Category: Business
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Use mid-year budget to review benchmarks for crude oil prices – Energy analyst
Ahead of the presentation of the Mid-Year Review of the Budget Statement and Supplementary Estimates for the 2023 Financial Year to Parliament, an energy analyst Benjamin Nsiah is impressing on Government to review downwards its projected benchmarks for crude oil price. The government had earlier projected a benchmark oil price of 88.55 dollars per Barrel…
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Momo fraud: Don’t entertain conversations about your account – MTN warns
Mobile telecommunication network, MTN is calling on the public to be vigilant in order not to fall victim to mobile money fraud. In recent years, many subscribers have complained about how they have been defrauded. These scammers trick them (unsuspecting persons) into believing that they are officials of mobile telecom companies and end up defrauding…
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Budget review: COPEC warns against introduction of new taxes on fuel
The Chamber of Petroleum Consumers (COPEC) has issued a strong warning to the government to refrain from plans to introduce new taxes on petroleum products in the mid-year budget review. The Finance Minister, Ken Ofori-Atta, is expected to present the Mid-year budget review to Parliament on July 25, 2023. COPEC says its sources have revealed…
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Government seeks strategic investor to galvanize Integrated Aluminium Industry
The Volta Aluminum Company (VALCO) was established as a collaborative venture between the Government of Ghana and Kaiser and Reynolds of the United States of America. VALCO started operations in 1967, with ownership then vested in Kaiser Aluminum and Chemical Corporation (Kaiser) and Reynolds Metals Corporation (Reynolds). Kaiser owned 90% of the shareholdings and the…
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Jubilee field producing over 100,000 bopd
Tullow Oil has announced that gross crude production on the Jubilee Field has surpassed 100,000 barrels per day for 2023. This was captured in an operational update to investors on July 17, 2023. According to Tullow Oil, this was after the recent start-up of the Jubilee South East (JSE) project well was brought on stream.…
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Cocoa bills debt exchange an indication govt can’t pay its debts – Joe Jackson
The Director of Business Operations at Dalex Finance, Joe Jackson, says COCOBOD’s invitation to holders of its short-term debt securities (cocoa bills) to exchange that for longer-term debt securities is simply an indication of the government’s inability to pay its debt. The financial analyst says the invitation is simply an extension of the recent domestic debt…
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IES calls for efficient exploration of Ghana’s lithium resource
The Institute for Energy Security (IES) has emphasized the need to promote the efficient and sustainable lithium exploitation in Ghana’s mining industry. This is on the back of Lithium discovery in commercial quantities in the Central Region. Addressing a National Stakeholder Dialogue on Energy Transition which focus on Lithium discovery in Ghana, the Executive Director…
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Africans have not fully tapped into regional trade – World Bank
The Managing Director of Operations at World Bank, Anna Bjerde has emphasized the need for Africans to optimize intra- African trade to address the continent’s economic challenges. According to her, Africans have not fully tapped into the regional trade opportunity that exit on the continent. She opines that a lot needs to done to boost…
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Tullow oil production at Jubilee south east surpasses 100,000 barrels
Tullow Oil has revealed that gross production from its Jubilee South East project has surpassed 100,000 oil-barrels a day after a second well was brought onstream. The oil-and-gas company said both wells at the project located offshore Ghana are performing in line with expectations and have increased production rates by around 50% compared with the…
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Savings and loans companies receive assurance from BoG to resolve NPLs
Savings and loans companies in the country have received assurances from the central bank that steps will be taken to resolve difficulties with Non-Performing Loans (NPLs) and high interest rates. The Central Bank claims to have seen the difficulties facing the sector’s operators. As the bank continues to work to ensure financial stability, Mr. Osei…