and blackmail, while the North Atlantic alliance continued to expand despite our protests and concerns. Its military machine is moving and, as I said, is approaching our very border.

From  last week Saturday, February 26, 2022, commercial road transport operators in the country  have increased transport fares by 15 percent.

About 25 Civil Society Organisations and some journalists have been trained on how to deepen efforts on educating the public and unearthing ‘dubious-minded’ business owners on Beneficial Ownership Transparency (BOT).