Government institutions and corporates exist to assist the government of the day to ensure there is development in every sector of the economy. Every country relies on its state institutions for strong socio-economic development.
I wound want to believe that, Ghana has many government institutions that are capable of helping or assisting the economy for development in one way or the other.
Looking at the energy sector of this country, for instance, the economy can be strong if the right things are put in a proper place without any problems whatsoever. Ghana National Gas Company, the country’s gas company, has signed a project implementation for the GPP gas processing plant Train-2 project, which states the gas company’s readiness to expand its territory to employ more Ghanaians to reduce the unemployment rate facing this country.
According to Ghana’s Finance Minister, Ken Ofori-Atta, in his 2023 budget statement to Parliament, Cabinet deliberated extensively on a number of issues and approved measures to support current efforts to address the challenges Ghanaians were facing at its first regular quarterly retreat for 2022.
“It should also be stressed that several governments in both developed and developing countries are busily coming out with various prescriptions to bring their economies back on track, after the devastating impact of COVID-19 which distorted global supply chains, and the ongoing Russia-Ukraine war,” he stated. The minister again said two forces shaping global events were the novel coronavirus pandemic and the crisis in Ukraine and Ghana’s decision to focus first on protecting lives and then livelihood paid off.
Ghana is faced with serious economic challenges that need to be addressed within a short period of time in order to reignite the passion and confidence the citizenry have. The ordinary Ghanaian wants to see money in his pocket, direct or indirect jobs and businesses. There are others who believe that Ken Ofori-Atta must be sacked or be made to resign in order to have a new person for economic turnaround. All expect that Ghana as a country, with good policies, and implementations will bring back the confidence reposed in the government. In today’s Ghana, the economy doesn’t look attractive and there is waning confidence in doing business.
Chief Executive Officer of Ghana National Gas Company Limited Dr. Ben Asante, since the incorporation of Ghana National Gas in July 2011, has tremendously transformed the fortunes of the gas company, expanding in terms of infrastructure, natural gas, employment and recently signed the implementation of building a second gas processing plant GPP train 2. The GPP train 2 when completed will process raw gas with natural gas liquids (NGLS) being fractioned into pure components like propane, butane, pentane, and stabilized condensate components from the jubilee and TEN fields.
Again, the lean gas containing methane and ethane shall be tied into the lean gas export from the existing GPP train 1 and delivered into the onshore export pipes. The GPP train 2 will have a capacity of 150million standard cubic feet per day (MMscfd), expandable to 300MMscfd. This will increase the national gas processing capacity to 450MMscfd.
Also, the GPP train 2 will have other components such as a storage facility and an additional compressor package at the Atuabo Mainline compressor station and provision of utilities and liquid waste treatment system. Through the company’s contribution in the area of education across the country, health, water and sanitation, sports and sponsorships packages for individuals and corporate organizations, are the benefits from the gas company’s proceedings and the sustainability of the indigenization drive brought by the current CEO, Dr. Ben Asante.
I would want to believe that the country has a solution in the shortest possible term to turn things around for the best ability of the Ghanaian people. Dr. Ben Asante, with his training abroad in the United States and Canada, and with over 26 years of experience, wants to take the gas company global after seeing to its expansion within the country. The company’s core mandate is to gather, process, transport, and then sell natural gas and natural gas liquid for both power and non-power application. The leadership and involvement of the oil and gas expert in signing the second agreement to build the GPP train 2 is one of his biggest achievements as the Chief Executive Officer of the country’s gas company. The GPP train 2 forms part of the GNGC’s strategic development plan and expected to increase the national gas processing to 450 MMscfd. The plant would help this country to generate more megawatts of electricity and ultimately solve the perennial power outages “dumsor” experienced in Ghana as Dr Ben Asante revealed a couple of weeks ago.
The gas company’s contribution to touching lives in the various communities cannot be overlooked since it believes in extending assistance across the country. All these by the gas company are ways of supporting the growth of the economy and development.
The gas company believes in three pillars of development aimed at contributing tremendously to the economy of Ghana and these pillars include business, personnel and community development. The business aspect sees to the operations of the company which is on the daily basis, maintenance which is what the company does on regular basis and expansion, which led to the recent signing of the GPP Train 2 Project. The personnel or staff development looks at building and enhancing indigenous intellectual capabilities of the individuals for the sustainability of the industry and the community development, where the company looks at the affected area, extending helping hand with the provision of developing communities through education, health, sports and water and sanitation. This pillar is so dear to the gas company and the highly respected CEO as he seeks the development of his personnel or staff. The development of every staff or personnel of a company is to assure of a long-term development of the company. One of the gas company’s contributions to the community is the biggest in the Ashanti Region – the construction of a community center in Juansa which is yet to be commissioned and handed over to the township. The already commissioned Kumasi 12-unit Technical University Campus in Juansa, Asante Akyem Agogo’s Astro-turf with VIP stands for the community, Ketasco 8-unit commissioned girls’ dormitory in the Volta Region, the construction of a trauma center in the Western Region, the biggest in the Region, I am told, to take care of all trauma and related issues, are all to ensure that the comany benefits all. A 12-unit classroom block commissioned at Faith Presbyterian School in Shiashie, a FIFA standardized astro-turf at the Ghana Prisons park, a similar one at Sakumono government school, an administration block at the former president of Ghana’s seniro high school, JA Kufuor SHS, construction of information and communication center at Nanton in the Northern Region, construction of a community health based planning services (CHPS) at the Tamale Metropolitan Assembly, construction of a 2-storey 12-Unit classroom block in Karaga, construction of a modern tennis facility at Tema community 11 for sports development, financial support for Ghana AIDS Commission to support HIV and AIDS response by the Ministry of Finance, support the Ministry of Finance for the payment of outstanding Sankofa Gas invoices, budgetary support to Ghana Cylinder Manufacturing Company Limited, supporting government institutions contributing to the various national football teams especially the senior national soccer team Black Stars 2022 AFON and World Cup and clubs, individual support and many more are a;;to ensure that the gas company benefits all.
