A look at some of the big deals signed in 2015
In the year 2015, some deals were signed, both by the government of Ghana, the private sector and the development community.
We bring you some of the big deals signed in the year.
Eni, Vitol, GNPC launch historic Sankofa gas project
The $7 billion Sankofa gas project by Eni, Vitol and the Ghana National Petroleum Corporation, is 60km offshore into the Offshore Cape Three Points block (OCTP).
Ghana is expected to make $2.3 billion in revenue from the project which will also supply gas for about 1,000 megawatts of generation.
Total investments to develop Offshore Cape Three Points, is estimated at $7.9 billion over the life of the project, making it the largest foreign direct investment in the history of Ghana.
Eni contracts Maersk Drilling for Offshore Cape Three Points
Maersk Drilling secured a $545 million contract from Eni, to use its Maersk Voyager drill ship on the Offshore Cape Three Points project for three years, subject to a one-year extension.
GE secures $850 million equipment supply agreement for OCTP
General Electric secured an $850 million contract with Eni and other partners for engineering supply of equipment such as gas turbines, centrifugal compressors, and subsea infrastructure, to develop the Offshore Cape Three Points block.
Ghana signs 1,000 megawatt project with General Electric
The two-phased gas powered 1,000MW project in the Western Region is expected to generate 750 megawatts of electricity by 2016 at a cost of $560 million and some additional 500 megawatts by 2018.
Maersk Group to invest $1.5 billion in Tema Port
APM Terminals, the container terminal operating unit of the Maersk Group, signed a deal to invest $1.5 billion to upgrade its terminals at the Tema Harbour. The company said the project is expected to create 5,000 new jobs.
Parliament approves $1.8 billion loan for Cocobod
The Parliament of Ghana approved a $1.8 billion loan for Cocobod (Ghana Cocoa Board) from a consortium of local and international banks, to enable Cocobod purchase 900,000 metric tonnes of cocoa for the season.
Ghana, Global Fund sign $300 million grant to fight malaria, TB, HIV/AIDS
The Ghana government signed an agreement with the Global Fund for a grant of $300 million to fight Tuberculosis, Malaria and HIV and AIDs.
The agreement was signed by Mr Alex Segbefia, Minister of Health on behalf of Government and Dr Mark Dybul, Executive Director of the Fund, was witnessed by President John Dramani Mahama.
Ghana signs $36.6m IFAD loan agreement for agriculture sector
The Ghana government signed a $36.6 million loan agreement with the International Fund for Agricultural Development (IFAD) in Rome.
Mr Fiifi Kwetey, the Minister of Food and Agriculture signed on behalf of Ghana and Mr Michel Mordasini, Vice President of IFAD, signed on behalf of the organization.
Ghana and Germany sign two financial agreements worth €40.1m
Ghana and Germany signed two financial agreements.
The two agreements, under the International Development Association (IDA) concessional terms, and worth €40.1 million, were signed by the Minister of Finance, Mr Seth Terkper and Mrs Birte Schorlemmer, the Country Director of KfW Development Bank Ghana, ancillary of Frankfurt-based KfW Development Bank (KfW Entwicklungsbank).
The agreements according to Mrs Schorlemmer, was in line with her organization’s commitment over the years to support the Ghanaian government to develop a vibrant and prosperous economy.
Ghana and Japan sign agreements for power supply
The governments of Ghana and Japan signed two agreements during the year.
The first, worth GH¢133 million, would construct and upgrade the Graphic road sub-station in Accra and its interconnected sub-transmission lines into a bulk supply point.
The second agreement, worth GH¢66.6 million is for the construction and expansion of the Sekondi Fishing Harbour.
Ghana, IMF reach $940m three-year credit facility agreement
Probably the most sensational of all deals signed in the year, the $940 million IMF credit facility came in to stabilize the Ghanaian economy.
The facility was to be applied through a programme.
According to the IMF Ghana experienced three difficult years characterized by declining economic growth, increasing inflation rates, rising debt levels and financial vulnerabilities.
The IMF, therefore, stated that the main priority of the programme is to restore debt sustainability through a sustained fiscal consolidation, and to support growth with adequate capital spending and a reduction in financing costs.
By Emmanuel K. Dogbevi & Emmanuel Odonkor