Day: June 21, 2023

Dr Theo Acheampong, a Political and Economic Risk Analyst, says the real causes of Ghana’s increasing indebtedness in the energy sector are distribution losses and poor tariff management, not excess capacity charges. Speaking on a radio programme monitored by the Ghana News Agency, the Economist said: ‘The current cause of our mess and why the IPPs are threatening to shut their plants is that the tariff has not been cost reflective while there are enormous distribution losses.’ To improve the situation, Dr. Acheampong said ‘the tariffs must continue to go up until such a time that the cedi is stable and fuel prices are stable’. He advised the government to revisit the Energy Sector Master Plan as proposed by the International Monetary Fund. Mr. Edward Bawa, Ranking Member, Energy and Mines Committee of Parliament, also called for an independent bipartisan audit to ascertain the extent to which charges on excess capacity had contributed to the overall energy sector debts. He said claims of excess capacity charges driving the energy sector debts ‘lacked transparency’, saying the idea behind the excess capacity was to export power to other countries within the West African subregion. Mr Bawa urged the government to explore alternatives if it insisted that excess capacity was increasing energy sector debts. He asserted that the reduction in tariffs in 2017 and the reluctance to increase tariffs for some years caused the indebtedness. Mr. Atta Akyea, Chairman, Energy and Mines Committee of Parliament, stated that the energy sector debts had been a major challenge to the government. The MP said available data indicated that the country had spent an excess amount of $900 million on excess capacity charges since 2017.

Source: Ghana News Agency

More than 7,000 refugees are being assisted by World Vision in Angola in partnership with the Angolan government and the United Nations Refugee Agency (UNHCR), a statement from World Vision has said, ANGOP has learnt.

The main area of intervention is the region of Lóvua, north-eastern Lunda Norte Province, where actions of settlement coordination are carried out to guarantee the physical and social protection of the refugees, the statement said.

It adds that every month tons of food are distributed under World Food Programme (WFP) assistance for all refugees and hygiene kits for all women of childbearing age.

The statement adds that the organisation continues to support the construction of houses located in settled areas and intervenes in the rehabilitation of public infrastructure, such as schools, medical clinics, latrines, among others.

It is also raising awareness of nutrition and hygiene, promoting socio-cultural, sporting and recreational activities and carrying out actions to ensure good coexistence between the refugees and the Angolan community.

Child protection is one of the World Vision’s main responsibilities in Lóvua, in partnership with agents of the National Children’s Institute through UNHCR and WFP funding.

One of the points of attention, the statement says, is the situation of extreme vulnerability of unaccompanied minors, who arrived in Angola without adult supervision.

They require permanent assistance and special protection against trafficking and abuse, in addition to the general need for shelter, food, water, health and education.

The statement stresses that the Angolan government, via the local administration, has made efforts to make land plots available to refugees who want to practise agriculture

Source: Angola Press News Agency (APNA)

Angola’s focus on economic diplomacy and foreign policy in recent years has allowed it to improve the country’s image and attract investment in various areas, said the Foreign Affairs minister Téte António on Wednesday.

Téte António was speaking on the sidelines of the 2nd edition of the International Fair of Embassies and Cooperation.

In his speech, the official said that the results are visible, adding that “we need to believe in the economic diplomacy that the Government is carrying out and not be pessimistic, especially Afro-pessimistic”. .

According to Téte António, some segments, mainly national, are following the progress of Angola from a distance and do not have the real scope of projecting the country’s image and the benefits it brings.

As for the fair, the minister said it was yet another stage to present Angola’s potential to international partners, with particular emphasis on small entrepreneurs.

“We need to connect and support initiatives that move forward, for that we have to believe in the country, we need to transform our history into success”, said the official.

In turn, the president of the Núcleo Positivo Association (ANUP), Geraldo Muquico, organizer of the fair, said that the objective is to contribute to the economic diplomacy the country is developing and, together with diplomatic representations, seeking to attract investment.

The exhibition takes place from the 21st to the 23rd of the current month, under the motto “the contribution of diplomatic missions in promoting the image of Angola abroad”.

The event gathers embassies accredited in Angola and more than 42 exhibitors

Source: Angola Press News Agency (APNA)

The privatisation process of several assets linked to national oil company Sonangol will take place between 2024 and 2026, the CEO of the Asset Management Institute (IGAPE) Patrício Vilar said Wednesday.

The privatisation process occurs via stock market dispersion, on Angola Debt and Stock Exchanges (BODIVA),” aimed at transforming into a public limited company.

Official statistics show that for 2023 the government plans to privatise local companies, such as Unitel, TV Cabo, Angola Telecom, the State’s stake in BFA via Unitel shares, Managing Society of the New Airport, insurance company “Ensa” and others.

On the other hand, the government announced plans for completion of the processes of some reference companies for 2024. They include Sonangol, Endiama, BODIVA, and TAAG, via the stock exchange.

During his visit to Sonangol company, IGAPE manager Patrício Vilar said there was an evolution in the privatisation process, adding that a significant number of the companies included in the privatisation process are part of the State oil company.

He also said due to many assets, “in almost all market segments and in many parts of the world, Sonangol needed a specialist company to turn it into a public limited company, such as IGAPE

Source: Angola Press News Agency (APNA)

Angolan head of State João Lourenço will travel to the northern Uíge province on Thursday for a two-day working visit.

In Uige, João Lourenço will chair a meeting of the Local Governance Council, that will gather the governors from the country’s 18 provinces and heads of ministerial departments.

The meeting will take place in two sessions, with first taking place on Thursday afternoon and the second on Friday morning, a press note from the Presidency’s Office has confirmed.

The visiting agenda also includes a meeting with local authorities and a visit to the Agricultural Fair, which will showcase the region’s potential in this economic field.

The Head of State is expected back to Luanda on Friday afternoon

Source: Angola Press News Agency (APNA)