Ghana Gets 1000kW Floating Solar On Bui Dam Reservoir (Video)Through Mobile Power’s innovative rental model, customers are able to rent smart 50Wh lithium-ion batteries at a low cost and in 24-hour increments. Customers can make payments either in cash or using mobile money, making the service inclusive to those without mobile money or areas with weak phone signal. And unlike many other electrification solutions, the product requires no consumer debt or long-term commitment. The batteries are suitable for lighting, phone charging, fans, TVs and radios and are charged at solar-powered “MOPO Hubs”, providing a lower carbon option to other local alternatives, which include diesel generator-powered charging stations and battery-powered torches. Geoff Sinclair, Managing Director of REPP’s investment manager, Camco Clean Energy, said: “Providing affordable energy access to some of the world’s poorest communities is a huge challenge for developers, but one that must be overcome if we are to meet the UN’s Sustainable Development Goals by 2030. “Mobile Power’s novel business model provides a scalable solution that, with the support of REPP and the other Series A investors, has great potential for rapid growth and delivering far-reaching impact.” Prior to the funding round, Mobile Power had raised approximately £1.1m in equity from early-stage investors, and a further £1.7m during 2019 in the form of innovation grants and loans. Chris Longbottom, CEO of Mobile Power, said: “The completion of this Series A fundraise represents a vote of confidence for Mobile Power’s unique approach to energy access, particularly in those markets where traditional approaches are less viable. We look forward to scaling up and reaching many more off-grid customers.” Source: www.energynewsafrica.com
REPP Injects £1 Million Into Smart Battery Rental Business Targeting Off-grid Customers
The Renewable Energy Performance Platform (REPP), funded by the UK Government’s International Climate Finance, has invested £1 million into a renewables-powered battery rental company that provides affordable energy access to off-grid communities in West Africa.
UK-based Mobile Power was set up in 2013 to serve the needs of end-users that are underserved by existing rural electrification models in the region. Currently, the company has operations in Sierra Leone and Liberia, two of the poorest countries in the world where most of the population live on less than US$1.25 a day.
Following last week’s completion of a £2 million Series A funding round led by REPP’s equity investment, Mobile Power is now set for rapid expansion, with plans to enter the Nigerian market next year whilst supporting various existing partnership projects in Uganda, Zambia and Gambia.
Ghana: BOST Donates To 37 Military Hospital
The Bulk Oil Storage and Transportation Company (BOST) Limited, a strategic fuel stock keeping company in the Republic of Ghana has made a cash donation to the 37 Military Hospital to support the hospital to procure personal protective equipment.
The donation forms part of the company’s Corporate Social Responsibility initiative.
Presenting the donation, Government Relations Manager at BOST, Yaw Antwi Dadzie said management received a letter from the hospital requesting support some months ago.
He said upon deliberations by management, led by Mr. Edwin A. Provencal, a decision was taken to honour the request no matter how small the amount would be.
He said management was of the view that the donation would help them to procure some personal protective equipment to enable them fight against Covid-19, since the virus is still lingering around.
Receiving the donation, Commanding Officer of the 37 Military Hospital Commodore Nii Adjah Obodai expressed gratitude to the management of BOST for supporting the hospital.
According to him, the donation came as a surprise because the request has been awhile and they almost forgot about it.
He noted that Ghana is not out of the woods of Covid-19 yet, saying: “We expect that we should be able to grind it to a halt.”
He mentioned that some nations are already experiencing the second wave of Covid-19, stressing that Ghana needs to get itself ready to deal with the worst situation.
Source: www.energynewsafrica.com
Ghana: Two Deputies At Energy Ministry Retain Parliamentary Seats
A Deputy Minister for Energy in charge of Finance and Infrastructure and governing New Patriotic Party’s (NPP) Parliamentary Candidate for Effia Constituency in the Western Region of the Republic of Ghana has retained his seat for the next four years.
His win was announced in Ghana’s just ended general elections.
He floored the NDC’s Michael Otoo to win the seat again for the NPP.
