Ghana: Vivo Energy Ghana Mourns Passing Of Managing Director Jean-Michel Arlandis
Vivo Energy Ghana has announced the sudden passing of its Managing Director, Jean-Michel Arlandis, after a short illness.
Arlandis died on Friday, February 7, 2025, in his hometown of Toulouse, France, while receiving treatment.
In a statement posted on Facebook, Shirley Tony Kum, Corporate Communications Manager at Vivo Energy Ghana, described Arlandis as a “formidable leader” who maintained high standards and consistently encouraged his team to achieve its best.
Kumi added that Arlandis was a man who truly enjoyed life and was deeply respected and cherished by those who had the privilege of working with him.
“It is with deep sadness that I announce the passing of my boss and Managing Director of Vivo Energy Ghana,” she said.
According to her, the late Arlandis was a formidable leader who maintained high standards and consistently encouraged his team to achieve its best.
She continued, “Behind his strong leadership was a man who truly enjoyed life and was deeply respected and cherished by those who had the privilege of working with him, leaving a lasting mark through his dedication and commitment.
“This is a difficult moment for the entire Vivo Energy Ghana team as we mourn our leader, colleague and friend.
“May his gentle soul rest in perfect peace,” she added.
The late Jean-Michel Arlandis was appointed in July 2024.
He replaced Kader Maiga following the end of his term.
Source: https://energynewsafrica.com
South Africa Eyes Founding Membership In Africa Energy Bank
South Africa has expressed interest in becoming a founding member of the proposed Africa Energy Bank, a continent-wide initiative spearheaded by the Africa Petroleum Producers Organisation (APPO) and Afreximbank.
The bank aims to fund oil and gas projects across Africa, addressing the funding gap created by major banks’ shift away from climate-warming projects.
According to Jacob Mbele, Director-General of South Africa’s Department of Mineral Resources, the country has requested a prospectus from Afreximbank before committing to a funding figure.
The Africa Energy Bank, set to start operations by mid-2025, will be headquartered in Nigeria with an initial capitalization of up to $5 billion.
The bank will offer tailored funding solutions to meet Africa’s energy needs.
Afreximbank Senior Executive Vice President Denys Denya confirmed that the bank is in the capital-raising phase, with several countries already committing funds.
Denya expressed optimism that the bank will start trading before the half-year stage.
This development is expected to boost oil and gas projects across Africa, supporting the continent’s energy needs and economic growth.
Source: https://energynewsafrica.com
Baltic States Cut Russian Electricity Ties, Ending Decades Of Reliance
The Baltic states of Estonia, Latvia, and Lithuania have officially severed their electricity ties with Russia and Belarus, ending decades of reliance on their eastern neighbors.
This move is steeped in geopolitical and symbolic significance, coming nearly three and a half decades after the Baltic countries gained independence from the Soviet Union.
The process of disconnecting from Russia’s grid began years ago, but gained momentum after Russia’s invasion of Ukraine in 2022.
The Baltic countries have since invested heavily in upgrading their grids and creating new connections with the European Union.
On Saturday, the remaining transmission lines connecting the Baltic countries with Russia and Belarus were switched off, and the next day, the Baltic power system merged with the Continental European and Nordic grids.
EU chief Ursula von der Leyen and other dignitaries attended short for a ceremony on Sunday as a specially-made 9-meter tall clock in downtown Vilnius counts down the final seconds of the Baltic states’ electricity ties to Russia.
This marks a significant shift towards energy independence for the region.
“This is physical disconnection from the last remaining element of our reliance on the Russian and Belorussian energy system,” said Lithuanian president Gitanas Nausėda.
While the Baltic nations are celebrating this milestone, they remain vigilant, anticipating potential responses from Russia.
The three Baltic countries, which together have a 1,633-kilometre-long border with Russia and Belarus, officially informed Moscow and Minsk of the disconnection plan in July.
Despite the advance notice, the Baltic nations are still on watch for a possible response from their former Soviet partners.
Some in the region were taking precautionary measures.
Estonia’s public broadcaster ERR has reported surging sales of generators.
Source: https://energynewsafrica.com
Nigeria: NNPC Ltd And First E&P JV Make History With 96% Reduction In Gas Flaring
Nigeria’s NNPC Ltd and First Exploration & Petroleum Development Company Limited (First E&P) Joint Venture (JV) have successfully slashed routine gas flaring by an impressive 96 per cent.
This monumental feat is a significant step towards supporting Nigeria’s commitment to reducing greenhouse gas emissions by 20 per cent unconditionally and 47 per cent conditionally as stipulated in the Nationally Determined Contributions under the Paris Agreement.
