Jinapor said Ghana Gas recorded growth in gas processing and LPG production and achieved a 97% increase in net profit during the period under review.
He said the company’s performance underscored its role in supporting the government’s Gas-to-Power agenda and ensuring a reliable supply of natural gas to power producers and other sectors of the economy.
“Ghana Gas delivered strong results, recording growth in gas processing and LPG production, alongside an impressive 97% increase in net profit. These achievements reaffirm the Company’s vital role in strengthening Ghana’s energy security and supporting the Government’s Gas-to-Power agenda,” Jinapor said. Trending Now
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Ghana Gas Posts GHS248 Million Net Profit In 2025 Despite Revenue Decline
The Ghana National Gas Company Ltd (Ghana Gas) posted a net profit of GHS248 million ($21.6 million) in 2025, despite a decline in revenue and gross profit, according to the company’s financial statements.
Gross profit fell to GHS1.23 billion in 2025 from GHS1.54 billion a year earlier, while revenue declined 11% to GHS5.85 billion from GHS6.56 billion.
Chief Executive Officer Judith Adjobah Blay said the decline in revenue was partly due to the appreciation of Ghana’s cedi, while prudent expenditure management and targeted cost-optimisation measures helped mitigate the impact on the company’s bottom line.
“Gross profit for the period amounted to Gh¢1,227,000,000, compared with Gh¢1,536,000,000 in 2024,” the company said in its financial statements. “While direct costs of sales declined during the period, the reduction did not fully absorb the adverse impact of lower approved tariff rates and unfavourable foreign exchange movements, resulting in a reduction in gross profit margin.”
Revenue from the sale of lean gas stood at GHS5.28 billion in 2025, down from GHS5.70 billion in 2024. Revenue from LPG sales fell to GHS482.1 million from GHS604.9 million, while condensate sales declined to GHS91.8 million from GHS255.6 million.
Operating expenses declined 8% to GHS4.62 billion from GHS5.03 billion in 2024, primarily due to lower operations and maintenance costs, the company said.
Ghana Gas invested GHS426 million in capital expenditure during the year, mainly on strategic infrastructure projects aimed at increasing processing capacity and improving the reliability of its gas facilities.
Blay said key achievements during the year included the acquisition of AKSA Energy Limited’s 4-km, 12-inch high-pressure natural gas pipeline in Tema.
The company also signed a construction and tie-in agreement with Continental Blue Investment (CBI) for an 8-inch gas pipeline to transport lean gas for the production of gypsum boards for export, as well as a gas sale and construction agreement with Tetracore Ghana Limited, she said.
“Beyond the visible achievements, there was also a shift in mindset across the organisation,” Blay said.
Looking ahead, Ghana Gas will accelerate investment in gas infrastructure to improve the reliability, security and efficiency of gas delivery while further consolidating its role as the National Gas Transmission Utility, Blay said.
Board Chairman Kofi Totobi Quakyi said the board and management had strengthened governance structures during the year through enhanced internal controls and reporting frameworks, with an emphasis on accountability and ethical conduct.
“These principles continue to underpin our reporting and decision-making processes, safeguard long-term sustainability, and drive organisational performance,” he said.
Energy and Green Transition Minister John Abdulai Jinapor commended Ghana Gas for its operational and financial performance, describing the company as a critical pillar of Ghana’s energy security and industrial development.
Jinapor said Ghana Gas recorded growth in gas processing and LPG production and achieved a 97% increase in net profit during the period under review.
He said the company’s performance underscored its role in supporting the government’s Gas-to-Power agenda and ensuring a reliable supply of natural gas to power producers and other sectors of the economy.
“Ghana Gas delivered strong results, recording growth in gas processing and LPG production, alongside an impressive 97% increase in net profit. These achievements reaffirm the Company’s vital role in strengthening Ghana’s energy security and supporting the Government’s Gas-to-Power agenda,” Jinapor said.
Jinapor said Ghana Gas recorded growth in gas processing and LPG production and achieved a 97% increase in net profit during the period under review.
