Introduction “In many cases, jobs that used to be done by people are going to be able to be done through automation (AI). That’s one of the more perplexing problems of society.” —John Sculley, former CEO of Apple. Across the world, governments are taking cognizance of the impact of AI – its transformative potential, prominent multi-sectoral applications, ethical risks, and regulatory concerns – and have begun taking policy measures to ensure a responsible and sustainable use of AI. Key evidence of this is the growing number of national AI strategies which have been developed since 2017 in vari ..read more

The senior political science lecturer at the University of Ghana (UG)-Legon, Prof Ransford Gyampo has called on Ghanaians not to sit for the nation to be robbed of the lithium in the country. This comes on the back of the government granting Barari DV Ghana Limited, a subsidiary of Atlantic Lithium Limited, a fifteen (15) year Mining Lease to start the construction and mining of lithium at Ewoyaa in the Mfantseman Municipality of the Central Region. However, there have been red flags raised on the agreement between the Government of Ghana and the foreign company. The Institute of Energy Secur ..read more

The Bank of Ghana (BoG) has announced that it will gradually phase out the Gold for Oil policy, implemented in February 2023 to stabilize fuel prices. The Central Bank believes that the programme has achieved its purpose and is no longer necessary. “The Gold for Oil policy was a crisis management policy. We came in at the time in 2022 when the currency was depreciating very sharply and then prices at the pump became unbearable.” “So as things normalise the rationale for these interventions may not be as strong as they were when we were in the middle of the crisis. So this is why we may have t ..read more

During the first three quarters of 2023, the nation experienced a 9.54 percent decline in crude oil production. Total crude oil produced amounted to a total of 35.42 million barrels, according to Finance Minister Ken Ofori-Atta. This decrease is linked to the natural decline in the Tweneboa, Enyenra, and Ntomme (TEN) field, leading to an escalation in the gas-to-oil ratio and water production in the Jubilee and Sankofa fields. Addressing Parliament while presenting the 2024 budget and economic policy, the finance minister detailed that the Greater Jubilee field contributed 21.94 million barre ..read more

The Minister for Lands and Natural Resources, Samuel Abu Jinapor, commended President Akufo-Addo and Vice President Dr. Mahamudu Bawumia for the successful implementation of the Gold for Oil Policy, hailing it as a pivotal strategy that stabilized the local currency and alleviated fuel costs. Jinapor emphasized that the government’s decision to acquire crude oil without relying on dollars through this innovative approach had significantly curtailed the depreciation of the Ghana Cedi, playing a crucial role in bolstering the national economy. In response to the depreciation of the Ghana Cedi in ..read more

The Public Utilities Regulatory Commission (PURC) has declared a reduction in electricity tariffs and an increase in water tariffs, effective from December 1, 2023, to February 29, 2024. This move aligns with the Commission’s Quarterly Tariff Review Mechanism, incorporating factors such as the US$/Ghana Cedi exchange rate, domestic inflation, electricity generation mix, and fuel costs, particularly natural gas. Electricity tariffs will experience a decrease of 1.52%, reflecting improvements in the exchange rate, lower inflation rates, a favorable electricity generation mix, and reduced natura ..read more

  The management of the Tema Oil Refinery (TOR) has been directed by the Office of the Special Prosecutor to suspend its proposed partnership agreement with Tema Energy and Processing Limited. The OSP, in a letter dated November 21, 2023, and addressed to the Managing Director of TOR, Daniel Osei Appiah, said “it has commenced an analysis of the risk of corruption in respect of the proposed partnership.” The Office thus directed TOR to furnish with all the necessary documentation regarding the proposed agreement on or before the close of Tuesday, December 5, 2023. “You are directed to im ..read more

The Institute of Statistical Social and Economic Research (ISSER) warns that the government’s ‘Gold for Oil’ policy, designed to tackle the foreign exchange demands of oil importers, is susceptible to Illicit Financial Flows (IFF). Dr. Fred Dzanku, Principal Investigator (PI) for ISSER, disclosed that an initial investigation by ISSER uncovered risks in the policy, stemming from the lack of parliamentary oversight, absence of a legal foundation, and the absence of pricing regulations. These factors, he asserted, create opportunities for illicit financial flows. Furthermore, Dr. Dzanku highlig ..read more

  A Deputy Chief Executive-National Petroleum Authority, Mrs. Linda Boamah Asante, has called on African governments to initiate policies and programmes that make Liquefied Petroleum Gas (LPG) affordable and accessible to women. This, she said, will help reduce the hazards women are exposed to from using biomass (wood fuel and charcoal) for cooking. “All government agencies and institutions should have a plan to make sure that LPG is available to women; because in Africa – especially in rural areas – it is the women who do the cooking, so they are the ones mostly affected by emissions fr ..read more

  Photo credit: Tullow oil Ghana is considering selling more oil and gas exploration rights to boost production, according to Reuters, citing a government official. The country has been looking for investors for its oil and gas industries from nations such as the US, China, and India. Ghana, which is going through its worst financial crisis in decades, hopes to generate additional revenue from increased production to fund its energy transition initiatives. In an interview with the publication, Ghana Energy Ministry Deputy Minister Andrew Kofi Egyapa Mercer said: “For any investor to look ..read more