The major currencies include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and others.

A blockchain is a digitized, decentralized, public ledger of all cryptocurrency, transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.

Speaking on the objectives of the masterclass, a Senior Consultant at Wryze Blockchain Solutions Ltd, Kwabena Okyire Appianing said:

“The masterclass is meant for those who have never heard of Blockchain/Bitcoin/Cryptocurrencies or heard about it, tried it and still find it hard to understand. Our platform at the very least offers understanding of how they work and why it has the potential to be money/gold 2.0”.

He added that the next masterclass, to be held January 27 at Mobile Web Ghana in Accra, will discuss ways to start a career in Blockchain, and an overview of major cryptocurrencies.

The Senior Consultant added that the blockchain classes lined-up for Johannesburg, Nairobi, Conakry and Cairo will happen before 2018 ends.

The masterclass will answer the following questions:

• What is Bitcoin?
• How does it work?
• Why is it interesting?
• What is the blockchain?
• What are the major cryptocurrencies and how are they different?
• Why is there Bitcoin and Bitcoin Cash?
• How is Bitcoin going to scale to 7 billion people?
• What are new features coming out and why are they important?
• What are decentralized applications?
• How can I leverage on ICOs to raise funding for my business?

The blockchain, conceived in 2008, was the final piece needed to make a digital decentralized currency workable. Bitcoin was the first functional decentralized digital currency and the most widely known blockchain technology today. Bitcoin has since garnered publicity for its meteoric rise in valuation and its potential to redefine money.

The first edition held last year saw participants excited about the knowledge of blockchain and more importantly on how they can invest in cryptocurrencies to make more money.

Individuals interested in attending the masterclass can register at https://goo.gl/forms/buc98yQ75aYwj7r32 or email [email protected].

–

Source: paakwesiforson.com

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The issue of the adoption of cryptocurrencies in Ghana has been up for some time, with many calling on the state to find a way to get it to be regarded as a legal tender.

[contextly_sidebar id=”lscIp6kRezgyeWru4MG9h84uFcitHFtY”]Speaking at the Ghana Blockchain Conference on behalf of the Minister of Communications, Mr Antwi Boasiako, said, “We have our fears about cryptocurrency but discussions are still going on. Our country is still hesitant to adopt Bitcoin as a legal tender is the fear of the unknown.”

He, however, called on the tech community,  which is already involved in cryptocurrency transaction, clear the mysteries that surround it.

“We are battling fear, the state doesn’t want to move forward because it doesn’t know what’s there. To demystify cryptocurrency, we need a community-driven agenda. We need to strategically demystify the misconceptions around cryptocurrency and get it integrated into the government digitization agenda,” he said

“We need a working group on cryptocurrency that has members from stakeholders like the Bank of Ghana that will set certain targets and study from what is happening in other jurisdictions.”

Cryptocurrency is a digital or virtual currency that uses cryptography for security. It is organic and is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

–

By: Jeffrey Owuraku Sarpong/citimfonline.com/Ghana

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Blockchain,  the digital distributed  ledger technology for recording ordered set of crypto-currency transactions securely including Bitcoin, Etherum etc, has generated a lot of interest in the business sphere.The advent of Blockchain / Crypto Currencies has undoubtedly changed the paradigm of business transactions worldwide and Ghana is no exception as a number of Ghanaians are signing on to different Blockchain platforms.

“It is critical therefore to ascertain whether or not we are well informed about this technology that is taking the world by storm; do we have the requisite policy, legal and regulatory frameworks to embrace the Blockchain technologies, and most importantly how well equipped in terms of capacity are our regulatory institutions of this emerging sector?,” said Organizing Committee Chair of the conference, Madam N. Dotse.

In an interview with the media, she rhetorically quizzed them on how prepared Ghanaians were to absorb the potential displacement on trust intermediary entities such as registries, trusts, banks and others. “What can we do to make this better; And last but not the least, how does Ghana position herself to benefit on this emerging trend?,” she added.