Mr. Cudjoe polled 19,476 votes, representing 59.18 percent while Michael Otoo polled 13,433 votes, representing 40.82 percent.
Similarly, Deputy Minister for Energy in charge of Power, William Owuraku Aidoo won the South Afigya Kwabre parliamentary seat for the NPP in the Ashanti Region. He, too, retained his seat.
He polled 64,363 votes, representing 78.92 percent while his contender, Nuzagl Vivien Nyuzagla of the NDC, polled 16,173 votes, representing 19.83 percent.
Robert Dambo of the PNC secured 1,014, representing 1.24 percent.
Source: www.energynewsafrica.com
IAEA, African Energy Chamber Encourage Implementation Of Nuclear Derived Technologies In Africa
The African Energy Chamber has met with the Director-General of the International Atomic Energy Agency (IAEA), Rafael Grossi to discuss the implementation of Human Development Application Of Nuclear Technology in Africa through appealing to private sector participation in the initiative.
Forming part of its sustainable development goals, the initiative focuses on research and development, monitoring, diagnosis, treatment, capacity building, knowledge sharing and education in key areas including the fight against women’s cancers, increasing food security and agricultural development, preventing and combating zoonotic diseases and addressing climate change.
In pursuing working with the African Energy Chamber and its strong private sector network, the IAEA seeks to introduce new technologies to several sectors of the African market as a means to address the apparent challenges and carry through lasting results.
South Africa: AOP Ready To Welcome Investors To Africa’s Energy Event In 2021“Over the last few years, the Chamber has been determined to contribute to Africa’s sustainable growth and development through utilising its network of private sector actors operating in the African energy industry to affect change that goes beyond the oil, gas and power sectors,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “We believe the challenges highlighted by the Human Development Application of Nuclear Technology require a fierce urgency of now for the continent to have some of its biggest challenges that have contributed to the slow pace of Africa’s economic growth addressed.” The African Energy Chamber understands that the private sector has an important role to play in the acceleration of Africa’s growth and is pleased to collaborate with and esteemed agency such as IAEA to explore contemporary solutions to the considerable challenges African countries are faced with. Source: www.energynewsafrica.com
Pipeline Enthusiasm To Drive Investments Worth Several Billion USD Into Niger
Niger’s Secretary General in the Ministry of Energy, Balla Mahaman Rabiou announced during a working visit of the African Energy Chamber to Niger, that his country had concluded preliminary studies for the implementation of power projects worth hundreds of millions of dollars nationwide.
According to Rabiou, the government has embarked on an aggressive plan, to increase access to power for its predominantly youthful population from currently over 16% to 80% by 2035. Of particular focus, are Niger’s rural areas which have power access levels of less than 5%.
Many of the power projects envisaged, are expected to be solar mini-grids, taking advantage of Niger’s abundance of sunlight throughout the year. The recently created Agency for the promotion of rural electrification is at the forefront of this effort.
During its working visit to Niger, (23 – 27 November), the African Energy Chamber pledged to support the government’s initiatives to attract much needed investment into the country.
“Niger has embarked on a path we passionately support, to drastically increase access to reliable and affordable electricity for its youthful population” said Verner Ayukegba, Senior VP with the African Energy Chamber. This will not only increase the living conditions of the population, but will also form the basis for increased mechanisation and industrialisation in other sectors such as mining and agriculture. The most important effect of this increase in access to energy will be a steep rise in the availability of Jobs in the country.
There has always been a drive to increase access in Electricity in Niger, supported by donor partners like Power Africa, USAID and the European Union. However, the government’s new plans rely significantly on its own revenues, expected from increased oil production in Niger.
