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Author Archives: Lawrence Segbefia

AquaVenture Holdings acquires Teshie desalination plant

American water services company, AquaVenture Holdings, has acquired a majority stake in the Teshie Desalination Plant. Abengoa, operators of the plant signed an agreement with AquaVenture Holdings to transfer 56 percent of its shares in the plant, worth about 26 million dollars. The Teshie Desalination Plant was shut down in 2017 for a renegotiation of the contract with government, which is believed ...

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Gov’t orders suspension of CTN at the ports

Government has ordered the suspension of the Cargo Tracking Note (CTN) at the ports. The directive, follows a meeting held on February 14, 2018, with the Association of Ghana Industries (AGI), and the Ghana Revenue Authority (GRA), chaired by the Vice President, Dr. Mahamudu Bawumia. The CTN was introduced by government to track all imports to Ghana to reduce revenue ...

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Fuel prices drop marginally at the pumps

Checks by Citi Business News at some major Oil Marketing Companies(OMC) show that petroleum prices have dropped by less than one cedi at the pumps. A visit to major oil marketing companies such as Total, Shell and Goil showed that a litre of petrol at each of the stations is now selling at 4 cedis 51 pesewas. This represents a 3.5 percent ...

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Special Petroleum Tax reduced by 2%

Parliament has passed the Special Petroleum Tax Amendment Bill to reduce the tax from 15 percent to 13 percent. The amendment comes after recent protests against the rising cost of fuel, as well as calls from the minority for the Special Petroleum Tax to be scrapped. Speaking to Citi Business News, a Deputy Finance Minister, Kweku Kwarteng, stated that making ...

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Tullow Ghana appoints Kweku Awotwi as Managing Director

Tullow Ghana has appointed Kweku Awotwi as the Managing Director of the company. A statement from the company copied to Citi Business News said Mr. Awotwi will take over from Charles Darku who will be retiring from the company in April after serving for five years. Charles Darku joined Tullow Ghana Limited in 2013, as the first Ghanaian to lead ...

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Steel companies threaten shutdown over high electricity tariff

Steel manufacturing companies in the Tema Industrial Enclave have appealed to government to reduce electricity tariffs before they are forced to close down due to high cost of production. According to the companies, the cost of electricity has almost doubled from 21 pesewas per kilowatt to 42 pesewas per kilowatt in just a year. Speaking to journalists during a tour ...

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Gov’t must diversify sources of Eurobond fund—Economist

The impending increase of the U.S Fed rate should encourage the government to diversify the sources of its next Eurobond, Economist, Dr. Lord Mensah has advised. His assertion follows a press release announcing that the Minister of Finance, is leading a government delegation on a non-deal road show in Asia to attract Asian investors. The U.S is expected to increase ...

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Scrap 15% Special Petroleum Tax – IES

The Institute of Energy Security (IES) has called for the outright abolishment of the 15 percent Special Petroleum Tax. The call comes after the Chamber of Petroleum Consumers (COPEC) and the Industrial and Commercial Union (ICU) embarked on a demonstration over frequent hikes in petroleum prices. The Special Petroleum Tax is one component in the price buildup of fuel at ...

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Elsie Awadzi appointed as BoG 2nd Deputy Governor

President Nana Akufo-Addo has appointed Mrs Elsie Awadzi as the Second Deputy Governor of the Bank of Ghana. She replaces Dr. Johnson Asiamah who resigned on January 5, 2018. Mrs Awadzi is an international economic and financial lawyer with a total of 21 years of professional experience working in various capacities in Ghana and outside. She was until the appointment, ...

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CCIFG hosts CAP Afrique Delegation of African Experts

The Chamber of Commerce and Industry France Ghana (CCIFG) is currently hosting the CAP Afrique Delegation of African Experts to better understand the market and explore business opportunities. The Delegation is made up of representatives from the regional CCIs in France who through their visit to Ghana can portray to French businesses and investors the opportunities available so as to ...

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