Ghana: GOIL PLC Posts Gh¢90.6 Million Net Profit After Tax In 2025

Michael Creg Afful
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Ghana: GOIL PLC Posts Gh¢90.6 Million Net Profit After Tax In 2025
GOIL PLC, Ghana’s largest indigenous oil marketing company, recorded a net profit after tax of GH¢90.67 million in 2025, up from GH¢84.70 million in 2024, driven by operational efficiency and prudent management despite a challenging global petroleum market. The company recorded revenue of GH¢18.55 billion in 2025, compared with GH¢20.36 billion in 2024, representing a decline of GH¢1.82 billion year-on-year.

The company grew its total current assets to GH¢4,881,943,000 in 2025, from GH¢4,808,209,000 in 2024, with total equity standing at GH¢991,541,000, while total liabilities stood at GH¢3,890,393,000 in 2025.

GOIL’s earnings per share improved by 6.94%, affirming its ability to transform operational discipline into enduring shareholder value.

Addressing shareholders at the 57th Annual General Meeting (AGM), Board Chairman Nana Philip Archer said that despite global market pressures, the company responded with discipline, prudence, and strategic efficiency measures.

He said depot and station expenses, administrative costs, and finance expenses all recorded meaningful reductions. In the year under review, GOIL successfully attained ISO 45001:2018 certification while retaining ISO 9001 and ISO 14001 certifications, reinforcing the company’s adherence to global best practices.

Touching on GOBitumen, he said the company rapidly emerged as a market leader, supplying major contractors with high-quality bitumen products.

According to the GOIL PLC Chairman, the company plans to expand storage capacity to 12,000 metric tonnes by the end of 2026, in line with the government’s ambitious road infrastructure agenda.

Looking ahead, Nana Philip Archer said the 2025 achievements are a testament to the resilience and dedication of management and staff, the guidance of the Board, and the loyalty of customers, stating that with discipline, innovation, and unity of purpose, GOIL PLC will continue to strengthen its leadership position, create sustainable value, and remain a proud symbol of Ghanaian enterprise and excellence.

The Chairman also announced the Board’s recommendation of a final dividend of GH¢0.060 per share, reflecting GOIL’s continued commitment to enhancing shareholder value.

Group CEO and Managing Director, Mr. Edward Abambire Bawa, reaffirmed GOIL’s growth ambitions, explaining that shareholders had overwhelmingly approved management’s plan to raise up to GH¢1 billion from the bond market to support strategic expansion.

According to him, the funds will support the expansion of GOBitumen storage capacity and LPG bottling plants, while also helping restructure GOIL’s debt portfolio to strengthen the company’s long-term financial position.

Shareholders commended the Board and management for GOIL’s remarkable turnaround, strong leadership, transparency, and continued growth in shareholder value, while encouraging the company to sustain the momentum.

Highlights of Financial Performance

1. Strong Profit Growth Despite Market Pressures
GOIL PLC posted a 7.05% growth in net profit after tax, from GH¢84.70 million in 2024 to GH¢90.67 million in 2025, amid a tough global and domestic petroleum market environment. Profit before tax stood at GH¢123.37 million.

2. Revenue Remained Strong
The Group recorded gross revenue of GH¢18.55 billion in 2025, reaffirming GOIL’s position as one of Ghana’s largest indigenous petroleum marketing companies.

3. Improved Shareholder Value
GOIL continued to create value for shareholders:

  • Earnings per share (EPS) improved from GH¢0.2160 to GH¢0.2310
  • Market price of shares increased significantly from GH¢1.52 in 2024 to GH¢2.96 by the end of 2025, reflecting strong investor confidence

4. Dividend Recommendation
The Board has proposed a final dividend of GH¢0.060 per share, amounting to about GH¢23.5 million to be distributed to shareholders.

5. Operational Efficiency and Cost Discipline
Despite lower revenues compared to 2024, GOIL improved profitability through strong operational discipline, including reductions in:

  • Depot and station expenses
  • Administrative costs
  • Finance costs

6. Strategic Financing for Growth
At the AGM, shareholders are expected to consider a proposal to authorize the establishment of a GH¢1 billion Medium-Term Note Programme (bond programme) to support business expansion and strategic growth opportunities.