He said the company’s performance underscored its role in supporting the government’s Gas-to-Power agenda and ensuring a reliable supply of natural gas to power producers and other sectors of the economy.
“Ghana Gas delivered strong results, recording growth in gas processing and LPG production, alongside an impressive 97% increase in net profit. These achievements reaffirm the Company’s vital role in strengthening Ghana’s energy security and supporting the Government’s Gas-to-Power agenda,” Jinapor said. UAE Accuses Iran Of Attacking Two ADNOC Vessels In Strait Of Hormuz
The United Arab Emirates has condemned Iran for attacking two vessels affiliated with Abu Dhabi National Oil Company (ADNOC) while transiting the Strait of Hormuz on Thursday evening.
“The United Arab Emirates has strongly condemned and denounced the hostile Iranian attack that targeted two vessels affiliated with ADNOC as they transited the Strait of Hormuz,” the UAE Ministry of Foreign Affairs said in a statement in the early hours of Friday.
No injuries were reported in the attack, the ministry added.
Iran did not immediately comment on the attack or the UAE’s accusations.
The incident comes days after the UAE reported a similar attack on an ADNOC tanker on Saturday. No injuries were reported in that incident either.
Iran has continued to enforce what it describes as control over passage through the Strait of Hormuz and has sought to impose charges on vessels using the waterway. The United States has strongly opposed the move and has imposed its own restrictions on Iranian shipping.
Iran is currently in talks with Oman over arrangements for the future management of the strait.
Iran’s Islamic Revolutionary Guard Corps (IRGC) has previously threatened action against vessels transiting the strait if they are linked to Tehran’s adversaries or fail to comply with Iranian directives.
The Emirati Foreign Ministry said attempts by Iran to use the Strait of Hormuz as a tool of economic coercion amounted to “piracy” and constituted a “direct threat to the stability of the region, its peoples, and global energy supplies.”
Following Saturday’s attack on an ADNOC vessel, the UAE blamed the IRGC for the strike. That incident drew condemnation from regional and Arab governments.
ADNOC said a total of 15 of its vessels had been attacked while transiting the Strait of Hormuz since the start of the U.S.-Israel war with Iran in February.
The United States and Iran remain at odds over the Strait of Hormuz as mediators seek to bring the two sides back to negotiations.
Iran asserts control over the strategic waterway, challenging U.S. claims of dominance in the strait.
Two ADNOC Vessels Attacked In Strait of Hormuz; No Injuries
Abu Dhabi National Oil Company (ADNOC) said on Friday that two of its vessels were attacked while transiting the Strait of Hormuz on Thursday evening.
No injuries were reported and the situation was brought under control, the company said in a statement.
ADNOC stressed the importance of protecting the safety and well-being of seafarers and safeguarding freedom of navigation and maritime security.
The company urged the public to rely solely on official sources for information and avoid circulating rumours or unverified reports.
ADNOC said a total of 15 of its vessels had been attacked while transiting the Strait of Hormuz since the start of the U.S.-Israel war with Iran in February.Malawi: ESCOM Announces Emergency Load Shedding After Power Supply Falls
Malawi’s state power utility ESCOM said on Thursday it had introduced emergency load shedding after a sharp drop in solar power generation and a fault at one of the generating units at the Nkula B hydropower station reduced electricity supply.
ESCOM said solar generation from independent power producers had fallen to about 10 megawatts (MW) from 111 MW due to weather conditions.
The reduction was compounded by a fault at the Nkula B Unit 6 generating unit, operated by the utility’s main hydropower supplier, it said.
The utility warned that power cuts could extend beyond scheduled times and affect customers outside their planned load-shedding schedules.
ESCOM said its suppliers were working to restore the affected generating units and normal power supply.
It advised customers to follow the load-shedding programme published on Aug. 10 through its website and other communication platforms.
The disruption highlights the vulnerability of Malawi’s electricity supply to fluctuations in renewable generation and outages at major hydropower facilities.
