Springfield: Springfield Exploration and Production Limited has initiated a crucial appraisal campaign on the Afina-1x field, responding to directives from an international arbitration tribunal. The tribunal's ruling in July 2024 mandated additional work before the unitisation of the Afina and Sankofa fields, citing evidence that both fields share the same reservoir. This development comes after a five-year delay in Springfield's operations following the initial hydrocarbon discovery. According to Ghana News Agency, Springfield, in collaboration with the Ghana National Petroleum Corporation (GNPC), announced the arrival of the semi-submersible rig, Deepsea Bollsta, to conduct a month-long appraisal of the offshore oil block in Ghana's Western Region. Springfield's CEO, Kevin Okyere, stated at a media briefing that the company is adhering to the tribunal's directives and aims to halt the decline in Ghana's oil production. A successful appraisal could potentially boost national production by 50,000 barrels per day. Mr. Okyere clarified that the Mobile Offshore Drilling Unit, Deepsea Bollsta, has commenced operations with the re-entry and Drill Stem Test of Afina-1x as part of the appraisal program. The CEO addressed false claims regarding premature appraisal results, confirming that the rig had only recently arrived, and the evaluation process is in its early stages. He emphasized that the company is still acquiring and processing data to produce an appraisal report. Jerry Greenfields, Assets Head of West Cape Point Three (WCPT) Block 2 at GNPC, commended the rapid mobilization of the rig, noting the rarity of such swift operational commencement. Springfield's commitment to the appraisal is evidenced by a substantial investment of approximately US$65 million, raising its total expenditure on the project to over US$200 million. Dr. Thomas Manu, Springfield's Vice President of Exploration and Production, elaborated on the technical aspects of the Drill Stem Test (DST), which will evaluate the well's flow rate. Thi s procedure, he assured, will meet the court's requirements while adhering to rigorous safety protocols. ZCZC

Guzakusa to Recognize 23 African Women Trailblazers in Agribusiness

Accra: Guzakusa, an organization focused on empowering African women in agribusiness, will honor 23 women across the continent for their exceptional leadership in the sector. The awards, known as the '2024 African Women in Agribusiness Awards,' mark the third edition of the event, which aims to highlight women who have fostered innovative business growth. According to Ghana News Agency, the ceremony will take place on November 2, 2024, at the Tomreik Hotel in East Legon, Accra, Ghana. It is anticipated to attract women in agribusiness from various African nations, especially those from rural areas. The event is themed 'Connecting Women; Connecting African Food Systems' and seeks to celebrate women who have contributed significantly to food security and job creation. The awards will feature 23 categories, including the SHE Innovate Award, Perseverance Award, Emerging Star in Agribusiness Award, Role Model Excellence Award, Green Business of the Year, Business Diversification Award, and Export Business of the Year. Additional categories are Rising Agribusiness Award, Inclusivity Champion Award, Young Agripreneur of the Year, and several others recognizing excellence in various sectors within agribusiness. Participants will have the opportunity to experience finalists' journeys through one-minute video presentations and meet the changemakers driving progress in agriculture. The ceremony will include activities such as walking the red carpet, networking with industry leaders, enjoying an exclusive dinner, and listening to success stories from visionary women. Entertainment will feature a live performance by 'Kilimanjaro' singer La Reine Yosé. Preceding the awards, a tour on October 27 will take participants to Wli Falls, Monkey Sanctuary, and Adomi Bridge. A Women in Agribusiness Conference will be held on October 28, followed by a Women in Agribusiness Forum on October 30 in Ho. An industry tour and an Agribusiness Stakeholder Roundtable, which will be virtual, are scheduled for October 31. Guzakusa encourages i nterested participants to register at a special reduced rate of GhS 400 ($26), thanks to support from GIZ Ghana and other partners. Registration details and further information are available at https://www.eventbrite.com/e/ or by contacting +233204999338 / +233243374973 or visiting www.waw.guzakuza.com. ZCZC

Ghana's Finance Minister Advocates for Transparency and Shared Burden in African Debt Reforms

Washington: Ghana's Finance Minister, Dr. Mohammed Amin Adam, has called on African nations experiencing debt restructuring challenges to adopt strategies of transparency, shared burden, and simplified negotiation processes. His remarks aim to assure creditors of the countries' commitment and willingness to make sacrifices, thereby reducing the extended periods typically involved in Africa's debt restructuring efforts. According to Ghana News Agency, Dr. Amin Adam made these comments during a discussion at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, D.C. The IMF reports that Sub-Saharan Africa's average debt ratio has nearly doubled over a decade, escalating from 30 percent of Gross Domestic Product (GDP) at the end of 2013 to almost 60 percent by the close of 2022. Additionally, the African Development Bank (AfDB) estimates that the region's total external debt rose from $1.12 trillion in 2022 to $1.152 trillion by the end of 2023, raising concerns about the increasing cost of repayment. The situation presents significant challenges for the region as it seeks to meet the $1.6 trillion funding requirement projected by the Organisation for Economic Cooperation and Development (OECD) to achieve sustainable development goals by 2030. Dr. Amin Adam highlighted Ghana's success in restructuring its Eurobonds debt within nine months, a process that typically spans two years for other countries. He attributed this achievement to Ghana's strategies of burden sharing, simplicity, and transparency. He emphasized the importance of restructuring domestic debt as a prerequisite for effective external debt negotiations. Ghana's Domestic Debt Exchange Programme (DDEP), though a difficult step, demonstrated the nation's commitment to debt restructuring, garnering support from bilateral creditors and Eurobond holders. Dr. Amin Adam advised fellow African nations to focus on restructuring debt principals and coupons rather than opting for complex state contingen t instruments.