Ghana

Oil & Gas Exploration

Ghana petroleum output hit five-year low in 2023, state committee says

Ghana's crude oil output fell to a fiveyear low in 2023 as production stalled in all fields, cancelling gains from brand-new wells, a state committee tracking petroleum revenue said on Tuesday. Output fell practically 7% in 2015, the Public Interest and Responsibility Committee (PIAC) stated in a report, dragging down petroleum profits in a nation fighting its worse economic crisis in a generation. Ghana, the world's second biggest cocoa manufacturer, ended up being an oil producer in 2010. Output is currently around 160,000-170,000. barrels-per-day of petroleum and about 325 million requirement. cubic feet each day of gas. The West African...

Refined Products

Ivory Coast, Ghana unable to provide up to 500,000 lots of pre-sold cocoa beans

Leading cocoa producers Ivory Coast and Ghana, in the middle of one of their worst harvests in years, do not have beans available to satisfy shipments of up to half a million tons presold at about a quarter of current world rates, 2 market sources told . The beans make up about 20% of the countries' joint output and the aim now is to provide them next season to the purchasers instead of throughout the existing season, the sources said. The beans were pre-sold for around 2,000 pounds ($ 2,508.00). a metric heap while world cocoa rates are currently. nearer...

Energy Markets

Plastic contamination talks make modest progress however sidestep production curbs

Negotiations on a future worldwide treaty to tackle soaring plastic pollution ran overtime into Tuesday morning amid tense arguments over whether the world ought to look for to limit the amount of plastic being made. As the week-long talks in the Canadian capital of Ottawa ended before dawn, nations accepted continue their operate in advertisement hoc meetings before the final top starting Nov. 25 in Busan, South Korea. That work will consist of searching for types of funding to help establishing countries carry out the treaty. Nations also agreed to develop a process to recognize plastic chemicals that are hazardous...

Energy Markets

Ghana electrical energy supplier briefly detaches parliament over financial obligation

Ghana's staterun electricity provider, ECG, briefly cut off power products to the parliament constructing on Thursday in an effort to push the legislature to honour its 23 million Ghanaian cedi ($ 1.8 million) financial obligation, an ECG spokesperson said. A video shared by regional media revealed legislators exclaiming in the dark parliamentary chamber after the power was shut off, eventually joining together in a chant of dumsor, dumsor - black-out in the regional Twi language. ECG has actually chosen to cut power after the legislature failed to honour demand notifications to pay up, ECG's communications director William Boateng informed ....

Environment

REFILE-Ghana to postpone more cocoa deliveries as supply crisis worsens

The world's second largest cocoa producer Ghana is seeking to delay delivery of up to 350,000 tons of beans to next season due to poor crops, five sources told in a more worsening of the outlook for the worldwide chocolate industry. Chocolate makers all over the world are raising costs for consumers after cocoa more than doubled in value this year alone following a third year of bad harvests in Ghana and Ivory Coast, accountable for 60% of worldwide production. The market had previously estimated Ghana would roll forward some 250,000 metric tons of cocoa, comparable to about half its...

Environment

Ghana's low cocoa output adds to squeeze on trade surplus

Ghana's cocoa export revenue fell almost 50% yearonyear in the very first 4 months of the year, cancelling out gains from oil and gold receipts and narrowing the West African country's trade surplus, reserve bank information showed on Friday. Cocoa export profits have continued a constant decrease given that December 2023, standing at $599.2 million since April compared with $1.17 billion at the exact same point in 2023, Bank of Ghana stated in a summary of financial and financial data. Strong winds, scant rain, smuggling and illness have actually damaged cocoa output of the world's number two manufacturer. Production is...

Environment

Debt-for-nature swaps could give $100 billion increase to environment fight, says report

Debtfornature swaps, where poorer countries have financial obligation written off in return for securing communities such as barrier reefs or rainforests, could offer $100 billion for the fight versus climate change, a new report has actually calculated. The UK-based, non-profit International Institute for Environment and Development (IIED) based the quote on the possibility of financial obligation swaps in a number of the 49 less established nations viewed as most at threat of debt crises. Belize, Ecuador, Barbados, Gabon and Cabo Verde have all done such swaps recently and Laura Kelly, the director of IIED's sustainable marketing researches group, said many...