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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

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    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

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    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”

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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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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    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

    Bawumia calls for more AfDB support as African economies battle global challenges

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

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Energy Minister announces withdrawal of new LPG levy

byNerteley Nettey
April 16, 2020
in Oil And Gas, Top Stories
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Government has announced the withdrawal of the 13.5 pesewas Cylinder Recirculation Margin (CRM) levy placed on every kilogram of Liquefied Petroleum Gas (LPG).

This was revealed by the Minister of Energy, Peter Amewu at a press briefing on Thursday, April 16, 2020.

“That slight increase in price that you saw in the papers, it has been withdrawn. The re-circulation module, I think as you are all aware was a very noble thing introduced by the government. That amount you saw was supposed to level up the prices. It has been withdrawn,” he said.

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On Tuesday, March 31st, 2020, the National Petroleum Authority, NPA, directed Oil Marketing Companies, OMCs to start charging 13.5 pesewas on every kilogram of LPG from the 1st of April 2020. In addition, the NPA also increased the levy on Fuel Marking Margin from 3 pesewas to 4.5 pesewas per litre on every product.

Meanwhile, the Minister said government will later decide on the way forward in relation to the levy after a careful review by Cabinet.

Following the introduction of the levy, some industry players said that directive was unlawful and must be withdrawn with immediate effect

The Chamber of Petroleum Consumers, COPEC, demanded for an official publication from the National Petroleum Authority, NPA, notifying Ghanaians of a withdrawal of the levies it placed on Liquefied Petroleum Gas, LPG.

The Liquefied Petroleum Gas Marketing Companies Association of Ghana described the introduction of the 13.5 pesewas Cylinder Recirculation Margin (CRM) as unfortunate.

It said the levy is not only going to burden the tax payer, but is also insensitive to the plight of Ghanaians as the country grapples with the social and economic impact of the COVID-19 pandemic.

Also, the Chamber of Petroleum Consumers and the Consumer Protection Agency sued the National Petroleum Authority (NPA) over the introduction of the Cylinder Recirculation Recovery Margin.

The two companies in their writ of summons argued among other things that the NPA failed to consult with various stakeholders before introducing the policy.

But the NPA in an earlier release issued on Friday, April 4, 2020, maintained that such calls are unfortunate because its projection rather shows that for this very pricing window (1st April to 15 April, 2020), consumers are expected to enjoy a price reduction of about 11.56 percent even with the introduction of the Cylinder Recovery Margin.

“We wish to state categorically that, contrary to their claim that the introduction of the margin will increase the product price at the pumps and thereby burden the consumer, the facts as they stand do not support that,” they added.

Cylinder Re-circulation Model pilot implementation launched in Kade

The National Petroleum Authority, NPA, and the Ministry of Energy, started the pilot implementation of the Cylinder Re-circulation Model at Kade in the Kwaebibirim Municipality of the Eastern Region in March this year.

The Cylinder Re-circulation Model, which is primarily aimed at reducing LPG-related accidents according to government, will also create more jobs contrary to claims by players in the sector that they will lose their jobs.

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

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

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