A claim by Minority MPs that one of the key players in Ghana’s oil and gas sector, Aker Energy, will soon follow Exxon Mobil to exit the country has been debunked.
Exxon Mobil’s exit from Ghana’s deep-water oil exploration is fast taking a political twist, primarily because Minority Parliamentarians are blaming President Nana Akufo-Addo’s government for the oil giant’s decision to pull out.
Exxon Mobil Corp. is pulling out of a deep-water oil prospect in Ghana just two years after the west African nation ratified an exploration and production agreement with the U.S. oil titan.
A company limited by shares construct produces an entity bestowed with legal personality, limited liability, transferability of shares, delegated management and investor ownership according to Reinier Kraakman.
Data from the Bank of Ghana has revealed that the balance of trade has narrowed in the first quarter of 2021 to 1.0% of Gross Domestic Product, as imports continued to surge.
The trade balance, the difference between exports and imports, stood at $759 million in April 2021.
Compared to the same period last year, the trade balance was $1.0 billion, which is equivalent to 1.3% of GDP
Total export was estimated at $5.13 billion in the first four months of this year, whilst total imports including oil stood at $4.37 billion.
For exports, the country earned $1.8 billion from gold, $1.2 billion from cocoa and $1.14 billion from oil respectively. Oil had witnessed growth in exports because of the increase in oil prices, which is hovering around $65 on the international market.
Ghana’s Gross International Reserves however hit $10.9 billion in April 2021, from $8.6 billion recorded in December 2020.
Despite the impact of the coronavirus pandemic on global economies, Ghana recorded a trade surplus of $2.015 billion in 2020, data from the Bank of Ghana has revealed.
This was equivalent to 3.0% of Gross Domestic Product.
According to the Bank of Ghana’s January Summary of Economic and Financial Data, total exports was estimated at $14.45 billion, whilst total import was $12.43 billion.
But comparing it to 2019, the country earned $15.6 billion from exports, whereas imports was $13.4 billion.
Some analysts are forecasting that the Monetary Policy Committee (MPC) of the Bank of Ghana’s, will maintain the policy rate at 14.5 percent, for a record seventh consecutive time since it was slashed amidst the pandemic last year.
Ghana is planning to raise as much as $1 billion through a sale of sustainable bonds, including Africa’s first social debt to fund a flagship policy to broaden access to education.
The Italian Trade Agency (ITA) today launched the Italy-Ghana Agribusiness Digital Lab project to bring together Italian and Ghanaian companies in the agribusiness sector to develop mutually beneficial business relationships.
The Minerals Commission, as part of efforts to restructure its hierarchy, has undertaken a massive reshuffling of its staff in various parts of the country.
