Tag Archives: OIL

Vice President, Dr Mahamudu Bawumia, has announced that government will receive the first consignment of oil under the gold-for-oil policy in January 2023. Making this known in a Facebook post sighted by GhanaWeb, he noted that the first consignment comes after government concluded arrangements for the operationalization of the gold-for-oil policy. “I …

  A Cameroonian lady, Aisha Bessem, based in Cyprus is reportedly in very critical condition in the hospital after a fellow Cameroonian lady and colleague allegedly poured hot oil on her face after a fight. A Cameroonian news portal,THJ, in a Facebook post on Thursday, December 15, said the suspect, Ebot Marion, …

A cap on the price of Russian oil will restrict Russia’s revenues for the “illegal war in Ukraine,” the US says. The cap, approved by Western allies on Friday, is aimed at stopping countries paying more than $60 (£48) for a barrel of seaborne Russian crude oil. The measure – …

Steve H. Hanke, a professor of Applied Economics, Johns Hopkins University, has described as “bogus” Vice President Dr. Mahamudu Bawumia’s announcement of a new policy of buying oil products with gold rather than U.S. dollars. According to him, Ghana’s vice president is grasping for straws with this new gold-for-oil plan. The …

Former New Patriotic Party Member of Parliament for Obuasi East, Edward Ennin, has described as painful the government’s failure to get the Tema Oil Refinery working. According to the former chairman of parliament’s committee on mines and energy, his investigation has established that it will cost around $5 million to …

Crude oil prices keep plummeting. The commodity is being traded at about 87 dollars a barrel on the international market on Monday. If this development continues coupled with the Bank of Ghana’s ability to provide enough forex at a good rate for the BDCs, fuel prices in Ghana are likely to …

Nigeria, with crude oil reserves of more than 37 billion barrels and the 6th largest world producer, has discovered and launched the first oil drilling project in the north after decades of exploration. The Nigeria National Petroleum Corporation Limited (NNPC) unveiled the discovery of hydrocarbon deposits in the Kolmani River …

Vice President Dr. Mahamudu Bawumia has said government is negotiating a new policy that seeks to ensure the country purchases imported oil products with gold rather than foreign exchange. In a Facebook post on November 24, 2022, the Vice President said the policy is expected to take effect by the end …

The Jukwa Police in the Lower-Hemang-Denkyira District has arrested some 15 persons for allegedly lynching a man. The suspects are said to have tied the victim to a pole and beat him to death for allegedly stealing a gallon of red palm oil. The alleged thief identified as Yahaha is …

Ghana is faced with miraculous inflation of goods and services. Just within weeks, the price of cooking oil keeps changing form like a chameleon. It started slowly from GH₵‎360 and then moved to GH₵‎600; now it’s battling between CH₵‎1000-1200. When it happens this way, it’s the average Ghanaian that suffers …