Ukraine Strikes Gazprom’s 200,000-Bpd Salavat Refinery In The Urals
Ukraine struck another major Russian refinery Thursday, hitting Gazprom’s Neftekhim Salavat complex in the Urals as Kyiv intensified attacks that have already forced Moscow to curb fuel exports and even import gasoline.
The attack caused a fire at the 200,000-barrel-per-day facility in Russia’s Bashkortostan region, about 750 miles east of Moscow, according to Ukraine’s General Staff.
Regional governor Radiy Khabirov said falling drone debris started a fire in Salavat’s industrial area but did not identify the damaged facility.
Neftekhim Salavat was also attacked in mid-July.
Another Urals refinery is in worse shape. The 120,000-bpd Orsknefteorgsintez plant in the Orenburg region has completely halted operations following Ukrainian drone strikes, regional governor Yevgeny Solntsev said Thursday.
Repairs could take as long as six months because sanctions are making damaged equipment difficult to replace, Solntsev said. The refinery was hit Monday and the city of Orsk came under another drone attack Thursday.
Ukraine has targeted Russian refineries and export infrastructure nearly daily as it tries to squeeze Moscow’s oil revenue while tightening domestic fuel supplies. The refinery outages have already contributed to gasoline shortages and prompted Russia to restrict exports of gasoline, diesel and jet fuel.
Russia has even started importing gasoline from India. A 42,000-ton cargo from Nayara Energy’s Vadinar refinery arrived in Russia on August 5, according to Kpler data. The Indian refinery is partly owned by Rosneft and processes Russian crude.
Russian refinery runs averaged about 3.6 million bpd in July, more than 30% below seasonal levels, according to EA Analytics estimates cited by Bloomberg.
The processing losses are also showing up in Russia’s export numbers. Seaborne petroleum-product exports fell 33% in July from June and nearly 55% from a year earlier as refinery outages cut available fuel supplies.
Ukraine also targeted oil infrastructure connected to Transneft’s Sheskharis export terminal at Novorossiysk this week, according to Ukraine’s Security Service, extending the pressure from Russian refineries to the infrastructure needed to move crude abroad.
Ghana: GRIDCo Warns Of Power Outages In Parts Of Accra Over Weekend To Replace Damaged Tower
The Ghana Grid Company Ltd. (GRIDCo) has announced plans to reduce power supply to parts of Accra over the weekend to allow for the replacement of a damaged transmission tower at Ashaiman Middle East, near Tema.
GRIDCo Chief Executive Ing. Frank Asirifi Otchere disclosed this during a visit to the area by the sector minister, Dr. John Abdulai Jinapor, on Thursday afternoon.
Briefing the minister, Otchere said that on July 10, some welders were working on a fuel tanker beneath the Tema-Achimota 161 kV double-circuit transmission lines when the tanker suddenly exploded.
A part of the tanker was propelled more than 300 metres and struck a nearby transmission tower.
Otchere said the impact had compromised the structural integrity of the tower, making it necessary to replace it.
“We are planning that over the weekend we take the whole tower down and replace it with a new one,” Otchere said.
He said the transmission line where the tower was damaged is critical because it serves Accra.
To avoid overloading adjacent lines, GRIDCo will need to reduce the load serving Accra while the replacement work is carried out.
Otchere, however, did not specify the areas in Accra that will experience power outages.
The GRIDCo chief executive also urged artisans, welders, mechanics and shop owners who are illegally occupying GRIDCo’s right of way beneath transmission lines to vacate the area to avoid exposing themselves and others to danger.
Minister Jinapor noted that the replacement exercise would result in temporary power outages in some parts of Accra.
Jinapor commended the engineers and appealed to residents in the affected areas to bear with GRIDCo and the Ministry during the exercise.
Nigeria Exceeds OPEC Oil Quota For Third Straight Month In July
Nigeria, Africa’s largest crude oil producer, exceeded its Organisation of the Petroleum Exporting Countries (OPEC) crude oil production quota for the third consecutive month in July, according to official data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The NUPRC said on Wednesday that Nigeria produced an average of 1.505 million barrels per day (bpd) of crude oil and 170,000 bpd of condensate in July.
