Business in Ghana

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Posts Tagged ‘Cape Three Points’

The Idiots of January. Critical News, 11th January 2015

Posted by Business in Ghana on January 11, 2015

Sydney Casely-Hayford, sydney@bizghana.com

By 16th June 2014 we were paying ghp273 for a liter of premium fuel. Today it is costing us ghp305. On that date the cost of crude oil on the international market was $114 a barrel. Oil now costs close to $50 a barrel. Over 56% drop in price.

That change from ghp273 to ghp305 does not represent a 10% drop in the price of petrol at the pump. If you benchmark the cost to a later period, say 1st December, the ex-pump price was ghp339 for a liter. The cost to the consumer went up ghp66 from that period.

After automatic price hikes between June and December from ghp273 to ghp339, our Government would want us to believe that it is doing us a big favor by reducing the ex-refinery price of petrol by 10%.

To arrive at the ex-pump price of petrol, which is where we feel the pinch in our pockets, the law adds taxes, levies and margins to an ex-refinery price and the National Petroleum Authority advises Government of the true cost of delivering petrol to the retailing companies such as Shell, Total, Goil etc.

In this situation, Government then makes an illegal add-on or subtraction to arrive at the ex-pump price. This so-called price stabilization margin is a politically decided figure and has been used by all Governments to court voting favors from the masses.

The idiot’s guide to calculating an economic price of the most important product in our life is simple. There is a law and we must follow the law and allow it to work. Adjusting the cost build up under the guise of mitigating losses chalked up by the very same government that has broken the law should not be acceptable. Read the rest of this entry »

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To Pin an Unconstitutional Tale. Critical News, 3rd March 2013

Posted by Business in Ghana on March 3, 2013

Sydney Casely-Hayford, sydney@bizghana.com

A couple of police died in a river, trying to prevent illegal Galamsey miners from ruining the environment.  Reading the story, I wondered whether President Mahama’s visit to the Western Region and his subsequent visit to the families of the service men would get Government to sit up and resolve this menace.  But read this story from May 2012 in the Ghanaian Chronicle and ask yourself whether there is additional mystery to resolving this Galamsey.  We know how it works, we have a law in place and yet we still cannot find the will to fix the greed.  Now we are chasing Chinese people all through the villages, trying to out them with cudgels and knifes.

Even better, just to see how entrenched our traditional and cultural beliefs go, and how we are despite all our Christian values, striking workers of the Sofoline Interchange Project say they are not going back to work until their leaders reverse a curse invoked to bind them all to their demand for a salary increase by preventing them from returning to work prematurely.  The Union leaders apparently invoked the Antoa Nyamaa deity to deal with anybody who goes against the group’s decision to strike.  A day after China GEO-Construction, their employers, agreed to a 25 per cent salary increase, workers would not return to work until the curse is overturned.  So, Chairman of the Construction Workers Union Rudolph Asoala has started arrangements to get the curse overturned.  The Personnel Manager of the company, who is a chief, is leading the workers to the Asantehene’s chief priest to have the curse reversed.  Last time I heard, we are a Christian country. Read the rest of this entry »

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Eni Makes First Commercial Oil Find Offshore Ghana

Posted by Business in Ghana on September 25, 2012

by  Eni S.p.A.
Eni has made the first oil discovery in the Offshore Cape Three Points (OCTP) block, located in the Tano Basin offshore Ghana, about 31 miles (50 kilometers) off the coast of Ghana. The discovery is relevant as it may have the potential for commercial development and confirms the importance of the block also in terms of the presence of oil, as well as natural gas and condensates.

Eni plans for the immediate drilling of other wells to delineate the size of the discovery and confirm the feasibility of commercial development. Read the rest of this entry »

Posted in Oil and Gas, Uncategorized | Tagged: , , | Leave a Comment »

The Scramble For Ghana’s Oil Begins

Posted by Business in Ghana on October 17, 2010

By Carly Ahiable, Business in Ghana

Some people call it Dino Juice, Texas Tea, Black Gold while other call it the fluid with rising cost but here in Ghana, where the continental shelf is impregnated with oil, crude may be assuming a new name, HOPE (Help Our People to Enjoy). Who want to be hungry and suffer in abundance of oil wealth? Every Ghanaian hopes to enjoy peace and prosperity but how trustworthy are the international agencies and multinational companies in their resolve to develop the oil reserves of Ghana, and keep the nation united and peaceful as they find it? Read the rest of this entry »

Posted in Carly Ahiable, Oil and Gas | Tagged: , , , , , , , , , , , , , | 16 Comments »

BURN, BABY BURN – NIGER DELTA GHOST!

Posted by Business in Ghana on October 17, 2010

By Kwaku Adu-Gyamfi, THE VOICE OF  REASON

ONCE UPON A TIME, the Niger Delta was calm until the oil find

Making the politicians’ bank accounts feel like fluid

Swimming in money like Tsunami flood

Eating, drinking and partying like no tomorrow

While the citizens go to bed with empty tummies

You wonder   why Delta is burning Read the rest of this entry »

Posted in Kwaku Adu-Gyamfi, Social Services | Tagged: , , , , , , | 3 Comments »

Critical News, 22nd August 2010

Posted by Business in Ghana on August 23, 2010

There couldn’t have been a better week for democracy in our Ghana, this week.  The NDC party, not the Government, went on public record to state their intention to clean the judge’s benches and served notice to the Chief Justice of her perceived bias in recent rulings by the judiciary.  Following the decision to allow Kwadwo Mpiani and Wereko Brobbey to walk without a recommendation to formally charge them with any offence, the judges explanation of his understanding of the law, so completely baffled both opposing sides that the NPP claimed it as a vindication of their innocence and the NDC took up arms against the law.  The pity of it all is that the NDC party, which has not been able to dissociate itself from the Government, thought they should threaten mayhem and cause fear and panic across board by resurrecting the murder of judges under the (p)NDC, which no adult of voting age in Ghana has forgotten.  We are reminded of this event every time we pass in front of the Courts in Accra. Read the rest of this entry »

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