Category: Oil And Gas
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Labour agitations in power sector to affect FDIs – Dr. Wereko Brobby
A former Chief Executive Officer of the Volta River Authority (VRA), Dr. Charles Wereko-Brobby, has told Citi Business News the recent labour agitations in the power sector will affect Foreign Direct Investments into the country. He argues that the growing labour unrest demonstrates the lack of discipline and respect for law in the country. “I…
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Petroleum products smugglers in Ghana to be jailed – GRA
The Ghana Revenue Authority (GRA) warns it will not hesitate to prosecute exporters of petroleum products who engage in fuel smuggling from Ghana to neighbouring countries. According to the GRA, it will push for the license of such individuals or companies to be revoked by the National Petroleum Authority while it also blacklists them. Speaking…
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GRA clamps down on fuel smuggling into and out of Ghana
The Ghana Revenue Authority (GRA) has issued new guidelines aimed at checking the rising incidence of fuel smuggling from Ghana. The new guidelines which took effect last week Thursday, September 1, is intended to end the abuse of the export and re-exports regimes of the industry. According to the GRA, any deviations from the new…
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Fuel prices go up in September
Fuel prices have increased for the first pricing window in September. Checks by Citi Business News in the capital show that some major Oil Marketing Companies [OMCs], have increased their prices for the period. While a litre of petrol has increased between 4 and 6 percent, a litre of diesel has increased between 6 and…
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Petroleum consumers protest phase two of price deregulation
The Chamber of Petroleum Consumers wants the National Petroleum Authority to step in to prevent the various Oil Marketing Companies (OMCs) from implementing the second phase of the petroleum price deregulation. According to the Chamber, the development if unresolved, will lead to exploitation as the OMCs will set prices capriciously. “The same Bulk Distribution Companies…
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No ‘dumsor’ despite shutdown of Atuabo Gas- Jinapor
The Deputy Minister of Power, John Jinapor, has assured of stable power to electricity consumers despite maintenance exercise being carried out by the Ghana Gas company on the Atuabo Gas Plant. This is a sharp turn from earlier assertions he made that the country may experience load shedding, popularly called ‘dumsor’ due to the maintenance…
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Power companies to clear future debts with corporate bonds- Terkper
Finance Minister Seth Terkper has disclosed that power companies in the country will be compelled to issue corporate bonds very soon as government helps clear the legacy debt. According to him, the refinancing of the legacy debt of 4.4 billion cedis owed to the 12 commercial banks is currently being borne by taxpayers. Speaking at…
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Energy sector levy revenue hits 350 million cedis – Terkper
Finance Minister, Seth Terkper has disclosed that the Energy Sector Levy Account has accrued 350 million cedis as at August 2016. He made the disclosure when he addressed a media briefing on Wednesday, August 31st, 2016, on measures taken to address the legacy debts in the power sector. “The power generation and infrastructure levy plus…
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Govt clears GHS250m out of GHS4.4bn energy debt
The Ministry of Finance, the Bank of Ghana (BoG), and the Ghana Bankers Association have announced plans to pay the legacy debt owed by the power sector. According to the Ministry of Finance, government has arranged with the Bank of Ghana to create an escrow account to transfer 250 million cedis to settle part of…
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Atuabo plant shut down may cause power cuts – Jinapor
The Deputy Minister of Power, John Jinapor, has served notice that electricity consumers may experience some power cuts as a result of a maintenance exercise being carried out by the Ghana Gas company on the Atuabo Gas Plant. According to him, some thermal plants that mostly rely on gas from Atuabo may be converted to…