7. Sustainability and Responsible Business
GOIL continued to operate with a strong focus on:

  • Environmental sustainability
  • Health and safety
  • Ethical business conduct
  • Corporate social responsibility

Nigeria’s Crude Oil Production Exceeds OPEC Quota, Reaches 1.53 Million Bpd In May

Michael Creg Afful
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Nigeria’s Crude Oil Production Exceeds OPEC Quota, Reaches 1.53 Million Bpd In May
Nigeria’s crude oil production increased to 1.53 million barrels per day (bpd) in May, exceeding OPEC’s 1.5 million bpd quota, the oil cartel confirmed on Thursday in its Monthly Oil Market Report for May. The figure represents a 3.38 per cent increase from the 1.48 million bpd recorded in April. According to the cartel, Nigeria’s oil production figures were derived from direct communication with Nigerian authorities. The latest figures show that Nigeria exceeded the 1.5 million bpd production quota approved by OPEC. Data from secondary sources showed that Nigeria’s crude oil production stood at 1.51 million bpd in May, representing a 0.66 per cent decrease from the 1.52 million bpd recorded in April. Citing secondary sources, OPEC said member countries participating in the Declaration of Cooperation (DoC) recorded average crude oil production of 33.13 million barrels per day (mb/d) in May 2026, which was 0.19 mb/d lower month-on-month. In November 2025, OPEC extended Nigeria’s crude oil production quota of 1.5 million barrels per day until December 2026. On April 8, Bashir Ojulari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, said crude oil production had risen from a low of 960,000 bpd in 2022 to an average of 1.71 million bpd. Ojulari also said crude oil output reached a peak of 1.84 million bpd in 2025. The GCEO attributed the increase in production to the establishment of an integrated energy security model for pipelines in the Niger Delta. According to Ojulari, the gains were not accidental but the result of coordinated efforts to tackle crude oil theft and pipeline vandalism.

Ghana: Energy Commission Launches 7th SHS Renewable Energy Challenge

Michael Creg Afful
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Ghana: Energy Commission Launches 7th SHS Renewable Energy Challenge
The Energy Commission of Ghana has launched the seventh edition of its flagship Senior High Schools Renewable Energy Challenge, with 17 schools from across the country set to participate in this year’s “Champion of Champions” competition. The initiative, which began in 2019 with six schools in the Greater Accra Region, has grown into a nationwide platform that promotes renewable energy innovation among Senior High Schools. Held under the theme, “Harnessing Renewable Energy to Power Ghana’s 24-Hour Green Economy,” this year’s competition, dubbed “Champion of Champions,” brings together 17 senior high schools across the country to showcase practical energy solutions. Speaking at the launch, Mr. Chris Nanabanyin Yalley, Deputy Executive Secretary of the Energy Commission, said the programme represents a collective commitment to harnessing the creativity and ingenuity of Ghanaian students to build a more sustainable future. Mr. Yalley noted that over the years, the challenge has showcased the ability of young people to identify community challenges and develop practical renewable energy solutions to address them. He cited success stories from previous editions, including projects on microbial fuel cells, clean cooking technologies, mechanised agriculture, and solutions aimed at addressing land degradation and water pollution. He added that the 2025 edition attracted more than 120 schools nationwide, highlighting the growing impact of the initiative. Mr. Yalley said the introduction of the Champion of Champions category marks a major milestone, bringing together past winners and top-performing schools to compete at a higher level of innovation and excellence. He explained that this year’s theme reflects Ghana’s commitment to building a resilient and inclusive 24-hour economy powered by sustainable energy solutions. Board Chairman of the Energy Commission, Prof. John Gartchie Gatsi, emphasised that Ghana’s ambition for a 24-hour economy requires reliable electricity for all communities and urged students to design solutions for farmers, market women and rural health workers.
Energy Commission Renewable Energy Challenge Ghana
Prof. John Gartchie Gatsi
Mr. Richard Gyan-Mensah, Deputy Minister for Energy and Green Transition, lauded the Commission’s SHS Renewable Energy Challenge for nurturing the next generation of renewable energy experts and innovators in Ghana. He noted that students across the country have, over the years, developed practical solutions to challenges in agriculture, clean cooking, energy efficiency and environmental sustainability. He said that although Ghana has achieved nearly 90 per cent electricity access, many remote and underserved communities still lack reliable power due to the high cost of extending the national grid. Mr. Gyan-Mensah noted that renewable energy technologies such as solar systems, mini-grids and biomass solutions present practical opportunities to bridge the gap while supporting economic growth and environmental sustainability. The Deputy Minister encouraged participating students to view the competition as more than an academic exercise and challenged them to think like engineers, entrepreneurs and policymakers capable of developing innovative solutions to national challenges. “I urge you to design projects that are technically sound, financially viable, scalable and socially impactful. This competition should serve as a platform for discovering future renewable energy and energy technology experts,” he emphasised. Mr. Gyan-Mensah commended the Commission for introducing the Champion of Champions concept and conducting a six-year impact assessment of the programme, describing it as evidence of its commitment to measuring progress in renewable energy adoption, STEM education and community development.