Combined daily production stood at 1.67 million bpd, above the country’s OPEC quota of 1.5 million bpd.
The commission said peak daily production of crude oil and condensate reached 1.78 million bpd, while the lowest daily output was 1.57 million bpd.
Forcados Terminal was the largest-producing stream, accounting for 322,340 bpd. Bonny Terminal followed with average daily production of 303,720 barrels of crude oil and condensate.
Qua Iboe Terminal recorded average production of 158,020 bpd, while Escravos Oil Terminal produced 131,410 bpd. Bonga ranked fifth, with average crude oil production of 100,230 bpd.
Despite exceeding its OPEC quota, Nigeria’s overall production fell 4% month-on-month in July, the NUPRC said.
The commission attributed the decline to operational challenges at the Erha and Akpo oil fields, which constrained production and weighed on national crude oil output.
Production across other assets remained relatively stable, with operators implementing measures to sustain efficiency and mitigate the impact of the disruptions, the NUPRC said.
“Routine production activities and crude evacuation operations were largely sustained across the sector,” the commission said.
Industry stakeholders were working to resolve the operational issues and restore affected production capacity, while efforts were also focused on improving asset reliability, the NUPRC said.
The July performance underscored the importance of proactive asset management and operational resilience, the commission added, saying timely interventions were critical to mitigating disruptions and sustaining growth in Nigeria’s upstream petroleum sector.Kenya Power Warns Rising Wind, Solar Generation Threatens Grid Stability
Kenya Power has raised concerns about the vulnerability of the country’s power grid due to a surge in generation from variable renewable energy (VRE) sources, particularly solar and wind.
VREs currently account for 34% of the total energy mix during peak daytime demand of 1,900 megawatts (MW), and 36% during periods of low demand of 1,200 MW, according to Kenya Power.
In a statement on Tuesday, the power distributor said the growing share of variable renewable energy exposed the national grid to system vulnerabilities when wind and solar generation suddenly dipped or increased, forcing the grid to rely on other generation sources to cushion the intermittency.
Kenya Power called for a careful balance in integrating VRE generation sources to mitigate their impact on the grid.
The intermittency of wind and solar power can affect the reliability and quality of electricity supply through their impact on grid frequency and voltage, the company said.
Kenya Power said grid stability should be prioritised and the additional costs required to supplement variable sources should be considered when integrating new generation capacity. This would help mitigate power outages and safeguard the quality and cost of electricity for consumers, it said.
“Global benchmarks point to a limit of 15% of the grid’s total firm capacity for VRE. Our current system under the take-or-pay model of power purchases has led to an increase in VREs to over 20%, against a recommended average of 15%. Given the intermittent nature of wind and solar, we have no option but to dispatch and pay for generators, increasing the overall cost of power,” said Kenya Power Managing Director and CEO Joseph Siror.
Kenya Power currently dispatches additional generation plants at extra cost to mitigate the risk of grid instability when VRE output suddenly falls or rises, a common occurrence that ultimately increases costs for final consumers, Siror said.
“For VREs, the recommendation is to have battery storage systems. However, they would still face a challenge in charging the batteries when the wind and solar dip. The true cost of VREs is its own cost and the additional power that we pay for to stabilise the grid,” he said.
“Therefore, investments in geothermal and hydro offer greater grid stability and ensure the grid can recover and remain productive when intermittent sources are unavailable,” Siror added.
Kenya has the highest dependence on VREs in the region, according to Kenya Power. Within the Eastern Africa Power Pool, Egypt’s VRE share stands at 10.4%, Ethiopia’s at 5.3%, Uganda’s at 4% and Tanzania’s at 1.2%.
Kenya’s current baseload generation comprises geothermal, hydro, power imports and thermal generation, which together account for 80% of the grid’s energy mix, the company said.
Kenya Power has called for an increase in baseload generation, which it said is more stable and less susceptible to fluctuations in output.
