Skip to main content

IFC commends Quantum group tremendous investment in energy sector

By: Fred Yaw Sarpong- Daily Express

International Finance Corporation (IFC) has commended Quantum Group for a tremendous investment the company has made in terms of financial resources and human resources, putting together a large venture to attract this package from IFC.

“IFC is committed to partnering with local private sector players to build capacity and meet the growing energy needs of Ghanaians,” this was said by Mrs. Ronke-Amoni Ogunsulire, the IFC Country Manager for Ghana at the signing of a loan agreement with Quantum Group at the World Bank office in Accra.

According to her, they are honoured to partner with the Quantum Group, not only because it is a leading player in the sector, but also because the project aligns with their priority of helping Ghana solve some of its most pressing concerns.

She congratulates Mr. Emmanuel Egyei-Mensah of the Quantum Group and his team for spearheading this important and timely project which will increase Ghana’s storage capacity for refined petroleum products.

“The energy sector is a priority for IFC and we are working on projects in every part of the value chain.  We are pleased that together with Quantum, we can help reduce fuel shortages in Ghana,” she added.

She noted that their objective is to help alleviate fuel shortages for the benefit consumers, through the provision of adequate, modern and efficient storage facilities.

‘‘We expect other positive impacts from this project including the unlocking of business opportunities in several sectors, and the creation of jobs, particularly in the oil marketing companies that sell fuel to end-users at filling stations,’’ said Mrs Ogunsulire.

She said the energy sector is a priority for IFC, and they are working on projects in every part of the value chain, from upstream (oil & gas exploration and production), all the way to downstream (refined product distribution).

‘‘We have invested US$525 million in the sector in the past five years, including oil and gas exploration and production, power production, and refined petroleum distribution,’’ according to her.

Mr. Emmanuel Egyei-Mensah, Quantum’s Group Executive Chairman and Chief Executive Officer thanked IFC for accepting their proposals in this partnership.

“This collaboration with IFC on the Tema Tank Farm project is critical for us and for Ghana,” said Egyei-Mensah.

He said the IFC support to establish international best practices in corporate governance and environmental and social systems throughout the Quantum Group, will position them for optimum performance as Ghana liberalizes petroleum product pricing.

The IFC, which is a member of the World Bank Group, signed a loan facility agreement of US$8 million with Quantum Oil Terminal Limited, a leading player in the oil and gas sector in Ghana. 

Quantum Oil Terminal Limited is developing a 55,000 metric ton petroleum products storage facility near the port of Tema. The project will help address storage constraints in the petroleum products distribution value chain and reduce shortages in Ghana.

The OPEC Fund for International Development also provided an US$8 million loan.


Popular posts from this blog

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…