Tanzania: TANESCO Launches First EV Charging Station In Dodoma, Offers Free Charging For One Month

Michael Creg Afful
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Tanzania: TANESCO Launches First EV Charging Station In Dodoma, Offers Free Charging For One Month
Tanzania’s Minister for Energy, Hon. Deogratius Ndejembi, has officially inaugurated the first Electric Vehicle (EV) Charging Station in Dodoma, a development being described as a major milestone in the country’s transport sector. The new facility, located at Jamatini in Dodoma, is equipped with three charging units, each with a capacity of 22 kilowatts. The chargers are capable of serving a wide range of electric vehicles, including cars, three-wheelers (bajajs) and motorcycles. For instance, a fully charged BYD SeaLion 6 electric vehicle can travel up to 600 kilometres at an electricity cost of approximately TZS 30,000, equivalent to about 80 units of power. In addition, a fully charged electric bajaj can travel up to 120 kilometres, while a two-wheeled electric motorcycle, commonly known as a boda boda, can cover up to 100 kilometres before requiring another charge. Speaking at the launch, Energy Minister Deogratius Ndejembi said the initiative demonstrates Tanzania’s commitment to actively participating in the global transition to clean energy while improving livelihoods and supporting economic growth. EV ELECTRIC VEHICLE DODOMA TANZANIA'S MINISTER FOR ENERGY “This initiative expands the use of electricity beyond cooking to transportation, with the aim of improving the quality of life of citizens, reducing the cost of living and stimulating national economic growth,” Ndejembi said. He noted that the government has continued to make significant investments in the energy sector, enabling Tanzania’s electricity generation capacity to exceed 4,000 megawatts and laying the foundation for broader electricity use across various sectors of the economy. To support the adoption of electric mobility, TANESCO, in collaboration with the United Nations Development Programme (UNDP), has received 50 modern EV charging units from China’s AUTEL company. The chargers will be installed at strategic locations across the country to improve access to charging services. On his part, TANESCO Managing Director, Mr. Lazaro Twange, said the utility is positioning itself to lead the transformation of electricity use in Tanzania by leveraging the country’s adequate power supply. “The traditional perception that electricity is expensive and is used only for lighting has changed significantly. Today, many citizens use electricity for cooking and various economic activities, and the launch of EV charging stations opens a new chapter in the use of clean energy in Tanzania,” Twange said. To encourage the use of the new facility, Twange announced that all electric vehicle users will be able to charge their vehicles free of charge at the Dodoma station. EV ELECTRIC VEHICLE DODOMA TANZANIA'S MINISTER FOR ENERGY He said the free charging service will be available for one month from June 11, 2026, as part of efforts to encourage Tanzanians, particularly residents of Dodoma, to adopt clean and environmentally friendly transport technologies. The launch of the charging station is expected to accelerate the adoption of electric mobility in Tanzania while supporting government efforts to reduce transportation costs, lower fuel consumption and mitigate the effects of climate change.

Ghana: Akosombo Switchyard Fire Caused By Insulation Failure, Not Sabotage – Committee

Michael Creg Afful
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Ghana: Akosombo Switchyard Fire Caused By Insulation Failure, Not Sabotage – Committee

The fire that occurred at the Ghana Grid Company Limited (GRIDCo) Akosombo Switchyard, which disrupted power supply from the Akosombo Generating Station to the national grid, was caused by insulation failure and not by any deliberate human action, according to the findings of a committee established to investigate the incident.