New baseload sources expected to be introduced to the grid include KenGen’s Olkaria I, with 61 MW; KenGen’s Olkaria VII, with 80 MW; Globeleq Menengai, with 35 MW; Orpower’s Menengai project, with 35 MW; 200 MW of imports from Ethiopia; Paka Silali, developed by the Geothermal Development Company (GDC), with 100 MW; and Nabuyole, with 28 MW.
Plans to raise the level of the Masinga Dam by 1.5 metres are also expected to increase annual electricity generation by 83 gigawatt-hours (GWh), the company said.
Other baseload generation projects in the pipeline include a planned liquefied natural gas (LNG) power plant, initially proposed at 300 MW, the 700 MW High Grand Falls project and the 90 MW Karura Falls project.
Ghana: Vivo Energy Ghana Reinforces Safety Leadership With 2026 Safety Day Celebration
Vivo Energy Ghana PLC, the exclusive distributor and marketer of Shell-branded fuels and lubricants in Ghana, has commemorated its 2026 Safety Day and Awards under the theme, “Prepare to Respond,” at its Airport City Shell service station in Accra.
The event brought together employees, regulators, industry leaders, business partners, members of the media and other key stakeholders to reinforce the company’s commitment to safety leadership, emergency preparedness and operational excellence across its value chain.
Across the global petroleum industry, safety remains a critical priority as operators continue to manage complex operational risks associated with the transportation, storage and distribution of petroleum products.
In Ghana, recent industry engagements led by the National Petroleum Authority (NPA) and the Chamber of Oil Marketing Companies (COMAC) have highlighted ongoing concerns over tanker accidents, fuel siphoning at accident scenes and the need for stronger safety practices across the downstream petroleum sector.
These developments have reinforced the importance of proactive risk management, continuous training and industry-wide collaboration in safeguarding people and infrastructure.
Safety Day serves as an annual opportunity for Vivo Energy Ghana to renew its focus on Health, Safety, Security, Environment and Quality (HSSEQ), while strengthening the culture of vigilance, accountability and preparedness that underpins its operations.
This year’s theme, “Prepare to Respond,” highlighted the importance of ensuring that people, systems and processes are equipped to respond swiftly, effectively and responsibly in the event of an emergency.
Speaking at the event, Mr. Christian Li, Managing Director of Vivo Energy Ghana, reaffirmed the company’s commitment to embedding safety in every aspect of its operations.
He noted that Vivo Energy Ghana’s strong safety culture is guided by its core values of Safety, Excellence, Caring, Respect and Integrity, and reflected in the company’s achievement of more than 5,600 Goal Zero days without harm.
“The future of safety will not be defined by luck, but by preparation. Safety does not happen by accident; it is deliberate, disciplined and a collective responsibility,” Mr. Li stated.
Delivering the keynote address, the Special Guest of Honour, Professor Nana Ama Browne Klutse, Chief Executive Officer of the Environmental Protection Agency (EPA), commended Vivo Energy Ghana for demonstrating leadership in safety and environmental stewardship.
She emphasised that preparedness must extend beyond emergency response to include prevention, compliance, vigilance and environmental protection, particularly within a sector whose operations have significant implications for ecosystems, water resources, public health and surrounding communities.
“Preparing to respond means preparing to prevent. Together, by fostering a culture of compliance, vigilance and safety, we can protect our people, preserve our environment and secure a sustainable future for generations to come,” she said.
In a goodwill message, Mr. Gabriel Kumi, Board Chairman of COMAC, applauded Vivo Energy Ghana for its continued efforts to strengthen safety standards and promote responsible industry practices. He observed that effective safety management requires strong leadership, robust systems, continuous learning and a shared commitment from all stakeholders.
“Safety remains a shared responsibility, and our actions, decisions, inactions and preparedness can make a meaningful difference when situations demand a response,” he noted.
At the heart of the celebration was a thought-provoking panel discussion featuring representatives from the Ghana National Fire Service, COMAC, transporters and retailers.
A key highlight of the event was the Safety Awards ceremony, which recognised outstanding employees, transporters, contractors and retailers who have demonstrated an exemplary commitment to safety and operational discipline.
