Vice President Mahamudu Bawumia has called on the leadership and members of the Ghana Private Road Transport Union (GPRTU) and other transport operators to collaborate with government as it works to transform Ghana’s public transport system.

According to Dr Bawumia, ongoing efforts to infuse digitalization into the transport sector such as the streamlining of the processes for Driver’s Licence acquisition, vehicle registration, insurance renewal, the soon-to-be rolled-out Tap n Go ride-hailing system for taxis as well as the introduction of Electric Buses into the public transport sector are all designed to make their operations more cost effective and profitable.

Dr Bawumia, who was speaking at the 11th Quadrennial Delegates Conference of the GPRTU on Thursday, 4th July, 2024 at Gomoa Fetteh in the Central Region, therefore urged owners and operators in the transport sector to work hand in hand with Government to ensure the success of these initiatives,

“As transport operators, your role is very crucial to our national development influencing economic growth, social cohesion, and the overall quality of life.

“Government is therefore keen to support development within the transport sector to ensure that your operations deliver immediate benefits and for long-term sustainable development,” he pledged.

Electric Vehicles

Speaking on the theme for the conference: “Transitioning from fossil fuels to electric vehicles for a cleaner environment: The Role of Transport Unions for a Digital Economy”, Vice President Bawumia disclosed that Government is facilitating the purchase of about 100 Electric buses, to be run by the GPRTU, by the end of the year. Construction of hybrid (solar and conventional electricity) Charging Stations for the batteries of these buses and other electric vehicles will start soon, with the aim of moving public transport away from fossil fuels to renewables.

“Two of the major components in transport cost build up is the cost of fuel and spare parts. To address this, we have resolved to move towards the use of Electric Vehicles (EV) in public transport. EVs do not use fuel, and they use very spare parts; the main spare part is the battery, and that can last for years.

“We will work with you (transport operators) to renew your fleets and acquire Electric Vehicles. With the Tap n’ Go digital payment system for public transport that I launched recently, banks will have the assurance that they can track revenues and ensure payment of their loans, so they will be more willing to lend to operators to acquire Electric Vehicles,” he maintained.

“As we seek to give effect to the incentives and make progress with the implementation of the EV Policy, transport operators will take advantage of the incentives to renew their fleet for efficient and comfortable public transport services to the general public,” he noted.

Taxis

With the rapid advancements in technology, the role of transport operators in the modern-day transport sector is more complex and demanding, with an attendant effect on revenues, Dr Bawumia noted. Government has therefore moved to meet the challenge of decreased sales for taxi drivers due to the advent of technology.

“We met with the taxi drivers, and after listening to their concerns about low sales arising from increasing competition from ride-hailing services like Uber, we have designed a ride-hailing service for taxis that will operate like the other ride-hailing services, but this time specifically for taxis. It is ready now, and in we will launch it in a month or so, likely on August 12th”, he disclosed.

Expressing appreciation for the vital role played by transport operators in the country’s development, Dr Bawumia pledged Government’s commitment to providing a conducive, collaborative environment for their business to thrive.

“Transport Operators do not just transport goods, people, and services but they are also a key part of the wellbeing of our society. Therefore as a government, we have an obligation and indeed a collective responsibility to ensure that public transport operators in the digital economy are not compromised.

“As a government, we remain committed to creating an enabling environment and innovative solutions that will ensure that the majority of members of the various transport unions benefit from the dividends of the digital economy. And we shall do so by working closely with you.

“As we look towards the future, it is also vital that we embrace diversity and work towards the formalisation of transport operations in the country. The transport sector should be a beacon of opportunity for all, regardless of what Union you belong to.

“The GPRTU is the largest transport organisation in Ghana and as such offer the largest employment to many unemployed Ghanaians. It is therefore my expectation that GPRTU will be the leaders of change in the sector pulling other smaller unions along the path of reforms.”

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

South Africa represents one of the world’s final frontiers for offshore oil and gas exploration, with indicated resources measuring as much as nine billion barrels. The country’s offshore gas resources are estimated at 60 trillion cubic feet (tcf) while onshore shale could be as much as 390 tcf. While exploration has been slow, recent developments in M&A activity and project advancement promise to reverse this trend, creating new pathways for energy security on the back of oil and gas. 

To attract further investment in frontier exploration, South Africa’s Ministry of Mineral and Petroleum Resources has partnered with the African Energy Week (AEW): Invest in African Energy conference for its 2024 edition. The partnership underscores the Ministry’s commitment to unlocking the full potential of the country’s oil and gas resources and will support new deals across the upstream industry.

