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Tullow MD urges swift end to VRA thermal asset sale

vra 2

Energy sector players want government to expedite processes in the decoupling of thermal assets management from the Volta River Authority (VRA). They argue that a further delay of the process will hamper efforts to reform the energy sector for efficiency. Deliberations are underway with relevant stakeholders over plans to limit VRA’s mandate to the management of hydro plants by selling ...

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Gaming Commission destroys over 600 jackpot machines


The National Gaming Commission has destroyed over 600 illegal jackpot machines it seized at bars and restaurants in the Greater Accra Region, Eastern region and the Central region. The commission carried the exercise through a task force it set up recently. Speaking to Citi Business News after the destroying the machines at landfill site in Nsawam, the Commissioner at the ...

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Finance Ministry dismisses Minority’s claims on energy bond


The Ministry of Finance has reacted to what it describes as unsubstantiated claims by the Minority in Parliament over the energy bond. According to the Ministry, the arguments put forward by the side do not reflect the actual situation. The Minority on Wednesday held a press conference where it criticized the below 6 billion cedis yield of the bond. It ...

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Gov’t gets $221m in second domestic dollar bond


Ghana scooped all $221.4 million tendered for a three-year domestic dollar bond at a 6.25 percent yield on Thursday, boosting the government’s plans to explore local funding sources, arrangers said. Initial guidance for the bond, the second to be issued by the major commodities exporter and open only to Ghanaian investors, was 6.25 percent. Ghana is emerging from a fiscal ...

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Economist urges gov’t to block revenue leakages

Adu Sarkodie

More economists have joined in urging the Finance Minister, Ken Ofori-Atta to use the 2018 budget to broaden the tax base to help accelerate economic development. This follows calls from the Institute of Fiscal Studies, encouraging government to improve domestic revenue collection if it intends to implement major policies that will be announced in the budget. The Finance Minister is ...

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GREDA demands names of substandard cable brands


Real estate industry players have joined calls for the Ghana Standards Authority (GSA) to publish names of substandard electrical cable brands on the Ghanaian market. The industry fears for the worse should developers continue to use unapproved cables which will ultimately put the lives of people at risk. A recent inspection by the GSA has revealed that more than 70 ...

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Banks’ BDC debts reduce by 540 million cedis

Ghana Cedi

The total debt owed banks by Bulk Oil Distribution Companies (BDCs), is expected to reduce by some 540 million cedis by the end of this week. It follows the disbursement of proceeds from the energy bond to the affected institutions. The disbursement, Citi Business News understands was carried out on Wednesday, November 8, 2017 to Legacy Bond Limited (LBL) for ...

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7 member board of GSS inaugurated


A seven member Board of the Ghana Statistical Service(GSS) has been inaugurated at a ceremony held at the Ministry of Finance today. The Board, which is chaired by Dr. Grace A. Bediako, has the Ag. Government Statistician, Mr. Baah Wadieh; Mr. Nicholas Okoe Sai; Ms. Galina Okartei-Akko; Prof. Abena D. Oduro; Dr. Benjamin Amoah; and Dr. Robert Darko Osei, as ...

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Inflation drops again to 11.6%


The Consumer Price Inflation (CPI) has dropped again to 11.6 percent in October 2017. The figure went down by 0.9 percent from the 12.2 percent recorded in September 2017. This is the seventh time that inflation has dropped this year with some marginal increases between the ten month period [January to October 2017]. The CPI measures the average change over ...

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Gov’t launches Warehouse Receipt System to store food


As part of efforts aimed at implementing the ‘Planting for Food and Jobs’ programme, government has launched the Warehouse Receipt System Project to help in the storage and distribution of farm produce. The project, is also aimed at solving post-harvest challenges faced by Ghanaian farmers in the Agriculture sector. Speaking to journalists after the launch of the project, a Deputy ...

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Ghana Business News