South Africa: André De Ruyter Sees Eskom Unbundled In 2021Production is scheduled to increase from currently 20,000 barrels per day currently to 120,000 in 2024. This increase shall be made possible, with the completion of the 1950Km Niger-Benin oil pipeline to be built by the China National Petroleum Corporation (CNPC). The pipeline will transport crude to the global markets via the port of Seme in Benin from Niger’s prolific Agadem basin. The pipeline has therefore become a symbol of hope, upon which several major development projects depend. Growth rates overall in Niger are expected to reach double digits, for the decade after the completion of the pipeline in 2024. Following Petroleum Minister Foumakoye Gado’s role in securing the construction of the all-important pipeline, he was named by the African Energy Chamber as one of the top 25 leaders in the African Energy Sector to watch. Minister Gado’s success in facilitating the deal has significantly de-risked exploration in Niger in particular and the Sahel in general. The pipeline also symbolises the likelihood of even greater exploration in Niger. British minor, Savannah Energy is leading the way with 5 discoveries from 5 exploration wells drilled and a combined estimate of 6.7 billion barrels of oil Initially in Place in its two licenses. Several other companies are currently negotiating with the government to secure exploration licenses in Niger. Niger’s success is being closely watched by oil companies who in the past have paid less attention to the search for hydrocarbons in the Sahel. This is likely to change, with the successful completion of the pipeline. Bilateral discussions between the Chamber and several other notable institutions in Niger, revealed a flurry of activities, that will turn Niger into a destination for major investments into the mining and energy sectors especially. The National Oil Company, SONIDEP, which was initially focused solely on the distribution of petroleum products, is now concluding a reorganisation with the mandate to ramp up its activities in the upstream and midstream sectors. SONIDEP is negotiating the obtention of exploration licenses, which it intends to develop, together with experienced technical partners. Similarly, the state mining holding company SOPAMIN is also benefiting from the increased investment projections around Niger, with renewed interest from investors into Niger’s prolific mining sector. The company is currently evaluating several new mining project proposals worth hundreds of Millions of dollars. Politically, Niger is one of Africa’s most stable democracies, giving more confidence to investors as to the safety of their investments. A further successful transfer of power in April next year, from current President, H.E Mahamadou Issoufou to an elected successor will only help to increase Niger’s attractiveness to investors.
Venezuela: Maduro Accuses CIA Of Bribing Oil Workers
Venezuelan dictator Nicolas Maduro has accused the Central Intelligence Agency and the National Security Agency of corrupting hundreds of oil industry employees, including former Energy Minister and Venezuela representative of the UN Rafael Ramirez.
“There are thousands of cases of infiltration into the oil industry through the US Embassy here in Venezuela. If they bribed the head of the oil industry, corrupted him, lured [former Energy Minister and former Representative to the UN] Rafael Ramirez away, what can you think about the current level of infiltration into the oil industry?” Maduro said during a press conference that he posted on Twitter.
“We are gradually clearing the industry of these agents,” he added, as quoted by Sputnik.
Meanwhile, however, the Venezuelan government has been cracking down on dissenters among PDVSA’s employees.
In November, the military intelligence agency and the national intelligence service made two arrests of one active and one retired employee, accusing the latter of terrorism.
The arrest followed an explosion at the Amuay refinery, which has a capacity of 645,000 bpd. Maduro claimed the explosion was the result of a terrorist attack.
Fitch Sees Brent At $45 Next YearThe arrests, according to sources from the company, were in fact an attempt to silence dissenters who were complaining about the dangerous working conditions at PDVSA and the corruption running rife at the company. According to some sources, PDVSA employees would readily accept bribes to keep quiet about thefts of crude oil from idled wells just to make ends meet as their salaries were worth little amid Venezuela’s hyperinflation. Also in November, the authorities arrested the leader of the oil workers’ union FUTPV, Eudis Girot, one of the most vocal critics of the way PDVSA was run. According to other union officials, Girot was held on allegations of terrorism and the divulgence of confidential information. Leaks about the state of neglect and dangerous conditions at PDVSA often end up in media outlets, which cite internal PDVSA sources. As the situation continues to deteriorate, the government appears to have decided the time had come to crack down on the dissent. Source Oilprice.com
Ghana: National Petroleum Authority CEO Wins Geshegu Parliamentary Seat
The Chief Executive Officer of the National Petroleum Authority (NPA), Ghana’s downstream petroleum regulator, Alhassan Tampuli Suleman, who contested for the Gushegu parliamentary seat in the Northern Region on the ticket of the governing party, New Patriotic Party (NPP) in the December 7, 2020, general elections, has won.
