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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [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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    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

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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

    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”

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    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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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete a fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

    IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t

    Fuel prices to go up as NPA announces restoration of UPPF margin

    GHASALC laments drop on number of digital transactions following e-levy

    Gov’t to commence talks with IMF for bailout

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

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [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

  • 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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COPEC, IES back calls for an increase in BOST Margin

byNerteley Nettey
May 4, 2020
in Oil And Gas, Top Stories
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Civil Society Organizations, Chamber of Petroleum Consumers (COPEC), and the Institute of Energy Security (IES), have backed calls from the Bulk Oil Storage and Transportation Company (BOST) for an increase in the BOST Margin in the petroleum price build-up from 3 pesewas to 12 pesewas.

According to them, if the Margin is increased, BOST can be in a position to hedge its prices to ensure stability in fuel prices in the country.

BOST MD, Edwin Provencal, says the current margin is not enough to put the company in a strategic position to fix its equipment which are archaic.

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Speaking to Citi Business News, Executive Director of COPEC, Duncan Amoah explained that if the margin is increased, the continuous increase in fuel prices would be managed.

“The only assurance we need is that whatever additional resource that government would have to pump in, is needed in 6 months or 1 year from now. If we were to come back here to do this field trip or visit, the story here would be different. Where you would not find either of the tanks rusting or decommissioned. The pipelines that should have been upgraded to about 12 inches, are still doing 6 and 8 inches. That means that your flow rate is going to be quite low and that means you will lose all the competitive edge that you would have had in the downstream,”he stated.

“We are tempted to say that the new BOST agenda that the new MD is introducing could go far on condition that he will do as he says, on condition that other politicians will stay away and allow him the free hand to operate professionally. We have said that once BOST is sound, the incessant increase in fuel prices that we witness on Friday, Saturday, Sunday, and even on public holidays would be managed. As a country this is the best company in Ghana that can hedge,” he added.

Executive Director for the Institute of Energy Security, IES, Paa Kwesi Anamuah Sakyi also urged government to divert the price stabilization levy to BOST.

“If they mean what they say, it would be a good call for all Ghanaians to support. One other thing we have come to realize as a Civil Society Organization from the desk of IES is that, the price stabilization recovery levy has not been able to stabilize prices for us. The low prices we see today is just coming from the gains we have gotten from the world market, and so we may consider or government can consider diverting this price stabilization recovery levy to BOST, so that they can have enough funds to procure fuel, maintain their tanks and store enough fuel to manage both supply and price risk.”

About BOST margin

BOST Margin is a tax imposed on petroleum products used to cover the maintenance and operating cost of petroleum product depots and undertaking expansion programs at depots.

The BOST Margin has remained at 3 pesewas per litre since 2011.

In December 2019, it almost went up to 6 pesewas per litre but the decision was quickly reversed following intense pressure on government by opposition parties as well as CSOs such as the Chamber of Petroleum Consumers (COPEC).

About BOST

BOST was incorporated in December 1993 as a private limited liability company under the Companies Act,1963 (Act 179) with the Government of Ghana as the sole shareholder.

Its duties are to among other things to develop a network of storage tanks, pipelines and other bulk transportation infrastructure throughout the country, rent or lease out part of the storage facilities to enable it generate income as well as keep strategic reserve stocks for Ghana.

It currently has six petroleum demand strategic zones and manages depots located in Accra Plains, Kumasi, Buipe, Bolgatanga, Akosombo and Mami Water with total capacity 425,600 m3.

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