The offshore pigging will start on February 3, 2025

The West African Gas Pipeline Company Limited (WAPCo) has announced a revised schedule for its planned offshore pipeline cleaning and inspection exercise, commonly known as pigging.

Initially set to commence on January 20, 2025, the offshore pigging has been rescheduled to start on February 3, 2025, to better accommodate the interests of key stakeholders.

The four-week exercise will involve the temporary suspension of reverse gas flow from Ghana’s Western Region to Tema, also in Ghana, and the shutdown of key facilities in Tema, Ghana; Lomé, Togo; and Cotonou, Benin.

During this shutdown period, WAPCo will replace subsea valves located at these strategic locations to enhance operational safety.

In a press release dated Wednesday, January 15, 2025, it said, “The comprehensive cleaning and inspection exercise is a key regulatory requirement and aligns with industry best practices to ensure the safe and efficient operation of the West African Gas Pipeline (WAGP).”

“The project encompasses the entire pipeline infrastructure, from Itoki in Ogun State, Nigeria, to Takoradi in the Western Region, Ghana. The cleaning exercise is in two phases. The first phase, completed in December 2024, involved cleaning and inspecting the onshore section of the pipeline within Nigeria,” it added.

The second phase, scheduled to run from February 3 to March 2, 2025, will focus on the offshore section of the WAGP, stretching from Badagry, Lagos State, Nigeria, to Takoradi, Western Region, Ghana.

WAPCo is required to conduct these inspections every five years, as part of efforts to maintain the integrity of the WAGP and ensure its continued safe and reliable operation across the West African region.

Watch the latest edition of BizTech below:

Click here to follow the GhanaWeb Business WhatsApp channel

Gold is one of Ghana’s major export commodities

Data Bank says it expects the prices of Ghana’s major export commodities, gold and cocoa, to show a strong performance this year.

Research conducted by the bank said the projected strong performance would be driven by geopolitical tensions, potential US Fed interest rate cuts, and supply shortfalls.

According to the research, gold prices might reach US$2,600-US$3,100, while cocoa prices could rise between US$7,000 and US$9,600.

“We expect gold prices to trade higher in 2025, ranging from US$2,600-US$3,100 due to the prolonged effect of geopolitical tension. We are optimistic about a recovery in gold prices throughout 2025 as geopolitical uncertainties are likely to drive safe-haven demand,” it said.

“Additionally, we foresee further interest rate cuts by the US Fed in 2025, which could drive gold prices higher, potentially reaching between US$2,600 and US$3,100 per ounce following the January 2025 FOMC meeting.”

The research underlined that, “Given the positive outlook for gold prices, we believe local investors in Ghana could diversify their portfolios by considering the New Gold ETF and the Bank of Ghana’s Ghana Gold Coin (GGC). We believe these assets provide an opportunity to benefit from rising global gold prices while serving as a hedge against local currency depreciation.”

The expected rise in cocoa prices, the research said, would be due to a significant supply constraint from Ghana and Côte d’Ivoire, which are slowly recovering from adverse weather, with illegal gold mining in Ghana affecting some cocoa farms.

“We assert that the EU Deforestation Regulation (EUDR), effective in early 2025, will further restrict supply availability, likely keeping prices elevated amid strong global demand for chocolate,” it said.

The research also projected Brent crude oil prices to trade below US$76 per barrel in 2025

This will be influenced by high US inventories and a shift towards cleaner energy.

“Our outlook remains cautious as major consumers, such as China and North America, face econom­ic challenges alongside increasing demand for sustainable energy sources. Consequently, global oil demand growth is projected to decline from 1.74 million barrels per day (bpd) to 1.64 million bpd in 2025,” it said.

This it said would reflect a broader trend of slow­ing consumption amid economic uncertainties and a transition to alternative energy.

Watch the latest edition of BizTech below:

Click here to follow the GhanaWeb Business WhatsApp channel

Justina Nelson, acting CEO of Minerals Income and Investment Fund

President John Dramani Mahama has appointed Justina Nelson as the Acting Chief Executive Officer (CEO) of the Minerals Income and Investment Fund (MIIF).

The announcement was made by Felix Kwakye Ofosu, the Acting Spokesperson to the President, in a press statement on January 14, 2025.

According to Felix Kwakye Ofosu, the appointment is in line with Article 195(1) of the 1992 Constitution and Section 21(2) of the Minerals Income and Investment Fund Act, 2018 (Act 978).

“The President, His Excellency John Dramani Mahama, has, in accordance with Article 195(1) of the Constitution and Section 21(2) of the Minerals Income and Investment Fund (MIIF) Act, 2018 (Act 978), appointed Ms. Justina Nelson as the Acting Chief Executive Officer of the Minerals Income and Investment Fund. Ms. Nelson is an accomplished banking professional with over twenty years of experience.

“She is currently a Group Head at Zenith Bank (Ghana) Limited, with oversight responsibility for both the Energy and Commercial Banking sectors.

“Ms. Nelson holds a Master of Laws (LLM) in Corporate and Commercial Law and a Master of Business Administration (MBA) in Marketing, both from the University of Ghana. She also holds a Bachelor of Laws (LLB) degree from the Ghana Institute of Management and Public Administration (GIMPA) and a Bachelor of Arts (BA) in Management and Psychology from the University of Ghana,” the press statement said.

The Minerals Income Investment Fund (MIIF) is a sovereign minerals fund established under the Minerals Income Investment Fund Act, 978 (as amended).

Its mandate is to maximize the value of dividends and royalties accruing to the Republic of Ghana in a beneficial, accountable, and sustainable manner while monetizing Ghana’s mineral wealth to create long-term value for the nation.

The fund also owns 100 percent of Agyapa Royalties Company, Africa’s only state-owned gold royalties company.

AM/KA

Watch the latest edition of BizTech below:

Click here to follow the GhanaWeb Business WhatsApp channel

President John Dramani Mahama has announced the numbers of ministries he will be working with.

The president, in his announcement, has reduced his ministries from the proposed 30 to 23.

Also, President Mahama has given an indication of what the next steps will be on the construction of the National Cathedral.

These two major things have sparked a mix of reactions from the public.

Following this, GhanaWeb stepped into town to seek the thoughts of Ghanaians on these developments.

On the subject of the decision to reduce the number of ministries, some Ghanaians say this is a step in the right direction, as it is expected to lead to a more efficient and lean government.

However, others have expressed concerns about the potential impact on jobs and the effectiveness of the government in delivering services to the people.

“We are in this country and we have so many ministers and we don’t know the job that they are doing, collecting Ghana money and people are suffering. We don’t understand all this so it’s better President Mahama reduces more than the current number, but we believe he knows what he’s doing,” one person said.

On the other matter, some people say the president should not bother himself with building the National Cathedral since he’s not the one who promised Ghanaians to construct it.

“President Mahama shouldn’t make a mistake and build the National Cathedral. It’s Akufo-Addo who said he has made a promise to God that he will build a cathedral and he didn’t fulfil that promise so we don’t need any cathedral for now. The country is ‘hard’ so he should rather use the money to create jobs for the youth,” another person said.

FG/AE

Watch the video of their interactions with GhanaWeb below:

Also, watch videos from President Mahama’s maiden National Prayer and Thanksgiving Service below