The committee, chaired by Ing. Dr. William Amuna, Board Chairman of the Electricity Company of Ghana (ECG) and former Chief Executive Officer of GRIDCo, officially presented its report to the Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, on Thursday, June 11, 2026.

Presenting the findings, Dr. Amuna stated that the fire was solely caused by insulation failure and not by any individual deliberately operating equipment or interfering with the system.

The fire occurred on April 23, 2026, and triggered widespread power supply disruptions across several parts of Ghana.

The investigative committee was constituted on April 24, 2026, a day after the incident, to determine the cause of the fire and recommend measures to prevent similar occurrences in the future.

The report ruled out sabotage, arson, or any deliberate human interference, bringing clarity to concerns that emerged in the aftermath of the incident.

The findings are expected to guide future investments and operational improvements within the country’s power transmission network, particularly as demand for reliable electricity continues to grow.

Presenting the report to the Minister, Ing. Dr. Amuna highlighted a number of recommendations aimed at strengthening GRIDCo’s operational capacity and reducing the risk of future incidents.

Among the key recommendations is the establishment of an additional control centre to complement the existing facility and improve redundancy within the national transmission system.

The committee believes that creating a backup control centre would enhance GRIDCo’s ability to respond effectively to emergencies and maintain uninterrupted operations in the event of equipment failures or other unforeseen disruptions.

 

Tanzania: One Million Households To Benefit From TANESCO Electric Cookstove Loan Scheme

Michael Creg Afful
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Tanzania: One Million Households To Benefit From TANESCO Electric Cookstove Loan Scheme

One million Tanzanians are expected to benefit from an electric cookstove loan scheme through the Tanzania Electric Supply Company (TANESCO), following the signing of an agreement between the utility and stakeholders involved in the production and distribution of electric clean-cooking appliances on Thursday, June 11, 2026.

The country’s Minister for Energy, Hon. Deogratius Ndejembi, witnessed the signing ceremony, which took place at the Mashujaa Jamatini Grounds in Dodoma.

Under the agreement, TANESCO will enable both new and existing electricity customers to acquire electric cookstoves through a loan facility.

The initiative is aimed at increasing the adoption of clean cooking energy in the country while addressing the challenge of the upfront cost of purchasing electric cookstoves.

Speaking at the event, TANESCO Managing Director Mr. Lazaro Twange said the loans will be available to both existing and new customers who meet the established eligibility criteria.

He stated that the requirements include possession of a National Identification Card (NIDA), being a TANESCO customer for at least three months, and being the head of a household or homeowner.

Ghana: Turkish Firm AKSA To Build 900MW Combined Cycle Power Plant In Takoradi

Twange explained that loan repayments will be made through beneficiaries’ electricity purchases, with repayment periods ranging from three to six months, depending on the specific agreement.

He further noted that the agreement between TANESCO and the stakeholders will be implemented over a three-year period and is expected to improve access to electric cookstoves while supporting government efforts to promote the use of clean cooking energy across Tanzania.

South Africa: Eskom Launches Renewable Energy Unit To Drive Decarbonisation, Targets 6 GW By 2030

