Business

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. ...

Nigeria, Africa’s top oil producer, is experiencing an acute shortage of fuel, which is causing huge disruption across the country. People are waiting at petrol stations for several hours, some into the night trying to get fuel. The longest queues have been in cities like the capital, Abuja, and the commercial hub of Lagos, at those petrol stations that actually ...

“It is, thus, of the utmost necessity that countries like Guyana and Ghana find ways of bringing their substantial hydrocarbon resources to production, and quickly too. We must add value to these resources, and not export them in their raw form if we are to transition to the status of developed countries. The effective management of these resources will determine ...

President Akufo-Addo says Ghana is still struggling to get more local companies to participate in the oil and gas industry years after laws allowing local content were enacted. The President, who was speaking at this year’s International Energy Conference and Expo in Guayana, said the government is doing all it can to get more locals to participate in the sector. ...

Pressure group, OccupyGhana has outlined three conditions that government should strictly adhere to should it successfully introduce the Electronic Transaction Levy (E-levy). According to the Group, the government must be transparent in its disbursement of the country’s funds. OccupyGhana also demanded that an “accountability regime that requires government, at least, to publish the revenue from the E-Levy and details of ...

The International Monetary Fund (IMF), says it is ready to support Ghana in any way deemed useful by the country’s leaders amidst its economic challenges. It says Ghanaian authorities have not contacted it for any form of assistance yet. In a statement published on Twitter by IMF’s Ghana country representative, Dr. Touna Mama, the IMF said Ghana’s current economic woes ...

An oil production vessel exploded off the coast of Nigeria early on Wednesday with 10 crew members on board. in a statement on Thursday Nigeria’s Shebah Exploration & Production Company Ltd (SEPCOL) said that flames had engulfed the Trinity Spirit floating production, storage, and offloading (FPSO) vessel following the blast a day earlier. ” But we can confirm that there ...