The remarkable reduction in gas flaring was achieved through the implementation of an innovative associated gas (AG) reinjection strategy.
This involved injecting AG into a designated underground storage reservoir at the Madu field, located in OML 85, offshore Bayelsa State.
By adopting this approach, the JV has ensured that gas that would have otherwise been flared is now safely stored, significantly mitigating environmental impact.
This achievement not only aligns with the regulatory framework set forth by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) but also underscores the JV’s commitment to global best practices and environmental sustainability.
According to Mele Kyari, Group Chief Executive Officer of NNPC Ltd, “This achievement demonstrates our dedication to responsible resource management and optimising production to meet energy needs while prioritizing sustainability goals.”
Ademola Adeyemi-Bero, MD/CEO of FIRST E&, added, “This milestone reflects our unwavering commitment to environmental sustainability and responsible energy production. By substantially reducing our carbon footprint, we are contributing to a sustainable energy future that benefits both the environment and the communities we serve.”
Building on this success, the JV is now focused on commercialising the stored gas and other stranded gas resources within the Niger Delta, reinforcing its dedication to environmental stewardship and the advancement of sustainable energy solutions.
Source: https://energynewsafrica.com
Eni CEO Claudio Descalzi Holds Talks With Ghana’s President Mahama
Ghana’s President, Mr John Dramani Mahama, and the Chief Executive Officer of Eni, an Italian Oil and Gas firm, Claudio Descalzi, met in Accra, the capital of Ghana, on Friday to discuss the company’s activities in the country.
Mr Descalzi illustrated the achievements of the Offshore Cape Three Points project (OCTP), the biggest investment made by a private company in Ghana, completed ahead of schedule and under budget, with first oil in 2017 and first gas in 2018.
Gas from OCTP is entirely destined for Ghana’s domestic consumption, ensuring a safe and reliable energy source to meet internal needs, contributing to around 70 per cent of Ghana’s domestic gas production.
Additionally, Eni brought to the President’s attention some new short and medium-term exploration and development opportunities.
The meeting also served as an opportunity to discuss Eni’s plans for economic diversification in Ghana.
Eni has been present in Ghana since 2009. The company is the operator of the OCTP project with a 44.4 per cent share in partnership with Vitol (35.6%) and Ghana National Petroleum Corporation (20%).
Its portfolio of projects also includes initiatives in the areas of training, economic diversification, access to water and sanitation and access to energy.
Source: https://energynewsafrica.com
Ghana: New GNPC CEO Backs Local Firm Springfield E&P
Ghana National Petroleum Corporation (GNPC) has reaffirmed its commitment to supporting Springfield Exploration and Production Limited, a Ghanaian upstream player, in its quest for success in the oil and gas sector.
According to GNPC’s Acting Chief Executive Officer, Edward Abambire Bawa, Springfield’s success is crucial for inspiring indigenous involvement and investment in Ghana’s upstream petroleum domain.
“The success of Springfield E&P transcends singular corporate achievement; it sets a benchmark for heightened indigenous involvement in Ghana’s upstream domain. A thriving Springfield will ignite investor confidence, allure fresh entrants and generate employment prospects for Ghanaian nationals,” said Edward Bawa during a visit by officials of Springfield E&P led by its CEO, Kevin Okyere, to the GNPC’s head office in Tema.
The GNPC’s CEO commended Springfield’s recent operational endeavours, particularly its Afina appraisal exploits which have significant implications for Ghana’s oil and gas sector.
In November 2024, Springfield completed an Appraisal of Afina well located in the West Cape Three Points Block 2, following a ruling by an International Court of Arbitration that a further work needed to be done to ascertain whether the properties of oil in the Afina well and Sankofa field in the OCTP Block, operated by Eni, are the same or otherwise before a unitisation of the two blocks.
The firm was satisfied with the result of the exercise which was undertaken by Deepsea Bollsta, a Norwegian offshore company.
During the discussion between officials of Springfield and GNPC, the Acting CEO, Edward Bawa, emphasised the importance of gas in Ghana’s energy blueprint, highlighting its role in harnessing maximum benefits from the nation’s hydrocarbon resources.
He noted that Ghana’s current gas supply shortfall necessitates collaborative efforts to boost exploration and production.
“Gas epitomizes Ghana’s energy stability and economic progress. Given the extant lacuna in gas provision and output, GNPC embraces partnerships that will galvanise exploration endeavours and unearth additional gas reservoirs to energise industries and propel economic advancement,” appended Mr Bawa.