Michael Creg Afful
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South Africa: Eskom Launches Renewable Energy Unit To Drive Decarbonisation, Targets 6 GW By 2030
South Africa’s state-owned power utility Eskom has launched a dedicated renewable energy business, Eskom Green, aimed at accelerating utility-scale renewable energy projects and helping industrial customers reduce carbon emissions while securing reliable power supply. The new entity, announced on Tuesday, forms part of Eskom’s broader restructuring programme and is expected to be separated from the parent company into a wholly owned subsidiary with its own board, subject to regulatory and shareholder approvals. Eskom Green will focus on developing large-scale renewable energy projects and supplying electricity to energy-intensive industries such as mining and manufacturing through power purchase agreements (PPAs) and government-backed procurement programmes. “Eskom Green is a utility-scale renewable energy business that rapidly accelerates the options available to South Africa’s industries to decarbonise and maintain export competitiveness,” Rivoningo Mnisi, Group Executive for Eskom Renewables, said in a statement. The utility said the new business model was informed by international benchmarking of more than 20 utilities, which found that renewable energy projects require more agile decision-making, flexible financing structures and stronger partnerships than traditional vertically integrated power generation operations. Under its proposed customer model, Eskom Green will supply renewable electricity generated from its own assets and complement it with energy storage and firming arrangements to provide round-the-clock power where required. The company said pricing would be transparent, with network and wheeling charges passed directly to customers without mark-ups. South Africa is seeking to expand renewable energy generation while reducing its reliance on coal-fired power stations, which currently account for the majority of the country’s electricity supply. South Africa's state owned renewable energy eskom green Eskom said Eskom Green would initially target large industrial users before expanding its services to municipalities, the South African Wholesale Electricity Market (SAWEM), the Southern African Power Pool (SAPP), and distribution customers. The company plans to have about 6 gigawatts (GW) of carbon-free electricity available by 2030 through a portfolio of renewable energy and storage projects currently under development. The longer-term target is to develop up to 32 GW of renewable energy and storage capacity by 2040. A total of 17 priority projects have been identified across Eskom’s existing coal-fired power station sites, leveraging existing infrastructure to add approximately 6 GW of capacity by 2030. These include renewable energy, battery storage and pumped-storage projects. Among the first developments is a 75-megawatt solar photovoltaic project at the Lethabo power station in South Africa’s Free State province. Eskom said a similar approach would be pursued at other sites, including the Komati power station. The utility said funding for the initial phase of projects had been allocated within its approved capital expenditure programme and would not require additional project-finance borrowing. Future projects are expected to be financed through special purpose vehicles (SPVs), public-private partnerships and other co-development structures. According to Eskom, the Integrated Resource Plan (IRP) 2025 projects that South Africa will require 5.6 GW of new renewable energy capacity by 2030, rising to 21 GW by 2035 and 32 GW by 2040. The utility said Eskom Green would work alongside private sector developers to help close the country’s generation capacity gap while supporting national emissions-reduction goals and long-term energy security.

QatarEnergy Announces New Oil Discovery Offshore Namibia

Michael Creg Afful
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QatarEnergy Announces New Oil Discovery Offshore Namibia

QatarEnergy has announced an oil discovery with encouraging results from the Merlin-1X exploration well in Petroleum Exploration Licence 39 (PEL 0039), offshore Namibia.

Merlin-1X is the tenth well drilled under the licence and has delivered the most promising subsurface results to date, with good reservoir quality, light oil and limited associated gas.

Commenting on the discovery, His Excellency Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, said: “We are pleased with this discovery, which follows three earlier discovery announcements in Namibia. These results represent a significant step forward that further strengthens confidence in the Orange Basin as an emerging world-class hydrocarbon province and aligns with QatarEnergy’s strategy to expand its international upstream portfolio through high-impact exploration.”

World’s 65 Biggest Banks Pumped $906 Billion Into Fossil Fuels In 2025

Al-Kaabi added: “We extend our appreciation to the Government of the Republic of Namibia for its continued support of this exploration effort, and we congratulate our partners, Shell and the National Petroleum Corporation of Namibia, on this achievement.”

QatarEnergy holds interests in four offshore exploration licences in Namibia: PEL 0039 (45%), PEL 0056 (35.25%), PEL 0091 (33.03%), and PEL 0090 (27.5%), collectively covering approximately 34,000 square kilometres.

Nigeria: Tony Elumelu Named Seplat Energy Chairman Effective January 2027

Michael Creg Afful
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Nigeria: Tony Elumelu Named Seplat Energy Chairman Effective January 2027
Seplat Energy Plc has announced key changes to its board and executive management, including a leadership succession plan that will see Mr Tony Elumelu assume the role of Chairman effective January 1, 2027. In a statement, the company said the changes are aimed at strengthening its growth trajectory while ensuring continuity in strategy and governance. According to the statement, the current Chief Executive Officer, Mr Roger Brown, will retire from his role and step down as a board director on July 31, 2026. The board also disclosed that the incumbent Chairman, Senator Udo Udoma, has given notice of his intention to retire on December 31, 2026. Consequently, the board has confirmed Elumelu as the incoming Chairman. “The Board has accordingly elected Mr Tony Elumelu as the next Chairman of Seplat Energy, effective January 1, 2027. Mr Elumelu, who joined the Board in January 2026, is the Founder and Chairman of Heirs Holdings, which has a 20.07 per cent shareholding in Seplat Energy,” the statement said. Heirs Holdings is a diversified investment company with interests across strategic sectors of the African economy, including energy, power, banking, insurance, technology, real estate, hospitality and healthcare. The company added: “Mr Elumelu has a multi-decade track record of value creation in listed and non-listed entities. He is also a distinguished philanthropist, globally recognised as one of the leading voices on Africa’s transformation and governance agenda.” Commenting on his appointment, Elumelu said: “I am honoured to succeed Senator Udoma as Chairman in January 2027 and to lead the Board through Seplat Energy’s next phase of growth. “I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy’s culture of execution and governance aligns strongly with my own values. “I thank Senator Udoma and Roger for their stewardship and look forward to delivering further value for shareholders. I also congratulate Mr Okon on his appointment as Chief Executive Officer. His deep industry experience gives me great confidence that Seplat Energy is well positioned for its next chapter of growth.”

