Latest news with #non-G20
The Sun
03-06-2025
- Business
- The Sun
‘Sit down' and get a trade deal: OECD chief economist
PARIS: As President Donald Trump's trade war weighs on the global economy, the 'best option' is for countries to negotiate and get a deal done, the OECD's chief economist told AFP. The fallout from Trump's tariff onslaught prompted the Organisation for Economic Cooperation and Development to paint a gloomy picture in its economic outlook published on Tuesday. The OECD cuts its global growth forecast to 2.9 percent for this year and 2026, down from 3.3 percent last year. The Paris-based organisation had previously forecast 3.1 percent growth for this year. 'We basically downgraded almost every single economy of the world,' OECD chief economist Alvaro Pereira said in an interview. 'It doesn't matter if you're a G20 country, if you're a small country, small or non-G20,' he said. He said trade, consumption and investment had been affected by the tariffs. The OECD, a 38-nation grouping of mostly developed countries, is holding a ministerial meeting in Paris on Tuesday and Wednesday. US and EU trade negotiators are expected to meet on the sidelines of the gathering, while the Group of Seven advanced economies is due to hold separate talks on trade. Trump hit imports from almost every countries in the world with a 10 percent baseline tariff in April, plus 25 percent duties on the steel, aluminium and car sectors. He also unveiled steeper tariffs on dozens of countries but has paused them until July to give space for negotiations. Pereira warned that the world economy could suffer more if countries retaliated against the US tariffs. 'For everyone, including United States, the best option is that countries sit down and get an agreement,' Pereira said. 'We think that keeping markets open, decreasing trade barriers, it's going to be absolutely essential,' he said, adding that everyone would be 'better off'. - 'Less positive' for US - While Trump believes his trade war will boost the US economy, the OECD slashed its forecast for US growth to 1.6 percent -- down from 2.2 percent in its previous outlook and the biggest revision among wealthy nations. 'Of course, the United States is the country that is going to have biggest repercussions in terms of not only growth impacts from tariffs, but also on inflationary pressures,' said Pereira, a former Portuguese economy minister. 'All this trade uncertainty and policy uncertainty is having an impact on consumer confidence in the United States coming down and business confidence,' he said. 'So this is why we are less positive about the United States.'
Zawya
27-02-2025
- Business
- Zawya
Toward an Energy Hub: Ghana Commits to Accelerated Investment Drive
Ghana is positioning itself as a major hub for energy investment, with the Ministry of Energy and Green Transition pledging to attract key players from the oil, gas and renewable energy sectors. On the sidelines of International Energy Week in London, Ghana's Minister of Energy and Green Transition John Abdulai Jinapor and the African Energy Chamber (AEC) ( – the voice of Africa's energy sector – emphasized Ghana's readiness to welcome investment and create a favorable business environment for foreign and regional firms. During the meeting, the AEC also pledged to conduct a working visit to Ghana, focusing on identifying investment and collaboration opportunities. Together, the AEC and the Ministry of Energy and Green Transition aim to drive growth and development in the country's energy sector, promoting fiscal frameworks that reinforce Ghana's position as an attractive destination for oil, gas and energy investors. As part of these efforts, a dedicated 'Invest in Ghana' Forum will be held at African Energy Week: Invest in African Energies 2025 in Cape Town, where the AEC will coordinate with the Ministry of Energy and Green Transition, Ghana National Petroleum Corporation (GNPC), the National Petroleum Authority, the Petroleum Commission and private sector players to position Ghana as the go-to destination for oil and gas investments from both G20 and non-G20 countries. With oil reserves of 1.1 billion barrels and gas reserves of 2.1 trillion cubic feet (World Bank), Ghana has committed to increasing production through enhanced investment in exploration and field development programs. The country has more than 17 oil and gas projects scheduled for development by 2027, and recent and upcoming regulatory reforms are expected to further bolster investment and foreign participation in the sector. Notably, the country's Gas Master Plan – a market growth strategy through 2040 – incentivizes capital and technology deployment across the gas value chain, while upcoming fiscal reforms are expected to stimulate spending in the oil market. These reforms include planned amendments to laws requiring companies to allocate at least 15% of each project to the state as free and carried interest, as well as more flexible oil royalty regimes. In collaboration, the AEC and the Ministry of Energy and Green Transition seek to ensure Ghana continues to attract the right kind of investment, with additional reforms encouraging operators to expand their portfolios and new players to seize opportunities in the country. Several major operators are already active in Ghana's energy market. Energy giant Eni, for example, has a presence across exploration, refining and chemicals sectors. The company is involved in the Offshore Cape Three Points (OCTP) exploration project and the offshore CTP 4 block. OCTP serves as an integrated project for developing oil and gas fields, featuring the Agyekum Kufuor FPSO. Independent energy company Tullow Oil is also a key player in Ghana, with production from the Jubilee and TEN fields amounting to 100,000 bpd and 10,100 bpd, respectively. In partnership with Kosmos Energy, Tullow Oil began production at the Jubilee South East project in 2023, with three new wells brought onstream in Q1 2024. Other major projects include the Pecan Phase 1A Upstream Project – developed by global energy firm Aker Energy, GNPC, Russian multinational Lukoil and maritime engineering and energy company Bulk Ship&Trade – and the Ntomme Far West Development. Pecan Phase 1A is currently in the approval stage, with production scheduled for 2025, while Ntomme is in the pre-feasibility stage, with progress made towards drilling the first well. Energy major TotalEnergies is also active, operating several petroleum depots in the country. In the downstream sector, Ghana is working to develop an integrated petroleum hub – the first of its kind in West Africa. The government finalized agreements in June 2024 to develop the initial phase of the project, supported by funding from the TCP-UIC private sector consortium. This multi-phase development will include three refineries, five petrochemical plants, storage tanks, jetties, a port and associated LNG and logistics infrastructure. 'These projects affirm that Ghana is open for business. The country has been proactive in establishing regulatory frameworks that support million-dollar investments, and with further reform, Ghana is poised to become a leading energy hub in West Africa. The AEC will continue to support the country as it pursues this goal and looks forward to a productive working visit ahead,' said NJ Ayuk, Executive Chairman of the AEC. Distributed by APO Group on behalf of African Energy Chamber.
