Tag: Ghana Business
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TOR increases daily crude production by 20,000 barrels
The Tema Oil Refinery (TOR) is set to increase its daily production capacity following a successful test run of the expanded processing units. Per the expansion, the Crude Distillation Unit will now produce 65,000 barrels of crude oil a day from the current 45, 000 barrels’ level. The Managing Director of TOR, Kwame Awuah Darko who…
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GARIA renews call for insolvency laws
The Ghana Association of Restructuring and Insolvency Advisors, GARIA, is hopeful that the seventh Parliament to be inaugurated in January 2017, will facilitate the passage of the insolvency law to protect businesses from collapse. It follows the inability of the current Parliament to pass the law. GARIA, has expressed concerns over Ghana’s Companies Code describing…
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Government must give us tax reliefs – Allure Spa CEO
Business operators in the wellness, health and beauty industry are advocating for parliament to classify the industry under a ministry to allow them get tax reliefs. Players in the industry bemoan the huge taxes they pay at the ports when clearing their goods and want government to place the sector under a ministry. Although they…
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2017 ‘imminent’ dumsor must not occur – Kwame Jantuah
Oil and Gas Analyst, Kwame Jantuah has impressed on both the governing NDC and incoming NPP government to work to avert any load shedding regime early next year. He argues that the impact of another round of load shedding will be disastrous for businesses. Kwame Jantuah’s comments follow concerns by some industry players of a…
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NPP gov’t should pursue misappropriation of oil revenue – PIAC
The Public Interest and Accountability Committee (PIAC) wants the Nana Akufo Addo led administration to demonstrate its willingness to enforce the Petroleum Revenue Management Act (PRMA) and give value for money. In PIAC’s view, its work would yield the necessary results if government machinery acts on findings indicating instances of misappropriation. Though the Chairman of…
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Access bank IPO makes cut to successfully list on GSE
Access bank will officially list on the Ghana Stock Exchange (GSE) after successfully raising the minimum subscription needed to declare its Initial Public Offer (IPO) successful in order to list. The listing which will take place on Wednesday, 21st December, 2016 will see Access bank becoming the first Nigerian bank to list on the GSE. The…
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Ghana suspends plans to get a new national airline
Ghana has suspended plans to get a partner for the new national airline. This is because the work of the approval committee in the Public Private Partnership process has stalled following the election of a new government. The halt in operations of the committee will continue until the incoming NPP administration concludes appointments to key…
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Resume payment of BDC debts – HFC MD to gov’t
The Bankers’ Association of Ghana has renewed calls for government to resume payment of the debt owed by the Bulk Oil Distribution Companies (BDCs). According to the association, a further delay in the payment of the outstanding debts will impact negatively on the operations of its members. “Coming out over the past months there have…
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GoldStar Air gets license, prepares to fly in 2017 second quarter
GoldStar Air is likely to commence operations by April 2017, barring any last minute hitch. This comes on the back of the granting of an air carrier license by the Ghana Civil Aviation Authority, GCAA. The Air Carrier License is among others an indication of the economic and financial strength and capability to operate as…
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TEN oil test run ‘good’ for sulphur content rules – TOR MD
The Tema Oil Refinery (TOR) has disclosed to Citi Business News that its test run of crude oil from the TEN fields should influence any major policy decision on the sulphur specification content for diesel. The National Petroleum Authority (NPA) has since September 2016, revised the national sulphur content specification for diesel from the 1000…