These projects and contributions and many more are all contributing factors to Ghana’s economy and development.
Article by Romeo Oduro
We’ll ensure there are enough funds for 2023/2024 cocoa purchasing season – COCOBOD
COCOBOD has assured that concrete steps have been taken to ensure it is able to secure enough funds to finance its annual cocoa purchases in the 2023/2024 crop season.
Against the backdrop of a reportage by Reuters that the firm had borrowed up to $200 million from cocoa traders to plug its funding gap, COCOBOD said it had adopted a two-prong financing strategy to ensure that it obtained the required funds for the purchasing season.
A statement from COCOBOD in response to the Reuters report indicated that it had had firm assurances from its bankers of making funds available in time for the purchasing season and that a “Cocoa syndicated Loan has been laid in Parliament for consideration and approval.”
Below is COCOBOD’s full statement.
FINANCING OF PURCHASES FOR 2023/24 CROP SEASON
There have been some recent publications in the news media in relation to funds for cocoa purchases for the 2023/24 Crop Season.
We wish to brief our stakeholders on this very sensitive national issue as follows:
COCOBOD planned a two-prong financing for the 2023/2024 Crop Season in an effort to diversify Its source of funding for the annual cocoa purchases.
The strategy was therefore, to use a prefinancing arrangement with the international buyers to raise an amount of US$400 million for purchases at the beginning of the Season in September 2023.
These initial funds were expected to be augmented by an additional US$800 million loan from a syndicate of lenders by the end of November 2023. After engagements with buyers for several weeks, the arrangement was however discontinued.
Thus, since the beginning of the Season, cocoa purchases have been financed with noncollateralized cocoa sales proceeds. COCOBOD is therefore still in the process of securing the syndicated loan for the 2023/24 Crop Season.
As a matter of fact, the Board has so far received firm response from our bankers in this regard, and the Cocoa syndicated Loan has been laid in Parliament for consideration and approval.
We wish to use this medium to assure our stakeholders that the necessary arrangements have been made to secure enough funding for cocoa purchases for the year under review.
ISSUED BY: PUBLIC AFFAIRS DEPARTMENT
Ghana is a good place to do business – Bawumia tells Czech investors
Vice President Dr. Mahamudu Bawumia is actively seeking Czech investors for the country.
Dr. Bawumia emphasized that Ghana remains the best country in Africa for investment due to its stability, peace, and growth opportunities for businesses.
He made these remarks during his meeting with the Czech Prime Minister, Peter Fiala, at the Jubilee House in Accra.
“Ghana is an excellent place for doing business. We are the most peaceful country in West Africa and the second most peaceful country in Africa. It is crucial for anyone looking to invest in Africa to consider Ghana as the ideal destination for business.”
“I am confident that this will open up opportunities for our respective business sectors,” he stated.
Mahama’s ’24hr Economy’ project will revolutionize Ghana – Dafeamekpor
South Dayi Member of Parliament, Rockson Nelson Dafeamekpor, has said that the ’24-hour Economy’ project conceived by the flagbearer of the National Democratic Congress (NDC) Former President John Dramani Mahama will turn the economy around if implemented.
Mr Mahama proposed the ’24hr Economy ‘ project when he met with officials of the country’s mother workers union on Tuesday, November 7, 2023 at the start of his engagement with key stakeholders in a quest to return to power.
Dubbed ‘Building Ghana Tour’, the interactions with the stakeholders is to apprise them of the policies the next NDC administration will implement to transform the economy.
At Tuesday’s engagement, he said “NDC was left alone as the solitary voice seeking to hold the government accountable and speaking up for the voiceless Ghanaian and we were often cast out as spoilt brats who were ranting just because we have lost power.
“Today, the chickens have come home to roost and we are all affected.”
Commenting on this in a tweet, Mr Dafeamekpor said “Some concrete Examples of John Mahama’s ‘24hr Economy’ Projects include Terminal 3 at Kotoka, Tema Port Container Terminal, New Ridge Hospital, Maritime Hospital, Tema, UGMC, Legon, Kejetia Market, Accra Data Centre, the TamaleTeaching Hospital. It’ll revolutionize the economy.”