Oil Prices Rise As U.S.-Iran Tensions Escalate Over Strait Of Hormuz

Michael Creg Afful
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Oil Prices Rise As U.S.-Iran Tensions Escalate Over Strait Of Hormuz
Oil prices rose on Thursday following an escalation in hostilities between the United States and Iran, but later pared gains as traders assessed the actual impact on global oil supplies, according to Reuters. Tehran declared the Strait of Hormuz closed after the United States launched additional strikes against Iran, while President Donald Trump vowed further attacks if no peace agreement is reached. Brent crude futures rose 8 cents, or 0.09%, to $93.18 a barrel by 0702 GMT, while U.S. West Texas Intermediate (WTI) crude gained 25 cents, or 0.28%, to $90.28 a barrel. Both benchmarks had risen by more than $2 earlier in the session. Iran’s joint military command announced the closure of the Strait of Hormuz to oil tankers and commercial vessels, warning that any ship attempting to pass through the waterway would be targeted. “It once again suggests a deal is still some way off and that energy flows from the Persian Gulf will remain heavily constrained,” ING analysts said in a note to clients, adding that the renewed escalation in fighting had prompted oil prices to rally in early trading. “However, the rally was not fully sustained as the market has not yet seen an actual disruption in oil shipments through the area,” said Linh Tran, a market analyst at XS.com. On Wednesday, the U.S. military said on X that commercial vessels continued to transit in and out of the Strait of Hormuz. It also stated that no U.S. warships had been struck in the Strait after Iranian state media reported that U.S. vessels near the waterway had been targeted by missiles and drones. U.S. forces began launching additional strikes against multiple targets in Iran at 5:15 p.m. EDT (2115 GMT), marking the latest escalation in a series of attacks that threaten to reignite a full-scale conflict. The fighting had paused in early April when both sides agreed to a fragile ceasefire. Trump told Fox News reporter Trey Yingst on Wednesday evening that the strikes would end shortly, but warned that he would launch further attacks if Iran’s leaders failed to immediately sign an agreement with the United States.