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.

South Africa offers strategic opportunities for frontier oil and gas players given its shared acreage with neighboring Namibia, where a series of sizeable discoveries were made between 2022 and 2024. To capitalize on indicated shared resources, a number of global energy majors and independent E&P companies have acquired stakes in the South African Orange Basin in recent months. TotalEnergies and QatarEnergy acquired participating interests in Block 3B/4B, with TotalEnergies assuming a 33% stake and QatarEnergy a 24% share. TotalEnergies made two discoveries – Venus-1 in 2022 and Mangetti-1X in 2024 – in Namibia.

Similarly, independent energy company Eco Atlantic signed a farm-in deal with energy company Tosaco Energy for a 75% working interest in Block 1 in the Orange Basin. Block 1 already possesses extensive 2D and 3D seismic data, with the company planning to interpret and analyze existing data-sets within the next three years. The block is considered highly prospective given its proximity to Namibia’s Kudu field. These acquisitions stand to transform the South African energy market as they represent a crucial step towards unlocking South African offshore oil and gas.  

Meanwhile, South Africa’s hydrocarbon potential transcends into interior basins, with the country’s shale formations in the Karoo Basin offering lucrative opportunities for power generation and LPG. While seismic surveys are still required to determine the full extent of the area’s potential, indicated resources highlight trillion-cubic-feet opportunities for companies. Various oil and gas players are already making strides towards developing this potential. Independent E&P company Panoro Energy applied for an exploration right for helium and natural gas in the Karoo Basin in June 2024. The application involves a three-year work program and will result in a data-set that supports future exploration activities.

Additionally, gas explorer Kinetiko Energy recently announced that it raised $2.2 million to fund a five-well gas flow testing program in the Mpumalanga province. Set to start in Q3, 2024, the program aims to identify high-flow rate gas zones in exploration rights 271 and 270. These results will enable the company to apply for increases in resource and reserves certifications.

“Despite being Africa’s most industrialized nation, South Africa continues to grapple with an energy crisis – a crisis which can be alleviated through the development and monetization of oil and gas. The country should not have to rely on imports to sustain its economy but should be able to develop and utilize its own resources to drive sustainable growth. Close proximity to sizeable discoveries in Namibia, an expansive coastline with undeveloped blocks and growing consumer demand make the country a highly strategic market and investors should seize this opportunity,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

In a recent cabinet announcement, South Africa’s President Cyril Ramaphosa renamed the Ministry of Mineral Resources and Energy to the Ministry of Mineral and Petroleum Resources. The new ministry will focus on maximizing the extraction and monetization of mineral and hydrocarbon resources, thereby streamlining the country’s hydrocarbon agenda. Through the partnership with AEW: Invest in African Energy, the ministry will engage with global investors, project developers and E&P firms on opportunities available in the South African oil and gas industry. AEW: Invest in African Energy aligns closely with the country’s commitment to alleviating its energy crisis through oil and gas, and will promote block opportunities, partnerships and future developments.

Distributed by APO Group on behalf of African Energy Chamber.

African Development Bank (www.AfDB.org) Vice-President for Regional delivery, Integration and Business Delivery, Marie-Laure Akin-Olugbade has completed a mission to Angola in which she held several strategic, high-level dialogue sessions with authorities of the country. The talks provided the foundation for the implementation of the Bank’s new 2024-2029 Country Strategy Paper.

The country strategy paper, which will guide the cooperation between the Bank and Angola for the next five years, was one of the main objectives of the mission which took place from 25-28 June. Her key message to the authorities was the Bank’s readiness to do bigger and transformative operations in Angola.

The vice-president met with senior government officials, including the Minister of Planning and governor of the Bank Victor Hugo Guilherme, the Minister of Finance and alternate governor, and representatives from sector ministries including the Energy and Water, Transport and Agriculture, as well as the Sovereign Wealth Fund. She was also received at the Presidency of the Republic by the Minister of State for Economic Coordination, José de Lima Massano.

Akin-Olugbade also met key development partners working in Angola to discuss common synergies and collaboration and engaged with private sector players to assess progress in reforms of Angola’s business environment.

The parties discussed the cooperation between Angola and the Bank and its priorities, which focus on accelerating economic diversification and job creation, leveraging Angola’s enormous youth dividend, investment in agriculture, and a significant pipeline of energy projects set to transform Angola from a fossil fuel exporter to a supplier of clean energy to Southern and Central Africa.

