The upcoming African Energy Week (AEW): Invest in African Energy conference – Africa’s premier event for the energy sector, taking place from November 4-8 in Cape Town – will host a technical hub, offering valuable insights into the future of energy including groundbreaking projects and new opportunities for collaboration and investment.

Taking place during the conference from November 5-7, the technical hub invites industry experts, leading engineers and technology innovators to present cutting-edge solutions and share best practices to foster knowledge exchange and drive the industry forward. The technical hub will feature high-level presentations and in-depth discussions on a range of topics including oil and gas assets, innovative energy technologies and the latest advancements in the energy sector.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

Africa’s ambitious plans for natural gas production, economic diversification and job creation, particularly for women and young people, are set to be outlined during the technical hub. Africa continues to hold resource-rich basins with billions of untapped proven oil and gas reserves, with exploration hotspots cropping up across the southern, eastern and western corners of the continent.

With the arrival of a FPSO vessel to the flagship Senegalese-Mauritanian Greater Tortue Ahmeyim LNG project – which boasts the deepest subsea infrastructure in Africa – in June this year, phase one of the development is expected to produce around 2.3 million tons of natural gas annually for more than 20 years. In East Africa, energy giant TotalEnergies announced its hopes in February to resume construction on its Mozambique LNG project by mid-2024 while in Ivory Coast, energy supermajor is poised to invest $10 billion towards the development of the offshore zero-emission Baleine project. These established markets will serve as a blueprint to some of the continent’s emerging markets, including Namibia and Senegal, while showcasing the capacity to spearhead technical innovations on the back of upstream development.

A focus on carbon capture, utilization and storage (CCUS) technology during the technical hubs will also showcase the key role it will fulfill for Africa’s oil and gas industry in the years to come. Incorporating CCUS technology into the game plan for the future of Africa’s oil and gas industry is poised to bolster the continent’s efforts to eradicate energy poverty while fostering socioeconomic growth across the continent.

Despite offering a wealth of resources, a lack of adequate refining infrastructure has resulted in import-heavy economies continent-wide. This trend, however, is set to reverse as recent oil and gas discoveries motivate the development of new refining plants and the upgrading of existing infrastructure. Efforts to bolster downstream infrastructure are already being seen across the continent. Angola is constructing three new refining facilities while upgrading its existing Luanda refinery. Upon completion, these projects will bring the country’s refining capacity to over 425,000 barrels per day (bpd). Africa’s largest refinery – the 650,000 bpd Dangote facility – started operations in 2023, and in 2024, has secured a number of supply deals with companies such as TotalEnergies.

At the same time, a number of pipeline projects are under developments in Africa that aim to strengthen regional distribution. These include Nigeria’s $2.8 billion Ajaokuta–Kaduna–Kano gas pipeline – set for completion in 2024 –; the 7,000 km Nigeria-Morocco Gas Pipeline – which expects FID in 2024 –; and many more. As such, the technical hubs will unite stakeholders across Africa’s downstream sector to discuss the continent’s most pressing challenges as well as the opportunities for global investors with the aim of maximizing energy security throughout the continent.

Furthermore, the technical hubs will offer insight into opportunities for service companies to support Africa’s oil and gas industries. Activities such as engineering and procurement, well construction, drilling, seismic data and subsea vessels, and much more, offer meaningful openings for small- and medium-sized enterprises to enter the market and propel the industry forward. Service companies also offer an opportune chance for the sector to promote local content development, economic diversification and skills transfer, paving the way for industrialization, resource management and the eradication of energy poverty across Africa.

“Africa remains one of the most attractive destinations for investment,” states African Energy Chamber Executive Chairman NJ Ayuk, adding, “With a significant portion of the African population still lacking access to electricity, the role of international oil companies and national oil companies is set to deliver ripe opportunities for technical service providers to drive energy security and socioeconomic development.”

Distributed by APO Group on behalf of African Energy Chamber.

On June 18, at the invitation of the Ministry of Agriculture and Rural Affairs of the People’s Republic of China, Hon. J. Alexabder Nuetah, Minister of Agriculture of Liberia, visited China and met with Hon. Ma Youxiang, Vice Minister of Agriculture and Rural Affairs of China. The two sides exchanged views on friendly cooperation in the field of agriculture, and expressed willingness to implement the Plan for China Supporting Africa’s Agricultural Modernization proposed by President Xi Jinping at the China-Africa Leaders’ Dialogue, so as to facilitate Liberia’s agricultural development. After the meeting, the two sides signed the Memorandum of Understanding on Agricultural Cooperation between the Ministry of Agriculture and Rural Affairs of the People’s Republic of China and the Ministry of Agriculture of the Republic of Liberia.

