Category: Business
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GCB Bank’s profit drops by 29% in 2017
The profit of GCB Bank dropped by about 29 percent in 2017. The bank’s profit declined from 299 million cedis to an estimated 213 million cedis between 2016 and 2017. Meanwhile for the first three months of this year, GCB Bank’s financial report shows another drop in profits. The financial statement released by GCB Bank…
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GNPC, Rosneft sign gas supply agreement
The Ghana National Petroleum Corporation (GNPC) has signed a 12-year agreement with Rosneft, for the supply of natural gas to Ghana. The signing took place on the sidelines of the 26th St. Petersburg International Economic Forum, St. Petersburg, Russia. GNPC Board Chairman, Frederick Blay, signed on behalf of GNPC, with Igor Ivanovich Sechin, Chief Executive…
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Energy Ministry pushes for increase local content in oil industry
Energy Minister, Boakye Agyarko has given indication that the Ministry of Energy will focus on ensuring that more Ghanaians take advantage of investment opportunities in the petroleum sector. The local content and participation policy for the downstream sector was submitted to cabinet for consideration in 2017 and approved in 2018. But the draft policy is…
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Former BoG official denies EOCO invitation
A former Head of Banking Supervision at the Bank of Ghana, Raymond Amanfu has denied receiving an invitation from the Economic and Organized Crime Office (EOCO) over investigations into the collapsed UT and Capital banks. Media reports suggested that Mr. Amanfu has been asked to report to EOCO tomorrow in connection with his tenure at…
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Total Petroleum Ghana holds AGM
Total Petroleum Ghana Limited, a leading oil marketing company in Ghana, has held its 42nd Annual General Meeting. Speaking to the shareholders on the financial and operational performance of the company, the newly elected Chairman of the board, Mr. Samba Salfal Seye, said that the consolidated profit after tax for the Total Group for 2017,…
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Ghana lost GH¢1.9bn to illegal fuel trade in 2017 – Report
The Chamber of Bulk Oil Distributors is blaming the persistent issues of illegal fuel trade on what it says is the weak commitment of security agencies in addressing the issue. A latest industry report by the Chamber said the illegal fuel trade cost the country some 1.9 billion cedis in 2017. The report cited three…
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Gov’t officials complicit in illegal trade of petroleum products – Report
Government officials are reportedly complicit in the illegal trade of some petroleum products including premix. A 2017 report on the state of the petroleum sector put together by the Chamber of Bulk Oil Distribution (CBOD) said some government officials were complicit in the illegal trade of petroleum products. According to the report, the government has,…
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Minority cautions against more tax waivers for MPS
The Minority in parliament is cautioning of a possible distortion to the scope of work on the Tema Port expansion, following calls for a downward review of the tax waivers granted Meridian Ports Services(MPS). The Tema Port Expansion project which is expected to be completed by 2019, has been plagued with controversy with calls for…
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Poor data gathering affecting tourism industry—GTA
The Ghana Tourism Authority (GTA) has said the poor level of data collection in Ghana’s tourism industry is negatively affecting the level of investment into the sector. Tourism currently ranks as Ghana’s 4th highest foreign exchange earner after gold, cocoa, and oil. Speaking to Citi Business News on the sidelines of the launch of the…
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Govt calls the bluff of freight forwarders on UNIPASS
The government has insisted that it will not be liable for any judgment debt with the introduction of the UNIPASS system at the country’s ports. The Ministry of Trade and Industry which signed on behalf of the government maintains that the new system is crucial for the blocking of all revenue leakages at the ports.…