The awards celebrated individuals and teams whose vigilance, leadership and dedication continue to support Vivo Energy Ghana’s Goal Zero ambition and contribute to the company’s strong safety culture.
Nigeria Supplied 53.7 Mln Barrels Of Crude To Local Refiners In Q2
Nigeria supplied 53.7 million barrels of crude oil and condensate to local refiners between April and June, achieving an overall compliance rate of 97.4% in the second quarter of 2026, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said.
The regulator said the performance was in line with its enforcement of the Domestic Crude Supply Obligation (DCSO) under Section 109 of the Petroleum Industry Act (PIA).
The NUPRC said it meets monthly with crude oil producers and licensed domestic refineries, after which producers are allocated specific volumes of crude oil and condensate to be offered to local refiners.
However, under the PIA, the framework operates on a “willing buyer, willing seller” basis, which influences the final volumes supplied.
In April, following consultations with stakeholders, the NUPRC allocated 18,127,638 barrels to producers. Producers offered 19,312,476 barrels to refiners, while actual supplies stood at 20,879,381 barrels, representing 114.9% compliance with the allocation.
In May, the commission allocated 18,778,392 barrels to producers. Producers offered 23,187,893 barrels to local refiners, but actual supplies stood at 14,228,865 barrels, representing 75.8% compliance.
In June, the NUPRC allocated 18,172,638 barrels to producers. Producers offered 26,835,119 barrels to refiners, while actual supplies stood at 18,606,026 barrels, representing 102.4% compliance.
The commission said the improvement in DCSO compliance coincided with an increase in local oil production and the signing of long-term crude supply agreements, backed by bankable sales and purchase agreements between producers and domestic refiners.
At the refinery level, the statistics showed that Dangote Refinery required 63 million barrels in the second quarter, while producers offered 68.1 million barrels. The volume offered to the refinery represented 98% of all crude volumes offered to domestic refiners.
Dangote Refinery ultimately accepted 52.6 million barrels, or 78% of the volume offered, the NUPRC said.
The commission reaffirmed its commitment to supporting the government’s objective of achieving energy sufficiency.
“Leveraging the framework of the PIA 2021, the commission aims to sustain recent gains in crude oil production while continuously enforcing the DCSO,” it said.
Ghana: Jinapor Meets Upstream Petroleum Chamber To Discuss Measures To Reverse Oil Production Decline
Ghana’s Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, has met with the Ghana Upstream Petroleum Chamber to review developments in the country’s upstream petroleum sector and discuss measures to restore investor confidence and reverse the decline in oil production.
Jinapor said the government’s priority was to deepen reforms aimed at making Ghana’s upstream petroleum sector more competitive and attractive to investors.
“A key priority for government is to continue and deepen the reforms that have contributed to restoring confidence in Ghana’s upstream petroleum sector and creating a more attractive environment for investment,” Jinapor said in a post on Facebook.
He said reversing the decline in oil production was high on the government’s agenda, alongside increasing gas production to meet growing domestic demand, particularly for power generation.
“To achieve these objectives, government is pursuing a number of policy, regulatory and infrastructure interventions,” Jinapor said, adding that an ongoing review of the upstream legal and regulatory framework was intended, among other things, to improve the sector’s competitiveness and investment attractiveness.
“Our objective is to maximise the value of the oil and gas produced in Ghana by processing and utilising more of our resources domestically,” he said.
Jinapor also said increasing domestic gas supply, particularly for power generation, would be critical to improving energy security and reducing Ghana’s reliance on imported natural gas and other energy products.
The minister said the meeting also provided an opportunity for the government to discuss concerns raised by the Chamber and strengthen collaboration between the government and industry.
“I greatly value this constructive engagement with the Ghana Upstream Petroleum Chamber. A strong partnership between government and industry is essential to building a more competitive, predictable and sustainable petroleum sector,” he said.
Ghana’s crude oil production has declined for six consecutive years, falling to 37.3 million barrels in 2025 from a peak of 71.44 million barrels in 2019, according to the Public Interest and Accountability Committee (PIAC).
