Category: Top Stories
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Golden Tulip Hotels not sold; leased for 12 years – Management
The management of Golden Tulip Hotels, the Ghana Libyan-Arab Holding Company (GLAHCO) says the hotels have not been sold as reported in the media. It said the hotels have instead been leased to Achour Holdings, operators of Grand Lancaster chain of hotels, for 12 years. In a statement, the management explained that the previous leasee,…
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Tullow Ghana awards KNK contract to Petrofac as part of transformation project
Tullow Ghana Limited (Tullow), operator of the offshore Jubilee and TEN fields, has awarded a 5-year contract to Petrofac Ghana (Petrofac) to support Operations and Maintenance activities on the FPSO Kwame Nkrumah (KNK). Petrofac is the largest amongst a number of companies, all of which are either indigenous Ghanaian firms or local joint ventures, which…
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We did no wrong in sale of 260 metric tonnes of slop oil – TOR
Management of the Tema Oil Refinery (TOR) has refuted claims of wrongdoing in a recent sale of about 260,000 tonnes of slop oil. This follows a recent publication that suggested that TOR was involved in a shady deal with some unlicensed companies. The report revealed what it described as a shady transaction between state-owned Tema…
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Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank
As part of efforts to boost Ghana’s participation in intra-African trade, the African Export-Import Bank, also called the Afreximbank, has pledged its commitment to supporting the building of some key facilities in Ghana. This includes the development of a major fertilizer facility to make Ghana a net exporter of fertilizer and the construction of a…
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Free SHS and other programs must be redesigned now – Seth Terkper
As the government prepares to commence talks with the International Monetary Fund (IMF) for a bailout program, former Finance Minister Seth Terkper has charged government to candidly assess the sustainability of programs like the Free Senior High School Policy. According to him, some of the flagship programs are a drain on governments’ resources. The announcement…
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Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG
Governor of the Bank of Ghana, Dr. Ernest Addison is urging banks and non-bank financial institutions on the continent to increase investments in digitisation platforms as well as cyber-security systems to facilitate safe and secure trade transactions through the Africa Continental Free Trade Area, AfCFTA agreement. According to him, this will ensure the development of…
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IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t
Officials of the International Monetary Fund (IMF) will arrive in the country on Wednesday, July 6th to begin negotiations with the government on the bail-out the Akufo-Addo administration is seeking. The team is expected to meet officials of the Finance Ministry, the Economic Management Team and the Presidency during their one-week stay. Details of the…
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Fuel prices to go up as NPA announces restoration of UPPF margin
The National Petroleum Authority (NPA) has announced that it is restoring the full Unified Petroleum Price Fund (UPPF) margin on petroleum products. It made the announcement to players in the industry on Thursday June 30, 2022, indicating that the decision takes effect from Friday, July 1, 2022. “We hereby wish to inform you that, following…
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GHASALC laments drop on number of digital transactions following e-levy
The Ghana Association of Savings and Loans Companies (GHASALC) has lamented the impact of the electronic transfer levy (e-levy) on its operations. Board Chairman of GHASALC, Kwame Owusu-Boateng, tells Citi Business News despite the drop in transactions since the implementation of the e-levy, his outfit is doing its best to educate its customers to continue…
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Gov’t to commence talks with IMF for bailout
Government is set to commence talks with the International Monetary Fund (IMF) for a bailout following severe challenges with Ghana’s economy. This was announced in a statement issued by the Information Ministry today, Friday, July 1, 2022. “The President of the Republic, Nana Addo Dankwa Akufo-Addo, has authorized Finance Minister Ken Ofori-Atta to commence formal…