It is against this backdrop that Blockchain Network will hold the maiden edition of Blockchain Conference to seek answers and also engage Blockchain community inspired by a wide array of potential applications from Finance & Banking Institutions, Insurance, Academia, Shipping & Logistics, Medical, Documentation etc in this one day conference. The conference brings together Blockchain community, Policy makers, and technology leaders to intensify our understanding of this new trend that is shaping global business

The conference will be preceded by two days Blockchain Training Workshop with Resource persons from global as well as the local community. The total event will include: a two -day Bitcoin &Ethereum Technologies Workshop & Hackathon (pre-conference Workshop), training in technologies & applications, policy and regulations, financial inclusion as well as other crucial issues

The Blockchain Conference is aimed at: creating awareness and network with peers, create a good policy environment for Blockchain technology to flourish, knowing the policy issues, meeting stakeholders and share best practices, having first-hand demos on some of the tools and hearing from the experts. Interested participants have been advised to visit the official conference site visit: http://ghanablockchainconference.org/blockchainconference/ for more information.

Blockchain Network is a Non-Profit organization established as a forum for Blockchain community engagements, networking & sharing of best practices.
–

Source: Blockchain Network

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They accused management of attempting to swindle them by being dodgy anytime the local union leadership makes an effort to arrange a discussion.

According to them, their basic salary is below the agreed GH250.

On Friday, the workers were seen singing and chanting war songs at the company’s premises in Takoradi.

Speaking to Citi News, a member of the local Union, Ransford Acquah said the workers Union Executives have tried to use all the necessary means to engage the management of the company but to no avail.

“What brought about today’s demonstration is the delay tactics employed by our managers. They have been postponing deliberations for far too long, more than a year. We were demanding an upward adjustment from GH250 to GH400 but when we realized the 400 has not been given instead reduced the original GH250 and we think it’s unfair”.

The Western and Central Regions Officer for the General Transport Petroleum and Chemical Workers Union of the Ghana Trades Union Congress, Richard Hanson added in an interview with Citi News that, management of the company has maintained an entrenched position and is unwilling to negotiate with the workers.

According to him, a particular management member who plays an active role in negotiations declared a ‘deadlock’ in the process and is not ready for further discussions.

“I met him yesterday and his mood and actions did not give room for further deliberations even when he invited me in. According to him the negotiations has stalled but I insisted it does not take one party at a negotiation table to declare a deadlock,” Hanson explained.

He also revealed that he is in full support of the local union members in their demonstration so long as management is not ready for fruitful negotiations.

By: Obrempong Yaw Ampofo/citifmonline.com/Ghana

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They made this calling following what they say are questionable deals the Ghana Gas Company has entered into.

This was made known in a report by ACEP titled; ‘Ghana Gas, Questionable deals and the national interest, how Ghana’s quest for energy security faces imminent danger’.

ACEP raised questions about a Joint Venture Agreement with Afgen, based in Benin to build an LnG re-gasification facility and to sell re-gasified LNG to Ghana.

Apart of the deals, ACEP says the membership of the Deputy Chief of Staff, Dr Valerie Sawyer on the Company’s is wrong, hence their call for the restructuring of the board.

“The Deputy Chief of Staff is part of the Presidency and should not be serving on boards of state-owned entities. It creates difficulties for the sector Minister in the supervision of Ghana Gas,” the report said.

The report disclosed that the lack of transparency in the activities of Ghana Gas and the failure of government to act decisively on matters of the gas development “is beginning to cast doubt in the minds of the International Oil Companies about the country’s determination to apply the gas to the benefits of the people of Ghana.”

It served notice to government and other relevant stakeholders that the future of Ghana’s economic transformation hinges on availability of reliable, affordable and secure fuel for power generation and other industrial uses.

Click on attached file to read the full report from ACEP

 Ghana Gas Report by ACEP

By: Efua Idan Osam/citifmonline.com/Ghana
Follow @osamidan

 

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The Jubilee partners have no option than to choke production by 5,000 barrels of oil per day to make way for successful re-injection of 120 million standard cubic feet of gas every day.

The re-injection has been occasioned by the lack of plant to process the gas.

On April 14, 2014, the FPSO Kwame Nkrumah completed the 100th off-take from the Jubilee fields’; followed closely by the production of the 100 millionth barrel on May 4.

Mr Charles Darku, General Director (GM), Tullow Oil Company, said that if the gas processing plant was in operation, 70 million standard cubic feet of gas would have been taken care of by the processing plant every day while between 45 million and 50 million cubic feet of gas would be re-injected every day.

