Welcome to the weekly newspaper review. We hope you’ve had a fantastic week and we look forward to a restful weekend ahead.
On Monday, the Lands and Natural Resources Minister, Mr. John Peter Amewu announced that the report on the Newmont Ghana Ahafo Mill incident would be released during the course of the week. This followed the sad occurrence where six (6) workers of Consar Limited died as a result of the collapse of the reclaim tunnel roof at the Newmont Ghana’s Ahafo Mill expansion project. Read more here.
Starr Fm reported that residents of Kasoa Nyanyano have claimed that Radiance Petroleum has sold “unclean” fuel to some taxi drivers. The management of the company refuted the claim. An investigation was launched and samples of their products were taken to the National Petroleum Authority for testing. Further steps were taken to tighten security across their branches nationwide. “We are committed to our mission, which is: to provide the best fuel to our customers in ways that are compliant, profitable, reliable, safe and socially responsible. Customer service is paramount to our operation…” Mr. Joseph Addae, the General Manager assured. Click here to read more.
The Petroleum Retailers Association has called for higher margins as a third of fuel retail outlets were currently running at a loss. The association, made up of 3,300 members is demanding a revision of margins to match pertaining market prices. The president of the association, Mr. Emmanuel Commodore-Mensah lamented the drop in margins from 4.67% to 3.3% since February this year. “Even the margin for last year was not enough and it is not getting any better,” he said. Read the full story here.
The Finance Minister, Ken Ofori Atta has assured the Ghanaian public that despite the shift in focus from agriculture to commercial oil production, Ghana is yet to experience the Dutch disease. “The Dutch disease has not set in. The Dutch disease shows up in two key areas: an appreciation of the domestic currency and movement in the factors of production from the traditional sectors to the ‘new resource sector’ he commented. Read more on this here.
The Kumasi Institute of Technology, Energy and Environment (KITE) has reported some four (4) oil-funded projects “missing” upon visiting the sites. The “missing” projects were (1) a 3-unit classroom block at Soo in the West Mamprusi district of the Northern Region; (2) a six-unit classroom block at Ntariba, in the Kintampo Municipal of the Brong Ahafo Region; (3) the T.I. Ahmadiyya Primary in the Wa East district of the Upper West Region; and the Yeliyeri Dam, also in the Wa East district of the Upper West Region. “We put too much faith in the ABFA and PIAC. So, after 6-7 years of this experiment we sought out to find out whether indeed the ABFA and PIAC have served the purpose for which they were set up” Ishamael Edjekumhene, the Executive Director lamented. Read more on the story here.
The Nation’s oil marketing company, GOIL is reported to clear its Ghc12m debt with the Metro Mass Transport (MMT) by the end of 2018. The company is expected to recover from its debts and reinvest into its business. Mr. Patrick Akorli, the Managing Director for GOIL said that “If the prices of fuel are to be going up, as shareholders of GOIL we will be happy of this situation and also because our margins are increasing, but that will affect the whole economy too. This will also affect us indirectly. We are hopeful that very soon things will change and our margins will grow.” Read morehere.
Still on GOIL, the company has been successful in paying off a total of Ghc1.128bn in taxes and levies to the government in 2017. In spite of the huge debts it accrued, the Goil Group also made a profit of Ghc65.1m as gross sales increased from Gh4.1bn to Ghc4.7bn between 2016 and 2017. The Board Chairman, Mr. Kwamena Bartels, made this known at the company’s 49th Annual General meeting held on Wednesday in Accra. Read more on the performance of the company here.
Here are some interesting stories this week. Happy weekend! Cheers!
GNPC Foundation begins community entry activities for borehole projects http://3news.com/gnpc-foundation-begins-community-entry-activities-for-borehole-projects/
GHC1.5billion TOR money ‘missing’ – Auditor General’s repor https://www.ghanagrio.com/news/446544-ghc1.5billion-tor-money-missing-–-auditor-general’s-report.html