Author: citibusinessnews
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Tullow to complete maintenance works on FPSO Kwame Nkrumah tomorrow
Tullow Ghana has announced that it will complete the planned maintenance works of the FPSO Kwame Nkrumah by tomorrow, 5 April. According to the company, oil production and gas export from the Jubilee field will commence on April 9. [contextly_sidebar id=”DfSb6yWfBBWggMDfSxYHfih841RGa2PY”]This will allow for final preparation of new off-take arrangements which involve the use of a…
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Tanzania: Gold Firm ‘Guilty’ of Tax Evasion
London-based giant gold mine company, African Barrick Gold Plc (ABG), has been found to have evaded tax for four years consecutively from 2010 and ordered to pay a total withholding tax amounting to 41,250,426 US dollars (about 82bn/-). In a judgment issued last week, the Tax Revenue Appeals Tribunal noted that ABG, currently known as…
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Nigeria: NNPC Vows to Deal With Saboteurs
The Nigerian National Petroleum Corporation (NNPC) has promised to deal with saboteurs of the oil industry, including pipeline vandalism, which is partly responsible for the current fuel crisis in the country, saying all betrayers in the system will be brought to book. Speaking in Kaduna during a tour of the Kaduna Refinery and Petrochemical Company…
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Zimbabwe: Chinese Ambassador Urges Zimbabwe to Respect Investment Protection Pact
China has urged Harare to respect a bilateral investment protection pact and safeguard Chinese investors’ lawful rights. The ambassador made the appeal as the Zimbabwean government took steps to consolidate foreign diamond mines and pressed ahead with an indigenisation policy requiring foreign companies to cede majority interests to black Zimbabwean partners. Huang said in a…
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The next BoG Governor’s agenda
As the suddenly foreshortened tenure in office of outgoing Bank of Ghana (BoG) Governor, Dr Kofi Henry Wampah comes to an end, speculation over who will replace him has become rife. The most obvious options are Millison Narh, the current First Deputy Governor or Dr Nashiru Issahaku, the current Second Deputy Governor, although there is…
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Africa World Airlines unfazed by return of three local airlines
Africa World Airlines (AWA) has told Citi Business News the airlines does not feel threatened with the resumption of flights by three other airlines later this year. [contextly_sidebar id=”PPmkEoo9nQnxLHJQtlZP9eqCUOIVPlwh”]According to the airline the coming in of the three will rather deepen competition and offer customers opportunities to choose from. The Ghana Civil Aviation Authority has…
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Economic analysts express worry over growth decline in Sub-Saharan Africa
Analysts are worried over the drop in capital investment in Sub-Saharan Africa. The region has been predicted in the past to lead the growth chart in the world as the general conditions of its inhabitants improve but a decline in growth for the last decade has left economist worried. Some West African economic power homes…
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GIPC to partner Oxford Business Group on TEN oil field publication
Oxford Business Group (OBG) is set to partner with the Ghana Investment Promotion Center (GIPC) to commence a publication on Ghana’s offshore oil field, Tweneboa, Enyenra and Ntomme (TEN). The Report, Ghana 2017 will chart the progress of the $5bn TEN project, which is targeting 80,000 barrels per day (bpd) once operational, rising to 100,000…
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Sub-Saharan Africa poised for growth—DHL
Sub-Saharan Africa is expected to witness some level of growth despite a downturn recorded in the region in 2015. According to a World Bank report in January 2016 Sub-Saharan Africa’s real Gross Domestic Product (GDP) grew at its lowest rate since 2009 in 2015 with a growth of a 3.4%. Notwithstanding, the Managing Director of…
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Tax negotiations: Govt & businesses fail to reach agreement
The concerns raised by the Joint Private Sector Business Consultative forum over high taxes may take a while longer to be addressed. [contextly_sidebar id=”2Rvk9L7Lby49GE9d0IxXpPHIf1OHFu7m”]This follows the inability of the committee set up to look into the issues and submit a report to the Finance Ministry, to meet the March ending deadline. The group’s last meeting…