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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Nigerian oil prices will pick up significantly – Minister of State, Petroleum Resources

bycitibusinessnews
March 21, 2016
in West Africa
Nigerian oil prices will pick up significantly - Minister of State, Petroleum Resources

Nigerian oil prices will pick up significantly - Minister of State, Petroleum Resources

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Nigeria’s Minister of State, Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Emmanuel Kachikwu, is optimistic about the short-term rise in oil prices saying it will pick up significantly.

Speaking to CNBC Africa at the 6th African Petroleum congress and exhibition, Kachikwu, says that Nigeria needs to reorganise its administrative systems in petroleum for better efficiency.

“What is important is that irrespective of what the price of oil is, and I’m very optimistic that by the end of the year we’ll be able to average at around the 45 to 50 dollar range, irrespective of that, make the very best use of that little income that you have coming out of oil,” says Kachikwu.

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The oil price took a huge knock, averaging over 100 dollars a barrel in 2014 to just under 30 dollars in January 2016.

Although Kachikwu says the fuel scarcity is over, he says applying technology to distribution will tackle scarcity and fuel diversion. Petrol stations in Lagos and other parts of the country were shut following a sharp drop in the supply of petrol to the market.  Minister blames infrastructural deficits and refineries that haven’t been working for the scarcity.

“We are trying to refurbish our infrastructure because without infrastructure, you really can’t do much,” says Kachikwu.

Kachikwu says Nigeria is focussing on expropriating earnings from oil into other areas of the country. He mentions agriculture and mining as some of these areas.

“The first thing is diversification. Secondly, his excellency, the President Muhammadu Buhari, has put in a lot of energy into making sure that we’re focussing on costs. We are also reaching out to all countries of the world to get them to view Nigeria as an investment destination,” says Kachikwu.

Credit: CNBC Africa

 

 

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