Akin-Olugbade noted the significant results delivered by Bank projects, which have successfully delivered access to water and sanitation to over 80,000 households in the country’s coastal towns. During a field visit to the Bank-financed Science and Technology Park of Luanda, Akin-Olugbade appreciated the advances made to an investment expected to provide a significant boost to innovation and research for academia, the private sector and start-ups. 

At a reception attended by key partners and stakeholders held on 28 June, the vice president launched the celebration of the African Development Bank’s 60th anniversary.

She said: “I am delighted to see the significant progress made by Angola to diversify its economy and revive the agricultural sector, that has been growing faster than the oil sector for the past five years. I could appreciate the significant success in weathering the COVID crisis and putting public debt on a sustainable trajectory. We now have the foundation for a fruitful collaboration between Angola and the Bank to provide skills to the labour force, and opportunities for decent jobs, thereby creating hope for the youth and women.”

Almost 66% of the population of Angola is under the age of 25, Akin-Olugbade noted.

Minister Guilherme said: “We are delighted with the visit of VP Marie-Laure Akin-Olugbade which is a testament of the prolific partnership between our country and the Bank. We welcome the AfDB’s strategic focus on supporting economic diversification beyond the oil sector by fostering sustainable agricultural value chains anchored on provision of clean energy infrastructure, reliable water supply, and transport corridors. Despite the difficult external and domestic environment compounded by multiple shocks, our government is steadfastly implementing structural reforms to boost competitiveness in the non-oil sector and foster a sustainable, green and inclusive growth consistent the objectives of our third National Development Plan (NDP 2023-27).”

Since the beginning of the Bank’s operations in Angola in 1980, it has approved a cumulative total of more than $3 billion in projects to support the country’s development agenda.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:
Joao Manuel
Communication and External Relations Department
email: media@afdb.org

About the African Development Bank Group: 
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group is pleased to announce the Corporation’s active participation at the 9th World Global Review for Trade. This event, themed ‘Mainstreaming Trade’, was held at the World Trade Organization’s (WTO) headquarters, in Geneva from June 26 to 28, 2024.

The World Trade Organization (WTO) Aid for Trade Review is a significant global platform that brings together policymakers, development agencies, and trade experts to discuss strategies and initiatives to promote trade as a means of development. This year’s theme highlighted the importance of integrating trade into national development strategies for sustainable economic growth.

The event was an occasion for ITFC to cement its strategic partnerships with the international trade community, explore new areas of cooperation, and present IsDB Group’s achievement with the publication of the IsDB Aid for Trade Report.

A joint declaration was signed between Eng. Hani Salem Sonbol, CEO of ITFC; H.E. Ngozi Okonjo-Iweala, Director General of the WTO, Benedict Oramah, President and Chairman of the Board of the African Export-Import Bank (Afreximbank); Gerd Müller, Director General of UNIDO; Samaila Zubairu, President and CEO of the Africa Finance Corporation (AFC), and Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC).  The joint declaration will strengthen cooperation in areas of common interest under the coalition ‘Partenariat pour le coton’ by establishing sustainable textile hubs, supporting private sector investments, and encouraging collaboration and advocacy in Africa and beyond.

 The signature ceremony was followed by a high-level panel session titled “Cotton to Clothing: Charting Pathways to Create Sustainable Jobs for Women and Youth in West and Central Africa”. Mr. Sonbol underscored the long-lasting involvement of ITFC in cotton production in the past 15 years: US$2 billion financed to connect firms and millions of smallholders’ cotton farmers to global value chains. He also presented ITFC’s solutions programs as solutions to support investment promotion, market access, and capacity building to enable the environment for a regional textile value chain in Africa.  

In addition, Eng. Hani Salem Sonbol participated in a panel session on “Financing Aid for Trade—Regional Perspectives,” highlighting the potential for economic transformation of OIC member countries through regional integration and showcasing IsDB Group synergy that allows to offer robust regional programs to OIC member countries in different continents. 

Commenting on ITFC’s participation during the WTO Aid for Trade Review 2024, Eng. Hani Salem Sonbol, ITFC CEO, said: “ITFC’s participation at the 9th World Global Review for Trade is a clear testament to our good relations with the World Trade Organization and our support for their mission of leveraging trade to generate employment opportunities and improve livelihoods. ITFC remains committed to strengthening existing partnerships and leveraging new synergies to provide our member countries with trade solutions best suited to global dynamics. We look forward to further supporting sustainable trade, trade finance, and value creation through these strategic partnerships.”

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of people across the world. Commencing operations in January 2008, ITFC has provided US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.