On his part, the Springfield E&P CEO, Mr Kevin Okyere, commended Mr Bawa on his appointment, expressing unwavering confidence in his stewardship and GNPC’s overarching strategic trajectory.
He provided insights into Springfield’s recent Afina appraisal exploits, delineating key discoveries and their potential ramifications for Ghana’s oil and gas sector.
Mr Okyere underscored the criticality of maximising Ghana’s hydrocarbon assets, accentuating his conviction in the synergy between GNPC and Springfield to not only bolster unitisation efforts but also to amplify the nation’s reserves.
He emphasised the urgent necessity for Ghana to fully exploit all potential resources, including stranded gas to fortify the nation’s energy security and fortify its developmental trajectory.
In response, Edward Bawa commended Springfield’s pivotal role as an indigenous Ghanaian operator, acknowledging the company’s significance in the nation’s upstream petroleum domain.
Source: https://energynewsafrica.com
He noted that Ghana’s current gas supply shortfall necessitates collaborative efforts to boost exploration and production.
“Gas epitomizes Ghana’s energy stability and economic progress. Given the extant lacuna in gas provision and output, GNPC embraces partnerships that will galvanise exploration endeavours and unearth additional gas reservoirs to energise industries and propel economic advancement,” appended Mr Bawa.
On his part, the Springfield E&P CEO, Mr Kevin Okyere, commended Mr Bawa on his appointment, expressing unwavering confidence in his stewardship and GNPC’s overarching strategic trajectory.
He provided insights into Springfield’s recent Afina appraisal exploits, delineating key discoveries and their potential ramifications for Ghana’s oil and gas sector.
Mr Okyere underscored the criticality of maximising Ghana’s hydrocarbon assets, accentuating his conviction in the synergy between GNPC and Springfield to not only bolster unitisation efforts but also to amplify the nation’s reserves.
He emphasised the urgent necessity for Ghana to fully exploit all potential resources, including stranded gas to fortify the nation’s energy security and fortify its developmental trajectory.
In response, Edward Bawa commended Springfield’s pivotal role as an indigenous Ghanaian operator, acknowledging the company’s significance in the nation’s upstream petroleum domain.
Source: https://energynewsafrica.com Egypt To Host International Youth Forum On Sustainable Nuclear Technologies
The city of Alexandria, Egypt, will host the International Youth Forum for Sustainable Nuclear Technologies from February 25 to 27, 2025.
Organized by the Nuclear Power Plants Authority (NPPA) of Egypt, in partnership with the Russian State Atomic Energy Corporation, Rosatom, the forum aims to highlight the role of nuclear technologies in promoting sustainable development.
The event will showcase the El Dabaa nuclear power plant’s contributions to economic growth and a low-carbon future in the region. The forum will provide a collaborative platform for 300 young professionals, students, and global leaders to share knowledge and ideas.
It will offer them a platform to showcase innovative research, explore career opportunities, and participate in workshops focused on green and sustainable energy transition.
The event will commence with a high-level plenary session, “Nuclear Technologies for Humanity,” featuring government officials, nuclear industry executives, and sustainability experts. They will share insights into the latest global advancements and challenges in nuclear technologies.
This will be followed by thematic discussions on Non-Energy Nuclear Applications, exploring how nuclear technologies impact various industries and improve the quality of life for modern societies.
“We believe that nuclear technologies create a variety of opportunities for Egyptian youth to grow, unleash their potential and make career choices. The El Dabaa NPP is indeed a flagship project for our country and is our contribution to a clean and sustainable future for younger generations. That is the reason why we host the International Youth Forum for Sustainable Nuclear Technologies in Alexandria, two hours away from the future NPP, to discuss with young professionals and students how nuclear technologies will evolve and impact the future,” said Dr. Mohammed Dwiddar, Board Chairman of the Nuclear Power Plants Authority of Egypt.
“In 2025, we celebrate 80 years of advanced nuclear knowledge and innovations. Rosatom is proud to share with Egypt this experience in constructing the El Dabaa NPP and educating the next generation of highly qualified professionals. We believe that the International Youth Forum in Alexandria will bring together young people from Egypt and many other countries to discuss the sustainable mission of nuclear technologies and our privileged cooperation,” stated Dr. Andrei Petrov, President of ASE JSC (a part of Rosatom group).
The El Dabaa Nuclear Power Plant (NPP), with an installed capacity of approximately 4.8 GW, will become the second nuclear power plant in Africa, after South Africa’s Koeberg, which generates 1.8 GW of electricity. Notably, Koeberg’s first reactor received a 20-year license extension in July 2024, with a decision on the second unit expected in 2025.