Mr. Tampuli polled a total vote of 30,401 against his closest contender, Mohammed Yussif Malimali of the National Democratic Congress (NDC), who polled 28,055 votes.
Out of the 58,706 total valid votes cast, 1,789 votes were rejected.
Alhassan Tampuli will be taking over from the NDC’s Kwesi Thomas Nassan who occupied the seat in 2016.
Born in 1977, Hassan Tampuli is a Ghanaian public administrator, lawyer and energy expert.
He is an alumnus of the University of Ghana and the Ghana School of Law.
Ghana: BOST Congratulates IES, COPEC For Winning AwardsSource: www.energynewsafrica.com
Ghana: Deputy Energy Minister Secures Election Victory To Parliament
A Deputy Minister for Energy in charge of petroleum in the Republic of Ghana, Dr. Mohammed Amin Adam, is on his way to Parliament having won parliamentary elections in his Constituency.
Dr. Amin Adam contested for the Karaga Constituency Seat in the Northern Region on the ticket of the governing New Patriotic Party (NPP) and won.
He beat NDC’s Iddrissu Dawuda to secure the seat.
Reacting to his victory in last Monday’s Presidential and Parliamentary elections, Dr. Amin said: ‘’For the first time, NPP has won the Karaga seat in Parliament with a margin of almost 9,000, and the President, Nana Akufo-Addo won the popular presidential vote by a margin of 8,000 votes.’
The founder and former Executive Director for African Centre for Energy Policy (ACEP) described his victory as ‘historic’ saying ‘’the victory, by far, demonstrates the value of development and hardwork.’’
Full post
All praise be to Allah and with humility, I submit myself to His will.
Thank you Karaga!
For the first time, NPP has won the Karaga seat in Parliament with a margin of almost 9,000, and the President, Nana Akufo-Addo won the popular presidential vote by a margin of 8,000 votes.
This is historic as it is humbling. The victory by far demonstrates the value of development and hardwork.
Thanks to all those who have supported me on this journey – my family, friends and party folks. This victory really belongs to all the chiefs and people of Karaga and especially to those young men and women who spent their priceless time working with me in the communities, in the streets and wherever we could reach out to our people to deliver our message of hope. Cheers.
https://web.facebook.com/mohammedamin.adam/posts/3554802737918494
Ghana: Energy Minister Secures Election Victory To Parliament
Ghana’s Energy Minister, John Peter Amewu, who contested the Hohoe Parliamentary seat on the ticket of the governing New Patriotic Party in the December 7, 2020, general election, has secured a landslide victory to the country’s house of legislature.
He is the first person to have won election in the Hohoe Constituency in the Volta Region, after failing on three different attempts.
He secured 26,952 votes while his opponent, Prof Margaret Kweku, of the NDC, obtained 21,821 votes.
This performance is a huge jump from the results his party had recorded since 1992 in parliamentary polls.
For instance, in 2016, the NDC candidate, Bernice Adiku Heloo, secured 35,437 as against the NPP’s Marlon Praises Anipa, who polled 6,462; which has been the usual polls outcome in most parts of the Volta Region.
With the voter roll in Hohoe having 59,228 with 124 polling stations, many doubted that Mr Amewu could win the elections. For many, he would, at best, close the gap.
Nonetheless, the win came with over 5,000 votes difference; a proof of the broken grip of the NDC in Hohoe, when compared to 2016 and other election results since 1992.
Declaring the polls, the Returning Officer for the parliamentary election in Hohoe, Wisdom Kofi Akpakli said although the opposition NDC had some concerns with the results, they had been clarified and all parties were satisfied with the results.
Mr Awemu took to Facebook to express his appreciation and gratitude to the President of the Republic, Nana Addo Dankwa Akufo-Addo, for his unconditional support to him and the people of Hohoe.
