Author: citibusinessnews
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BDCs are ‘heroes’ of petroleum pricing – ACEP
The African Center for Energy Policy (ACEP) has lauded the Bulk Oil Distributing Companies (BDCs) for publishing the fuel price indicators. Speaking on the Citi Breakfast Show on Tuesday, the Executive Director at ACEP, Dr Mohammed Amin Adam described the BDCs as “heroes” of the petroleum-pricing regime. “I think that the heroes of this deregulation…
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Tullow accused of blocking reinstatement of MODEC staff
The General Transport, Petroleum and Chemical Workers Union (GTPCWU) has accused Tullow Ghana of coercing MODEC against reinstating some dismissed workers of FPSO Kwame Nkrumah. [contextly_sidebar id=”Ktq3CODICW0R1tlbpp0MHXht8lS8YL3A”]According to the union the offshore installation manager of the FPSO Kwame Nkrumah who is an employee of Tullow Ghana has blatantly refused to admit the workers onto the…
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Policy rate maintained at 22 percent
The Monetary Policy Committee of the Bank of Ghana has maintained its policy rate at 22 percent. [contextly_sidebar id=”ahrOPGZoLaBGBRYqJ7n2YQZC2EaNQQ7J”]The Committee attributed its hold to the recovery of the cedi as well as underlying inflationary pressures which is evident in the country’s current inflation rate which is at 17.1 percent after recording 16.9 percent in May.…
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Lufthansa officially notifies government over its pullout from Ghana
Citi Business News has gathered German airline, Lufthansa has officially notified the transport ministry over moves to pull out of Ghana. [contextly_sidebar id=”hy4UE6EwOFDzU08zIRbbI3NauWQBlqwm”]Lufthansa will from the first of October this year cease operations in Ghana. The airline operations and routes in Ghana will now be taken over by Belgian carrier, Brussels airlines which Lufthansa has…
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Cedi’s recovery will be sustained-BoG boss
Governor of the Bank of Ghana (BoG) Dr Henry Wampah has downplayed fears that the cedi’s recovery will not be sustained. [contextly_sidebar id=”KggPS4eagV6o2rL39jAbBwm8PLvPmS2l”]The cedi begun making some significant gains against major foreign currencies including the dollar, British pound and Euro two weeks ago after depreciating in excess of 25 percent this year. According to the…
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Inflation moves up to 17.1%
Inflation for the month of June 2015 increased to 17.1% from the 16.9% recorded in May 2015. [contextly_sidebar id=”gFWW6kKy3Wosdc6c12IKUGlRc5djefNe”]The monthly change rate for April was 1.8% while that of May was 1.0%. The food inflation rose to 7.4% compared with the 7.3% recorded for May 2015. Non food inflation recorded 23.6% moving up 0.2% from…
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Ghana’s debt hits 89.5 billion cedis
Ghana’s total debt stock increased by 1.4 billion cedis between April and May 2015. [contextly_sidebar id=”hBxZTf0iGOTDPpRgRchZwNcD88TEDIhm”]According to figures from the Bank of Ghana the total debt stock as at May 2015 stood at 89.5 billion cedis which is 67.1% of Gross Domestic Product (GDP). In April the country’s total debt stock stood at 88.1 billion…
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Parliament okays $1.8 billion cocoa loan
Parliament has approved a loan agreement between the Ghana Cocoa Board (COCOBOD) and a consortium of international and local banks for an amount of $1.8 billion for the purchase of cocoa beans for the 2015/ 2016 crop season. [contextly_sidebar id=”86bONyhNqdbpxy7HqXH4Eaz5DAiILOCT”]The banks are Barclays Bank Plc, Commerzbank, Aktiengesellschaft, Deutsche Bank AG, Natixis, Standard Bank Group of…