Home / BUSINESS / BUSINESS NEWS | GHANA AND BEYOND /GOVERNMENT OF GHANA SUPPORT TEMA OIL REFINERY TO REPLACE ITS BURNT FURNACE

BUSINESS NEWS | GHANA AND BEYOND /GOVERNMENT OF GHANA SUPPORT TEMA OIL REFINERY TO REPLACE ITS BURNT FURNACE

🚩Minister of State-designate at the Finance Ministry has disclosed the Government of Ghana is planning to raise US$1 billion through the sale of sustainable bonds in July this year, Bloomberg reports. According to Charles Adu Boahen, proceeds from the sale would go towards financing domestic debt which will be used for environmental and social projects as well as loans taken to fund the government’s Free Senior High School programme. “With this issue, we’re looking at refinancing that debt already raised to undertake projects in the environmental and social sectors. Out of all that we will raise with our capital market mandate this year, only US$1.5 billion in fresh debt, the rest is for refinancing or buyback,” Adu Boahen is quoted to have said.

🚩The Nuclear Power Institute has revealed the utilisation of nuclear energy is currently under serious consideration as an alternative energy source for Ghana, the Business24 reports. This comes after the institute in a report identified nuclear power as one that has the tenacity to generate high-capacity baseload electricity at an affordable price. Portions of the institute’s report dubbed; “Drivers for Nuclear Energy Inclusion in Ghana’s Energy Mix” pointed the country stands the chance to fulfil its industrial agenda with reliable and cost-effective electricity. To achieve this, it said Ghana must develop the necessary infrastructure for the inclusion of nuclear energy fused into the country’s energy mix.

🚩The Government of Ghana, through the Ministries of Energy and Finance, has supported the Tema Oil Refinery (TOR) to replace its burnt furnace for it to be able to process more crude oil for the local and international market. The refinery said the installation of a new furnace started earlier this year and was expected to be completed soon to allow for deployment in the fourth quarter. It added that it was expected that the replacement of the furnace would allow TOR to climb back to its installed capacity of 45,000 barrels of crude oil per stream day (bpsd). The furnace imploded in January 2017, resulting in TOR’s production capacity falling to 25,000bpsd and bringing with it a reduction in revenue. In a statement issued on May 25, TOR said although the refinery had procured the furnace from its resources, it was unable to fund the installation due to financial constraints.

🚩The Ghana Maritime Authority (GMA) with the technical support of the United Nations Office on Drugs and Crime (UNODC) and funding from the US Bureau of International Narcotics and Law Enforcement Affairs (US INL) has held a one-day stakeholder sensitization meeting on Ghana’s Draft Piracy Bill which was held at the Golden Tulip Hotel, Accra. The meeting forms part of the concrete steps in the roadmap being implemented by the GMA, Ministry of Justice and Attorney-General (MoJ&AG), UNODC, and other critical stakeholders towards the amendment of sections 193 and 194 of the Criminal Offences Act of Ghana, 1960 (Act 29) on piracy, to bring it in tandem with the relevant provisions of the UN Convention on Law of the Sea (UNCLOS).

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Compiled By: Prince Henry Danquah
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