Ghana: NPA Commits To Expanding LPG Access And Enhancing Safety On World LPG Day

Michael Creg Afful
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Ghana: NPA Commits To Expanding LPG Access And Enhancing Safety On World LPG Day
Ghana’s petroleum downstream regulator, the National Petroleum Authority (NPA), has reaffirmed its commitment to expanding access to Liquefied Petroleum Gas (LPG) and improving safety in its usage as the Authority on Monday joined other stakeholders around the world to commemorate World LPG Day 2026. The Authority brought together stakeholders from government and the energy sector, including representatives from the Ministry of Energy and Green Transition, the Petroleum Commission, the Chamber of Oil Marketing Companies (COMAC), the Chamber of Bulk Oil Distributors (CBOD), the Ghana LPG Industry Players Association (GLIPGOA), GOIL and other industry players, to reinforce the strategic importance of LPG as a cleaner energy alternative, with emphasis on access expansion, safety compliance and sustained public education. In his welcome address, the Chief Executive of the NPA, Mr. Godwin Kudzo Tameklo, Esq., noted that accelerating LPG adoption requires an integrated approach anchored on regulation, education and shared responsibility across the value chain.
WORLD LPG DAY NPA LIQUEFIED PETROLEUM GAS
Godwin Edudzi Tameklo Esq., Chief Executive Officer, National Petroleum Authority
He further emphasised that safety outcomes depend on both industry compliance and responsible consumer behaviour, urging stakeholders to consistently “pass it forward” by promoting safe usage and correcting unsafe practices within their communities. Moreover, he reaffirmed government’s target of achieving 50 percent LPG access by 2030 and indicated that the Authority would support these efforts by intensifying nationwide sensitisation, stakeholder engagement and public education initiatives to strengthen safety culture and expand adoption. Delivering the keynote address, Minister for Energy and Green Transition, Hon. Dr. John Abdulai Jinapor, reiterated government’s commitment to expanding local LPG production and scaling up clean cooking interventions, including the use of LPG in secondary schools through the Renewable Energy Fund. He stressed that achieving national energy goals requires sustained collaboration among government, industry and consumers to ensure access to safe and affordable energy. Industry stakeholders also called for coordinated interventions to support LPG penetration, citing affordability, investment, public awareness and regulatory collaboration as critical enablers. While the Chairman of the Chamber of Oil Marketing Companies (COMAC), Mr. Gabriel Kumi, advocated measures to improve affordability and expand infrastructure, the Chief Executive Officer of COMAC, Dr. Riverson Oppong, underscored the need to accelerate awareness creation and speed up the transition from traditional fuels to cleaner alternatives. Additionally, the Chief Executive Officer of the Chamber of Bulk Oil Distributors (CBOD), Dr. Patrick Ofori, pledged private investor support and highlighted the importance of policy consistency to create an enabling investment environment, while the Chairman of the Ghana LPG Industry Players Association (GLIPGOA), Mr. Ralph Bedi, called for strengthened collaboration between regulators and industry actors to improve efficiency across the value chain. For her part, the Director of Gas at the NPA, Mrs. Ntiwaa Kwakye, reaffirmed the Authority’s central role in convening government institutions, regulators and industry stakeholders to drive a coordinated LPG agenda, strengthen safety advocacy and advance Ghana’s clean energy transition.

World’s 65 Biggest Banks Pumped $906 Billion Into Fossil Fuels In 2025

Michael Creg Afful
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World’s 65 Biggest Banks Pumped $906 Billion Into Fossil Fuels In 2025
The biggest banks in the world increased financing for fossil fuels by 8% in 2025 from a year earlier, committing a total of $906 billion to fossil fuel companies amid climate policy rollbacks, especially at U.S. and Japanese banks. Since the Paris Agreement of 2015, the world’s 65 largest banks have financed oil, natural gas, and coal operations with a combined $8.7 trillion, showed the annual Banking on Climate Chaos report from campaigners coordinated by Rainforest Action Network. Last year was the second consecutive year in which the biggest banks in the world raised financing for fossil fuel companies, after declines in 2022 and 2023 amid increased focus on ESG policies and climate commitments in the early part of the decade. But following a backlash against net-zero policies, especially in the United States, banks raised fossil fuel funding to $869 billion in 2024, up by $162 billion from 2023, the 16th edition of the report showed last year. Now the 17th edition of the report, which uses open-source datasets, found that banks boosted funding for oil, gas, and coal for the second year in a row, with U.S. giants JPMorgan Chase and Bank of America leading the pack, ahead of Japan’s Mitsubishi UFJ Financial Group (MUFG). JPMorgan Chase remains the world’s number-one fossil fuel financier, committing $58.2 billion in 2025 alone, a 12.5% increase from 2024, the latest report found. Bank of America ranks second at $47 billion, and Japan’s Mitsubishi UFJ Financial Group (MUFG) was third at $47 billion, with a 21% increase in a single year. The top ten of the banks lending the most to fossil fuel companies includes Japan’s Mizuho Financial and SMBC Group, Citigroup, Wells Fargo, and Morgan Stanley of the U.S., Royal Bank of Canada, and the UK’s Barclays. US banks’ share of all global bank fossil fuel financing increased to 32% last year from 28% in 2021, and represents the single largest source of fossil capital in the world. By contrast, European banks have reduced their share of financing. But while BNP Paribas reduced fossil deals by 28%, UBS by 36%, and La Caixa by 34%, Standard Chartered increased its fossil fuel financing by 28%, Deutsche Bank by 20%, and HSBC by 16%. “The scale of finance still flowing to fossil fuels — especially fossil fuel expansion — shows how deeply major banks remain tied to a climate-wrecking business model,” said Lucie Pinson, director and founder at Reclaim Finance and co-author of the report.

