A tax consultanat at PKF Ghana, Mr Eric Amponsah Boateng, has asked the government to use the 2019 Budget Statement due to be presented on November 15 to introduce new methods of raising funds to finance the Free Senior High School (SHS) programme.
The international launch of Ghana’s first upstream oil and gas licensing round in Cape Town, South Africa, was received with high interest, as representatives of global oil giants rushed for sitting places at the event.
The Chief Executive Officer (CEO) of the Petroleum Commission, Mr Egbert Faibille Jnr, has assured prospective investors in the oil and gas sector that Ghana is committed to a legal framework and conducive environment that will ensure benefit for all.
Mr Faibille gave the assurance in a presentation at the 25th Africa Oil Week in Cape Town, South Africa on ‘The Future of African Exploration and Production’ which, among other things, addressed the creation of future business models, an enabling environment and policy reform to link projects to direct foreign investments.
The country will ensure a win-win situation with the present improved fiscal terms which, he said, were about the best in West Africa, together with a robust legal framework, transparency and security for investors within the petroleum upstream sector.
“With the country’s pedigree, it is obvious that investors who enter the country will never have any regret at all as the country is committed to its laws to ensure the creation of the perfect ambiance for businesses,” he said.
He added, “We want the investors to note that as we move to the next level, one of the things we are sure about is the certainty in our laws and regulations. We want people who come into our country to be firm in thoughts and action that we are not a nation of men who think what the laws should be.”
“We are a nation of laws and we are very firm in dispensing the law, fair and firm in ensuring that the right things are done.
We believe that the hydrocarbon which has accumulated over a 100 million years, which we hold in trust for generations to come, is subjected to prudent and intergenerational management,” Mr Faibille stated.
The CEO of the Petroleum Commission said managers of the oil and gas resource were directing their energies at ensuring sustainability in the industry and creating global value for the future.
The commission, he said, would want the benefits along the chain to be felt by all, especially by the indigenous firms, who played within the industry to be able to spread the benefits across the local economy.
Mr Faibille stressed that Ghana’s laws frowned on “duopolies of suppliers in the industry who dominate the market for a commodity or service, as well as the domination of an entity to the detriment of others”.
“In the spirit of fairness, we as a commission are insisting and driving to a point where companies that are consistently getting contracts to either sublet or ensure that the international oil companies help in the creation and scaling up to the level of other smaller ones,” Mr Faibille stated.
“We believe that it is only through good local content policies and implementation that will lead us to dream of ensuring the shared values and prosperity between the investor and the host country,” he said.
The National Insurance Commission (NIC) plans to implement the electronic motor insurance database by early 2019 to boost confidence in the insurance sector and curb fake motor insurance stickers in the system.
A renowned economist, Prof. John Gartchie Gatsi, has said government missed out on an opportunity to use taxation to provide a sustainable source of funding for its Free Senior High School (SHS) policy.
The StarTimes Satellite TV Project which will enable 300 rural settlements across the country to have access to satellite television will be completed and handed over to the Ministry of Communications on Friday, November 16, 2018.
The President of the Ghana National Chamber of Commerce and Industry (GNCCI) has expressed worry over the non-payment and delays in the payment of insurance claims by some insurance firms to the business community.
All eyes will be on Parliament on Thursday, November 15, 2018, as the Minister of Finance, Mr Ken Ofori-Atta, presents the Budget Statement and Economic Policy of the government for the year ending December 31, 2019.
BY: Dotsey Koblah Aklorbortu, CAPE TOWN SOUTH AFRICA
The Chief Executive Officer of the Petroleum Commission, Mr Egbert Faibille Jnr., has assured prospective investors interested in Ghana’s oil and gas upstream of the country’s commitment to key drivers and legal regimes that will ensure mutual benefit for all.
The Minister of Finance, Mr Ken Ofori Atta, has said the Ghana Commodity Exchange Market (GCX), will transform the country’s economy by creating prosperity for all the actors in the commodities value chain.
An economist and senior lecturer at the Economics Department of the University of Ghana, Dr Ebo Turkson, has said the 2019 budget must announce plans to reduce the size of government as part of efforts to rein in public expenditure.
Pressure is mounting on the Managing Director of ADB Bank, Dr John Kofi Mensah, to step down voluntarily or be removed from office in view of the legal suit brought against him by the Receivers of Capital Bank.
The Deputy Minister of Energy in charge of Petroleum, Dr Mohammed Amin Adam has cautioned international oil and gas companies and their Ghanaian partners to desist from fronting since the act is now criminal and punishable by law.