President Assures Ghanaian Government Will Prevent Financial Leakages From Oil Revenue
LONDON, June 17 (BERNAMA-NNN-GNA) — President John Dramani Mahama has assured that the Ghana government will put in place adequate measures to prevent financial leakages in the oil and gas and the general extractive industry of the country. Ghana had a vibrant media, strong civil society organisations (CSOs), and was also…
Ivory Coast and Benin now main source of water supply for oil companies in Ghana
International oil companies in the Jubilee Field now import potable water from Cote d’Ivoire and Benin because of the inability of the Ghana Water Company (GWC) in the Western Region to meet their water supply demands. “As a result of this shortage, supply vessels go to Cote d’Ivoire to buy water…
Interest in Ghana’s minerals soar
Despite attempts by the government to get more revenue from the mining sector, multinational mining companies are still keen on Ghana’s prospects. Ghana’s government may have raised its royalty tax to a flat five percent in 2012, hiked corporate tax from 25 percent to 35 percent and continued to mull over…
Tullow anticipates bigger finds in offshore West Africa
Tullow Oil Plc is optimistic it will make major discoveries off the shores of West Africa after announcing pockets of oil find in those waters last year. The company’s biggest find to date has been the Jubilee Field in Ghana, which was discovered in 2007 and is estimated to hold up…
Ugandan Government: Investment in oil hits $17 billion
By Nicholas Bariyo, Dow Jones Newswires – KAMPALA, Uganda–Investment in oil exploration activities in Uganda’s Lake Albertine Rift basin has reached at least $1.7 billion as oil companies continue efforts to determine the exact size of the East African nation’s crude reserves, Uganda’s energy and minerals ministry said Monday. In a report, the…
“Be wary of mining, oil contracts”
By Evan Boah-Mensah, theB&FT – Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has asked policymakers to be wary when negotiating natural resource contracts. She noted with concern that there is information asymmetry in the negotiation of contracts, which tends to profit foreign entities that want to…
