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Tullow Ghana hopeful of 2017 despite losses in H1

Managing Director of Tullow Ghana, Charles Darku

Tullow Oil has ruled out any significant impact of the mid-year loss after tax on its Ghana operations. The oil company maintains that its strategy will keep it above the challenges by the end of the year. Tullow in its first half results posted a loss after tax of about 300 million dollars. Consequently, the oil giant recorded a loss ...

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Pilot of paperless port systems kicks off today

GUTA PORT

Effective Friday, August 18th 2017, all agencies at the country’s ports will pilot the paperless clearing process ahead of official takeoff next month. The exercise is among others to identify the potential shortfalls and address them for a seamless transaction on September 1, 2017. According to officials, the pilot has become apparent considering the completion of the basic background work. ...

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What to know about Capital Bank’s collapse (Audio)

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Capital bank, an indigenous bank that transformed from a Savings and Loans Company has been assumed over by GCB Bank in a purchase and assumption agreement. It is emerging that the writings were clear on the wall a couple of years before this. What probably went wrong leading to this situation? The audio below gives some possible explanations. – By: Pius ...

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What to know about UT Bank’s collapse (Audio)

UT bank

The Bank of Ghana on Monday, August 14, 2017 granted permission to GCB Bank to purchase UT Bank in a purchase and assumption agreement. The Central bank explained that the move has become apparent due to efforts to consolidate the country’s financial sector. But what reasons led to the collapse of the indigenous bank? The audio below chronicles the event ...

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High fiscal deficit unattractive for long term bonds – Razia Khan

Razia Khan new

Government would have to work to reduce its fiscal deficit in the short to medium term else risk investment ditching its long term bonds. This is the caution from the Chief Economist for Africa Global Research at Standard Chartered Bank, Razia Khan. According to her, the government would need to readjust its debt management strategy at the point where it ...

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Six companies shortlisted for railway dev’t                                                    

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Government has begun processes to commission feasibility studies to construct railway lines to connect to the various agricultural producing areas. According to government, six companies have been shortlisted for the contract. President Akufo-Addo upon assumption of office, identified the railways as an important economic infrastructure hence the creation of a separate ministry to that effect. Addressing an audience at a ...

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Gov’t woos foreign investors for its $ 2.4 bn energy sector bond

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Foreign investors have shown interest to buy government’s 2.4 billion dollar energy sector bond. Citi Business News understands this is the response following an international road show by the transaction managers for the energy sector bond. The Deputy Energy Minister in charge of Finance, Joseph Cudjoe who disclosed this to Citi Business News explained that the move is expected to ...

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Domestic air travel grows by 24% after 17.5% VAT slash

Deputy Aviation Minister - Kwabena Okyere Darko-Mensah

The removal of the 17.5% VAT on domestic air travel has increased Ghana’s domestic air passenger volume by 24 percent as at May 2017. The passenger volume has increased from 163,322 to 201, 851 between May 2016 and the same period this year. The Deputy Minister of Aviation, Kwabena Okyere Darko Mensah disclosed this at the Ghana Transport and Logistics ...

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Adequate funding to merit improved construction – Developers                     

affordable house

Real estate developers in Ghana are confident contractors will execute better contracts if they get the needed and right funding. Contractors have for some time now come under severe backlash from Ghanaians and government over the use of inferior goods to construct substandard roads and buildings. But speaking to Citi Business News the Chief Executive Officer of Quao Realty, Charles ...

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GRA closes down two hotels over tax infractions

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The Ghana Revenue Authority (GRA) has shut down two hotels in Accra for failure to issue VAT/NHIL invoices. This follows investigations conducted by the BNI that showed only 3 out of 42 businesses issue VAT invoices to customers who patronized goods and services. The hotels; Adeko and New Haven which are among the 42 investigated, will face various degrees of ...

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Ghana Business News