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Crude Oil Prices Increase to $78.30/barrel Despite Global Economic Uncertainty

By
Adwoa Afranewaa
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Crude Oil Prices Increase

This week, crude oil prices increased due to a positive demand outlook in global markets. After a weak showing last week, both Brent and US West Texas Intermediate (WTI) crude oil saw price hikes. However, uncertainty about demand from big markets like China and the US continues to create doubts about how long this rise will last.

Brent crude, which reached $80.40 last Thursday, hasn’t returned to that level in the past six trading days. Economic issues in China, the world’s largest oil importer, and the US, the biggest oil consumer, are keeping prices down.

China’s Economic Woes Affect Oil Demand

China’s economy is under pressure, and that’s impacting oil demand. New house prices in the country have been falling for 14 straight months, with a 4.9% drop in July. Industrial production rose by 5.1%, but this was below expectations. On top of that, the unemployment rate hit 5.2%, which is worse than predicted.

In the US, labor market data didn’t look much better. A recent revision by the Department of Labor shows 818,000 fewer jobs were created in the 12 months leading up to March 2024 than previously thought. Unemployment claims also rose, with initial claims hitting 232,000 for the week ending August 17, and ongoing claims rising by 4,000 to 1.86 million for the week ending August 10.

Geopolitical tensions in the Middle East, a major oil-producing region, have somewhat eased, which briefly helped with price stability. However, Brent crude, which hit $81.92 last week, dropped to $79.10 and continued to fall, hitting $75.70 per barrel mid-week.

Some relief came when US Federal Reserve Chair Jerome Powell hinted at potential changes to monetary policy at the Jackson Hole Economic Policy Symposium. This sparked a recovery, with Brent prices climbing to $78.30 by the end of the week, though they remained below the $80 mark.

Crude Oil Prices Increase

China’s Weak Oil Demand is a Major Concern

According to Julien Mathonniere, an oil market economist at Energy Intelligence, China’s weak demand for oil is the biggest factor affecting prices. OPEC (the Organization of the Petroleum Exporting Countries) recently lowered its global demand growth forecast for 2024 due to China’s economic slowdown.

“China’s oil demand has been much lower than expected this year, and that’s a major worry for the market,” Mathonniere said. He explained that Chinese refineries reduced their gasoline and diesel production in July compared to last year, a time when demand for transportation fuels usually goes up.

Energy Intelligence also reported that China’s oil demand dropped by 284,000 barrels per day in the second quarter, reflecting lower industrial activity and uncertainty in the private sector. Mathonniere added that there are concerns about discrepancies between reported oil supplies and actual usage, causing further market uncertainty.

Will Oil Prices Rebound?

For oil prices to go up significantly, China’s oil demand needs to recover. Some experts believe that the market might try to push OPEC to act by driving prices lower, possibly forcing the group to reconsider its planned rollback of production cuts.

Gaurav Sharma, an independent oil market analyst in London, suggested that oil prices could rise if the US Federal Reserve cuts interest rates in September. “An interest rate cut could be good news for oil prices,” he said. However, until that happens, market weakness is likely to continue.

Sharma also noted that China’s economic slowdown, rising unemployment, and falling housing prices are putting pressure on global oil demand. Many forecasters, including the International Energy Agency (IEA) and OPEC, predict that China’s demand will remain low in 2024 and 2025.

The oil market is in a tricky spot. Economic problems in China and the US, along with ongoing uncertainty about demand, mean that prices are likely to remain unstable. Traders are watching for any signals of improvement, especially from China, and waiting to see how OPEC and the US Federal Reserve respond.

Do you think oil prices will bounce back, or are we in for more price drops? Let us know what you think! Like, comment in the box below, and share on all our social media platforms. For more updates on international news, local news, business, elections, sports, and exciting discussions, tune in to Orange FM 1079

Three-month Water Shortage In Sokoban, Residents Complain

By
Ivy Hollys
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water shortage

Residents of Sokoban are threatening to stage a demonstration due to a prolonged lack of water supply in their communities.