“Special thanks also go to the chiefs and queen mothers, religious leaders, national, regional and constituency NPP executives, my colleague Ministers, party members, campaign volunteer groups and supporters. God bless you all for your hard work,” he said.
He also thanked the NDC for a good contest and assured that his leadership would not discriminate but cover every resident within the constituency.
“I promise to contribute to the creation of a united and prosperous Hohoe,” he concluded.
Meanwhile, President Akufo-Addo cum Presidential candidate of the NPP secured 14,389 votes while flag-bearer of the opposition NDC, John Dramani Mahama, garnered 33,542 votes.
This performance is a huge jump from the results his party had recorded since 1992 in parliamentary polls.
For instance, in 2016, the NDC candidate, Bernice Adiku Heloo, secured 35,437 as against the NPP’s Marlon Praises Anipa, who polled 6,462; which has been the usual polls outcome in most parts of the Volta Region.
With the voter roll in Hohoe having 59,228 with 124 polling stations, many doubted that Mr Amewu could win the elections. For many, he would, at best, close the gap.
Nonetheless, the win came with over 5,000 votes difference; a proof of the broken grip of the NDC in Hohoe, when compared to 2016 and other election results since 1992.
Declaring the polls, the Returning Officer for the parliamentary election in Hohoe, Wisdom Kofi Akpakli said although the opposition NDC had some concerns with the results, they had been clarified and all parties were satisfied with the results.
Mr Awemu took to Facebook to express his appreciation and gratitude to the President of the Republic, Nana Addo Dankwa Akufo-Addo, for his unconditional support to him and the people of Hohoe.
“Special thanks also go to the chiefs and queen mothers, religious leaders, national, regional and constituency NPP executives, my colleague Ministers, party members, campaign volunteer groups and supporters. God bless you all for your hard work,” he said.
He also thanked the NDC for a good contest and assured that his leadership would not discriminate but cover every resident within the constituency.
“I promise to contribute to the creation of a united and prosperous Hohoe,” he concluded.
Meanwhile, President Akufo-Addo cum Presidential candidate of the NPP secured 14,389 votes while flag-bearer of the opposition NDC, John Dramani Mahama, garnered 33,542 votes.
ADNOC Reduces January Oil Shipments
The UAE’s biggest oil company, ADNOC, has told some buyers it will reduce shipments for January, Reuters has reported, citing sources in the know.
The biggest cut will be in shipments of ADNOC’s flagship grade, Murban. The company will also cut supplies of the Upper Zakum and Das grades by 15 percent, the sources said.
These reductions come on top of another 20-percent cut in allocations effected for shipments arriving this month.
The Emirati company recently boosted its total oil reserves by 2 billion barrels of oil to 107 billion barrels thanks to new discoveries. Separately, the Abu Dhabi government announced 22 billion barrels of oil in unconventional reserves, saying it had every intention of developing them.
However, the country, one of the three biggest OPEC exporters, is a signatory of the OPEC+ oil production cut deal, which has interfered with its oil ambitions.
Earlier this year, as the cartel was discussing the next stage of the deal, reports emerged that the UAE may leave OPEC in order to pursue its own plans for oil, although the UAE denied there were such plans.
The country, however, has not been quiet about its misgivings regarding a Saudi Arabia-led plan to extend the current level of cuts, at 7.7 million bpd, into the first quarter of 2021. In fact, the Emirates supported Russia’s proposal to start adding 500,000 bpd to OPEC+ production beginning next month, to a cumulative 2 million bpd by April.
According to a recent analysis by Reuters’ Rania El Gamal, the increase in Abu Dhabi’s reserves is linked with an increase in its clout within OPEC, potentially setting it against its bigger partner, Saudi Arabia, if their opinions on how to handle production control continue to diverge.
In fact, El Gamal wrote, it was the boost in oil reserves that led to the UAE’s disagreement about output control with Saudi Arabia.
Source:Oilprice.com
Ghana: GTPCWU Of TUC Condemns Ashaiman Drivers For Protesting Against STC
The General Transport Petroleum and Chemical Workers Union (GTPCWU) of TUC in the Republic of Ghana has condemned the action by section of drivers in Ashaiman who are protesting against the decision by State Transport Corporation (STC), to operate a transport terminal in the Ashaiman Municipality.
