Business News of Mon, 16 Apr 20181

Ghana and UK strengthen oil and gas sector partnership

United Kingdom (UK) Prime Minister’s Trade Envoy to Ghana, Adams Afriyie, has led a delegation of 18 Scottish companies to sign MOUs that will enable capital investment in Ghana’s oil and gas industry.

The partnership is to ensure that the right equipment is used so as to build the capacity of the sector which will enable cross-checking, and ensuring that taxes paid to the state are the right amount.

“I think this partnership will be of great benefit to Ghana in bringing to the young, but growing oil and gas sector, expertise from the Scottish oil and gas industry. What we have achieved is connecting Scottish expertise to Ghanaian oil and gas producers,” Afriyie said.

In September 2014, Ghana hauled Cote d’Ivoire to the special chamber of the ITLOS after negotiations with the West African neighbour over a maritime dispute concerning the West Cape Three Points broke down.

In its initial ruling in 2015, the Chamber placed a moratorium on new projects, compelling Tullow Oil to put on hold operations including drilling in the disputed area.

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On Saturday, September 23, 2017, ITLOS ruled in favour of Ghana. In a unanimous decision, the Chamber ruled that there has not been any violation on the part of Ghana on Côte d’Ivoire’s maritime boundary.

Adam Afriyie, also reiterated the importance of this ITLOS ruling in sustaining trust in the oil and gas industry in Ghana, coupled with the peaceful governance.

“Ghana is very stable politically with peaceful transition of power on several occasions. To me, it is the star of Africa.

The UK-Ghana Chamber of Commerce, believes that the Ghanaian economy is in good stead, entreating local companies to join the chamber and reiterating the commitment of British government to improving trade and investment relations between Ghana and the UK.

The British High Commissioner to Ghana, Iain Walker said the oil and gas sector is doing well and is currently the leading industry in the Ghanaian economy as indicated by 2017 figures.

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“Ghana’s oil and gas industry has not been in existence for as long as the Scottish, but has greater potential with very capable people, so there is a kind of symbiotic opportunity to hold onto the expertise of Scotland,” Walker said.

Referencing to an earlier capital injection by the UK-Ghana Chamber of Commerce into the infrastructure development of ports, transportation, and railway amongst others in Ghana, Walker said it was a success, complimenting the collaboration between Ghanaian and UK private sectors, as well as, UK ministers and Ghanaian ministers.

“The UK ought to facilitate free trade and finance projects of the world by using development support in countries that the UK believes are taking their own development incredibly serious, and Ghana fits in that perfectly.”

OES Oilfield Services (UK) Ltd, Corex UK Ltd, Aberdeen Drilling School Ltd, Air Control Entech, Jee Limited and Apollo Offshore Engineering Limited are some of the Scottish companies that had representatives present to negotiate business.

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