He explained that the re-injection of 45 million and 50 million cubic feet of gas is what should be done every day at the Jubilee fields to sustain oil production at optimum level.

However, he said because government policy bans flaring of gas, they had to be re-injecting 120 million standard cubic feet of gas every day, thereby choking production by 5,000 barrels of oil per day.

Consequently, he said Tullow was collaborating with Ghana Gas Company to install a by-pass facility to provide an alternative route to give a limited processed gas to the Volta River Authority (VRA).

Mr Charles said the FPSO has the capacity to process 30 million standard cubic feet of gas a day and the by-pass facility will carry the gas directly to VRA thermal plants.

He said the imported equipment for the project had already been imported and arrived in the country last Tues-, day, with installations expected to begin this week.

He explained that the by-pass facility is not taking over from the Ghana. Gas Processing Plant, but would serve as a back-up facility when the plant breaks down or shuts down for routine maintenance.

Mr Darku said the collaboration centres mainly on engineering assistance in terms of quality and installation procedures and did not go into any agreement on financial assistance.

He said the collaboration was necessary to find quick solutions to the problem while government continues to find ways to complete the gas plant.

The GM noted that for now the company is re-injecting gas back to the wells, and assured the public that their engineers are on the ground and are monitoring their operations very critically.

“For now, we are managing the situation well and we are comfortable at the rate at which we are re-injecting and we will continue to do that to avoid damaging our reservoirs,” he said.

Mr Darku said the company spent $100 million in developing the third gas rejecting ,well last October to augment the existing two wells.

He said though it turned out to take less gas than expected, there is enough space in the other two wells to accommodate the capacity being injected currently.

Answering a question on how long the company would continue to re-inject gas, Mr Darku said the decision is in the domain of the engineers, who are monitoring the issue on daily basis and would offer an advice when they reach their ultimate limit.

“I can assure you that we do not have imminent problem, at hand now. We are currently re-injecting 120 mil-lion standard cubic feet of gas daily and we are comfortable with that, but we also want to urge government and Ghana Gas Company* to facilitate work on the plant to the benefit of all,” he added.

Earlier, there was an investor forum to take stock of the company’s performance in 2013 and strategies for 2014.

The forum was an annual event after the Shareholders’ Annual General Meeting (AGM) in London.

The 2013 AGM took place last week, during which the company declared a dividend of 12.0 pence per share.

Ian Springett, Chief Finance Officer of Tullow, said the company had also recorded a net debt of S1, 909 million as against $989 million in 2012, an increase 93%.

He stated that the company paid the Government of Ghana $300 million last year.

He said $130 million was spent on local suppliers, explaining that over 40% of Tullow Ghana’s contracts under $100,000 were awarded to local businesses, as well as 24% of contracts between $100,000 and $1 mil- ; lion were also awarded to local businesses.

Source: Business Finder

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According to him, the protection of the pipeline should be given the same priority as the maritime domain of the Gulf of Guinea because, the recent damage to the pipeline negatively affected countries that depended on it for gas, especially Ghana.

The West African Gas Pipeline in 2007 suffered a catastrophic loss of pressure as a result of damage by a ship’s anchor.

The incident occurred before the commissioning of the gas pipeline.

In August 2012 however, there was another damage to the pipeline by an unidentified ship.

Mr. Woyongo made the call at the West African Gas Pipeline Safety Workshop in Accra.

He noted that “this regional infrastructure when well managed and enhanced will play a major role in the economy of our country for many years to come.”

The Minister added that with ECOWAS aspiring to bridge the social and economic barriers within the sub-region, “this project is the most important catalyst that we should proudly protect and nurture.”

The Minister of Energy and Petroleum, Emmanuel Armah Kofi Buah on his part called for a review of existing protection efforts and a drastic change in the way things are done to ensure a coordinated approach in addressing threats to the pipeline.

He called for concrete ideas to safeguard the integrity of the pipeline.

Mr. Buah mentioned a number of risks and threats that the WAGPL is exposed to including; piracy, unlawful fishing practices such as the use of explosives and sea bottom trolley.

In a speech read on his behalf, the sector Minister urged ECOWAS countries to forge ahead to ensure the maritime security of the pipeline and other infrastructure are protected.

By: Afiba Anyanzua Anyanzu/citifmonline.com/Ghana

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