The water shortage began three months ago when a contractor working on the Daban-Sokoban road, Kofi Jobs Construction Limited, accidentally damaged local pipelines.

The residents claim that the company failed to relocate the water pipes during the early stages of the road construction, which has left many communities without access to water from Ghana  Water Company Limited (GWCL).

The residents also allege that, despite Kofi Jobs Construction Limited compensating GWCL for the damages, the water company has refused to fix the problem.

Kwadwo Boateng, the Assembly member for the area, stated that efforts to resolve the issue with both Kofi Jobs Construction Limited and GWCL have been unsuccessful.

He warned that if the situation is not addressed promptly, the residents will organize a demonstration to demand action

“The water supply has been cut off for the past three months since the contractor started work. Residents have to resort to purchasing pure water because schoolchildren are on vacation; otherwise, the situation would have been worse. The contractor said he has given GWL money to fix the pipelines, but GWL has also denied receiving any payments. We have threatened to embark on a demonstration soon,” he said.

Some of the residents expressed their frustration and called on the authorities to fix the situation.

“We’re suffering, we have to boil water from a well before we’re able to use it for anything meaningful. Our kids who fetch the water from a far distance go through a lot, they have been experiencing headaches and all that. For drinking purposes, we buy pure water,” a worried resident said.

Another resident also said, “Those of us who rely on water for our business, it is affecting us. We don’t have water supplies at our various places of work, and when you get home too, it’s difficult to get water as well. The authorities should try and work things out for us.”

Reacting to the accusations, Ghana Water Company Limited refuted the claims that money had been paid to its outfit to fix the challenge.

“I think the question we are supposed to ask is: how much is the money we are talking about, and when was it paid? The current issue we have with Sokoban, we have not received any monetary commitment from Kofi Jobs, which is why we’re unable to go and fix the issues.

“So, as it stands, there are no monetary payments received by GWL from Kofi Jobs. I understand their frustration, we’re here to serve them,” Ebenezer Padi Narh, the Ashanti regional public relations officer of GWL, said.

Credit: Citinewsroom

9 Deep Life Lessons You Need to Learn

By
Adwoa Afranewaa
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9 deep life lessons to learn in 2024

There are life lessons, and no number of books can make you understand them. Life is a never-ending journey of growth, reflection, and self-discovery. Every year comes with its unique challenges, opportunities, and lessons, but some of these lessons stand out as timeless wisdom. As we are halfway into 2024, it’s essential to be mindful of the lessons we need to carry forward into the future—lessons that will not only shape us but also help us navigate life’s inevitable ups and downs.

In this post, we’ll explore 9 deep life lessons you need to learn or perhaps revisit in 2024. These lessons will guide you toward a more fulfilling, meaningful, and purpose-driven life.

Deep Life Lessons You Need to Learn

1. Decisions: Every Choice Counts

“Life is a matter of choices, and every choice you make makes you.” John C. Maxwell

One of the most powerful life lessons in 2024 is that your decisions shape your life. Every small or significant choice you make has a ripple effect, steering the course of your future. Whether it’s about your career, relationships, or personal development, you are where you are today because of your choices. Take a moment to reflect: Are you making decisions that align with your goals?

Be more mindful of the decisions you make daily. Whether it’s choosing a new career path or simply deciding how you spend your time, each decision matters. Start by aligning your choices with your core values and long-term goals.

2. Confidence: Believe in Yourself, Even When No One Else Does

“Whether you think you can or think you can’t, you’re right.” Henry Ford

Confidence is one of those elusive qualities that, when harnessed, can change your life. But it’s not something you’re born with—it’s something you cultivate. Make a conscious effort to believe in yourself, even when others doubt you. What would you attempt if you knew you couldn’t fail? Confidence comes from trusting in your abilities and being open to growth. Take risks, push your boundaries, and remember that failure is simply a stepping stone to success.

9 deep life lessons

3. Self-Awareness: Know Who You Are

“Knowing yourself is the beginning of all wisdom.” – Aristotle.

