BUSINESS

A brief and marginal relief may soon be on the way as the Chamber of Petroleum Consumers (COPEC) in its latest checks ahead of the second oil pricing window in November is stating that petrol and diesel are projected to see a price decline while the price of Liquefied Petroleum Gas (LPG) is expected to be adjusted upwards. Ahead of ...

The lack of confidence in Ghana’s market is one of the issues affecting the performance of the Cedi against the Dollar, Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has said. He has proposed to the government to take very drastic confidence-building measures to stop the fall, including severe cuts in spending, cuts in staff ...

The Member of Parliament for Adansi-Asokwa, K Hammond, has accused the Bulk Oil Distributors and Oil Marketing Companies of contributing to the rampant hikes in fuel prices. Mr Hammond, who is also a member of the Mines and Energy Committee of Parliament, said inasmuch as prices of petroleum products may be high on the international market, firms within the value ...

Programmes Director of the Peasant Farmers Association of Ghana, Dr Charles Nyaaba has expressed doubt that food prices will go down in December. This is due to the challenges farmers are going through including high cost of doing business, he said. Dr Nyaaba told TV3’s Roland Walker on the Big Issue, Friday November 4 that “depending on the commodities, food ...

A former Director General of the National Development Planning Commission (NDPC) Dr Nii Moi Thompson has called for the amendment of the Bank of Ghana Act in order to make economic growth and job creation the main objectives of the monetary policy. In his view, the current approach to monetary policy is anti-growth and anti-jobs therefore, the Act must be ...

The Institute for Energy Security (IES) has admonished the government to revive the Tema Oil Refinery (TOR) to help curb increasing fuel prices. The IES in a statement described the government’s decision to import fuel to address cost-related issues as “reactionary, morally indefensible” and a misplaced priority that will not address the rampant fuel price increases in the long term. ...

The Government of Ghana has been told to tell Ghanaians how much has been accrued from higher-than-budgeted oil prices. The government has also been asked to explain why it is not using part of it to subsidise pump prices that threaten the economy and livelihoods. Tus comes at a time the Minority in Parliament has sked the government to cushion ...

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 ...