The Bank of Ghana has released its report on the performance of Ghana’s Petroleum Funds for the second half of 2024.
Energy stakeholders from Ghana and Nigeria convened at the Kempinski Hotel in Accra for a high-level engagement meeting last Friday.
This was initiated at the request of Nigeria’s Minister of State for Petroleum Resources, Ekperipe Ekpo.
President John Mahama and the Chief Executive Officer of Eni, Claudio Descalzi engaged in discussions centered around the oil exploration firm’s ongoing contributions to Ghana’s energy sector and its broader economic diversification goals.
The plenary deliberations saw extensive discussions on the nominees’ competence and plans for addressing national challenges.
The report revealed a significant increase in oil revenue and a substantial boost to funding allocations as growth in investments in Ghana’s petroleum funds reached $1.4 billion.
He highlighted the financial challenges during his vetting by Parliament’s Appointments Committee on Monday, January 13, 2025.
Ghana’s oil and gas sector holds the keys to a brighter economic future, but the road ahead is littered with challenges—many of them self-inflicted. Institutions like the Ghana National Petroleum Corporation (GNPC), Petroleum Commission (PC), National Petroleum Authority (NPA), and the Tema Oil Refinery (TOR), are critical pillars of the nation’s resource-driven economy. Yet, their potential remains stifled by an Achilles’ heel: political interference.
The ICC Tribunal concluded that the Branch Profit Remittance tax (BPRT) does not apply to Tullow Ghana’s operations under its Petroleum Agreements for the Deepwater Tano and West Cape Three Points blocks, which include the notable Jubilee and TEN fields offshore Ghana.
The price of crude oil globally ended the Year 2024 in the low $70s per barrel. At this price, the government should seize the opportunity to reduce the prices of fuel and reset the economy. The high price of fuel and food has led to high inflation and high cost of living.
The ever-growing Ghanaian supply chain market has driven organisations to increasingly rely on supplier collaborations and partnerships to enhance efficiency, drive innovation, and, most importantly, reduce costs. This trend is particularly pronounced in Ghana’s oil and gas sector, which plays a vital role in the country’s economy.