BUSINESS

The Institute for Energy Security (IES) has said it has noted of a roughly 600,000 barrels crude oil consignment that arrived at the Tema port on Friday 26th February 2023 aboard the vessel MT Theseus, which Bloomberg reports as “Russian Oil to be stashed in Ghana as pool of buyers shrinks”. IES said documents it has intercepted suggest that Planton ...

So where is the 600,000 barrels of crude oil from Russia that arrived at the Tema harbour? And who procured that cargo and for what purpose? Three central questions have emerged since Bloomberg broke the story that “a cargo of Russian oil is heading for storage tanks in Ghana”. The questions have become critical because of the clarity with which ...

The Ghana cedi lost about 1.94% value to the US dollar last week to trade at an average of ¢13.0. The local currency closed the week at an indicative rate of ¢11.01/$1 on the interbank market. It also posted a week-on-week depreciation of 1.94% against the pound and 1.83% vs. the euro on the retail market. This was despite increased ...

Prices of petrol and diesel are expected to fall between 3.7% and 4.04% per litre, beginning Thursday March 1, 2023. According to the Chamber of Petroleum Consumers (COPEC), this follows a decline in the prices of the products on the world market, despite a marginal depreciation of the cedi to the dollar during the period. “These expected drop in prices ...

A cargo of Russian oil is heading for storage tanks in Ghana, a nation that exports crude itself and is on the doorstep of two regional supply powerhouses. The development suggests that traders could be scouring the market for new buyers of Russian barrels after the European Union stopped almost all seaborne imports from the country in December. The bloc’s ...

Representatives of bondholders who did not subscribe to the Domestic Debt Exchange Programme (DDEP) have raised doubts about the assurances given by the Ministry of Finance to pay coupons on old bonds by Monday, March 13. The Ministry, in a statement on Monday, February 27, assured that administrative steps are being taken to ensure that coupons and principals on old bonds are ...

Prices of petrol and diesel are expected to fall between 3.7% and 4.04% per litre, beginning Thursday March 1, 2023. According to the Chamber of Petroleum Consumers (COPEC), this follows a decline in the prices of the products on the world market, despite a marginal depreciation of the cedi to the dollar during the period. “These expected drop in prices ...

Finance Minister, Ken Ofori-Atta, has hinted that a planned high-level government delegation to China has been postponed to late March 2023. This is owing to the upcoming National People’s Congress of China meeting scheduled for early March. However, the Finance Minister said bilateral talks will continue ahead of this important mission. The government is seeking under the G20 Common Framework ...

The CEO of the National Petroleum Authority (NPA) says it has in consultation with the Association of Oil Marketing Companies (AOMCs) come up with criteria for the distribution of the next consignment of petroleum products under the Gold for Oil (G4O) programme. Dr Mustapha Abdul-Hamid said this is to ensure that the impact of the G4O programme is felt by ...

There is nothing wrong with the International Monetary Fund (IMF) sending an officer to the Bank of Ghana (BoG), the Minister of State-designate for the Ministry of Finance, Dr Mohammed Amin Adam, has said. During his vetting by the Appointments Committee of Parliament on Tuesday, February 21, the Karaga Member of Parliament said “Whether somebody is appointed to sit at ...