Category: News
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$95m spent between 2013, 2016 without drilling a single oil well – Amin Adam
The Energy Ministry says none of the 13 petroleum contracts signed between 2013 and 2016 for oil exploration was operationalized. The Ministry says the said companies which were contracted by the former government to drill 14 wells spent only $95 million instead of the $890million they were supposed to have spent as stated in the…
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Railway Workers Union calls for salary review
The Ghana Railway Workers Union is calling on the management to review the salary structure of its members. The call comes ahead of workers day celebrations on 1st May. The workers tell Citi Business News their constant calls have not yielded positive result as management has not been responsive to their plea. Among other things, the railway…
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Producer Price of cocoa cannot be increased now–COCOBOD to Minority
The Ghana Cocoa Board has chastised the minority for calling for an increase in the producer price of cocoa, saying COCOBOD has been vindicated for taking steps to maintain the producer price at GHC 7,600 per tonne despite cocoa prices’ bad performance on the international market in recent years. The comments follow a recent call…
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Minority opposes IMF’s calls to reduce producer price of cocoa
The Minority in Parliament has called on the government to ignore calls from the International Monetary Fund (IMF) to reduce the producer price of cocoa from the current GH¢7,600 per tonne. According to the IMF, it has become critical for government to reduce the producer price of cocoa to ensure that the Ghana Cocoa Board…
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US Exim supports Ghana’s 1 district, 1 factory with $300m facility
The Export-Import bank of the United States and the Ghana Export-Import Bank have signed an agreement to finance the export of US produced goods and services for Ghana’s “one district, one factory ” program. The 300 million dollar loan facility from the US Exim bank will be given to qualified Ghanaian Small and Medium sized…
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Fidelity bank records GH¢164m in profits for 2018
Fidelity bank posted a profit after tax of 164 million cedis in 2018. This is 82 percent higher compared to the previous year’s performance. Within the period, the bank also worked to reduce its exposure to impairment by 17 percent. The management attributed the development to its strengthened credit risk policies. Speaking to Citi Business…
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PDS cuts power supply over routine maintenance
Power supply to some parts of Accra will be interrupted over the next three days. This follows routine maintenance works by the Power Distribution Services Company (PDS) on some of its supply stations. The exercise which started on Thursday [April 25, 2019] will end on Sunday [April 28, 2019]. On the first day, the areas…
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Tullow Oil shuts down TEN FPSO for maintenance
Tullow Oil has announced a twelve day shutdown of the Floating Production Storage and Offshore (FPSO) operating on the TEN oilfields in the Western region. The exercise commenced on Monday (April 22, 2019) and it is to end on Thursday (May 2, 2019). A statement from Tullow to Citi Business News said the move is…
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Govt officials signing bad energy contracts to be prosecuted
A new Energy Sector Reform Document yet to be approved by cabinet will allow for the punishing of officials who sign bad contracts in the energy sector. This, according to the Energy Sector Reform Committee will help reduce debts in the sector. Also in the document are recommendations to ensure that the energy sector debt…
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GIPC challenges BoG, insists its FDI figures published are correct
The Ghana Investment Promotion Center (GIPC) has described the recent calls for an interrogation of its Foreign Direct Investment (FDI) figures as very unfortunate. This comes after some stakeholders including Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey as well as the Head of Research at the…