In recent years, African nations have been strengthening their nuclear capabilities through partnerships with international organizations, including Rosatom. These collaborations aim to drive economic growth and ensure long-term energy security. For instance, in November 2024, South Africa’s AllWeld Nuclear and Industrial signed a cooperation agreement with Rosatom’s TVEL on decommissioning and radioactive waste management during the African Energy Week in Cape Town. Earlier, in August 2023, the South African Nuclear Energy Corporation (Necsa) established a framework agreement with TVEL to collaborate on nuclear fuel production.
To participate in the Forum, please submit your application on the Mission Impact website by February 20, 2025
Source: https://energynewsafrica.com
Trump’s Aid Review Is A Win For Africa – Nations Must Reject Aid And Handouts That Undermine African Oil & Gas (Article)
After President Trump announced a 90-day overseas spending freeze, Secretary of State Marco Rubio said “every dollar” must be “justified” by evidence that it makes the US safer, stronger and more prosperous.
I acknowledge that stance may sound ungrateful. At first blush, many might counter that starving people have no agenda. Destitute parents still need to feed their children. Turning a blind eye to their plight is inhumane.
Let me explain why the African Energy Chamber (AEC) continues to push for free-market solutions rather than good-will handouts from USAID. There was an era when Africa and Western pop music were closely linked.
Western entertainers spearheaded a number of internationally renowned events to raise awareness about the plight of starving Africans and generate funds for famine relief.
In December 1984, the supergroup Band Aid sang about feeding the world, asking “Do They Know it’s Christmas?” Within a year, the group had raised over $9 million. Three months later, USA for Africa released “We Are the World” and banked $44.5 million after one year for its African humanitarian fund. Then on a hot July day in 1985, the worldwide concert event Live Aid raised more than $150 million for famine relief in Africa.
These are just a handful of grand and noble gestures intended to lift Africa out of poverty. These famous events arguably raised both awareness and funds. Unfortunately, the efforts — and others like them — fall far short of making any real socioeconomic change. In fact, some argue that injecting monetary aid into Africa, time and time again, has actually done more harm than good.
History of ‘Help’
Even aid genuinely given to help Africa tends to do more harm than good.
Since 1960, more than $2.6 trillion has been pumped into Africa in the form of aid. From 1970 and 1998, when aid was at its peak, poverty actually rose alarmingly — from 11% to 66% — due in large part to this massive influx of foreign aid that counteracted its intended good.
Aid decreased long-term economic growth by fuelling systemic corruption, in which powerful aid recipients funnelled foreign funds into a personal stash instead of public investment. Many leaders realized that they no longer needed to invest in social programs for their constituents because of the revenues from foreign donors.
Large inflows of aid also caused higher inflation, hindering African nations’ international competitiveness in exporting. That resulted in diminishing the manufacturing sector – which is critical in helping developing economies grow — across the continent. And well-intentioned Westerners who saw the economic shrink just kept pouring more and more money at “the problem” — leading to a vicious cycle that furthered corruption and economic decline.
But here’s the kicker: The World Bank has admitted that 75% of the agricultural projects it implemented to help Africa failed. So why do they and other aid providers continue to fund these failing efforts?
Examples of Failure
Across the continent, we see example after example of failed aid projects, with agricultural projects routinely providing little or no benefit to African farmers.
In Mali, the U.S. Agency for International Development (USAID) injected $10 million into “Operation Mils Mopti” to increase grain production. The government imposed “official” prices on the grain, which forced farmers to sell their crops at these below-market rates and resulted in grain production falling by 80%.
USAID also spent $4 million to help livestock producers grow the number of cattle in the Bakel region from 11,200 to 25,000 — but ultimately only succeeded in increasing it by 882 head. Another $7 million was injected into the Sodespt region, but that investment managed to sell only 263 cattle and failed to sell any goats or sheep.
Then we see example after example of Westerners wastefully “helping” without any understanding of the local situation. Norwegian aid agencies built a fish-freezing plant to improve employment in northern Kenya — a region where the local people traditionally do not fish because of their semi-nomadic pastoralist lifestyle. Couple the lack of fishing experience with the unfortunate reality that the plant required more power than was available in the entire region, and the result was that the brand-new processing plant sat idle.
The World Bank financed a $10+ million expansion of Tanzania’s cashew-processing capabilities, which resulted in 11 factories with the capacity to process three times as many cashews as the country was growing on a yearly basis. The plants were too efficient for the available workforce and cost so much to run that it was cheaper to process the raw nuts in India. Half the plants were inoperable, and the other half only ran at about 20% capacity.