At a point, life may be filled with distractions, and it’s easy to lose touch with who you are. Self-awareness is the foundation of personal growth. Take the time to truly understand yourself—your strengths, weaknesses, and core values. How well do you know yourself? Do you make decisions based on who you truly are or who you think you should be? Cultivate self-awareness through journaling, meditation, or seeking honest feedback from those close to you. Knowing yourself allows you to make better choices, set boundaries, and live a more authentic life.

4. Goodbyes: Learn to Let Go

“Letting go means to come to the realization that some people are part of your history, but not a part of your destiny.” Steve Maraboli

Goodbyes are inevitable, but they are also opportunities for new beginnings. Whether it’s the end of a relationship, moving on from a job, or leaving behind old habits, 2024 is the year to let go of what no longer serves you. Letting go is essential for growth. What or who do you need to let go of to make space for new opportunities in your life? Don’t fear goodbyes. Whether it’s people, habits, or past experiences, release what’s holding you back. Embrace the freedom that comes with letting go, and trust that something better is waiting for you on the other side.

5. Embrace Change as a Constant

“The only constant in life is change.” – Heraclitus

Change is inevitable, and it’s one of the few things you can always count on. In 2024, instead of resisting change, learn to embrace it. Life’s twists and turns may seem daunting, but they often lead to growth, transformation, and new opportunities. How do you usually react to change—do you resist it or embrace it? Flexibility and adaptability are essential skills in today’s fast-changing world. Practice accepting change as a natural part of life, and you’ll find yourself better equipped to navigate life’s uncertainties.

6. On the Past: Don’t Let It Define You

“You are not a product of your circumstances. You are a product of your decisions.” Stephen Covey

9 deep life lessons in 2024

It’s easy to get stuck in the past, replaying old mistakes or reliving past traumas. But in 2024, it’s crucial to free yourself from the grip of the past. The past is part of your story, but it doesn’t define your future. Are you letting past mistakes or regrets hold you back from living your best life today? Acknowledge your past, but don’t let it dictate your present or future. Instead, focus on the actions you can take today to create the life you want.

7. The Value of Building Meaningful Relationships

“Connection is why we’re here; it is what gives purpose and meaning to our lives.” Brené Brown

In this era, it’s easy to become disconnected from those who matter most. But meaningful relationships are one of life’s greatest treasures. Make it a priority to nurture the relationships that truly matter—family, friends, mentors, and even colleagues. Are you investing enough time and energy in your most meaningful relationships? Building strong connections requires effort. Be intentional about spending quality time with loved ones, show gratitude, and listen actively. A life filled with meaningful relationships is a life well lived.

8. Financial Literacy is Essential for Freedom

“The best investment you can make is in yourself.” Warren Buffet

Financial freedom isn’t just about having money—it’s about understanding how money works and how to make it work for you. In 2024, commit to improving your financial literacy. Whether it’s budgeting, saving, investing, or debt management, gaining control of your finances is essential for long-term freedom. Do you feel confident managing your finances? What areas do you need to improve? Financial education is the key to building wealth and achieving freedom. Invest time in learning how to manage your money, set financial goals, and make smarter financial decisions.

9. Time is Your Most Valuable Asset

“Time is what we want most, but what we use worst.” William Penn

One of the most profound life lessons is the realization that time is your most precious resource. Unlike money, time is finite, and once it’s gone, you can never get it back. In 2024, focus on how you spend your time. Are you investing it in things that matter, or wasting it on distractions? What would your life look like if you treated time as your most valuable asset? Prioritize what’s truly important in your life. Set clear goals, minimize distractions, and make the most of each moment. Time is limited, so use it wisely.

Conclusion

Remember, life’s journey is not about perfection but progress. Each step you take toward understanding these lessons will bring you closer to the life you truly desire. If you found these lessons helpful, share this article with someone who needs a little inspiration. By embracing these 9 life lessons, you set yourself up for a year of purpose, success, and fulfilment. Which lesson resonates with you the most? Take a moment to reflect and leave a comment below on how you plan to apply these insights to your life this year.

Like, comment in the box below, and share on all our social media platforms. For more updates on international news, local news, business, elections, sports, and exciting discussions, tune in to Orange FM 1079. And don’t forget to tune into our shows for more great tips and upbeat music to kick-start your week.