According to GTPCWU, it has taken notice of numerous attacks on STC by some drivers’ union anytime STC tries to establish terminals across the country.
“GTPCWU is of the view that STC is well-equipped with good buses and for that matter, can transport passengers safely to their destinations. Passengers get stranded looking for vehicles to travel due to insufficient vehicles being operated by the private drivers’ unions.
“Additionally, some private unions fail to ensure good maintenance culture of their vehicles, culminating into various accidents on our roads,” the union said in a statement signed by its National President, Bernard Owusu.
It follows a protest on Thursday by Ashaiman Municipal Operators Coordinating Council.
The group said it got a hint of STC’s intention to establish a terminal in Ashaiman and so wrote to the Ashaiman Municipal Assembly over the matter.
The group explained that the MCE, Albert Boakye Okyere assured them to remain calm since it was not going to happen.
According to the group, it came as a surprise when the Managing Director of STC, Nana Akomea, during an interview on CTV, said the state transport was going to establish a terminal in Ashaiman.
Ghana: TOR’s PMSU Gets New ExecutivesGPTCWU urged the private transport operators to bear in mind that “we are in competition and they must also acquire good vehicles to meet the STC standard. “Though we believe in the growth of the private sector, we are of the view that government agencies such as STC must also survive.” It cautioned the drivers unions to desist from their actions that seek to oppose government agencies. It also called on the government to ensure that Ayalolo buses, that are idle at some district assembies, are back on the roads to ease the pressure in the transport sector.
Fitch Sees Brent At $45 Next Year
Ratings Agency, Fitch said it expected Brent crude to average $45 a barrel next year, following OPEC+’s decision to start raising production by 500,000 bpd monthly from January 2021.
“We expect prices to be, on average, at $45 next year for Brent,” Fitch senior director Dmitry Marinchenko said during an interview with CNBC.
“This assumes that the demand will remain weak until at least the second half of the year, because the progress with mass vaccination probably will not be very quick,” he added.
Vaccine news sent oil prices higher at the end of last month, and the fact that OPEC+ had achieved an agreement on the next steps in the production cut deal after long debates helped them stay higher this week.
However, this may soon change as the challenges around vaccine distribution and the fact that there will be more OPEC+ oil coming into markets next year sink in. And that’s without counting Libya, which continues to boost its production, unbound by the OPEC+ deal.
Ghana: Gov’t Accuses Dr. Manteaw For Misleading Ghanaians Over Alleged Missing Oil CashVaccines are unlikely to significantly affect oil prices, Marinchenko told CNBC, going counter to widespread expectations that once a vaccine is widely available, oil demand will quickly rebound. In evidence that mass vaccination will not be as simple as many may want to believe, Pfizer said earlier this week it will only ship half of the vaccine doses it originally planned for this year because of supply chain problems. “With weak demand, and with OPEC trying to manage supply … to avoid large surpluses or deficits in the market, we expect prices to be at $45 next year,” Fitch Ratings’ Marinchenko said. OPEC+ on Thursday agreed to start adding half a million barrels daily to its total in a compromise decision that sought to bridge a deepening gap between those in favor of more aggressive cuts, led by Saudi Arabia, and those who would rather relax the cuts, such as the UAE and Russia. Source: Oilprice.com
Ghana: Gov’t Pays Over U.S$1 Billion To IPPs In 2020
The Government of Ghana is said to have paid over U.S$1 billion to Independent Power Producers (IPPs) in the West African nation for the supply of power to the state.
The amount is part of huge debts owed the IPPs which produce about 55 percent of the power generated in the country.
Not too long ago, the Chamber of Independent Power Producers, Distributors and Bulk Consumers (CIPDiB), which is the umbrella body of the IPPs, claimed that the Government of Ghana owed their members about U.S$1.5 billion.