I’m not saying that we Africans are ungrateful for the outpouring of heartfelt care. The compassion of the West is certainly real. However, the outcome of said compassion is the concern: The more foreign aid African governments receive, the worse they perform. As long as the aid keeps flowing, government leaders and their employees who administer development programs may prosper while the rest of the citizenry continues to suffer the effects of a mismanaged economy.
Questionable Benefits
We also must acknowledge that, in far too many cases, aid has also been given to African nations and communities in attempts to manipulate and control.
“While hungry faces are used on posters and in media reports to sell the virtues of foreign aid, it is the hungry who rarely see any of the funds,” James Peron, executive director of the Institute for Liberal Values in Johannesburg, South Africa, lamented in a piece for the Foundation for Economic Education. “Poverty may be used to justify the programs, but the aid is almost always given in the form of government-to-government transfers. And once the aid is in the hands of the state it is used for purposes conducive to the ruling regime’s own purposes.”
And now we witness the international community talking about aid for African countries as a substitute for our oil and gas activities. Western environmentalists argue that Africa should keep all of its petroleum resources in the ground to prevent further climate change. In exchange for that sacrifice, African nations would be compensated and inject that money into other opportunities like developing their sustainable energy technologies.
I’ve said it before, and I’ll say it again: What a horrible idea!
I‘m offended by foreign stakeholders feeling that providing humanitarian assistance gives them the right to influence our domestic decisions. With Africa poised to participate in the worldwide energy transition, my fear is that international donors will feel justified to dictate Africa’s policy regarding the lengths to which, and speed with which, our energy transition occurs. This would be a huge step backward in our energy, economic, and even individual independence.
Aid packages to incentivize giving up our oil and gas operations will be detrimental to Africans. Because let’s be honest: History has shown that this assistance could never replace the oil and gas industry’s ability to create jobs and business opportunities, grow local capacity, open the door to technology sharing, facilitate economic growth, and alleviate energy poverty.
Instead of continuing a pattern that clearly does more harm than good, why aren’t African nations encouraged to leverage the wealth of resources at our feet?
The AEC is determined to make a case for African nations harnessing their oil and gas solutions to help themselves. We will not be bullied, or manipulated with aid, into a path that is not in our best interests.
Use What We Have!
One reason why the AEC is an outspoken advocate for Africa’s oil and gas industry is because it represents more than big revenue for African governments. It is a free-market solution that creates pathways for Africans to help themselves. And, ultimately, empowering Africans is our number one goal.
We endorse an energy mix approach that allows Africa to use and sell our own hydrocarbon reserves to alleviate energy poverty, while at the same time moving toward a future in which renewable energy sources power the continent. The energy mix method can help more people more quickly because it takes a practical, people-first approach to helping those who have traditionally been left behind by the energy sector, while moving us toward greener energy sources.
Natural gas, in particular, can transform African lives and communities. Its potential benefits range from eradicating energy poverty to allowing Africans to develop skills for good jobs to creating hope for our youth.
Ramping up gas production to help alleviate the lack of access to electricity will create thousands of new employment opportunities in Africa. In addition, the new sources of energy can be exported to Western countries and also used to industrialized Africa. Then, as Europe transitions to alternative energy, a larger portion of Africa’s natural gas can power domestic needs. By the time other countries complete their transitions to carbon-neutral sources, Africa will have a much more expansive and reliable grid system, which will allow for an easier transition.
And before we argue about the evils of hydrocarbons, let me point out that, although it might seem counterintuitive, it is possible for Africa to make use of its abundant fossil fuels while moving toward a future sustained by renewable energy sources. In fact, I believe that African nations must do everything they can to ensure that these two things work in tandem. Considering that 600 million people on the continent have no access to electricity and 900 million people lack access to clean cooking technologies, it’s impossible — if not altogether inhumane — to discuss climate change without looking at energy poverty.
As I recently wrote in an article published by Medium, we cannot transition from the dark to the dark. We must deliver energy to the people of Africa and then worry about transitioning to environmentally friendly alternatives, just like we have everywhere else in the world.
This has been our platform, and we will continue to stand by it in 2025 and beyond. Looking at Africa and only pushing for aid is not in the interest of the everyday Africans. It caters to the egos of the elites and latte intellectuals who believe they have the solutions to why the continent is still poor.
By: NJ Ayuk, Executive Chairman, African Energy Chamber (wwwEnergyChamber.org).
Ghana: NEDCo Appoints John Yamoah As New Acting MD
The Northern Electricity Distribution Company (NEDCo) has announced the appointment of Ing John Okine Yamoah as its new Acting Managing Director.
Before his appointment, Ing John Okine Yamoah was the Director of Network Operations at NEDCo.