Nigeria Power Minister Urges Patience Over Immediate Sector Turnaround

Michael Creg Afful
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Nigeria Power Minister Urges Patience Over Immediate Sector Turnaround
Nigeria’s new Minister for Power, Joseph Tegbe, has urged Nigerians to temper expectations of an immediate turnaround in electricity supply, citing decades-old challenges in the sector. According to the minister, the generation, transmission and distribution challenges facing the country’s power sector cannot be resolved within months. He, however, assured that there would be gradual but significant improvements in power supply as the government continues to implement reforms in the sector. “The challenges that have kept this sector below its potential were decades in the making. They will not be fully reversed in weeks or months,” Tegbe said after being sworn in by President Bola Ahmed Tinubu on Monday in Abuja. “I will not promise what I cannot deliver, but I promise visible improvement as you have been seeing, and I will continue to communicate honestly with you every step of the way.” Tegbe said his team had engaged key agencies and operators across the power sector since his Senate confirmation and developed a reform strategy focused on execution, accountability and measurable outcomes. “We have also held productive discussions with international development organisations and funding partners who have expressed willingness to provide liquidity support to the power sector. This is a significant vote of confidence in the direction of our reforms.” The minister also highlighted early progress, including the revival of the 450-megawatt Alaoji Open Cycle Power Plant in Abia State by the Niger Delta Power Holding Company (NDPHC). According to Tegbe, up to 375 megawatts (MW) from the facility are now available for dispatch to the national grid after the plant remained inactive for three years. He further said the Transmission Company of Nigeria (TCN) had energised new transmission assets in Abuja, Oyo and Ogun states to strengthen grid capacity and improve reliability. The minister cited the recent restoration of electricity supply in parts of Abuja within 24 hours after the failure of a 100MVA transformer as evidence of improved responsiveness within the sector. Tegbe also referenced a recent directive by the Nigerian Electricity Regulatory Commission (NERC) requiring distribution companies to compensate eligible Band A customers affected by supply shortfalls earlier in the year. According to him, the move demonstrates the government’s commitment to consumer protection and accountability across the electricity value chain. Tegbe said the administration remains focused on delivering reliable and affordable electricity but urged Nigerians to be patient as reforms take effect. “I will not promise what I cannot deliver, but I promise visible improvement as you have been seeing, and I will continue to communicate honestly with you every step of the way. You will see the progress as it happens,” the minister added. “The destination is clear — reliable and affordable electricity for every Nigerian home, business and industry, around the clock. That journey is a long one. But under President Tinubu’s Renewed Hope Agenda, we are firmly headed in the right direction. We will keep moving. We will keep delivering. And the improvements will keep coming,” he concluded.        

Ghana: Bui Power Authority Engages Downstream Communities Around Bui Dam Ahead Of Heavy Rains

Michael Creg Afful
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Ghana: Bui Power Authority Engages Downstream Communities Around Bui Dam Ahead Of Heavy Rains
The Bui Power Authority (BPA), the second-largest state-owned power generation company, has successfully completed its 2026 Annual Community Sensitisation Exercise across 59 downstream communities in six districts and municipalities, namely Banda, Wenchi, Kintampo South, Kintampo North, Central Gonja and Bole, from June 1 to June 5, 2026. The exercise was a collaborative effort among various departments and units, including the Engineering Services Department (ESD), the Community Relations Unit, the Public Relations Unit, the Transport Unit, as well as security personnel from the Ghana Armed Forces. The engagement focused on educating residents about dam operations, flood preparedness and the risks associated with living within designated buffer and safety zones. Community members were assured that while BPA continues to take measures to prevent any spillage, timely communication would be provided should operational conditions necessitate a controlled release. The exercise also strengthened communication between BPA and key stakeholders, including district authorities, chiefs, opinion leaders and community representatives, through the verification and updating of emergency contact information. Residents actively participated in discussions, raising concerns about compensation, fishing activities and potential future spillages. BPA addressed these concerns and reaffirmed its commitment to transparency, safety and continuous stakeholder engagement. The sensitisation exercise concluded in Buipe on June 5, with community leaders expressing appreciation for BPA’s ongoing efforts to promote awareness, preparedness and the protection of lives and property ahead of the rainy season. According to BPA, it will in the coming weeks commence a similar sensitisation exercise in upstream communities as part of its broader stakeholder engagement and safety awareness programme.  
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