Ghana: EOCO Intensifies Probe Into Berko Bribery Case Linked To AKSA Power Plant
Ghana’s Economic and Organised Crime Office (EOCO) has intensified investigations into the Ghanaian dimension of a bribery case involving former Goldman Sachs banker and Tema Oil Refinery (TOR) Managing Director Asante Kwaku Berko, following his conviction in the United States.
EOCO said it had been directed by the Attorney-General to step up its investigations and had begun tracing funds and assets that may be linked to the alleged bribery scheme involving Ghanaian government officials.
Berko, a dual Ghanaian-American citizen, was convicted by a federal jury in Brooklyn on Aug. 6 on charges of conspiracy to violate the U.S. Foreign Corrupt Practices Act, violating the FCPA and money laundering conspiracy.
He faces up to 30 years in prison when sentenced.
U.S. prosecutors said Berko conspired with others to pay more than $1 million in bribes to multiple Ghanaian government officials to secure approvals for the development and financing of a power plant by Turkish energy company Aksa Enerji.
According to evidence presented at trial, the alleged payments included discussions of $1 million to Ghana’s then-power minister and $250,000 to a senior adviser.
Prosecutors also said payments were made to officials who travelled to Turkey to inspect equipment for the proposed plant.
The allegations relate to the AKSA power project, which was developed during Ghana’s severe electricity shortages and became operational in 2017.
EOCO said it had been monitoring developments in the case and, within its statutory mandate, had engaged with relevant authorities over the Ghanaian dimension of the matter.
The anti-graft agency said its investigation would include tracing funds and assets linked to the alleged scheme and pursuing recovery where supported by evidence.
“EOCO will not disclose sensitive operational information that could compromise ongoing investigations, the integrity of evidence or any future prosecution,” the agency said.
The U.S. case has renewed scrutiny in Ghana over the identities of officials allegedly involved in the scheme and the circumstances surrounding the approval of the AKSA project.
EOCO STATEMENT ON THE CONVICTION OF ASANTE BERKO CASE AND RELATED INVESTIGATIONS
The Economic and Organised Crime Office (EOCO) acknowledges the substantial public interest in the case involving Mr. Asante Kwaku Berko, a former Goldman Sachs investment banker who subsequently served as Managing Director of the Tema Oil Refinery (TOR) in respect of allegations of bribery arising from his period in the private sector.
EOCO wishes to assure the public that it has been attentive to the developments in this matter and has, within its statutory mandate, been engaged with the relevant authorities regarding the Ghanaian dimension of the case.
Last year, EOCO received a request from its counterparts in the United States in connection with investigations into the alleged bribery scheme.
The request sought information relating to specific individuals in Ghana who were considered relevant to the investigations, including a former Minister of State and public servants.
Following receipt of the request, EOCO, in collaboration with the Attorney-General and Ministry of Justice, commenced preliminary work in relation to the Ghanaian aspects of the matter.
The Office also closely monitored the proceedings in the United States.
Given the nature of the allegations and the international dimensions of the case, EOCO considered the evidence emerging from the U.S. proceedings to be potentially material to determining the appropriate scope and direction of any comprehensive investigation in Ghana.
This approach was deliberate. EOCO’s responsibility is not merely to commence investigations for the sake of public perception, but to ensure that investigations are properly grounded in evidence conducted lawfully and capable where appropriate of supporting subsequent criminal proceedings and asset-recovery action.
Following the conclusion of the proceedings in the United States and the conviction of Mr Asante Berko, the Attorney-General and Minister of Justice immediately engaged the appropriate US authorities and will through lawful channels obtain relevant evidence, records and information necessary to advance the Ghanaian investigation which began last year.
The Attorney-General has subsequently directed EOCO to escalate its investigations as the relevant information and official records are obtained from the competent authorities in the United States.
EOCO has accordingly commenced the process of intensifying its investigation into the Ghanaian dimension of the matter.
Importantly, and consistent with its statutory mandate, asset tracking and recovery form an integral part of EOCO’s investigative plan in this matter.