On June 20, 2024, Minister Nuetah met with Mr. Liu Yuxi, Special Representative of the Chinese Government on African Affairs. The two sides exchanged views on China-Liberia relations, agricultural cooperation, etc., and agreed that the pragmatic cooperation between the two countries has been fruitful. The two peoples have united and cooperated in the fight against Ebola and the COVID-19 pandemic, forging a deep friendship. The two sides are willing to enhance political mutual trust, strengthen mutual support, and take the Summit of the FOCAC as an opportunity to deepen cooperation with China in various fields such as agriculture, transportation, and poverty alleviation, and continuously push bilateral relations to new levels.

During the visit, Minister Nuetah also visited the China Agricultural University and the National Agricultural and Rural Development Research Institute, and and traveled to Fujian Province to learn about the advanced concepts and technical practices of ecological recycling agriculture, such as ecological fishery in paddy field.

Distributed by APO Group on behalf of Embassy of the People’s Republic of China in the Republic of Liberia.

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has in a significant development for Ghana’s economic recovery, announced that many of the country’s stalled projects will soon resume, thanks to successful negotiations on the restructuring of Ghana’s debt.

Speaking at the presentation of credentials to nine newly appointed diplomats at the Jubilee House, the President detailed the positive outcomes of these negotiations and their implications for Ghana’s development.

The President outlined the completion of three major debt restructuring operations: domestic debt restructuring, external bilateral debt restructuring, and commercial bondholders debt restructuring.

These efforts have provided much-needed financial relief and set the stage for a renewed focus on critical infrastructure and development projects.

“These agreements have provided much-needed breathing space and put our domestic debt-to-GDP ratio on a clear downward trend,” President Akufo-Addo explained.

“The successful negotiations mean that bondholders will provide $4.4 billion in cash flow relief during the IMF Programme, in addition to the cancellation of $4.7 billion of the debt stock.”

The President highlighted the significance of the domestic debt restructuring, which achieved a high participation rate of almost 95%.

Coupon rates were reduced from 21% to 9% on average, and maturities were extended, easing the near-term local debt service burden that previously consumed more than 40% of the country’s tax revenues.

This restructuring has set the domestic debt-to-GDP ratio on a path to reach 55% by the end of 2028. Furthermore, the external bilateral debt restructuring has been a crucial milestone in Ghana’s economic recovery efforts.

The agreement with bilateral creditors, coordinated through the Ghana Official Creditor Committee (OCC) and co-chaired by France and China, resulted in the restructuring of $5.1 billion of Ghana’s debts.

This agreement is expected to provide a cash flow relief of approximately $2.8 billion, or GH¢39 billion, in debt service, postponed between 2023 and 2026 to be repaid later at a cheaper interest rate.

“The Agreement with our Bilateral Debt Holders will lead to a cash flow relief of around $2.8 billion or GH¢39 billion in debt service,” President Akufo-Addo stated. “This will enable us to resume and complete many projects that are vital for our nation’s progress.”

The successful negotiations have also paved the way for the IMF’s Executive Board to convene and approve Ghana’s Second Review of the Fund Programme, resulting in a further disbursement of $360 million in support of the programme. This additional funding will further bolster Ghana’s efforts to revive its economy and accelerate development initiatives.

One of the most notable achievements in the debt restructuring process is the agreement with commercial bondholders. The restructuring of $13.1 billion of debts resulted in significant savings for the government, including the cancellation of $4.7 billion, or GH¢65 billion, from the debt stock. Additionally, Ghana will save $4.4 billion, or GH¢60 billion, in debt service, providing further financial relief during the IMF Programme.

“The savings include the cancellation of $4.7 billion from the debt stock and $4.4 billion in cash flow relief during the IMF Programme,” President Akufo-Addo explained. “This comprises principal savings of $1.5 billion and interest savings of $2.9 billion.”

The President commended the Ministry of Finance, led by Hon. Mohammed Amin Adam, for their efforts in achieving these historic agreements. He emphasized the importance of these milestones in creating the financial space needed to resume and complete stalled projects across the country.

