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EDITION 411.Cdr EDITION. Et0411 MONDAY 11 JUN. - SUNDAY 17 JUN. 2018 MiDA rolls out Energy Efficiency activities under Compact II EDITION: Et0411 MONDAY 11 JUN. - SUNDAY 17 JUN. 2018. Reliable Indepth Informative GHC 2.00 / US$ 1.00 he Millennium Development initiatives seek to address the Authority (MiDA), Ghana, is constraints to the supply of adequate Mobile money now biggest Ts e t t o r o l l o u t v a r i o u s and reliable power, while the EEDSM programmes under its Energy project would signicantly reduce E f c i e n c y a n d D e m a n d S i d e peak demand, ensure adequate non-cash payment platform Management (EEDSM) project, all supply for all and reduce investments aimed at ensuring energy efciency needed in expensive additional ...more mobile money payments and conservation. generation facilities. The EEDSM Project, a component The EEDSM, one of the six projects under the Ghana Power Compact, making up the Compact II, is expected than cheques, debit cards etc. also known as Compact II, has been t o i m p l e m e n t s e v e r a l p o l i c y By Elorm Desewu 2017. The number of mobile increase to 23,947,437 in designed to directly support Ghana's initiatives and programmes that money accounts increased to December 2017 compared with sector strategic objectives to achieve would ensure energy efciency and he latest report on 23.9 million in 2017 compared 19,735,098 in December of the power supply sufciency, including conservation among Ghanaians. P a y m e n t S y s t e m with 12.5 million bank accounts previous year. exports to neighbouring countries. During a media brieng lst week in Oversight by the Bank of in 2017 The value of retail payments The activities expected to be Accra, Mr Sylvester Ayayee, Project T Ghana, (BoG) unveils that Total mobile money oat excluding cash increased by completed within the ve-year Manager of EEDSM at MiDA, said a Mobile money has overtaken balances as at December 2017 43.18 percent to GH¢381.43 lifespan of the whole Compact II total amount of 25.4 million dollars cheques as the main non-cash n e a r l y d o u b l e d t o billion in 2017 from GH¢266.39 project, are to help Ghana cut wastage was being allocated to undertake the retail payment instrument in GH¢2.3billion compared with billion in 2016. The growth in and save more than 30 to 70 per cent of various activities and initiatives terms of volume of transactions GH¢1.3 billion in December the value of the retail payment energy consumption within the under the EEDSM project. with 981.6 million transactions 2016. Similarly, the number of instruments was on account of period. He said the activities had been at the end of 2017. registered mobile money increases in the value of mobile The ve-year Compact II is designed g r o u p e d i n t o f o u r , n a m e l y : This was followed by Debit accounts recorded a signicant Contd. on pg.4 Governor of the Bank of Ghana, Dr Ernest Addison to create a self-sustaining energy Development and Enforcement of Card with a transaction volume sector in Ghana by reforming laws Standards and Labels activity; of 60.4 million; through ezwich and regulations needed to transform Improved Energy Auditing activity; cards -8.4 million; cheques -7.3 Foreign OMCs petition gov't over the country's power sector. Education and Public Information million; and Direct Credit T h e C o m p a c t I I p r o j e c t s a n d Contd. on pg.4 Transfer -6.1 million in 2017. However, in terms of value of the new local content policy transactions undertaken in Ghana losses US$200m yearly By: Adnan Adams Mohammed 2017, cheques continued to policy which is yet to be Limited, Total Petroleum They explained that, the draft to tax evasion in petroleum maintain its lead with GH¢179.6 e y p l a y e r s i n t h e operationalized. Ghana Limited, Vivo Energy local content policy document billion while mobile money i n t e r n a t i o n a l T h e m u l t i n a t i o n a l O i l Ghana Limited; and Puma does not reect and cannot downstream – NPA followed closely with GH¢155.8 Kdownstream petroleum Marketing Companies (OMCs) Energy Distribution. achieve the right balances billion. products trading operating in which signed the petition sent The joint petition expressed between the competing interest The preference for mobile the country have registered to the Energy Minister, Mr reservations about the draft of the local Ghanaian entities By: Adnan Adams Mohammed the Bulk Road Tracking System, the money services over traditional their displeasure with the newly Boakye Keremanteng Agyarko local content policy for the and the foreign investors' t is estimated that, the country integration of the Ghana Community bank services persisted during drafted industry local content i n c l u d e d : E n g e n G h a n a downstream sector. interest which have an impact Network and GRA Monitoring l o s e s o v e r U S $ 2 0 0 m i l l i o n on the Ghanaian economy. P l a t f o r m i n t o t h e E n t e r p r i s e annually in tax revenues due to The petition was jointly signed I Relational Management System for the nefarious activities of service by: Mr Henry Akwaboah, harmonisation of information and providers of the petroleum sector in Managing Director, Engen monitoring. order to evade tax. BoG sells dollars, expects Ghana Limited; Mr Olivier van Mr Tampuli made this known at the This is a staggering gure which could Parys, Managing Director, s e c o n d e d i t i o n o f t h e G h a n a do a lot for the country in terms of Total Petroleum; Mr Myles International Petroleum Conference infrastructure development and Bouvier-Baird, Managing provision of social services to the in Accra on the theme: ''Realising the local currency to recover Director, Puma Energy; and Mr Vision of a Petroleum Hub''. citizenry, but just enters into the Ebenezer Faulkner, Managing The four-day event was under the p o c k e t s o f t h e f e w g r e e d y Director Vivo Energy. auspices of the Energy Ministry and hana's central bank market and we've done some “The Bank of Ghana is also had built-up its reserves to $8.1 businessmen. The four multinational OMCs G h a n a C h a m b e r o f B u l k O i l expects the local cedi signicant interventions in the engaging the management of billion by the end of May. This necessitates stringent measures further explained that even Distributors, in collaboration with the currency to recover as p a s t t w o w e e k s . T h a t ' s MTN Ghana to ensure that any “We are in good shape with our by the industry regulator to help curb G though, “we agree that the National Petroleum Authority and it sells more dollars to local beginning to lead to some FX outows arising from the economic fundamentals ... we this nefarious activity of cartels in the petroleum downstream sector Association of Oil Marketing banks, it said last week. stability,” said Opata. transaction are done in a have adequate reserves and fuel trading business in the country. in Ghana currently faces Companies. The cedi has declined steadily A market note published by phased and orderly manner,” these global and domestic In this vein, the Chief Executive several challenges we are of the It brought together key stakeholders against the dollar since the end Barclays Bank Ghana said the said Opata. developments do not yet pose a Ofcer of the National Petroleum o p i n i o n t h a t t h e in the petroleum downstream sector of April, partly due to broader central bank sold around $30 Ghana, which exports cocoa, threat to ination in Ghana in Authority, Mr Alhassan Tampuli, has i m p l e m e n t a t i o n o f t h e including policy-makers, regulators weakness in emerging markets million on Wednesday last gold and oil, is in the nal year the near term,” he said. said, the Authority has rolled out a r b i t r a r y l o c a l c o n t e n t and oil service providers, to and to a rise in the American week. of a $918 million credit deal stringent measures to tackle the requirements will actually deliberate on policies and trends in currency. Opata said the cedi's recent signed in 2015 with the p r o b l e m h e a d - o n , i n c l o s e make it harder to overcome the the sector, as well as discuss pertinent Steve Opata, head of nancial slide was also caused by International Monetary Fund collaboration with the Ghana challenges as in any vibrant issues affecting the industry in the bid markets at the central bank, told concerns over the potential to reduce its budget decit, Revenue Authority (GRA), the Navy economy.” to guide decision-making.
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