He replaces Osman Ayuba, who served as the Managing Director of NEDCo from 2019 to February 2025.
The appointment of Ing John Okine Yamoah was contained in a statement issued by the Communications Unit of NEDCo.
His appoitment has been welcomed by the staff union of NEDCo.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Nigeria: Kaduna Electric Union Shuts Down Operations…Leaving 20 Million Residents Without Power For Nearly 5 Days
Nearly 20 million residents of Kaduna, Kebbi, Sokoto, and Zamfara states in Nigeria have been without electricity for the past four days.
This is due to the shutdown of Kaduna Electric, the power distribution company serving these states, by union members who have taken an unyielding stance.
Their action is crippling businesses and affecting healthcare delivery in some areas.
The workers union shut down the operations of the company on Monday, 3rd February 2025, and they have since refused to restore power supply to the four states.
A statement issued by Abdulazeez Abdullahi, Head, Corporate Communications at Kaduna Electric, explained that several attempts by stakeholders to get the workers to rescind their action have been futile.
He mentioned that there was a mediation session, led by Senior Advocate of Nigeria, Sani Katu, and attended by the Kaduna State Attorney General, Sule Shu’aibu SAN, to resolve the impasse.
Surprisingly, he said the union representatives introduced new and unreasonable demands as conditions for restoring power. He said this resulted in a deadlock.
“This development contradicted their earlier assurance to the Kaduna State Government that power would be restored as negotiations progressed,” he pointed out.
Although the issue is not fully resolved, Abdulazeez Abdullahi expressed the gratitude of the board and management of Kaduna Electric for the intervention of Her Excellency, and other stakeholders in this regard.
“The company remains committed to resolving the issue through dialogue, while also exploring measures to alleviate the suffering of millions of our customers and ensuring a long-term sustainability of our operations,” he concluded.
Source: https://energynewsafrica.com
Gold For Oil Is Successful And Transparent – Rejoinder To Dr. Riverson Oppong
It has come to my notice that the CEO of the AOMCs and LPG Marketing Companies, Dr. Riverson Oppong, a key stakeholder of the downstream sector is leading the crusade against the bastardization of the novel G4O program put in place by the NPP government so salvage the suffering of our people.
He made these remarks on a Joy News’ PM Express programme on Tuesday, 4 February following the release of a COMAC article he authored titled Gold for Oil: A Golden Opportunity or a Costly Gamble?
He further concludes that the G4O program failed to stabilize energy prices and even contributed to fuel shortages towards the end of 2024.
As a critical stakeholder – Former Managing Director of BOST, who played a critical role in the conception and implementation of the G4O program, I deem it my responsibility to clear the air of any misconceptions and misinformation arising due to the lack of information or otherwise.
Recently, Joe Jackson, a former fierce critic of G4O, on July 2, 2024 stated that “the Cedi depreciation would have been worse if not for the ‘Gold for Oil’ policy” and that “The Gold for oil concept brings significant benefits to Ghana because of the challenges facing the country and if implemented properly will deliver stability in the pricing of the cedi and growth of foreign reserves, and these are two major macroeconomic factors that are important to the growth of Ghana”.
He further stated on Jan 2, 2025, on his X account that “I have extensively researched the gold- for-oil program, and I consider it the most significant policy initiative of this NPP government since 2022”.
This debate on G4O has been going on for over 2 years with various stakeholders including the current Minister of Energy, the former Parliamentary Select Committee for Energy, Mines and Natural resources during the last administration, the BIDECS, CSOs, academics, Dr. Kwame Ampofo (Former MP, South Dayi), amongst others.
Some of these stakeholders were very initially very sceptical about the G4O program and others have converted over – me when they saw the immense benefits this program has brought to the people of Ghana.
I want to take this opportunity to VEHEMENTLY disagree with Dr. Riverson Oppong on his SIMPLISTIC analysis of the G4O program and his conclusions thereof and my reasons are as follows:
On stabilization of fuel prices:
- We are aware that management of the forex rate, a key factor of the petroleum price build up is a very complex maer depending on various variables such as Demand & Supply of forex, Forex Reserves, Trade Balance, Interest rates, Expectations, GDP Growth, FDI, GoG Debt, Deficit Financing, amongst others. A lot of these factors are outside our control so we decided to focus on what we could control – Demand for dollars to import petroleum products.
- The G4O program was a temporal measure to stabilize fuel prices by reducing the demand for dollars on the forex market. The records show that:
- premiums on petroleum products dropped from $135/MT to $65/MT currently.
- diesel prices have fallen from Ghs23 per litre in November 2022 to current price of Ghs15.45
- inflation has fallen from 54% in November 2022 to 23.5% in January 2025.
