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Business

New BOST Board mandated to stabilize fuel prices

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The Minister of Energy, Boakye Agyarko, has tasked the new Board of the Bulk Oil Storage and Transportation Company (BOST) to intensify efforts to increase the strategic reserves of petroleum products in the country. He maintains that failure to increase the stock of petroleum products in due time, could trigger price hikes. In addition, BOST’s inability to supply enough fuel ...

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Businesses can capitalise on IMF extension – Spio Garbrah

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A former Trade Minister, Dr. Ekow Spio Garbrah, believes the extension of the International Monetary Fund (IMF) program by the government, should lead to lower interest rates for businesses in the country. According to him, such a move will rather enhance trading activities in the country, while inviting other countries to trade with Ghana. Government has extended its IMF program ...

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Gazprom LNG supply deal important for Ghana’s economy – Nana Addo

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President Nana Addo Dankwa Akufo-Addo has described the Liquefied Natural Gas (LNG)sales agreement reached between the Ghana National Petroleum Corporation (GNPC) and Gazprom as ‘positive’ and ‘one that is going to play a very important role in the economic life of Ghana.’ According to the President, the decision taken by Gazprom to establish a base in Ghana is a testament to ...

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COCOBOD exceeds 2016/17 production target

Ghana cocoa

The Ghana Cocoa Board (COCOBOD) has projected that it will cross its target for cocoa beans purchases for the 2016/17 crop season when it receives all returns on purchases by Tuesday, September 19th, 2017. It comes on the back of what the sector regulator says is the impressive performances recorded in the provisional data of purchases made for the cash ...

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GN Bank can meet minimum capital requirement – Nduom

Dr. Paa Kwesi Nduom

The President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom has stated that GN Bank will surely meet the minimum capital requirement set by the Bank of Ghana. The BoG at a meeting with Managing Directors of commercial banks last Friday announced the increase in the minimum capital requirement from ¢120 million to ¢400 million. Commercial banks would be ...

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Ghana with 2nd best human resource in Sub Saharan Africa – Report

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Ghana has the second highest number of human capital in Sub Saharan Africa, the Global Human Capital Report 2017, has shown. According to the report, Rwanda placed first with Cameroon and Mauritius ranking third and fourth respectively. The report claimed that the aforementioned countries topped the list within the sub-region because they “have developed more than 60 percent of their ...

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Labour Federation angry over purchase of ‘luxury diaries’ by SSNIT

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The Ghana Federation of Labour (GFL) is raising concerns over some diaries being procured by the Social Security and National Insurance Trust (SSNIT). According to the Federation, such expenses can only be described as “profligate expenditure” and far from SSNIT’s mandate. “Even though the new management has instituted a forensic audit into SSNIT operations, we observe with disquiet, evidence of ...

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William Amuna exits as GRIDCo CEO

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The CEO of the Ghana Grid Company (GRIDCo), Ing. William Amuna has stepped down as the boss of the power generation company. It follows the expiration of his four year term as the head of the institution. Engineer William Amuna assumed the mandate in September 2013. Prior to his appointment as Chief Executive, Ing. William Amuna worked in Volta River ...

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Labour unions threaten strike over tier-2 pension

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Twelve public sector labour unions have threatened to embark on an indefinite strike on September 29. The strike is to protest government’s handling of their tier-2 pension contributions. The unions include the Ghana Medical Association, the Civil and Local Government Staff Association, CLOGSAG and the Ghana National Association of Teachers, GNAT. The unions are demanding that their pension contributions spanning ...

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Gazprom secures major gas deal in Ghana

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Sources within the Ghana National Petroleum Corporation (GNPC) have confirmed, exclusively to Citi Business News, that the company’s board has approved the awarding of a long term Liquefied Natural Gas (“LNG”) supply contract to Gazprom, the world’s largest producer of gas. The long term supply contract is expected to significantly increase the country’s energy security, providing Ghana with 250 MMscf/d ...

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