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Oil emerges as second largest export earner – BoG report

oil block

Ghana’s oil sector emerged as the second largest contributor to the country’s exports for 2017. The country raised an estimated three billion dollars from the oil resources in 2017. Official figures released by the Bank of Ghana show that the total revenue Ghana raked in from her exports stood at 13.8 billion dollars. A further breakdown shows that gold contributed ...

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Dep. Energy Minister chides LPG operators over strike threats


Deputy Energy Minister, Muhammed Amin Adam has chided the operators of LPG for embarking on strike, saying such actions disrupts government’s bid to increase the penetration of LPG to 50%. The operators began a nationwide strike yesterday to press on government to stop the implementation of the Cylinder Recirculation module. They complain that, the project if implemented will push them ...

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Fuel smuggling: Ghana loses $200m in 2 years

Fuel pump nozzles are pictured at Helios petrol station in Almaty

Ghana lost 200 million dollars in both 2016 and 2017 as a result ofthe smuggling of fuel into the country, the National Petroleum Authority has revealed. According to the head of research at the authority, Shiela Abiemo, up to 300,000 metric tonnes of fuel used in the country are not recorded and no taxes paid on them. The illegal activity ...

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LPG retailers to strike on Monday over cylinder circulation policy

gas shortage

The Association of LPG retailers will embark on a strike across the nation on Monday over the government’s plan to implement the cylinder re-circulation policy. This means consumers will not be able to buy the product at various retail outlets from Monday. The Operators, who are opposed to the policy, say their businesses will collapse if the government goes ahead ...

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Ghana to adopt new formula for royalties in mining sector


Dividends accruing to Ghana from mining activities should increase significantly with the adoption of a new formula for calculating the figure. The new system has become necessary as the country is reported to have been losing millions in revenue to the mining sector over reports of little or no profits by the mining companies. These among others are the key ...

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Fuel prices go up by 2%–IES


Prices of fuel are likely to go up by about 2 percent for the second pricing window in May. This means that from today [May, 16, 2018] till the end of the month, consumers should be prepared to pay more for any quantity of petrol or diesel they purchase at the various pumps. “For this particular pricing window we are ...

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Energy Ministry opens Ghana’s oil blocs for competitive bidding  

Boakye Agyarko, Minister for Energy

The Minister for Energy, Boakye Agyarko has inaugurated a committee to supervise the open competitive bidding of Ghana’s oil blocs to prospective oil exploration companies. The committee, known as the Licensing Bid Evaluation and Negotiation Committee will assess investors seeking to start oil exploration and production in Ghana, and advise the minister before an agreement is entered. By this, the ...

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Banks, BDCs to shave off GH¢800m from GH¢1.6bn debt


It appears the woes of commercial banks regarding their exposure to Non Performing Loans (NPLs) may not be ending anytime soon with the latest development from the Bulk Oil Distributors regarding their indebtedness to some banks. Information available to Citi Business News indicates that banks that are owed by the Bulk Oil Distributors (BDCs) are to lose at least 800 ...

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Hedge oil revenue to protect Ghana from rising oil prices – Senyo Hosi

Senyo Hosi-CEO Chamber of Bulk Oil Distributors

The Chamber of Bulk Oil Distributors (CBOD) wants the government to introduce new mechanisms to protect the country from the gradual rise in crude oil prices. The Chamber is impressing on the government to among others initiate processes that will stabilize oil revenue. The Chamber argues that this is necessary as Ghana is a net exporter of oil; that means ...

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Cylinder Recirculation Model will cause LPG shortage—Group warns


Shortage of LPG is set to hit the country in the coming weeks if government fails to avert a possible strike by the Association of LPG retailers. The Association at a press conference this week, gave the government a one week ultimatum to rescind its decision to implement the Cylinder Recirculation model or face its wrath. According to the group, ...

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