Business

Jubilee Oil Holding Limited (JOHL) has once again failed to pay proceeds amounting to over US$70 million dollars from liftings into the petroleum holding fund for the first half of 2023. This is the fourth consecutive time the company has reportedly not paid proceeds into the Petroleum Fund contrary to the advice of the Ghana National Petroleum Corporation. This was ...

The Minister of Energy, Dr Matthew Opoku Prempeh, has urged his ECOWAS colleagues to support the development of a regional Energy Transition Policy.  He said that the policy was crucial in achieving net-zero targets to ensure the socio-economic growth of member countries. Dr Prempeh was speaking at a meeting of ECOWAS Ministers of Energy in Cotonou, Benin, last Saturday. Discussions ...

Russia allowed a return to seaborne exports of diesel just weeks after imposing a ban that roiled global markets, taking other steps instead to keep sufficient fuel supplies at home. Shipments can resume provided that the fuel is delivered to the nation’s ports by pipeline, according to a statement on the government’s Telegram account. Such flows to Russia’s western ports ...

Ghana – once touted as a trailblazing African economic success story – is facing an unprecedented financial crisis. This week, hundreds of protestors took to the streets in the capital Accra, calling on the governor of the Bank of Ghana and his two deputies to resign over the loss of about 60bn Ghanaian cedis ($5.2bn; £4.3bn) in the 2022 financial ...

Today the World Gold Council announces the release of a new documentary: GOLD: A Journey with Idris Elba, created in partnership with Pioneer Productions. Immersed in adventure, Idris Elba (Luther, Beast of Nations, Hijack) explores the mysteries, stories and untold human relationship with our most precious metal: gold. As his journey unfolds, we’re taken around the globe as he conquers ...

Fitch Ratings has downgraded Ghana’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘RD’ from ‘CCC’. It has also downgraded to ‘CC’ from ‘CCC’ and subsequently withdrawn the issue ratings on five local-currency bonds issued prior to the domestic debt exchange. It affirmed the issue rating of local-currency bonds issued on the completion date of the domestic debt exchange at ...

A fire incident that occurred at the onsite laboratory at Newmont Africa’s Ahafo South mine on Sunday, 9th April, has been brought under control.  According to the mining giants, no fatalities or injuries were recorded. “We are relieved that the incident did not result in any injury or fatality to the workforce who remain our most important resource. Everyone is ...

A Professor at the University of Ghana Business School (UGBS), Godfred Bokpin, says the global geopolitics is affecting “vulnerable” countries like Ghana, making the application for a bailout from the International Monetary Fund (IMF) difficult. Prof Bokpin said the West African nation needs assurances from its bilateral and multilateral partners before the IMF’s Executive Board can be convinced to approve the request for the ...

The coalition of Individual Bondholders Forum has petitioned President Nana Addo Dankwa Akufo-Addo over the non-payment of matured bonds that were not tendered under the Domestic Debt Exchange Programme. In a petition, the Coalition made up of the Ghana Individual Bondholders Forum and the Individual Bondholders Association of Ghana expressed sadness that despite several assurances by the government, it had ...

Executive Member of the Association of Ghana Industries (AGI) Tsonam Akpeloo has told the government to review some of the areas it is spending revenue. He said times are hard therefore the government must review its expenditure to reflect the realities. Speaking on the Ghana Tonight show on TV3 Wednesday, April 5 in connection with the three revenue bills – Excise Duty, ...