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Tag Archives: Ghana Business News

Importers resist Customs’ Cargo Tracking Notes policy

Businesses at the ports are opposing customs new policy, the Cargo Tracking Notes (CTN), saying it will add unto their cost of production. The CTN is expected to track all imports to Ghana to reduce revenue losses with under declaration. Even before its implementation in March 2018, the businesses say they will be disadvantaged. The freight forwarders argue that the ...

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Cedi to stabilise by end of March 2018

Currency analysts have predicted a relative stability of the cedi against the dollar, Euro and British Pound by the end of March this year – 2018. This comes despite the depreciation of the cedi in relation to the three major trading currencies. The perennial depreciation of the cedi has among others, impacted the planning of businesses especially by importers. But ...

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Fair Wages considers halting yearly base pay rises

The Fair Wages and Salaries Commission has disclosed to Citi Business News plans to halt the yearly review of the base salary of public sector workers on the Single Spine Salary Structure (SSSS). According to the CEO of the Commission, Dr. Edward Kwapong, the decision should give value for money and link productivity with pay. Being in existence for about eight years now, ...

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Gov’t reaffirms reduced tariffs despite high proposals

Government is optimistic of a reduction in the cost of electricity for the rest of this year. The optimism comes despite proposals for an increase in utility tariffs by service providers. This also follows a stakeholders’ forum ahead of the announcement of new tariffs by the end of this month. The average 14 percent reduction in the cost of electricity ...

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Maritime Authority to roll out e-navigation system

The Ghana Maritime Authority (GMA) should by the end of June 2018, start implementing the e-navigation systems to track the security of vessels on Ghana’s waters. It will also follow the completion of the necessary tests and the webpage for operating the platform. When successful, Ghana will become the fourth maritime country to introduce these advanced capabilities (after Denmark, France ...

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Private participation to drive down cost of power

President Akuffo Addo has renewed plans by his government to attract private sector investments into the country’s power sector to improve operations there. The President maintains that allowing private participation should provide the needed capital and eventually reduce the cost of power. Already, there are plans to sell off the thermal assets of the VRA to limit the Authority’s control ...

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Scrap special petroleum tax – Wereko-Brobby urges govt

A former CEO of the VRA, Dr. Charles Wereko Brobby has impressed on government to scrap the Special Petroleum Tax in order to relieve consumers of the burden of escalating petroleum prices. He maintains that consumers will continue to bear the brunt of the price hikes despite attempts to review the mode of calculating the tax. Dr. Wereko Brobby’s comments ...

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Investors to ditch Ghana over calls to remove Minister

An Investment Banker, Mahama Iddrisu has told Citi Business News calls for the resignation of Finance Minister, Ken Ofori-Atta might cause investors to boycott investment decisions to Ghana going forward. He argued that the move is also likely to affect subscription of the country’s bonds expected to be issued in the first quarter of this year – 2018. The Minority in Parliament has ...

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Govt to build new oil refinery for $4 bn

Government has announced an ambitious plan to build a new oil refinery to replace the Tema Oil Refinery (TOR) within the next three to four years. Energy Minister, Boakye Agyarko, who disclosed this says the new facility should increase the supply of refined products in Ghana. This is also part of attaining the energy hub status that the government is ...

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FPSO Kwame Nkrumah to shut down for maintenance works

Operators on the Floating, Production, Storage, and Offloading (FPSO) Dr. Kwame Nkrumah have served notice the vessel will shut down. This is to allow for maintenance works on the vessel’s bearing at the Jubilee oilfields. This was announced by a Petroleum Engineer at the Ghana National Petroleum Corporation (GNPC), Albert Longman Newman. The exercise will be the first of three ...

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