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Oil And Gas

Energy sector debt: Govt debt to banks, fuel suppliers hits $1.2 b

Boakye Agyarko - Energy Minister

Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks are owed 782 million dollars, ...

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GE Oil & Gas opens new support base in Takoradi Port [photos]

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General Electric (GE), a US based oil and gas company specialized in deep water offshore services in the oil and gas sector has opened its newly Sub Saharan facility at the Takoradi Port in the Western Region. The facility, according to the company will provide support services for its customer operations. In 2015, GE was awarded a $850 million contract ...

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VRA debt: 160 million cedis to be paid end of March

Alhassan Andani - President; Ghana Assoc. of Bankers & MD of Stanbic Bank

About 160 million cedis is expected to hit the accounts of banks that are owed the energy sector debts, by the end of March 2017. This is according to the President of the Ghana Association of Bankers, Alhassan Andani. The payment will be the first to be made this year since the erstwhile NDC government commenced payments to the affected ...

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OMCs reduce prices to reflect tax cuts

FUEL-STATION

Citi Business News’ checks at fuel stations have revealed that major Oil Marketing Companies (OMCs) have reduced the prices of their products for the second consecutive time this month; March. The reduction is in line with the recent tax cuts announced by the government in the 2017 budget. The OMCs earlier in the second pricing window of March reduced the ...

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OMCs yet to reduce prices as Goil’s prices drop by 1%

petrol-GH

It appears most of the Oil Marketing Companies (OMCs) have not reduced the prices of their petroleum products for the first pricing window in March. This is contrary to predictions that fuel prices will be reduced for the period. The Institute for Energy Security (IES), early this week, indicated that prices for petroleum products are likely to be reduced by ...

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Fuel prices to drop in second pricing window in March

FUEL-STATION

The Institute for Energy Security (IES) is predicting at least a 3% fall in fuel prices for the second pricing window in March. The IES is basing the fall on the drop in prices of petroleum products on the world market. They also believe there has been a relative stability in the forex exchange market which reflects on the fuel ...

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Cedi depreciation threatens fuel price stability

Ghana Cedi

The Institute of Energy Security (IES) is predicting a further increase in fuel prices in the first pricing window of March due to the constant depreciation of the cedi. The IES says the depreciation of the cedi is already threatening the stability of fuel prices. The Institute also believes the cedi played a part in the increment of the second ...

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Consumers unsatisfied with 2.5% reduction on petrol taxes

FUEL-STATION

The Chamber of Petroleum Consumers (COPEC) has expressed dissatisfaction over the rate of reduction of the special petroleum levy. According to the chamber, the reduction is minimal and could have seen a 10 percent reduction instead. Finance Minister Ken Ofori Atta on Thursday announced a reduction in the special petroleum levy from 17.5 percent to 15 percent. The move was ...

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No new CEO appointed yet – Gov’t replies GOIL

goil-filing-station

Government has dismissed reports that it has appointed a new CEO for Ghana Oil Company Limited (GOIL). The company had issued a statement reacting to reports that President Akufo Addo has appointed a new CEO for the company. GOIL rejected the reports explaining that the appointment could not have been done without recourse to laid down rules. “The Regulations state ...

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Job layoffs lurk over persistent power challenges – ICU  

Solomon Kotei - General Secretary, ICU

The Industrial and Commercial Workers’ Union (ICU) has renewed caution of massive job layoffs if the power supply challenges are not resolved anytime soon. The union contends that employers would be compelled to cut down on labour size due to increased cost of operation but a drop in production levels. “If this should continue, then prices of goods and services ...

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Ghana Business News