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Transparency in petroleum sector still questionable- lEA PDF Print E-mail

By Frederick Asiamah

The Ghana government is still far from excellent performance as far as transparency in the petroleum sector is concerned, according to a new report by the Accra-based think tank, the Institute of Economic Affairs (IEA). In its Petroleum Transparency and Accountability Index (IEA P- TRAC Index), which monitors progress made in respect of the transparent management of the oil and gas sector in the year 2011, the IEA scores government 59.7%, which is just below the B+ grade if the grading system of the School of Research and Graduate Studies of University of Ghana were used as a yardstick.

Experts call for local content compliance in mining - as multinationals are accused of sabotaging locals PDF Print E-mail

Ghana stands to reap greater benefits from improved local procurement in the mining sector than it is currently getting from relying on royalties and corporate taxes; various experts have stated in the light of centuries of exploitation of the mineral resources of the country without much to show for it. The World Bank, the Ghana Chamber of Mines, Civil Society Organisations (CSOs) and academics agree that when mining companies buy more local goods and services than they are presently doing, the country will gain over fourfold more than it is garnering from royalties from multinational miners.

Room for more transparency in the oil industry-IEA survey PDF Print E-mail

By Kofi Yeboah

TRANSPARENCY in Ghana's oil and gas industry is not the best, a report measuring the level of transparency in the industry in 2011 has indicated. The overall score for transparency in the industry in the country was measured at 59.7 per cent, with transparency in oil and gas funds recording even a lower average score of 44 per cent, according to the Institute of Economic Affairs (IEA) Petroleum Transparency and Accountability Index (IEA P-TRACK INDEX).

Govt's management of oil resources commended PDF Print E-mail

By Lawrence Markwei & Albert Larkai

THE Institute of Economic Affairs (IEA) has given the government thumps up for the progress made to enhance transparency in the management of the oil and gas resource of the country. In a report prepared by the IEA on Petroleum Transparency and Accountability Index (IEA-P-TRAC INDEX) 2011, the government scored an average of 59.7 per cent against a bench work of 60 per cent.

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World Bank (WB) has tasked West African mining companies to procure more equipment, supplies and services from local companies to boost economic growth in West Africa. “Increasing local procurement by the Mining Industry in West Africa will spread the benefits of mining more evenly across a country’s economy, creating jobs and stimulating the sustainable development of local enterprises,”.

Duffuor Inaugurates Team To Review Mining Stability Agreements PDF Print E-mail

The Government today set up a seven-member team to review and re-negotiate stability agreements it had entered into with some mining companies to ensure that the country derived maximum benefits from its resources. Finance Minister Dr Kwabena Duffuor, who inaugurated the team, said the review was necessary as the nation had benefited little from dividends and record world prices of gold.

Tullow sets production projections for 2012 PDF Print E-mail

TULLOW Oil says it expects production at its Jubilee oil field to average between 70,000 and 90,000 barrels of oil equivalent per day (boepd) for 2012.

"Gross Jubilee production is currently over 70,000 boepd and following a number of remedial activities, it is expected to average 70,000 to 90,000 boepd in 2012," the company said in a trading statement and operational update.

Opening Remarks By Mr. Enoch H. Cobbinah Chairman of GHEITI NSC, Chief Director, MOFEP PDF Print E-mail

GHEITI Annual Retreat Sogakope, Villa Cisneros Hotel - January 6-9, 2012

Colleague Chief Directors and Ghana EITI National Steering Committee Members,

Good morning and happy new year to you all.

1.     I have been informed that the objective of this meeting is to take stock of the EITI implementation in 2011 and plan for 2012. It is a nice way to start the New Year with an assessment of our work in 2011 and a discussion of strategies for 2012.

Investment inflow in mining sector hit 770 million dollars last year PDF Print E-mail

Investment inflow into the country’s mining sector hit 770 million dollars last year, up from the 2009 figure of 726 million dollars. This brings the total money pumped into the sector within the last 10 years to approximately 6.4 billion dollars. The investments came from companies that are engaged in gold production, exploration and support services.

Newmont serious about engaging local communities PDF Print E-mail

Mr. Paul Sowley, General Manager of Environment and Social Responsibility of the Ahafo Mine of Newmont Ghana, has reiterated that the company’s commitment to involve all stakeholders in the execution of programmes that would promote unity and social cohesion. “The involvement of all our 10 communities host communities around the mine amongst others is to strengthen cordial relations and foster unity between the communities and the mine,” he said.

Oil Receipts for 1st - 3rd Quarter, 2011 PDF Print E-mail

Pursuant to Section 8 of the Petroleum Revenue Management Act, Act 815, 2011 (PRMA), which requires the Minister to publish petroleum receipts (defined in Section 6 of the Act); total output lifted; and the reference price on a quarterly basis.

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