Author: citibusinessnews
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Gov’t releases 34 million litres of diesel
The Energy Ministry says it has released 34 million litres of diesel for onward distribution to filling stations across the country in an attempt to minimise the current fuel shortage. Deputy Energy Minister, Emmanuel Dagadu told Citi News the Bulk Oil Distributing Companies released the product after a discussion with the Ministry. “As I am…
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Shippers Authority to establish complaint unit
The Ghana Shippers Authority (GSA) has opened a complaint and support unit at the Paga Border of the Upper East Region to ensure rapid response to complaint of shippers. Speaking to newsmen during a familiarisation programme, the Chief Executive of the Authority , Dr Kofi Mbiah, said the GSA has been mandated to protect and…
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Fuel shortage: BDCs blame banks for payment delays
Fears of an imminent shortage of petroleum products have heightened as the impasse between Bulk Oil Distribution Companies (BDCs) and commercial banks continues. An audit is being conducted into a GHC 1.8 billion claim submitted by the BDCs to government, but the process has stalled because the local banks that finance the companies are not…
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Third Northern Ghana Business Investment Conference successful
Government has been reminded of the urgent need to upgrade and expand the Buipe Inland Port to provide efficient inter-mobile transport system between the north and the south. Participants of the third edition of the Northern Ghana Business Conference raised this among several concerns chronicled in a communiqué issued at the climax of the four…
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Yale Professor calls for scrapping of Cedi as legal tender
An Economics Lecturer at Yale University, Vikram Mansharamani, says the rate at which Ghana’s local currency, Cedi, has devalued since the country’s independence should inform authorities to scrap its usage as legal tender. Dr Mansharamani noted that the Cedi has depreciated 99.99 per cent since Ghana’s independence in 1957 and that is the cause of…
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Microfinance companies record GH¢58,830 profit
The Ghana Association of Microfinance Companies (GAMC) made a pre-tax profit of GH¢62,579 in 2013 compared with the GH¢294,516 recorded in 2012. The association’s net profit also rose to GH¢58,830 in 2013, up from the 2012 close of GH¢293,776. The National Board Chairman of GAMC, Mr Collins Amposah-Mensah, who disclosed this at the association’s annual…
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Bolgatanga Tax Office exceeds revenue target
The Bolgatanga District branch of the Small Tax Office (STO) of the Ghana Revenue Authority (GRA) collected a total revenue of GH¢3, 298,880.36 as at the end of May this year as against its target of GH¢2,937,440.00. This exceeded its set target by 34.14 per cent as against a shortfall of 1.7 per cent during…
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Fuel shortage hits Sekondi Takoradi
The Sekondi Takoradi metropolis has been hit with fuel shortage forcing motorists to form long queues to buy a few gallons of the product. Local fishermen are also struggling to get supplies of premix fuel for their operations. Some industry sources predicted the imminent shortage of pre-mix fuel, but Sekondi Takoradi has already run out…