Tag: Ghana Business News
-
Govt to build new oil refinery for $4 bn
Government has announced an ambitious plan to build a new oil refinery to replace the Tema Oil Refinery (TOR) within the next three to four years. Energy Minister, Boakye Agyarko who disclosed this says the new facility should increase the supply of refined products in Ghana. This is also part of attaining the energy hub…
-
Tourism Authority pursues illegal hospitality businesses
The Ghana Tourism Authority (GTA), has served notice of plans to pursue all unlicensed hospitality establishments operating in the country. The Authority contends that the illegal operations impedes its regulatory role hence the need to sanitise the sector. The Acting Chief Executive of the GTA, Akwasi Agyemang who revealed this new plan tells Citi Business…
-
PwC selects ‘buyers’ of UT, Capital banks’ loan portfolios
The Joint Receivers of collapsed UT and Capital Banks, PricewaterhouseCoopers (PwC) has told Citi Business News it will select the institution with the most competitive option in defraying the loan portfolios of the two banks, as it reviews the shortlisted applications. According to the receivers, this will ensure value for money and benefit affected customers…
-
Concrete roads to absorb Ghana’s surplus cement – Industry
Cement manufacturing companies in Ghana are appealing to government to quickly implement a policy which will ensure that all roads in the country are made of concrete. According to them this will help consume the surplus cement in the country as well as sustain their operations. Figures available from the cement monitoring committee show that Ghana consumes…
-
EPA to boost exports to EU – Ambassador
Ghanaian companies exporting products to the EU market should enjoy reduced prices on their goods should the Economic Partnership Agreement (EPA) be fully passed by Parliament. The agreement, which was signed by Ghana and the EU in August and December 2016 respectively, covers goods and development cooperation. The agreement when fully passed, will also offer…
-
10yr energy bond accrues 615 million cedis
ESLA Plc, the entity mandated to raise money to pay the debts in Ghana’s energy sector has raised GH¢615,947,860 through its ten year bond that it reopened. The bond which was reopened on Monday (January 22, 2018) and closed on Wednesday (January 24, 2018), targeted between 100 and 130 million cedis from the market. Today’s…
-
COCOBOD rejects claims of Japan’s ban on Ghana’s cocoa
The Ghana COCOBOD has rejected reports that Japan has rejected some cocoa exports to that country due to concerns over the use of prohibited chemicals. According to COCOBOD, Ghana and Japan have since 2017, signed an agreement on the restricted use of the 24D chemical and Ghana has never compromised on the agreement. There have…
-
ESLA Plc closes tap in of 10 yr bond today
The Managers of ESLA Plc, the entity mandated to raise money to pay Ghana’s energy sector debts, are expected to close the re-opening of the 10 year bond, on Wednesday, January 24, 2018. ESLA Plc in November 2017, issued 7 and 10 year bonds to raise some 6 billion cedis to settle outstanding debts in…
-
Ghana’s housing crisis: Cost of construction escalates
The cost of accommodation in Ghana continues to rise over the years due to the increasing cost of building materials. Coupled with this is the depreciation of the cedi which has an impact on the total cost involved in building a house in Ghana. In the second of our new series dubbed, ”Ghana’s housing crisis”…
-
Cedi depreciates 3.4% to dollar in 2017
The cedi’s losing streak against major trading currencies continues on the foreign exchange market. Even though there is an indication of a marginal improvement in the cedi’s performance, the currency is still struggling to stabilize against major ones. According to the Bank of Ghana, between May and December 2017, the cedi depreciated by 3.4 percent…