The Office will examine where supported by evidence, whether any proceeds, benefits, assets or property may have been derived from or connected to suspected criminal conduct and where the law permits, pursue the appropriate measures for their preservation, recovery and restitution to the State.
EOCO’s mandate extends beyond establishing whether an offence has been committed. Where economic or organised crime results in the unlawful acquisition or dissipation of public resources. The recovery of such resources is an essential component of the investigative and enforcement process.
The Office therefore intends to follow the evidence and financial trail, including any relevant transactions, beneficiaries, assets and proceeds that may fall within its jurisdiction.
EOCO wishes to emphasize, however that the conclusion of proceedings against Mr. Berko in the United States does not, by itself, establish criminal liability on the part of any person in Ghana.
Any individual whose name appears in evidence obtained through the international cooperation process will be assessed independently on the basis of the evidence relevant to that person and in accordance with Ghanaian law.
EOCO further wishes to assure the public that its collaboration with U.S. law-enforcement authorities and the Attorney-General’s Office remains active. The process of obtaining relevant records through lawful international cooperation is critical to ensuring that any Ghanaian investigation is comprehensive evidence-based and capable of producing a lawful outcome.
The Office appreciates the legitimate public interest in this matter. At the same time, EOCO will not disclose sensitive operation information that could compromise ongoing investigations, the integrity of evidence or any future prosecution.
EOCO remains committed to following the evidence without fear or favour, identifying and investigating economic and organised crime within its mandate, and pursuing the recovery of assets and public resources where the evidence and the law so require.
Further information will be provided at the appropriate time.
The Gambia: NAWEC Denies Electricity Tariff Increase
The Gambia’s National Water and Electricity Company (NAWEC) has denied reports circulating on social media that electricity tariffs, commonly referred to as “Cash Power” rates, have been increased.
In a statement, NAWEC said no increase in electricity tariffs had been implemented.
Any adjustment to electricity tariffs would be subject to the necessary regulatory approval processes and would be formally communicated to the public through NAWEC’s official channels, the company said.
NAWEC also said electricity tariffs remained subsidised by the Gambian government.
“These subsidies are intended to cushion consumers from the effects of rising global fuel prices and help maintain affordable electricity services for households and businesses across the country,” the company said.
NAWEC urged customers and the general public to rely only on verified information shared through its official platforms and refrain from circulating unverified claims that could cause confusion or unnecessary concern.
The company said it remained committed to transparency and would continue to keep the public informed of developments affecting its operations and services.
Iran Says Hormuz Will Remain Closed Until U.S. Meets Its Conditions
Iran said on Tuesday that the Strait of Hormuz would remain closed unless the United States ends the war and meets Tehran’s conditions, raising the bar for a deal that would restore oil traffic through the key waterway.
Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said Washington must end the conflict and unfreeze Iranian funds held overseas before Tehran would agree to reopen the strait.
Iran has also delivered additional conditions to the United States through mediators, Rezaei said in comments carried by the semi-official Tasnim news agency. He did not publicly identify those demands.
The comments complicate expectations that a shipping agreement could be reached quickly. U.S. officials had suggested last week that negotiations involving Iran and Oman were making progress towards allowing more vessels through the Strait of Hormuz.
Brent crude moved higher on Tuesday, with the October contract trading at $88.70 a barrel shortly after 1 p.m. ET, up 98 cents, or 1.12%.
The market has spent weeks reacting to signs that shipping through the Persian Gulf could normalize, even as actual tanker traffic has remained constrained and commercial vessels continue to face security risks.
Iran has previously discussed conditions that would give it greater control over inbound traffic through Hormuz and greater visibility over outbound vessels. Tehran has also insisted that any agreement recognise its security interests in the waterway.
The latest demands make clear that Iran is tying the shipping issue directly to the broader war rather than treating Hormuz as a separate maritime problem.
Rezaei’s comments leave the next move with Washington. Ending the war and releasing frozen Iranian funds would represent substantially bigger concessions than simply agreeing on shipping rules, and Tehran says the Strait of Hormuz will remain closed until those demands are addressed.