“These achievements are unprecedented in the history of country debt restructurings,” President Akufo-Addo stated. “The Minister for Finance and his team at the Ministry of Finance are to be warmly applauded for this historic achievement.”

With the successful debt restructuring initiatives in place, the government is now well-positioned to focus on revitalizing critical infrastructure and development projects that have been stalled due to financial constraints. These projects, which include improvements in healthcare, education, transportation, and other essential sectors, are vital for Ghana’s progress and development.

The President’s announcement has been met with optimism and renewed hope for Ghana’s economic future. The resumption of stalled projects will not only boost the country’s development efforts but also create jobs and improve the quality of life for Ghanaians.

As Ghana continues on its path to economic recovery, the successful debt restructuring and the resumption of stalled projects signify a significant step forward in the nation’s journey towards sustainable growth and prosperity.

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has reassured Ghanaians and the international community that the country’s economy is on a strong recovery path.

During the presentation of credentials to nine newly appointed diplomats at the Jubilee House, the President highlighted significant economic strides and the resilience shown by Ghanaians in overcoming recent global adversities.

“In the face of these adversities, Ghana has shown remarkable resilience,” President Akufo-Addo declared. “We have embarked on a comprehensive strategy to revive our economy, and I am pleased to note that our efforts are bearing fruit.”

The President cited an impressive growth rate of 4.7% in the first quarter of 2024, surpassing the IMF’s forecast of 3.1%. This growth, driven by the industrial sector’s 6.8% expansion and a 4.1% rise in the agricultural sector, underscores the effectiveness of the government’s economic policies. President Akufo-Addo also emphasized the significance of Ghana’s successful debt restructuring initiatives.

“We have completed three major debt restructuring operations,” he noted, highlighting the substantial relief achieved through domestic debt restructuring, external bilateral debt restructuring, and negotiations with commercial bondholders.

The domestic debt restructuring, which achieved a high participation rate of almost 95%, reduced coupon rates from 21% to 9% on average and extended maturities. This provided the government with much-needed breathing space and set the domestic debt-to-GDP ratio on a clear downward trend, expected to reach 55% by 2028.

The President also outlined the successful negotiations with external bilateral creditors, which resulted in a cash flow relief of approximately $2.8 billion. This relief, spanning from 2023 to 2026, allows the government to reallocate funds towards critical infrastructure and development projects that had been stalled due to financial constraints.

“Our economic recovery is strongly on course,” the President affirmed, attributing this progress to both governmental initiatives and the resilience of the Ghanaian people. He praised the collective effort and unyielding spirit demonstrated by Ghanaians during these challenging times.

The Ghana CARES ‘Obaatampa’ Programme, launched in 2021, continues to play a pivotal role in the nation’s economic strategy. This ambitious program focuses on supporting commercial farming, building the light manufacturing sector, developing engineering and ICT industries, fast-tracking digitalization, and creating jobs for young people.

“The Ghana CARES ‘Obaatampa’ Programme sets out our roadmap towards the strong revitalization of the Ghanaian economy,” President Akufo-Addo explained. “Each of you must help and contribute to the success of this programme, by facilitating, amongst other things, as much foreign investment into the country as you can.”

As Ghana continues to navigate the challenges posed by global events such as the COVID-19 pandemic and the ongoing conflict in Ukraine, the President remains optimistic about the nation’s economic future. He reiterated his previous statement made during the height of the pandemic, emphasizing the government’s focus on reviving the economy rather than prioritizing economic growth over public health.

“If you will recollect, I did say, at the height of the pandemic, that we knew how to bring the economy back to life, but did not know how to bring people back to life,” President Akufo-Addo reminded the audience.

“This remark was made to justify the extraordinary expenditures that Government was forced to make during the pandemic to afford relief and protection to the population. I believe, in all humility, that the nation is today appreciative of the validity of my statement, as our economic recovery is strongly on course.”

President Akufo-Addo’s confidence in Ghana’s economic revival is further supported by the ongoing efforts to attract foreign investment and strengthen international cooperation.

The newly appointed diplomats are expected to play a crucial role in promoting Ghana’s economic agenda on the global stage. “Your primary responsibility is to promote the image of Ghana as a stable, peaceful, and forward-looking country,” the President told the new envoys.

“This entails engaging with your host nations to foster strong bilateral relationships, attract investments, and advocate for the interests of Ghana.”

With these promising indicators and a comprehensive economic strategy in place, Ghana is well-positioned to achieve sustainable growth and development.

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.