Dangote’s $20-Billion Refinery is Set to Transform Nigeria’s Fuel Industry in September

By
Adwoa Afranewaa
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Fuel Industry

The long-awaited $20-billion Dangote Refinery, owned by Africa’s richest man, Aliko Dangote, finally began operations in January after multiple delays. Located on the outskirts of Lagos, this state-of-the-art refinery is poised to significantly reshape Nigeria’s fuel industry. However, so far, it has only produced diesel and other distillate fuels, with gasoline production yet to kick off.

Initially, Dangote had projected that petrol deliveries would start in May, but the timeline shifted to July, and now there are hints that further delays could be on the cards. In a recent note to clients, IIR indicated that additional postponements are possible, although attempts to contact Dangote for comment were unsuccessful.

Once fully operational, this massive refinery could transform the fuel trade between Europe and Africa, reducing Nigeria’s heavy dependence on imported refined products—a major step toward energy independence.

Fuel Industry

Meanwhile, in the global oil market, prices held steady following a drop in US fuel inventories, offering some relief after four straight days of falling prices. Brent crude futures gained 29 cents (0.4%) to reach $76.34 per barrel, while US West Texas Intermediate crude futures climbed 43 cents (0.6%) to $72.36 per barrel.

Earlier in the week, oil prices took a sharp dip as weak US jobs data and sluggish economic reports from China—the world’s largest oil importer—stirred concerns about global crude demand. As the world’s biggest oil consumer, the US continues to heavily influence oil market trends.

With global fuel dynamics shifting and the Dangote refinery on the brink of major production milestones, the coming months are set to be crucial for Nigeria’s energy sector and the broader African fuel trade.

Like, comment in the box below, and share on all our social media platforms. For more updates on international news, local news, business, elections, sports, and exciting discussions, tune in to Orange FM 1079

47 Ghanaian Scholars Set to Embark on Fully Funded UK Scholarships

By
Adwoa Afranewaa
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fully funded uk scholarships

Thursday, 22 August 2024, was full of excitement at the British High Commissioner’s residence in Accra, where the British High Commission, in partnership with the British Council Ghana, hosted a vibrant farewell reception for Ghana’s latest scholars of fully funded UK scholarships, Chevening and Commonwealth.

The event brought together scholarship recipients, alumni, and key figures from the High Commission and British Council, showcasing the strong and lasting partnership between the UK and Ghana in promoting educational excellence and leadership development.

For over four decades, the Commonwealth Scholarship has funded the education of more than 2,000 Ghanaians, while the Chevening Scholarship has empowered over 400 ambitious individuals from Ghana, Togo, Benin, and Burkina Faso to pursue world-class education in the UK. Many of these scholars have returned to make significant contributions in fields ranging from governance to climate action, cementing their roles as pioneers in their respective sectors.

This year’s reception celebrated and honoured the remarkable achievements of the new scholarship awardees as they prepare to embark on their educational journeys in the UK.

Among the group are 17 Chevening scholars who will pursue fully funded one-year master’s degrees at top UK universities. Additionally, 30 scholars have been selected for the Commonwealth Scholarship, where they will study at renowned institutions like Cambridge, King’s College London, Birmingham, and Glasgow. Their fields of study include law, public health, education, climate, international security, and business.

fully funded uk scholarships

Speaking at the reception, Deputy British High Commissioner to Ghana, Keith McMahon, expressed his excitement, saying, “It’s truly an honour to host some of Ghana’s brightest minds before they set off for one year of advanced learning in the UK. This event is a powerful reminder of the immense potential within Ghana’s youth and the transformative impact that UK education institutions can have. When countries like Ghana and the UK come together, the results are simply extraordinary.”

“We’re here to celebrate the incredible journeys of these scholars and the positive contributions they’ve already made to their communities. We’re proud to support them through this scholarship programme and eagerly anticipate the impact they will continue to make when they return to Ghana.”

Country Director of the British Council in Ghana, Nii Doodoo Dodoo, added, “The scholars we’re sending off today represent the vast talent and potential within Ghana. The British Council is thrilled to be part of their journey, and we can’t wait to witness the successes they’re bound to achieve, both in Ghana and beyond.”

