Category: Business
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Revised Petroleum Agreement will be beneficial to Ghana–AGM
Norwegian oil company, AGM has described a revised petroleum agreement it has with Ghana as a good deal that will enable the country benefit from exploration of oil. Parliament last week ratified the revised petroleum agreement for the South Deepwater Tano (SDWT) block which is over 3.5 kilometres below sea level. By the approval, AGM…
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Boeing didn’t tell airlines that safety alert wasn’t on
Boeing said Sunday that it discovered after airlines had been flying its 737 Max plane for several months that a safety alert in the cockpit was not working as intended, yet it didn’t disclose that fact to airlines or federal regulators until after one of the planes crashed. The feature was designed to warn pilots…
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Gov’t plans GHS12bn bond issuance for second quarter
The Ministry of Finance through the Bank of Ghana has said it will be issuing GHS12.1 billion bonds and securities between April and June. According to the second quarter issuance calendar published by the central bank, out of the amount to be issued, GHS11.53 billion will be used to roll over other government bonds which…
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BoG to circulate upgraded cedi today
The Bank of Ghana (BoG) will today begin the circulation of its enhanced GHS10, GHS20 and GHS50 notes. According to the Bank of Ghana, both the old and the new notes will be used concurrently until the old ones are phased out. New features on the new notes include a gold stripe, a watermark, a…
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Mobile money fraud: Police, telcos seek review of prosecution process
The Cyber Crime Unit of the Ghana Police Service is advocating a possible review of the current process in investigating and prosecuting fraud cases in mobile money transactions. The security agency believes the current procedure could partly be blamed for the seeming lack of interest for victims to report instances of fraud hence increase in…
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Contaminated fuel saga: Let Movenpina pay for 471,000 litres it lifted without payment – C’ttee to BOST
The committee set up to investigate the loss of off-specification petroleum products (off-spec) belonging to the Bulk Oil Storage and Transportation Company Limited (BOST) has come out with its report recommending punishment for the companies at the centre of the issue. The Committee chaired by Senyo Hosi, Chief Executive Officer of the Chamber of Bulk…
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Investigate GHS1.5 million revenue loss — Committee to BOST
The committee set up to investigate the loss of off-specification petroleum products (off-spec) has urged the Bulk Oil Storage and Transportation Company Limited (BOST) to investigate the sale of contaminated fuel between 2014 and 2017 to ensure clean products were not deliberately downgraded as contaminated and sold at a loss to BOST and the Ghana…
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Parliament approves tax waiver for 1D1F
Parliament has approved an incentive package and tax waivers for the one district one factory policy despite opposition from the Minority. The package waives taxes on machinery and equipment for operators under the policy and includes corporate tax exemption for five years. The Minority’s main argument against the package is that no amount is mentioned…
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Pensions regulator to ensure about 11m informal sector workers have pension schemes — CEO
The National Pensions Regulatory Authority (NPRA) has said that it is working on new policies to ensure that the more than 10 million workers in the informal sector are able to access a pension scheme. The current three-tier pension system does not favour the informal sector in that most workers do not have a regular…
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UNICOF calls for calm as it engages First Atlantic Bank management
The Union of Industry, Commerce & Finance Workers (UNICOF), has begun talks with management of First Atlantic Bank over the layoff of 100 workers. According to the Union, the layoffs will worsen the plight of the affected workers. Speaking about the situation, the Deputy General Secretary of UNICOF, Michael Biney urged the affected workers to…