Business

Government requires 50 billion dollars to establish a petroleum hub in Ghana, Energy Minister, Boakye Agyarko has disclosed. The Energy Minister asserted that government is responsible for raising 5 billion dollars, which is 10% of the investments, for basic infrastructure development. This, he admitted, has necessitated the need to create the conducive environment to attract investors. In August 2017, Mr ...

The recent blip in the foreign exchange market that saw a slight depreciation of the cedi against the dollar is short-term and a reflection of a spillover from external developments, an official of the Bank of Ghana has said. Mr Steve Opata, the Director, Financial Markets Department, told a section of the media that changes in global financing conditions, due ...

Failure of the Volta River Authority(VRA) to pay some $500 million it owes the Ghana Gas Company is said to be having a toll on the production of gas in the country. The debt which has been lingering on for some years now, accumulated as a result of the supply of lean gas for power generation by the Gas Company. ...

The Chief Executive Officer of the Petroleum Commission (PC), Mr. Egbert Faibille has touted Ghana’s stable political environment as one of the key factors making it a destination of choice in the upstream petroleum industry in Africa. The CEO indicated that the stable political and democratic environment and robust regulatory framework of the oil and gas sector pass as factors ...

Ghana lost GH¢1.8 billion through illicit trade activities in the petroleum sector last year, a 2017 industry report on the petroleum sector has revealed. About GH¢1.4 billion of that amount was lost through smuggling and export dumping, while about GH¢339.2 million and GH¢148.9 million were lost to unreported Energy Sector Levy Act (ESLA) receipts and transfer pricing, respectively. Event The ...

News about the leading and indigenous oil marketing company, GOIL venturing into the upstream sector of the industry, could be a feather in the cap of local content participation as well as inclusive growth. Because it will lead to a significant increase in Ghana’s participation in this God-given resource. Although the upstream is considered one of the very profitable areas, ...

Ghana’s balance of trade is set to receive support from cocoa export and oil production revenues this year according to researchers at Standard Bank, parent company of Stanbic Bank Ghana. This was contained in the April edition of the African Local Markets Monthly report prepared by Standard Bank. According to the report, “after strong economic growth in 2017, reaching 8.5 ...

The Ghana Stock Exchange (GES) has taken its bullish run to another level, with the composite index registering a 35.26 per cent year-to-date (YTD) return on investment in the first quarter of this year – far above returns recorded on some of its African peers within the same period. Data released by the Fidelity Bank showed that apart from the ...

The Vice President, Dr Mahamudu Bawumia, has called on prospective investors, particularly those from India, to take advantage of the increasingly business-friendly environment being created by the Nana Akufo-Addo government to set up businesses in Ghana. Vice President Bawumia has also assured the investor community of adequate protection and market for their investments, and expressed Government’s willingness to engage with ...

Government of Ghana stands to lose over two hundred millions Ghana cedis revenue from the mining operations of RCP quarry concession at Ablekuma in Accra if concrete measures are not put in place to enforce existing rules and regulations with law and order. The RCP, a quarry company was established in 1999, and commenced business operation on January 1st 2000, ...