The Chevening Scholarship is awarded to individuals with the ambition, vision, and leadership skills to drive positive change in their home countries.

For those dreaming of joining the ranks of Chevening scholars, the application window for the 2025–2026 scholarships is now open, closing on November 5, 2024. With around 1,500 awards available worldwide, the British High Commission in Accra encourages eligible Ghanaians to seize this life-changing opportunity and apply for the chance to study in the UK.

Like, comment in the box below, and share on all our social media platforms. For more updates on international news, local news, business, elections, sports, and exciting discussions, tune in to Orange FM 1079

Prolonged Power Outage Claims Two Lives at Chereponi District Hospital

By
Ivy Hollys
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power outage

A prolonged power outage at the Chereponi District Hospital has resulted in the deaths of two patients and severely disrupted healthcare services.

 The hospital has been without electricity for nearly two weeks, causing a near shutdown of operations.

Healthcare workers at the facility are calling on authorities to address the issue immediately. They emphasised the severe impact of the power outage on their ability to deliver proper care.

One said, “The light has caused a lot of problems in our lives. Just three days ago, we lost two people due to the power outage and there is some CS too, they are supposed to be done but because of the light issue, they can’t carry on those things. ”

“So we appeal to the government that they should do something about it. And we, the health workers too, don’t feel comfortable here because how to charge our phones is very difficult and our food and everything has been stored. So we appealed to the government to do something about it.”

The power outage has also affected the local community, with women struggling to grind maize for food. They, too, are joining the health workers in calling for a prompt restoration of electricity.

Credit: Citinewsroom

No Road, No Hospital—Sewua Residents Threaten to Stop the Commissioning Regional Hospital

By
Ivy Hollys
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bad roads : sewua

Residents of Sewua in the Bosomtwe District of the Ashanti Region have vowed to block the government’s commissioning of the Ashanti Regional Hospital unless their neglected road is repaired immediately.

Speaking to Orange News’ Fatawu Bayaga, Prince Kwame Adutwum, the Assembly member for the Sewua Electoral Area, revealed that the road was originally slated for construction by the government.

However, it has since been abandoned, severely impacting transportation and worsening living conditions in the community.

sewua road issues

Mr. Adutwum, along with other frustrated residents, issued a stern warning that they would prevent the hospital’s commissioning if the road remains in disrepair.

One resident expressed their frustration, stating, “I have completed school and come to work. My master put up a shop but the shop was taken out of it’s original position because they mentioned they were coming to construct the road. Now, I am home with no work and no food to eat.”

Another resident lamented, “It’s been three years since the road was destroyed, and we were promised repairs. Up until now, nothing has been done.”

Residents noted that the poor state of the road poses serious challenges, particularly for pregnant women and the sick.

One resident shared, “It has been about three years since the road was dismantled and we were told they were coming to repair it but up until today, we have not heard them say anything about coming to repair it anymore.”

Another added, “After building hospitals and schools, how do you expect us to access them? Pregnant women have even given birth on the way because of the bumpy road.”

Scheduled to be commissioned this year, the Ashanti Regional Hospital’s operationalisation is said to have been delayed due to the state of the road.

The project is expected to ease pressure on the Komfo Anokye Teaching Hospital (KATH), Ghana’s second-largest referral facility, when it becomes operational.

Vice President Dr. Mahamudu Bawumia assured that the facility was going to be commissioned in July during a meeting with some professional bodies as part of his three-day tour of the Ashanti Region in June this year.

Despite Vice President Dr. Mahamudu Bawumia’s assurance of a July commissioning date in June, the hospital remains uncommissioned.

Residents are expressing their discontent and have threatened to prevent any government official from commissioning the hospital until the road is fixed.

The residents have also accused the government of neglecting their main road and have decided to construct a road linking Feyase to the hospital, a situation they find worrying.

Tensions are rising in Sewua, and there is a risk of escalation if the government does not promptly address the community’s concerns.

