Societe Generale Ghana commissions its Dansoman branch

Read Comments Comments (1)

• C.Stephen Sackey 7 years ago

  Folks you should all remember this company. It precipated the fire-side sale of that Ghana's oil -exploration ship. Yes, that ship which was brokered and sold in the UK during John Kuffuor's administration.
  
  
  The company ...
  read full comment

  Folks you should all remember this company. It precipated the fire-side sale of that Ghana's oil -exploration ship. Yes, that ship which was brokered and sold in the UK during John Kuffuor's administration.
  
  
  The company counter-partied Tsatsku Tsikata-then head of Ghana National Petronium Company - on the oil futures trading market.
  
  Tsikata-full of hubris- wrote a futures call position. He believed the oil coming out would be "huge" and could sell it at a higher price.
  Societe General...trading on inside information-I suspect-that there won't be that much oil, illegal in all futures market but Africa- counterpatied with a put position.
  
  Of course, there wasn't that much oil and GNPC had to pony up on the put settlement price.
  
  This is where it got interesting.
  Since GNPC didn't have the money to close out it's position it had to sell it's asset- that ship,folks- to make Societe General...whole.
  
  Folks, I don't have any problem with that market.
  It brings liquidity.and some semblance of certainty to the end-users of the product, but for God's sake trade with knowledge and not hubris.
  And one thing, Ghana's futures trading commission ( GFTC) should have investigated Societe General for inside trading and found culpable should have be fined...four times the profit it made on that trade.
  
  Africa, I know, is open for business.
  But, for God's sake it should do It's due diligence. like all countries and throw out the Trojan horses who invariably are vulture capitalists.
  
  Good trading...!

  reply