Author: citibusinessnews
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ECG working to disburse cash to IPPs by end of week
The Electricity Company of Ghana (ECG) is confident of settling debts Independent Power Producers (IPPs) by end of this week to avert any disruptions in electricity supply. Despite government’s indebtedness to the power generation companies the ECG and IPPs have reached a unique payment agreement promoting the latter to suspend its plans to cut power…
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GRA seizes tons of carbonated, alcoholic beverages over tax evasion
The Ghana Revenue Authority’s Excise Unit has seized numerous cartons of malt, vodka, Coca-Cola, and various carbonated beverages. The market value of these drinks according to the GRA’s valuation amounts to thousands of Ghana Cedis. The discovery was made in an open market where the products were being sold without the required excise stamp, indicating…
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Govt poised to help private sector grow – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has reiterated his government’s resolve to do everything it can to grow the country’s private sector, which will contribute to the growth of the economy. He said this because the country’s current economic challenges require investment from the private sector. Speaking at a meeting with the Group Board Chair of…
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Petroleum tanker drivers resume work after suspension of strike
Business operations have resumed at various petrol and gas depots along the Volta Aluminum Company (VALCO) Kpong road in Tema. A tour at different loading terminals including Tema Oil Refinery, Fuel Trade and Chase was busy with the tanker drivers queueing to fill their tanks. The operations come after government through the Ministry of Roads…
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Mahama begs IPPs to reconsider shutdown over $1.73 billion debt
Mahama begs IPPs to reconsider shutdown over $1.73 billion debt Former President John Dramani Mahama has urged the Independent Power Producers (IPPs) to reconsider their decision to shut down their plants on July 1 due to the government’s outstanding debt of $1.73 billion. In a Facebook post on June 30, the former President emphasized that…
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Petroleum tanker drivers suspend nationwide strike
The Ghana National Petroleum Tanker Drivers Union and Liquified Petroleum Gas (LPG) Tanker Drivers have suspended their industrial action after more than two hours of crunch meeting held with the Minister of Roads and Highways, Kwasi Amoako-Attah. The Union is expected to resume work from tomorrow, Friday while works begin to smoothen the road. The…
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Govt yet to engage IPPs over debts as power crisis looms
With just a day to the expiration of the deadline given by the Independent Power Producers to shut down over outstanding arrears, the group is yet to meet government for a favorable response. The two parties were expected to meet this week for an agreement on demands for a 30 percent interim payment of the…
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We’re working to restore economy to full health – Akufo-Addo assures
The President, Nana Addo Dankwa Akufo-Addo, has reiterated his government’s commitment to making the ailing economy stronger. He said his government is working assiduously to restore the economy to full health. The economy in recent times has taken a downturn with prices of goods and services skyrocketing, unsustainable debt stock and wobbly currency causing the…
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Stop financing fossil fuels projects in Africa – CSOs to AfreximBank
A coalition of African NGOs working for Just Energy Transition is calling on AfreximBank to stop financing fossil fuel projects that pose a threat to the environment. The group accused AfreximBank’s financed fossil fuel projects in Nigeria, Mozambique, and East Africa of causing “significant socioeconomic impacts, including land grabbing, displacement, loss of livelihoods, increased poverty,…
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MASLOC secures AfDB grant to support its operations
The Micro Finance and Small Loans Centre, (MASLOC) will receive support for its operations across the country from a $ 31.34 million grant from Ministry of Finance and the African Development Bank. The project which will enhance women’s access to credit, financial literacy, and information sharing, with a focus on women-led Micro, Small and Medium-Scale…