Ghana’s economy and Ghana Gas’s contribution

Ghana National Gas Company (GNGC) is the nation’s mid-premier gas stream that contributes to the economy of Ghana through the processing, transportation, marketing and the sale of the natural gas resources.

The gas company’s contribution covers the area of Education, Health, Water and Sanitation, Sports and sponsorships to individuals, corporates and others, within the country and beyond. The gas company has the mandate to operate infrastructure required for the gathering, processing, transporting and marketing of natural gas resources in Ghana and beyond.

Ghana Gas operates on a business model and thus, obtains revenue through the processing, transportation and sale of natural gas and natural gas liquids. GNGC currently supplies gas to the Volta River Authority (VRA) for power generation. The gas company is trusted and reliable and contributes immensely to this country’s economic development. Under the able leadership of Dr. Ben K.D Asante, the board chairman, Kennedy Ohene Agyapong and the board members, management of the company and all staff, hard work is put into the company to ensure that the country’s educational system will be solid while the health sector will be able to provide support or assist in good disposition.

CEO of Ghana Gas Dr Ben KD Asante

Reports released barely months ago suggest America’s oil and natural gas industry supports 10.3 million jobs in the United States and nearly 8 percent of the nation’s Gross Domestic Product (GDP). Ghana Gas spurs economic growth through hundreds of billions of dollars invested in the country each and every year. The current situation of Ghana’s economy has attracted many difficulties in recent days and seeking redemption from above. If nothing is done, the country will sink into the ditch. Ghana’s president, Nana Addo Dankwa Akufo-Addo, admitted when he addressed Ghanaians on the economic challenges facing the country that, “We are in a crisis; I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time.”

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The Ghanaian cedi has depreciated astronomically against major trading currencies, especially the US dollar, since the beginning of the year. Fuel prices continue to escalate with no hope of stability any time soon, and inflation also keeps soaring with no end in sight.

President Akufo-Addo, however, assured that measures are being taken to resolve the problems, and Ghana will bounce back from its economic predicament. The economic challenges have led the government to seek support from the International Monetary Fund (IMF). According to an IMF report, global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades. The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering Covid-19 pandemic all weigh heavily on the outlook. Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the Covid-19 pandemic. Global inflation is forecast to rise from 4.7 percent in 2021 to 8.8 percent in 2022 but to decline to 6.5 percent in 2023 and to 4.1 percent by 2024. Monetary policy should stay the course to restore price stability, and fiscal policy should aim to alleviate the cost-of-living pressures while maintaining a sufficiently tight stance aligned with monetary policy. Structural reforms can further support the fight against inflation by improving productivity and easing supply constraints, while multilateral cooperation is necessary for fast-tracking the green energy transition and preventing fragmentation.

Ghana Gas’s contribution in the area of health cannot be overlooked since there has been a tremendous increase in the company’s budget allocation to tackle the health sector. The company has built CHPS Compounds, supported hospital with equipment, renovations, maternity wards, supporting individuals’ medical bills, allocation of money to support the University of Energy and Natural Resources (UENR) to build 200-bed hospital for the school and its environs, building doctors’ bungalows, nurses’ quarters just to mention a few. In the area of education, the gas company has contributed a lot and still providing huge support to the educational sector. The ongoing modern center of excellence for electronic and industrial welding technology for vehicle at the Sunyani Technical University, renovation of school building such as dining halls, assembly halls, administrations blocks, supporting school building roofing, building schools for lower level, JHS, senior high schools, supporting individuals to further their education, supporting government institutions such as community water to support the communities especially those in the rural areas, teachers quarters, providing ICT centers for schools, churches, school blocks, mechanized boreholes for schools, providing school canteens for students etc. All educational projects provided by Ghana Gas is not restricted to one region or area but rather all over the 16 regions of the country. Ghana Gas’s contribution to education is progressive and the company always seeks to assist and provide the needed support to Ghana’s education. Ghana now can boast of Astro-turf in the various communities, in our schools, and most popular play or recreational grounds have all been turned into an Astro-turf which shapes the talents and skills of footballers. Astro-turf always provides a consistent surface for footballers and athletes who’re using the field for their activities. A natural grass surface can get a bit rough and uneven, especially after a soccer match. It is nearly impossible to get in consecutive games or practices when there are many holes in the surface caused by cleats and slide tackles. Footballers and the masses in the country can testify that with the introduction of Astro-turf pitches in Ghana, football in the country has risen and many football fans now watch the game, especially grassroots football in our colts league. Football fans always watch matches in areas such Adjringanor, Madina, La town park, now MacDan Astro-turf and others. They can see the beauty of the game due to the fact that the place is now useful with the introduction of artificial surface field. Women now play their league on this Astro-turfs provided by the gas company within the country. Soon, the gas company will be commissioning a new Astro-turf with modern facilities constructed at Asante Akyem Agogo, which will benefit community people. Similar projects will be commissioned in no time and handed over to other communities. All these projects are the natural resources generated by Ghana Gas Company which in the vision of the Chief Executive Officer and the Board, are of the view that, all Ghanaians regardless of their background and where they are coming from will enjoy thereof.

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A modern tennis court in Tema Community 11 will soon be commissioned for the Ghana Tennis Association, a place tennis stars will be using for training and hosting of tennis competitions as well as international competitions. This project is fully sponsored by the gas company which go a long way to show that, its interest is not only in football but rather cuts across the sporting disciplines. The gas company’s sponsors para-sports to disabled personalities such as wheelchair Basketball player and Sprinter Raphael Botsyo Nkegbe, Akwesi Frimpong, the snow leopard and many more.

Ghana Gas’s support to this economy is key and interests the board and the management of the company. Ghana Gas’s projects are all over the country which is the vision the Chief Executive Officer, Dr. Ben Asante, Board, Management and staff.

By Romeo Oduro