Wednesday , 23 January 2019
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Business

Obey your board – Otumfuo to new BOST MD

The Asantehene, Otumfuo Osei Tutu, has advised the new Managing Director of the Bulk Oil Storage and Transportation (BOST) Company, George Mensah Okley, to use his expertise in the energy sector to make an impact on the company. He tasked Mr. Okley to address the financial loopholes and issues regarding the sale of contaminated fuel which continue to dent the …

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Managers of Student Loan Fund to drag defaulters to court

Beneficiaries of the Student Loan Trust Fund (SLTF) who have defaulted in their loan payment will soon face legal action. This is according to managers of the fund. The managers had earlier stated that the increase in the fund amount from 1,500 cedis to 3,00 cedis has led to an increase in demand for loans which has put a strain …

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COCOBOD keeps cocoa price unchanged in light crop season

COCOBOD has opened its cocoa light crop season purchases from farmers and has kept the price unchanged at 7,600 cedis ($1,5 86) per tonne, a report by Reuters Ghana has said. Ghana runs a two-cycle cocoa season consisting of the main crop which is mainly exported and the light crop harvest, discounted for local grinders. “The producer price to be …

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Kosmos Energy supports 8th Agribusiness Exhibition

The 8th edition of the Pre-Harvest Agribusiness Exhibitions & Conference has received a major boost as Kosmos Energy, one of the world’s leading oil and gas production companies, and a partner at Ghana’s biggest oilfield the Jubilee Field, has presented a cheque as part of its sponsorship package towards the organisation of the event. At an impressive ceremony held in …

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IMF lauds government’s progress in restoring macroeconomic stability

A team from the International Monetary Fund (IMF), led by Annalisa Fedelino, has lauded efforts made by government to restore macroeconomic stability after the three-year bailout program most derailed in the 2016 fiscal year. The team which left the country earlier this week were in town to discuss recent economic developments and the outlook for the remainder of the year …

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Tullow battles $277m court case

It has emerged that Seadrill Ghana Operations Limited is demanding $277 million from Tullow Oil Ghana Limited (TGL), a subsidiary of Tullow Oil Plc, in an arbitration process in London. The company, which filed claims in a Commercial Court in London – United Kingdom, is seeking a declaration that Tullow was not entitled to terminate the West Leo rig contract …

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Importers and exporters fight ban on tilapia

The Importers and Exporters Association of Ghana is unhappy with government’s decision to ban importation of all tilapia species and ornamental fishes from 1 July to 31 December this year without consulting them first. The Ministry of Fisheries and Aquaculture Development said the six months ban is an immediate measure to help prevent and control tilapia lake virus, a newly …

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NPA meets Council of State on new LPG policy

The National Petroleum Authority (NPA) has met with members of the Council of State to discuss the new Liquefied petroleum Gas (LPG) policy initiative which is expected to be implemented in January 2019. The delegation, who presented the new policy model to the Council of State, was led by the Chief Executive Officer of NPA, Hassan Tampuli, who said the …

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Bawumia to make or unmake GRA’s new cargo tracking policy

The proposed implementation of the Cargo Tracking Notes (CTN) system at the ports by the GRA may suffer another setback unless the office of the Vice President moves in to avert any such issue. The GRA has directed that from July 1, all imports into Ghana must bear the unique CTN numbers before they can be cleared. The GRA also …

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Gov’t considering GH¢850m spending cuts

Government has decided to implement budget expenditure cuts of up to GH¢850 million during the second half of 2018 in order to achieve its fiscal deficit target of 4.5% of GDP if its tax revenues continue to fall short of target. However government is still hoping it can introduce new tax measures that can avert the need for the spending …

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