BUSINESS

Ranking Member on Parliament’s Energy and Mines Committee, John Jinapor, has cautioned government to apply petroleum sector revenues for their intended purpose. According to him, 500 million of energy sector levies which could not be accounted for by the Ministry of Energy had been used to pay for pensions and other non-petroleum related activities. The money, he said could have ...

A financial analyst Michael Dawson has indicated that the banking sector reforms undertaken by government, have strengthened local banks and made them more resilient to shocks. Dr. Dawson was responding to a statement by the Speaker of Parliament, Alban Bagbin that the Government erred in not supporting local banks to succeed. “I think clearly, the Speaker doesn’t understand the essence ...

The Ghana Revenue Authority (GRA) has explained that customs valuation primarily relies on the first (1st) out of the six (6) methods of valuation provided under the WTO valuation methods, which is the Transactional value. A statement issued by GRA, said, “Goods are benchmarked to the prevailing world prices as a risk management tool, to reflect the true market dynamics ...

The Board of Governors of the ECOWAS Bank for Investment and Development (EBID) has unanimously increased the Bank’s authorised capital from $1.5 billion to $3.5 billion with effect from January 2023. The Governors also called for the third tranche of the capital of the bank which is in the sum of $438 million. The Board of Governors which comprises the ...

Jumia Ghana has said it will complement government’s efforts to ensure a stable inflation by providing exclusive offers on all of its product to consumers. This, according to Head of Customer Experience, Abigail Ayisi Oforiwaa, is a strategic vision to reduce the burden on citizens through offering high quality products and goods at competitive prices. Speaking to Joy Business at ...

Abuakwa South Member of Parliament, Samuel Atta Akyea has said that the Ghana National Petroleum Corporation can be a major source of revenue for Ghana’s economy if it should have proper alignment. Mr Atta Akeya said this in Parliament while agreeing with a comment by his colleague lawmaker for Pru East Dr Kwabena Donkor who made same comment in Parliament ...

Pru East Member of Parliament, Dr Kwabena Donkor has said the Ghana National Petroleum Corporation (GNPC) risks going bankrupt. He attributed this to the decision by the management of the GNPC to engage in activities outside of its mandate. Dr Donkor said this while supporting a motion to adopt he report of the Committee on Employment, Social Welfare and State ...

The government has suspended the subsidy on Residual Fuel Oil (RFO) until further notice, effective November 1, 2022. According to the National Petroleum Authority (NPA), the move is in line with the directive from the Ministry of Energy as an interim measure to ease the financial burden on the Price Stabilisation and Recovery Account (PSRA). “The Policy directive takes into ...

The Minority in Parliament is asking the government to use part of the over GH¢8 billion revenue accrued from petroleum products to cushion petroleum consumers against the current price hikes. The Minority says the government has received over GH¢8 billion from petroleum resources in less than 3 months, as against its GH¢6 billion projection for the year. Speaking to journalists ...

Sekondi-Takoradi Zonal Association of Sachet Water Producers have agreed to sell a bag at GH¢8 instead of the announced GH¢10. The Association says the measure is to ensure that there is no buyer apathy but that their customers are able to continue to purchase in high volumes. The decision was arrived at after a crunch meeting on Tuesday, November 1 ...