In a recent statement issued by the Chamber, they threatened to withdraw their services if 80 percent the indebtedness worth $1 billion was not paid.
A statement issued by the Finance Ministry said this year, the government has paid more than US$1 billion to the IPPs, which is in addition to some GH¢2.7 billion paid by Electricity Company of Ghana Limited (ECG).
“The government has saved the energy sector over US$5 billion by relocating Karpowership Ghana Company Limited and securing agreements with CENIT Power Limited and Cenpower Generation Company Limited, with more savings to come,” the statement from the Finance Ministry explained.
However, the Chamber has refuted the claims, saying the U.S$1 million the government claimed to have paid to its members in 2020 was false.
According to the Chamber, the Government of Ghana’s indebtedness to their members now stands at U.S$1.5 million as at November ending.
Below is the statement issued by the Ministry of Finance
PRESS RELEASE – Dumsor Will Not Return- Government of Ghana saves energy sector $5 billion as it continues to deliver on the Energy Sector Recovery Programme – FOR YOUR ATTENTION
Ghana: Gov’t Accuses Dr. Manteaw For Misleading Ghanaians Over Alleged Missing Oil Cash
The Government of Ghana has described as misleading claims by the immediate past chairman of the Public Interest and Accountability Committee (PIAC) and Executive Director for ISODEC Dr. Steve Manteaw that huge oil monies have not been accounted for.
According to the government, claims by Dr. Manteaw that GHc2,132,188,611.01 of oil money was missing not factual but a calculated attempt to smear the government for it to look bad in the eyes of Ghanaians.
Dr. Manteaw, in a Facebook post on Friday, alleged that GHc2, 132,188,611.01 oil cash was missing under the Akufo-Addo-led government.
He explained that in 2017, an amount of GHc400,914,441 was unaccounted for while in 2018 GHc253, 377,870.01 was also unaccounted for with that of 2019 being GHc1,479,870.01 bringing the total to GHc2,132,188,611.01.
He, therefore, asked Ghanaian voters, who will be voting in the general elections on Monday, December 7, 2020, why they would vote for a government that cannot fully account for the oil revenues.
However, in a statement, responding to the claims, the Finance Ministry noted that the monies Dr Manteaw claimed were missing were transferred to the Road Fund Secretariat, under the Ministry of Roads and Highways and utilised in line with the provisions of the Petroleum Revenue Management (PRM) Act, 2011 (Act 815), as amended, to reduce the Fund’s indebtedness to road contractors and creditors.
“We have noted that Dr. Manteaw erroneously presents the cumulative unutilised ABFA balances for 2017/18/19 of GH¢1,479.90 million as the closing balance for 2019 alone, then adds the 2017/18 closing balances of GH¢400.91 and GH¢251.38, thus, inflating the cumulative ABFA closing balances by an additional GH¢652.29 million, bringing his cumulative closing balance to GH¢2,132.19 million as reported in his Facebook post.”
The statement said records at the Ministry of Finance, consistent with the Annual Reports on the performance of the Petroleum Funds for 2017, 2018 and 2019 published by the Ministry of Finance on its website, and the PIAC Report on the Management of the Petroleum Revenues for 2019, showed that the unutilised ABFA balances at the end of 2019 were as follows in 2017 (GHC 400,914,441.00), 2018 (GHC 251,377,870.01) and 2019 (GHC 827,603,988.8) totaling GHC 1,479,896,299.87
“From the explanation provided above, which was hitherto conveyed unambiguously in our letter No. ESRD/EPU/30/06/20 to PIAC (copy attached), and also at the meeting of the Finance Committee of Parliament on the 2019 PIAC report, it is misleading to suggest that an amount of GH¢2,132,188,611.01 of oil revenues is missing from the books.
“Indeed, Ghana’s PRMA touted as one of the best petroleum management laws in the world, provides the requisite controls in addition to our PFM laws and regulations to ensure that our oil resources are properly and efficiently utilised and accounted for,” the statement concluded.
MoF response to facebook post by Steve Manteaw on ABFA2 04dec20
Source: www.energynewsafrica.com