Category: Local Economy

Organized Labour has said that it will reject the government’s plan to introduce a Cost of Living Allowance (COLA) in next year’s salaries negotiations instead of increasing the salaries of public sector workers. COLA is an allowance given to government employees as short-term relief when immediate salary increments cannot be made. Organized Labour says that…

BOST net profit increases by 112% in 2022, currently at GH₵342m

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Emmanuel Oppong

in Featured, Local Economy, Oil And Gas, Top Stories

The net profit margin of the Bulk Oil Storage and Transportation Limited Company (BOST) has increased from GH₵161 million in 2021 to GH₵342 million in 2022. This was disclosed by the board chairman of BOST, Mr Ekow Hackman, during the institution’s 2nd annual general meeting held at their office in Accra on Thursday, August 17,…

Govt supporting efforts to make TOR best refiner in Africa – NAPO

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Emmanuel Oppong

in Featured, Local Economy, Oil And Gas, Top Stories

The Minister of Energy, Dr. Matthew Opoku Prempeh, has assured of the government’s support in reviving the Tema Oil Refinery (TOR) to boost downstream petroleum production. According to the sector minister, any positive gains recorded by the state-owned refinery would help cushion the government in its operations. Speaking at the 2nd Annual General Meeting of…

GIPC law 2013 has outlived its usefulness, needs review – Ahomka-Lindsay

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Former Deputy Minister of Trade and Industry Robert Ahomka-Lindsay has suggested that the Ghana Investment Promotion Centre Law 2013 be reviewed, arguing that it has outlived its usefulness. The law [Act 271] bars foreigners from engaging in some trade or enterprises reserved for Ghanaians. The Ghana Statistical Service in its inaugural Trade Vulnerability Report said…

GSS to conduct census of formal and informal businesses

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in Business, Featured, Local Economy, Top Stories

To enhance decision-making for businesses to thrive, the Ghana Statistical Service (GSS) has announced that it will conduct a comprehensive census of informal and formal businesses across the country. The exercise according to the Service will be conducted in two phases with the initial one to be held in mid-October 2023 and the second phase…

Fuel price goes up; petrol selling at GHS13.50 a litre; diesel at GHS 13.90

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Consumers of petroleum products have begun paying more to fill their tanks as of today, August 16, because several Oil Marketing Companies have marginally increased prices. Per Citi Business News checks, market leader Goil has raised petrol prices to 13.50 and diesel price to 13.90 per litre. A litre of petrol formerly sold for 12.95gh…

Switzerland, China two other countries account for half of all exports from Ghana

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Edna Agnes Boakye

Findings from the Ghana Statistical Service’s 2022 Trade Vulnerability Report indicate that four countries, account for over half of all exports while six countries are the source of about half of all imports. The countries are Switzerland, China, Canada and South Africa. The report further indicated that over two-thirds of all exports come from only…

Ministry of Energy staff arrested for stealing GHC 287,775 from ADB

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in Banking And Finance, Featured, Local Economy, Top Stories

The Accra Circuit Court will on September 5 this year resume hearing a stealing case involving a secretary of the Ministry of Energy and the Agricultural Development Bank. Regina Abanga, a secretary at the Ministry of Energy is accused of manipulating ATM machines belonging to ADB and withdrawing sums to the tune of GHC 287,775.…

Restore GN Savings and Loans license – Former staff urges govt