Business

Government has reportedly agreed to scrap some taxes on petroleum products as a way of dealing with incessant increase in fuel prices largely caused by rising crude prices on the International market and a depreciating cedi against major currencies. The supposed government decision comes on the back of engagements with key groups and associations which threatened to embark on a ...

Nigeria’s inflation rate rose in February after recording a fall in January as Africa’s most populous nation faces fuel shortages that have helped push prices higher. The country’s statistics office announced Tuesday that the consumer price index (CPI) increase between February 2021 and February 2022 was 15.70 per cent, higher than 15.60 per cent recorded in January, The National Bureau ...

Prices of petroleum products will from Wednesday, March 16 experience a significant surge as consumers are expected to pay ¢11 per litre. The Bulk Oil Distributors has blamed the situation on the volatility on the market as well as the rising cost of crude on the international market. According to the Chief Executive, Senyo Hosi, the cedi which is depreciating ...

Developing countries should not have to target renewable energy sources and turn away from fossil fuels, Nigerian energy officials said on Tuesday, joining other emerging oil-producing nations reluctant to embrace the global energy transition trend. Some 900 million people in the world, most of them in Africa, still have no access to energy for basic needs, Nigeria’s oil Minister Timipre ...

The World Bank has indicated that Ghana’s economy was struggling before the outbreak of the COVID-19 pandemic. Speaking at a public lecture organized by the One Ghana Movement, the World Bank Country Director, Pierre Laporte, said recent economic woes were expected. The government has largely blamed COVID-19 for the challenges the economy is going through. Mr. Laporte said his outfit ...

Finance Lecturer at the University of Ghana Business School (UGBS) has warned that Ghana’s economy will be severely battered and may have to seek policy credibility from the International Monetary Fund (IMF). According to him, the economy is on the verge of collapse as the country’s debt stock hits high distress levels as well as the Services and Income Account ...

The Chamber of Petroleum Consumers Ghana, COPEC, has predicted that fuel will sell at GHS 9.00 per litre by the close of March this year. According to COPEC, the unprecedented hike in the prices of fuel is partly due to the depreciation of the cedi and Russia’s invasion of Ukraine which is affecting international market prices. His comments come after ...

President Nana Akufo-Addo says efforts are being made to halt the ongoing depreciation of the Cedi against the US Dollar. According to the President, the development is of concern to him just as it is for the business community and the ordinary Ghanaian. For some time now the foreign exchange rates especially for the US dollar provided by the Bank ...

The Bulk Oil Storage and Transportation Company Limited (BOST) has surcharged six transporters for adulterating petroleum products worth GH¢3,445,200.00 at its Kumasi depot last year. This follows the discovery of adulterated fuel by the company during pre-discharge testing processes at its depot last year. Investigations by the committee set up to probe the incidence showed that there were a number ...

A newly constructed gold refinery aimed at adding value to the country’s gold resource is set to be operational by June this year. The project which commenced in 2018 at an estimated cost of $20 million is a joint venture partnership between the national assayer of gold, Precious Minerals Marketing Company (PMMC) Limited and Rosy Royal Limited, an Indian company. ...