Report by: Fatawu Bayaga

Rising Tensions Over New Market: Military Deployed to Mion and Kulkpeni

By
Ivy Hollys
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tensions in Mion

The military has been deployed to the Mion and Kulkpeni communities in the Northern Region following tensions steming from a communal clash in Zogbei, Mion District which left over seven people dead.

The rising tensions are over the alleged unauthorized opening of a market by the Konkomba community in Kulkpeni. On Saturday, August 17, military personnel intervened to prevent violence from escalating in the area. 

In response to the incident, the Konkombas in the Mion District decided to boycott the Mion market and establish their own market in the Kulkpeni community, near Yendi. 

This move has further strained relations in the Yendi and Mion districts, with residents threatening to forcibly close the Kulkpeni market.

Despite the Yendi Municipal Security Council urging the community to follow proper procedures for officially opening the market, efforts have been unsuccessful. 

With today, Friday, August 23, being a scheduled market day, concerns over potential violence prompted the deployment of military forces to maintain peace and prevent unrest.

NPP to Engage Cynthia Morrison Over Her Decision to go Independent

By
Ivy Hollys
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The New Patriotic Party (NPP) has announced plans to engage with Cynthia Morrison, the former Minister for Gender, Children, and Social Protection, after she declared her intention to run as an independent candidate for the Agona West seat in the 2024 general election.

Speaking to her constituents after losing the NPP parliamentary primaries,  she stated, “God willing, I will be contesting the parliamentary election as an independent candidate. It’s not about the NDC or the NPP; it’s about the development of Agona.” 

Despite the outcome of the primaries, she reiterated her dedication to Agona West’s development and urged her supporters to back her independent candidacy.

NPP General Secretary, Justin Kodua Frimpong however stressed, the party’s commitment to unity and its goal of “breaking the eight,” referring to the party’s desire to extend its rule beyond the typical two-term limit. 

Kodua Frimpong, in an interview on August 22, 2024, emphasized the NPP’s focus on unity and efforts to bring all members, including those considering independent runs, back into the party. 

He highlighted the importance of taking proactive steps to engage with independent candidates, stating that the party leadership would continue to reach out to Morrison to bring everyone on board.

“As a political party, for this year’s election which has been our mantra, we are going to break the eight. In breaking the eight means we need to do exceptional things and bring everybody on board. Our objective is to make sure that all our party faithful are brought on board.

“So, taking steps that will make sure that at least we engage those who are going independent is something that we are going to do rather than whether to write them a letter or not to write them a letter. What we want to do is bring everybody on board. The party leadership will continue to engage her,” he said. 

 The Second Largest Diamond in The World Has Been Discovered in Botswana

By
Adwoa Afranewaa
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largest diamond in the world

A massive 2,492-carat diamond has been discovered at the Karowe mine in Botswana, making it the second-largest diamond in the world. The mine is owned by the Canadian company Lucara Diamond.

This diamond is only smaller than the 3,106-carat Cullinan diamond, found in South Africa in 1905, which was later cut into stones now part of the British Crown Jewels.

The diamond was found about 500 km north of Botswana’s capital, Gaborone, and is the largest ever discovered in the country. The previous record was a 1,758-carat diamond, also found at the Karowe mine in 2019.

Botswana is a major diamond producer, responsible for about 20% of the world’s supply. William Lamb, head of Lucara Diamond, said, “We are thrilled to have discovered this incredible 2,492-carat diamond.”

largest diamond in the world

The diamond was found using Lucara’s special X-ray technology, which helps detect valuable diamonds during mining. The company hasn’t yet shared details about the diamond’s quality or value.

The Karowe mine has seen other important finds, including a 1,758-carat diamond sold to Louis Vuitton and a 1,109-carat diamond bought for $53 million by a London jeweler in 2017.

According to the BBC, Botswana’s government has proposed a new law that would require mining companies to sell a 24% stake to local firms if the government decides not to take up its option of becoming a shareholder. This was reported last month by the Reuters news agency.

Like, comment in the box below, and share on all our social media platforms. For more updates on international news, local news, business, elections, sports, and exciting discussions, tune in to Orange FM 1079

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