Tag: Ghana Business News
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![Fuel prices hit all-year-high [Infographic]](https://citibusinessnews.com/wp-content/uploads/2015/11/FUEL-STATION-1.jpg)
Fuel prices hit all-year-high [Infographic]
Ghanaians are currently paying more for petrol and diesel few months after enjoying fairly low prices. Current figures from the petroleum industry show that, prices of the two products at the various fuel stations have hit all time high, with petrol selling at an average of GHc4.29 at the pumps, and diesel going for an…
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GUTA threatens tax evasion over unresolved challenges
The Ghana Union of Traders Association (GUTA) is demanding that government intervenes and solves all their concerns bordering on high charges and foreign invasion in the retail trade. GUTA argues that their concerns if unchecked, will bring local retail trade business on its knees. As part of protests against the development, the traders’ association is…
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Customs seize under-declared container from China
A 40-footer container which was under-declared by an importer has been intercepted by Customs officials at the Nick scan at the Tema Port. The container, which was imported from China, is said to have been mis-described, resulting in the near loss of revenue running into thousands of cedis. According to the Assistant Commissioner of Customs…
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Cedi depreciation, US floods increase petroleum prices
Consumers should brace themselves to pay more for fuel for the second pricing window in September 2017. It follows an anticipated 7 percent rise in the prices of petroleum products. According to the Institute of Energy Security (IES), this is highly due to the effect and great impact Hurricane Harvey had on oil refineries across…
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Fewer banks to strengthen banking sector
Former Trade Minister, Ekow Spio Garbrah has commended the Bank of Ghana for increasing the minimum capital requirement of commercial banks to 400 million cedis. He argues that this will strengthen Ghana’s banking industry. The Bank of Ghana on September 11, 2017 announced the new minimum capital requirement for banks. The figure has been reviewed…
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GRIDCo to lead low power costs drive
Perhaps a key mandate of the new board of the Ghana Grid Company Limited (GRIDCo) will be to quicken the move to reduce the cost of electricity in Ghana. This will help meet the government’s objective of making Ghana very competitive within the sub-region with regards to pricing of electricity for consumers. In a speech…
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New BOST Board mandated to stabilize fuel prices
The Minister of Energy, Boakye Agyarko, has tasked the new Board of the Bulk Oil Storage and Transportation Company (BOST) to intensify efforts to increase the strategic reserves of petroleum products in the country. He maintains that failure to increase the stock of petroleum products in due time, could trigger price hikes. In addition, BOST’s…
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Gazprom LNG supply deal important for Ghana’s economy – Nana Addo
President Nana Addo Dankwa Akufo-Addo has described the Liquefied Natural Gas (LNG)sales agreement reached between the Ghana National Petroleum Corporation (GNPC) and Gazprom as ‘positive’ and ‘one that is going to play a very important role in the economic life of Ghana.’ According to the President, the decision taken by Gazprom to establish a base…
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COCOBOD exceeds 2016/17 production target
The Ghana Cocoa Board (COCOBOD) has projected that it will cross its target for cocoa beans purchases for the 2016/17 crop season when it receives all returns on purchases by Tuesday, September 19th, 2017. It comes on the back of what the sector regulator says is the impressive performances recorded in the provisional data of…
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William Amuna exits as GRIDCo CEO
The CEO of the Ghana Grid Company (GRIDCo), Ing. William Amuna has stepped down as the boss of the power generation company. It follows the expiration of his four year term as the head of the institution. Engineer William Amuna assumed the mandate in September 2013. Prior to his appointment as Chief Executive, Ing. William…