- The recent increase in fuel prices is because of the recent increases in the forex rates due to speculation in the market driven by uncertainties associated with the transition period post-elections.
- There was no shortage of FUEL in the country at any -me and this was verified and confirmed by NPA at a meeting held at the Ministry of Energy on Sunday 12 January chaired by Honourable John Jinapor. There was a distribution challenge in some parts of the country and measures were put in place to resolve them subsequently.
- Additionally, NPA issues LAYCANS to all suppliers and is aware and monitors STOCKS across all depots in the country. If for one reason or another, a particular supplier or suppliers fail to honour their laycan, how can that be blamed on the failure of G4O, especially when the program supplies only 30% of national consumption?
- We were aware that most of the international oil suppliers adopted a wait and see altude during the election period and thereafter, so they diverted supplies away from Ghana but that did not cause a shortage even though stocks reduced.
- provision of Petroleum Security for the nation
- affordable pump prices
- reduction in forex loss burden from the 25 BDCs who patronized the G4O products
- guaranteed business for 6 private terminal operators and over 200 transport owners
Ghana: Dr Shafic Assumes Post As Acting Executive-Secretary Of PURC
The Public Utilities Regulatory Commission (PURC), the economic regulator for electricity and water utilities in the Republic of Ghana, has announced that its newly appointed Executive-Secretary, Dr Shafic Suleman, has officially assumed post.
This portal reported the appointment of Dr Shafic Suleman by His Excellency President John Dramani Mahama on 24th January 2025 pursuant to section 33 (1) of the Public Utilities Regulatory Commission Act, 1997 (Act 538).
Dr Shafic will serve in this capacity pending approval by the Board in consultation with the Public Services Commission.
Dr Shafic Suleman, Ph.D., MSc., BA., LLB., ERP., is a Senior Lecturer at the Institute for Oil and Gas Studies, University of Cape Coast, Ghana.
Dr Suleman specialises in energy and sustainability, energy and petroleum economics, energy policy and law, climate change, and energy finance and risk management.
He has been involved in teaching, research and consultancy services in energy and other related areas.
Dr Suleman holds a PhD. in Energy and Sustainability from the De Montfort University in Leicester, UK.
Dr Suleman is a certified Energy Risk Professional (ERP) from the Global Association of Risk Professionals (GARP-USA), with an MSc in Energy Management from Robert Gorden University Aberdeen, UK.
Dr Suleman also holds a BA in Geography from Kwame Nkrumah University of Science and Technology, Kumasi, and a Bachelor of Laws (LLB) from the University of Cape Coast, Ghana respectively.
Dr Suleman’s areas of specialisation include Energy and Sustainability; Petroleum and Energy Economics; Energy Policy and Law and Climate Change and Risk Management.
His experience in energy and sustainability, petroleum economics, energy policy, climate change and risk management put him in a capable position to drive the Commission’s strategic goals forward.
In a statement the Public Utilities Regulatory Commission said it remains committed to protecting the interest of Consumers as well as Utility Service Providers and the various stakeholders in the Ghanaian power and water sectors.
The PURC expressed its full support and commitment to Dr Shafic Suleman and the President’s vision for the electricity, water,and natural gas sectors, and looks forward to an all-inclusive and transformative tenure under his leadership.
Source: https://energynewsafrica.com
Ghana: Tema ECG Urges Community To Protect Its Assets
The Tema South District of the Electricity Company of Ghana (ECG) has called on community leaders to support the company in protecting its assets.
Ing. Horace Nkansah, District Manager, emphasized that some substations have been turned into dumpsites, affecting work and power supply.
The company also faces challenges with fuse theft, which affects power supply and leaves customers without electricity.
Ing. Horace Nkansah made the appeal during an engagement with some community leaders on February 4,2025.
Community leaders expressed concerns about stable power supply and low voltage situations, and were informed that some outages are caused by faults and problems created by individuals.
Ing. Nkansah pleaded with community leaders to help inform residents to take security seriously and refrain from breaking into substations or using them as storage facilities.
He explained that while some outages are caused by the company, others result from faults and problems caused by individuals.
He cited examples of fuse theft and transformer damage, emphasizing that such incidents are not the company’s responsibility.
Ing. Nkansah also highlighted the issue of people breaking into substations and using them as storage facilities, which can lead to fatalities.
He urged community leaders to inform residents to take security seriously and refrain from such acts.
The community leaders appreciated the district’s response to their challenges.
A WhatsApp platform has been established for community leaders and ECG officials to share information and address concerns promptly.
