Kofi Ahovi

 BP has signalled an accelerated effort to bring down costs ahead, refusing to rule out further job losses as artificial intelligence (AI) technology helps drive efficiencies. The company, which revealed in January that it was to axe  almost 8,000 workers and contractors globally as part of a cost-cutting plan, said alongside its second quarter results that it was to review its portfolio of businesses and examine its cost base again. BP is under pressure to grow profitability and investor value through a shareholder-driven refocus on oil and gas revenues. Just 24 hours earlier, the company revealed progress through its largest oil and gas discovery, off Brazil's east coast, this century. BP said it was exploring the creation of production facilities at the site. It has made nine other exploration discoveries this year.   Image: BP boss Murray Auchincloss is facing shareholder pressure to grow profitability His replacement, Murray Auchincloss, has reportedly come under sh...

In the wake of job losses triggered by the coronavirus pandemic, the Minister for Employment and Labour Relations, Ignatius Baffuor –Awuah, says government is taking steps to minimize unemployment by creating some opportunities particularly for the youth. According to him, plans are far advanced to engage the youth in Agric, services and manufacturing sectors. Speaking at an AGI Joint Regional Webinar for six regions on the theme ‘Minimizing the impact of COVID-19 on job losses; building resistance and strategies, the Minister said government is determined to tackle the unemployment situation caused by the pandemic. “The major pre-occupation of the government is to make sure that people who complete school or people that have reached the working age have access to work, and as I said per Ghana’s classification, work take places within the Agric sector, the manufacturing sector and then the services sector. As a responsible government what we do is that we create opportunities within al...

Some 236 Ghanaian employees in the oil and gas sector have lost their jobs whereas others have taken pay cuts since May this year, due to the impact of the COVID-19 pandemic on global oil production. This is just a fraction of the about 2,000 Ghanaian employees in the sector, out of which nearly a thousand are unionized staff. The drop in oil prices amidst the COVID-19 pandemic largely due to low demand caused by lockdowns and a drop in manufacturing activities, has not only affected jobs and profit margins, but also the projected revenue of governments from the industry. In March this year, a price war between Saudi Arabia and Russia, coupled with the pandemic, caused oil prices to drop to about US$28 per barrel, the lowest in four years.   Currently, the prices hoover around 35 dollars, which is below the target for the industry. In June this year, a research by the Petroleum Equipment and Services Association found that employment in the oilfield services and equipment sector fe...