The Board of Executive Directors of the World Bank on Thursday approved the eighth poverty reduction support grant (PRSG8) of US$100 million for Ghana.  This facility was processed within the harmonized Multi Donor Budget Support (MDBS) framework. It supports the implementation of the Ghana Shared Growth and Development Agenda (GSGDA 2010-2013), which succeeded the second Growth and Poverty Reduction... 

Mr. Aidan Heavey, CEO of Tullow Oil Tullow Oil, the largest oil company in Africa, has hinted that it expects production at its Jubilee Oil field to average between 70,000 and 90,000 barrels of oil equivalent per day (boepd) for the financial year 2012. “Gross Jubilee production is currently over 70,000 boepd and following a number of remedial activities, it is expected to average 70,000 to 90,000... 

—COCOBOD assures  To further deepen its key interest in the effective implementation of cocoa strategic year action plans, the Ghana Cocoa Board (COCOBOD) has embarked on ambitious national cocoa rehabilitation programme. The programme which started in the second quarter of 2011 seeks to increase and sustain cocoa production in Ghana through rehabilitation and replacement of old and diseased cocoa... 

STORY BY: EVANS OSEI BAFFOUR The Ghana Energy Commission and Halla Energy and Environment, a Korea based Company have entered into an agreement aimed at investing into the country’s solar energy generation. Chief Operating Officer of the Company, Mr. Byung Nam Kim, at a press conference held during the week, mentioned that Ghana has vast resources for solar energy which should be exploited for the... 

—Minority alleges Ghana will have to pay as much as 2.3 billion dollars more for the loan it is contracting from the Chinese Development Bank in addition to the principal and interests, the Minority in Parliament has claimed. Referring to the off-taker agreement before the House, the Minority claims that though the principal amount of 3billion dollars plus interest comes to $4.6 billion, the country... 

Mr. Aidan Heavey, CEO of Tullow Oil Plc Tullow Oil plc, operators of the Jubilee field, have launched the Tullow Group Scholarship Scheme (TGSS), which will seek to assist Ghanaian students to pursue oil-related courses. The scheme is aimed at supporting locals to participate in the oil and gas industry and in other sectors that will promote economic diversification. It also forms part of the company’s... 

Some of Africa’s leaders have urged closer co-operation within the continent on energy and infrastructure projects to help its growth prospects. Ghana’s President John Evans Atta Mills Nigeria’s President Goodluck Jonathan Speaking at Davos, South Africa’s President Jacob Zuma urged massive investment in infrastructure to promote trade within Africa. Guinea’s President, Alpha... 

The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Mr. George Aboagye, has announced that the GIPC has exceeded its $1.5 billion target for the fourth quarter of 2011.   Presenting a highlight on registered projects in the fourth quarter of 2011 to financial journalists last Wednesday, the CEO noted that “The estimated value for STX $ 2.5 billion and Asanteman Hong Group... 

Ferry firm SeaFrance has been officially liquidated by a French court and told to cease activity, with the loss of 130 jobs in the UK. SeaFrance employs nearly 1,000 people on both sides of the Channel The Tribunal de Commerce decided its future after the European Commission ruled that a 200m Euros (£176m) bailout by the French government was illegal. The court said the offer by a cooperative of SeaFrance... 

Investors are flocking to havens to store their cash, amid continuing worries about the eurozone debt crisis. Frankfurt is seen as a safe bet amid uncertain times in the eurozone Germany sold 3.9bn euros (£3.2bn) worth of six-month bonds at an average yield of -0.0122%, the first auction with a negative yield. That means investors are effectively willing to pay Germany for the privilege of lending...