Source: https://energynewsafrica.com
Ghana: Gold -For-Oil: A Golden Opportunity Or A Costly Gamble?(Article)
By: Dr Riverson Oppong
In a bid to address energy security and economic stability, the concept of trading gold for oil has garnered significant attention as a potential remedy for high fuel prices.
Ghana’s Gold for Oil (G4O) policy, launched in 2022, was designed to reduce fuel costs by exchanging gold for imported petroleum, thereby easing foreign exchange demand.
Although the policy aims to stabilize fuel prices, alleviate forex pressures, and bolster the local economy, a closer examination of Ghana’s economic landscape indicates that gold-for-oil transactions alone may fall short of delivering the anticipated relief.
Without addressing the underlying inefficiencies in the downstream petroleum sector, the initiative risks miscalculating critical resources.
The Limits of Gold-for-Oil Transactions
False Sense of Security:
While trading gold can indeed help reduce forex demand and stabilize the cedi, it does not directly translate into lower fuel prices.
Global fuel prices are influenced by a myriad of factors; including supply and demand dynamics, geopolitical risks, and refining expenses; that remain largely outside the control of any single government.
Furthermore, Ghana’s substantial reliance on imported refined petroleum, compounded by inadequate refining and storage infrastructure, suggests that simply switching to gold as a payment medium fails to tackle the fundamental drivers of high fuel costs.
Risks of Mismanagement:
Ghana, like many developing nations, faces significant challenges in managing its natural resources. Without rigorous oversight, there is an inherent risk of corruption, economic instability, and environmental degradation.
For the G4O policy to achieve its intended outcomes, it is imperative to implement reforms that promote transparency and accountability in the management of gold reserves.
Establishing publicly accessible records, conducting regular audits, an ensuring clear reporting on transactions are essential measures to safeguard against mismanagement.
Ultimately, Uncovering And Addressing The True Drivers Of Rising Fuel Prices Is Vital, In The Pursuit Of An Effective And Holistic Solution For Ghana’s Energy Challenges.
The Cedi’s Depreciation: The Silent Culprit Behind Price Hikes
International petroleum prices are influenced by global supply and demand, geopolitical risks, and refining costs, as reflected in benchmarks such as Platts and Argus. However, the final price at the pump is significantly impacted by exchange rate fluctuations; an element that remains under government control.
Since Ghana imports most of its petroleum products, which are priced in U.S. dollars, a depreciating cedi inflates the cost for importers this increased cost is then passed down the supply chain; from Bulk Import, Distribution, and Export Companies (BIDECs) to Oil Marketing Companies (OMCs) and Liquefied Petroleum. Gas Marketing Companies (LPGMCs); ultimately burdening consumers.
While global benchmarks like Platts and Argus remain relatively stable year-on-year, Ghana’s weak and volatile currency exacerbates fuel price fluctuations. Analysis, as illustrated in Figure 1, reveals a direct correlation between cedi depreciation and rising fuel prices over a five-year period.
Therefore, stabilizing the cedi is not only an economic necessity but also a strategic imperative to mitigate fuel price volatility and curb inflation.
Regulatory And Operational Bottlenecks Driving Up Costs
Several regulatory and operational challenges are compounding fuel costs in Ghana, adding layers of inefficiency and increasing the financial burden on consumers. These issues are not isolated; rather, they stem from systemic policies and infrastructural shortcomings that disrupt the smooth operation of the fuel supply chain.
The key challenges include:
Regulatory And Operational Bottlenecks Driving Up Costs
Several regulatory and operational challenges are compounding fuel costs in Ghana, adding layers of inefficiency and increasing the financial burden on consumers. These issues are not isolated; rather, they stem from systemic policies and infrastructural shortcomings that disrupt the smooth operation of the fuel supply chain.
The key challenges include:
- The Zonalization Policy: Efficiency or Unintended Chaos?
- Privatizing and revamping critical assets, such as the Tema Oil Refinery (TOR), is long overdue. Modernization efforts would reduce reliance on imports and improve domestic refining capabilities, ultimately contributing to a more resilient energy sector.
- Investing in pipeline infrastructure is crucial to lowering transportation costs and reducing the industry’s dependency on BRVs.
- Expanding the nation’s strategic fuel reserves through the BEST Company is vital to safeguarding against supply shocks. Upgrading tank farms and depots with advanced monitoring and management systems will help prevent product losses and ensure more efficient handling of fuel.
- Encouraging private sector participation is essential for driving sector-wide growth and modernization. Initiatives like the $12 billion Petroleum Hub Project can attract significant capital and expertise, fostering innovation and efficiency improvements throughout the industry.


