Business News of 2014-05-28

Ghana joins two others to establish Africa gas company

The Ghana Government has signed a memorandum of understanding with Ivory Coast and Equatorial Guinea under which they will begin discussions to create a regional gas company.

The Energy Minister, Emmanuel Armah Kofi Buah joined Adama Toungara, Minister of Petroleum and Energy of Ivory Coast, and Gabriel Mbega Obiang Lima, Minister of Mines, Industry and Energy of Equatorial Guinea, on May 16 in Abidjan, the Ivorian capital, to review the benefits that would result from this initiative.

Those benefits would include new sources of revenue, job creation and greater access to this energy source for power plants, industries and households.

The governments of Ghana, Equatorial Guinea, and Ivory Coast have agreed to share the cost of a feasibility study on the project in the coming months. The result of this study will guide their next steps.

During the meeting, Adama Toungara said, “I'm happy with the progress that has been accomplished so far to promote this project. I hope that all parties work closely to accelerate the completion of the Memorandum of Understanding for the next month, under which my Government will continue to work with our partners to fulfill our obligation as set forth in this Memorandum of Understanding.”