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Ghana explores sale of oil and gas blocks as economy bites

Published

1 year ago

October 24, 2023

Ghana is seeking to sell more exploration rights in order to increase its output of petrol.

A Ghanaian official revealed on Tuesday that the target was also aimed at generating revenue to fund its energy transition as the country sought to overturn its worst economic crisis in a generation.

Ghana has been seeking investors from countries such as the United States, China and India for its oil and gas sector.

Deputy minister at Ghana’s energy ministry, Andrew Kofi Egyapa Mercer, in an interview on the sidelines of a conference during the Singapore International Energy Week, said, “For any investor to look at a temporary hiccup as a basis for decisions in Ghana I think would be making a mistake”.

“Post Russia, we have all recognise the need for energy security. And it’s important that we are not caught pants down,” he added, referring to Russia’s invasion of Ukraine.

While referring to international agreements on combating global warming, the deputy minister revealed that “The plan really is that we do not intend to get any of our assets stranded. (As) all the commitments that the West has made with respect to the Paris agreements have never been met, it’s important for us to fund our own transition or at least a significant part of it.”

African Finance Corp. has been given the go-ahead to build the Pecan field project which will produce 80,000 bpd of oil, according to Mercer. He said the final investment decision was anticipated in the first quarter of 2024, and production would begin in 2025 or 2026.

According to him, Ghana also wants to export more electricity to its neighbours and include more renewable energy sources in its mix of power generation. It currently generates about 60% of its electricity from natural gas, 5% from heavy oil, and the remaining energy from solar and hydropower.

Despite being a major producer of oil, gold, and cocoa, Ghana has been experiencing its worst economic crisis in a generation, with double-digit inflation and skyrocketing public debt. Ghana was also among the first set of African nations to default on its foreign debt.

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”