The Institute for Energy Security (IES) has predicted that fuel prices may go up slightly.
Going by the 3.68% surge in price of Brent crude oil, in addition to the 5.59% and 5.31% rise in the prices of Gasoline and Gasoil respectively on the international market; the IES foresees prices of fuel on the domestic market going up marginally even though the Cedi appreciated against the US dollar by 0.17%.
However, the IES said, competition between Oil Marketing Companies (OMCs) to control and gain more market shares, and mounting pressure on government to reduce prices of fuel may result in fuel prices remaining largely stable within the second Pricing-window of July 2020.
Fuel prices were adjusted upward as predicted by the Institute for Energy Security (IES). The First Pricing-window of July 2020 saw all Oil Marketing Companies (OMCs) adjusting prices at the pump to record a percentage average increase of 3.66%, thus putting the national average price of both Gasoline and Gasoil at GHc4.79 per litre. Prices of market leaders – Goil, Shell (Vivo), and Total rallied from Gh¢4.65 to close the window at Gh¢4.82.
Over the period under review, Zen Petroleum, Benab Oil, Nick Petroleum, Radiance, Champion, Cash Oil and Santol maintained their status as OMCs that sold the least-priced Gasoline and Gasoil on the local market relative to others in the industry, as monitored by the by IES Market-scan.
The price of Brent crude continues its firmly fixed rallying as a result of growing demand for crude products such as Gasoline, Gasoil, Jet fuel and the demand emanating from the manufacturing sector. On an account of these, Brent crude price rallied by 3.68% from $41.08 per barrel recorded at the end of the second Pricing-window of June to close at $42.59 per barrel on average terms, at end of the first Pricing-window of July.
S&P’s Platts benchmark for fuels shows average Gasoline price gained 5.59% to close at $390.73 per metric tonne, from a previous average of $370.05 per metric tonne. Gasoil appreciated by 5.31% to close trading at $361.80 per metric tonne, from a previous average of $343.57 per metric tonne.
Data collated by IES Economic Desk from the Foreign Exchange (Forex) market shows the Cedi remained largely stable in relation to the U.S. Dollar, appreciating by 0.17% against the major trading currency for oil. The Cedi traded at an average price of Gh¢5.71 to the Dollar over the period, a departure from the Gh¢5.72 recorded in the second Pricing-window of June, 2020.
1D1F: Ex-Obuasi miner to establish GH¢20m oil palm plantation & processing factory
A former miner, Ohene Adu Aboagye, who is also the Chief Executive Officer of LEAPAB, is on his way to setting up an oil plantation and processing factory in Obuasi under the District One Factory (1D1F) Initiative.
The initiative as promised by the government is targeted at transforming the economy of the country through industrialisation.
This is geared towards creating jobs for the teeming unemployed youth in the country.
Residents of Obuasi have not been left out in this industrialization drive that seeks to utilize the raw materials of the various districts in the country.
Mr. Ohene Adu Aboagye said through the efforts of the Adansi Traditional Council led by its President, Nana Opagyakotwere Bonsra Afriyie, and the Obuasi Municipal Assembly, he is in the process of establishing a 1,000-acre oil palm plantation and processing factory in the Obuasi municipality.
He anticipates that fruits from the oil palm plantation will serve as readily available raw material for the oil palm factory and also buy from outgrowers who have already benefited from seedlings under the Planting For Exports and Rural Development (PERD).
Mr. Ohene Adu Aboagye, who rose through the ranks to become General Manager in charge of Sustainability at Anglogold Ashanti, Obuasi Mine, said the factory will offer the people of Obuasi employment opportunities in a bid to diversify the local economy of Obuasi.
At the first phase of his project, the ex-miner will support the idea that it is prudent to have a readily available raw material for a factory before putting up the physical structures.
Citing the Komenda Sugar Factory as an example, he said: “Factories especially agro-processing factories are destined for failure when it has no reliable source of raw materials hence it is important not to put the cart before the horse”.
The CEO of LEAPAB said the gestation period for the project is between 3 to 4 years.
He said he has so far accessed some credit facilities from the Ghana EXIM Bank, the major financial institutions for the 1D1F programme.
He hopes to access more facilities from the bank during the infrastructural stage.
Support from the Municipal Assembly
Mr. Ohene Adu said the Agric Department of the Assembly has so far been very supportive.
He mentioned that they have provided technical support for him throughout the period.
He said he is in close contact with the beneficiaries of Government’s Planting for Exports and Rural Development Programme (PERD), which distributed 15000 Oil Palm Seedlings to farmers last year.
He asserted that they will serve as outgrowers for his oil palm plantation.
The CEO further stated he will still work closely with the Assembly when it comes to upgrading of roads linking the factory and other support.
He said currently he has employed about 50 workers from the surrounding communities to work on the farm but he hopes to employ between 200 to 300 workers when it starts full operation.
This he believes will bridge the unemployment gap in the municipality.
Currently, two other factories – Citrus and Bolts and Nuts factories – are undergoing processes to start full operations in Obuasi.
Source: 3 News
Free electricity and water for another 3 months – Minister of finance
The Finance of Minister Ken Ofori-Atta has announced that Ghanaians will enjoy another 3 months of free water and electricity supply as government further reduces the burden of the Covid-19 pandemic in the country.
Ken Ofori-Atta who announced this during his Mid-year Budget review said it is because government puts the concerns and aspirations of the ordinary Ghanaian first.
“That is also why we further reduced electricity prices by half and completely provided potable water for free for everybody since March this year. And we will extend it for another three months,” he told Parliament, Thursday.
According to the Minister, the free water initiative would be for all water consumers while the electricity supply would be limited to only lifeline consumers.
“It takes a caring government of the people, and with that, I mean, a Government of all the people, to offer cost-free water to all across the country: representing all domestic and commercial customers in Ghana for three months.
“It takes a caring government to be for the people and for business, large and small, to choose to subsidise electricity consumption by 50 per cent to 4,086,286 households and 686,522 businesses at a cost of ¢1.02 billion in three months. And we will extend the coverage for lifeline customers for another 3 months,” he said.
President directs MMDAs, agencies to buy locally assembled vehicles
President Nana Akufo-Addo has directed Metropolitan, Municipal, District Assemblies (MMDAs) and other Government agencies to prioritize locally assembled vehicles when making buying decision for new vehicles.
Chief of Staff, Akosua Frema Osei-Opare made this known in a statement. According to the statement, the directive takes effect from July 2020.
It says the Ministry of Trade would provide information about assembling vehicles in Ghana.
German auto manufacturers, Volkswagen, Chinese Sinotruck and Japanese Toyota are three of the companies assembling vehicles in Ghana.
The statement urged all MDAs, MMDAs, and other Government establishments to comply with the policy.
Source: Daily Guide Network
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