Development banks must embrace nuclear energy By Håvard Halland, Jessica Lovering
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5th edition of Made in Africa Conference’ set to come off on June 14-15 in Accra 3
Thursday 02 March 2023 Issue No.21
A NEW THINKING
Yofi Grant named African Business Personality for 2022 Yofi Grant, the esteemed CEO of the Ghana Investment Promotion Centre (GIPC), has been honored with the prestigious title of African Business Personality of the Year 2022 by International Investor Magazine. This coveted award recognizes Yofi Grant's outstanding leadership and contributions to promoting investment and economic growth in Ghana and across Africa.
Lukoil's offshore projects in Ghana delayed until April By Investment Times Reporter
Reports have indicated that Ghana delays submission of revised plan for offshore project involving Lukoil until April 2023. The Russian oil giant Lukoil has been placed under United States sanctions due to Russia's invasion in neighbouring Republic of Ukraine.
Pecan field development and prepared a revised Plan of Development (POD) for the Deepwater Tano/Cape Three Point (DWT/CTP) block offshore Ghana.
na's government by the end of 2021. Thus, was then delayed until the end of Q2 2022. "The current POD deadline has been extended to April 2023. The company is considering strategic alternatives in response to the challenges, which is expected to be clarified by the new POD deadline," Aker said.
POD submission has been delayed due to the uncertainties and risks caused by the situation with Ukraine and Lukoil Overseas Ghana Tano Ltd.'s 38% interest in According to the reports moni- the license, as well as supply Russia's Lukoil is listed as one of tored by Investment Times, Nor- chain disruptions and inflation, the entities subject to U.S. energy sector sanctions pursuway's Aker Energy has completed Aker said in a report. ant to Directive 4 under Execua comprehensive front end engineering and design study for the Project participants had intended tive Order 13662. "However, to submit the revised PDO to Gha- these restrictions will not apply
to the DWT/CTP project due to the project being initiated before 29 January 2018. Aker Energy will comply with all Norwegian and international sanctions applicable for Aker Energy and the DWT/CTP block in Ghana," Aker said.
Furthermore, GIPC, representing Ghana, was also awarded "Best FDI Destination in Africa for 2022," solidifying its reputation as an innovative leader in fostering foreign direct investment opportunities in Ghana and the continent as a whole. It is a major milestone for the GIPC and illustrates the hard work and dedication of the CEO in steering Ghana to become one of Africa’s most attractive investment destinations on the back of several reforms and policies by President Nana Akufo-Addo to improve the Ghanaian business environment.
Lukoil joined the DWT/CTP project in March 2014. The Tano block covers an area of just over 2,000 square km and is located in the western part of Ghana's waters in the Gulf of Guinea, 80 km off the coast of Cameroon.
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GSE composite index plunge Finance Ministry expects improved credit
18.78 points after yesterday’s trading
ratings to enhance engagements with external creditors
The stock market closed at a posite index as a result slumped 11-day low yesterday after record- 18.78 points to 2,408.03 ining two decliners and one ad- dex-points, with a year-to-date vancer. change of -1.47 per cent. According to a UMB Stockbro- The financial stock index also cut kers report, the benchmark com-
The Ministry of Finance says it expects improvement in Ghana’s local currency sovereign credit ratings to enhance engagement with external creditors on its debt treatment. This comes after S&P Global Ratings on Friday, February 24, 2023, raised Ghana’s local currency sovereign credit ratings from selective default (SD) to ‘CCC+/C’. “This acknowledges the completion of the Domestic Debt Exchange Programme with a successful delivery of new securities to bondholders. In doing so, the selective default is substantially
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Ghana misses restructuring target in blow to ailing currency
Ghana’s cedi, the world’s sec- aid. ond-worst performing currency Finance Minister Ken Ofori-Atta this year, is heading for more pain wanted to reach a restructuring after the West African nation agreement with bilateral credimissed a self-imposed deadline to tors by the end of February to restructure its bilateral debt and help qualify for a $3 billion Intermove closer to tapping foreign 3
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cured,” the Ministry said in a press release. It reiterated the important role of external creditors to the country’s long-term macroeconomic stability, saying “Government of Ghana takes this opportunity to assure our external creditors of their equal progress of our external debt treatment. “ importance to the Re- The outcome of Government’s Debt Sustainability public of Ghana. Analysis (DSA) upon the recommendation of the “We will, therefore, International Monetary Fund (IMF) had revealed continue to work to- that the country’s public debt, both external and gether to advance the domestic was unsustainable.