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Illegal fuel importers cost GH¢850m loss annually – NPA

Hassan Tampuli - CEO, NPA

The National Petroleum Authority (NPA) has disclosed that Ghana loses about 850 million cedis annually in taxes, due to the increased activities of fuel smugglers into and out of the country. The illegal act is said to involve operators who ply their business at the ports by fuelling tanks with fuel products brought into the country via unapproved routes. The ...

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15 year energy bond timely for banks’ rising NPLs – CAL Bank MD

Mr. Frank B .Adu Jnr - MD of Cal Bank

Banks are optimistic of significant improvement in their non-performing loan portfolios as government initiates moves to clear all outstanding debts owed them. The assurance comes on the back of government’s plan to raise bonds to clear the debts owed in the energy sector. The Vice President, Dr. Bawumia at a meeting in Washington last week announced that the government will ...

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Encroachers pose no direct risk to gas supply – WAPCo

WhatsApp Image 2017-04-25 at 18.29.24

The West African Gas Pipeline Company (WAPCo) has assured of continuous flow and supply of gas despite heavy encroachment on its lands. The company has bemoaned the unregulated takeover of lands close to its pipelines especially in Tema in the Greater Accra region. According to the company, the move poses great risk to both life and property should there be ...

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Govt to issue 15 yr bond to clear $ 2.4bn energy debts


Government has announced plans to issue a 15 year bond to settle all outstanding debts in the energy sector. The move is also aimed at improving the financial strength of the State Owned Enterprises (SoEs) in the energy sector and make them competitive. Vice President Dr. Mahamudu Bawumia disclosed this when he addressed a session at the ongoing Spring Meetings ...

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Petroleum consumers dissatisfied with NPP’s 100 days’ work


The Chamber of Petroleum Consumers (COPEC) has expressed dissatisfaction at the achievements of the Nana Akufo Addo led government, grading it below average in its first 100 days in office. Citing key issues such as the high sulphur content in fuel, as well as the unsteady fuel prices, COPEC believes government has not done much in rectifying problems facing the ...

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Ghana woos investors for renewable energy production


The Ministry of Energy is optimistic of meeting its ambitious ten percent target of installed renewable energy capacity by 2020, with the completion of the relevant policy and regulatory framework. The move is also expected to drive down the high cost of power in the country. At present, renewable energy accounts for only one percent of all installed capacity despite ...

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World Bank backs review of AMERI deal


The World Bank has backed the government’s decision to review the AMERI power plant deal over concerns of generation capacity excesses. According to the Bank, Ghana’s current total electricity generation capacity is higher than the amount demanded. Speaking to Citi Business News, the Ghana Country Director of the World Bank, Henry Kerali also stated that the review should help the ...

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Fuel prices to drop by 2 percent in April


The Institute for Energy Security (IES) has predicted a further drop of fuel prices by about 2% in the 1st pricing window of April. The Institute believes the drop could be attributed to the removal of Excise Levy and the review of the Special Petroleum tax which has been moved from 17.5% to 15% by the government. Checks by Citi ...

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Operators of Ameri must go for renegotiation of deal-IECP

Ameri Power Plant in Ghana

The Institute of Energy and Climate Change Policy (IECP) has charged operators of the Ameri Power Plant to accept the recommendations of the Philip Addison Committee and renegotiate the deal with government. According to the institute, a relook at the terms of the deal will benefit both operators of the Ameri Power Plant, as well as the government of Ghana. The ...

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Ameri deal to be abrogated over $ 150m ‘bloated’ commission

Ameri Power Plant in Ghana

The committee charged to review, restructure and recommend areas of amendment of the Ameri power deal, has recommended that the deal be re-negotiated or abrogated on grounds of fraud, after it emerged that Ghana was made to pay 150 million dollars extra in commission to Africa & Middle East Resources Investment Group LLC (Ameri Energy) for the construction of the ...

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Ghana Business News