Bussiness
Crude oil production declined on an average of 10 percent per annum for three consecutive years – PIAC
The Public Interest and Accountability Committee (PIAC) has revealed that there has been a decline in crude oil production on an average of 10 percent per annum for three consecutive years
A volume of 71,439,585 barrels was produced in 2019 but declined to 66,926,806 barrels in 2020 representing 6.32 percent
It further declined to 55,050,391 barrels in 2021 representing 17.75 percent and reduced again to 51,756,481 barrels in 2022 representing 5.98 percent.
The Vice Chairman of the Public Interest and Accountability Committee (PIAC) Mr. Nasir Alfa Mohammed disclosed this at their regional public forum on the management of Ghana’s petroleum revenues last Wednesday at Wa in the Upper West Region.
The forum was organized in line with PIAC’s mandate of providing a platform for public debate on the management of petroleum revenue which brought together stakeholders across the region.
The Vice Chairman said there was a need to speed up the sustainable development of its petroleum resources to reverse the decline in petroleum production through the attraction of new investors as well as early completion of ongoing projects.
He said it was important for policymakers to formulate a long-term national development plan to help guide the spending of oil revenue in the country.
He mentioned some of the development projects that were funded through petroleum revenues in the region, which include the construction of the rehabilitation of the irrigation dam at Guo in the Nandom District, the construction of two dams at Yebilpe and Kadowli in the Wa Central Constituency, upgrading of Wa-Bulenga-Yaala Road and the construction of a warehouse at Bulenga.
The Chairman of the forum Professor Emmanuel Kanchebe Derbile expressed gratitude to the committee for giving such an opportunity to the people of the Upper West Region to contribute and discuss the management and use of Ghana’s petroleum revenue.
“The petroleum industry in the country is relatively new and it is important that we all show interest in it for the betterment of our understanding in the sector, “ he said.
Participants were allowed to debate, ask questions and give their suggestions on how to manage the country’s petroleum revenue.
The Public Interest and Accountability Committee (PIAC) is a stationary committee established under section 56 of the petroleum revenue management Act 2011 (Act 815).
FROM RAFIA ABDUL RAZAK WA
Bussiness
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
Bussiness
Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry
Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).
The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.
The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”
According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.
By Edem Mensah-Tsotorme
Read full statement below
