The Ghana National Petroleum Corporation (GNPC) stands to lose US$336.6 million this year should it fail to off-take all the gas that will be produced at the Offshore Cape three Point (OCTP) fields.
Under the OCTP gas agreement, the national oil company is obliged to either take all the gas produced from the field or pay for its equivalent cost.
For many years now, some goods sold and services rendered in the country are priced in United States dollars and not the local currency, the Ghana cedi.
These ranges from the payment of school fees, sale of land, particularly in prime areas of the capital region, sale of houses (mortgages) and other immovable properties, hotel accommodation and its other services rendered, sale of vehicles (brand new ones) and in some cases events.
The Ministry of Business Development is embarking on an ambitious project that seeks to grow 20 indigenous companies into multinationals capable of competing globally within the next four years.
The companies which are expected to come from the country’s manufacturing sector aim at increasing the country’s competitiveness in the global manufacturing space and create jobs for the youth.
Barclays Bank Ghana Limited says it is committed to ensuring that farmers get financial support in order to improve productivity.
To show commitment, the bank has set up Agribusiness Desk primarily to address financial concerns of farmers. The bank has also invested over US$57 million into the maize and soya value chain from 2014 to 2017.
Inflation rises after four months of consistent decline to 12.3 per cent in August, representing a 0.40 percentage point rise from previous month readings of 11.9 per cent.
This was due to inflation pressures from rising petroleum prices, new taxes and base effects on the CPI.
The mining and quarrying industry recaptured its position as the leading source of direct domestic revenue and continues to improve in 2017 despite being displaced by the financial and insurance sector in 2015.
Data from the country’s fiscal authority, the Ghana Revenue Authority (GRA), shows that the total fiscal receipts attributable to the mining and quarrying sector increased from GH¢1.35 billion in 2015 to GH¢1.65 billion in 2016 and that represented a growth of 22 per cent.
The Managing Director of Stanbic Bank Ghana Limited, Mr Alhassan Anadani, has asked for strong collaboration between banks and pension funds to help create an enabling environment that will allow fund managers of tier two and three contributions to take stakes in banks.
The collaboration should precede the creation of a robust pensions sector that will thrive on strong commitment to ethics but resilient enough to birth fund managers that can partly or solely own banks, Mr Andani, who is also the president of the Ghana Association of Bankers (GAB), told the GRAPHIC BUSINESS on September 18.
The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Mr Yofi Grant, has said the GH¢400 million new minimum capital for banks will not scare investors away but will rather repose confidence in the economy.
He explained that the rise in the minimum capital would also help banks get the financial strength to be able to fund some of the big ticket projects on the government’s development agenda and that of the private sector.
The Turkish Ambassador to Ghana, Madam Nesrin Bayazit, has asked the government to address the perennial bureaucratic procedures that businesses go through before getting permits and licences to operate in the country.
She acknowledged the stringent steps being taken to address the challenge and urged the government to expedite action to overturn the hurdle to attract investors into the country.
Sources of funding available to varied forms of organisations enable them to make cogent investment decisions that can lead to their expansion and growth; and have positive implications for the economy.
This feature is a continuation of an earlier publication on the foregoing. Discussions in the previous write-up ended on lease financing and its implications on day-to-day operations, expansion and growth in the corporate sector.
The Union of Informal Workers Association (UNIWA) of the Trade Union Congress (TUC) is expected to register about 150,000 of its members onto a private pension scheme by the end of 2017.
Already, the association, which represents the interest of workers in the informal sector, has registered 81,000 of its members on to the People’s Pension Trust, a corporate trustee of the association.
The country’s pensions regulator, the National Pensions Regulatory Authority (NPRA), will join players in the pensions industry as well as business leaders for an executive business meeting over breakfast tomorrow (Tuesday) at the Labadi Beach Hotel.
The meeting, which is expected to draw business leaders from the various sectors of the economy, will be held under the theme; “Role of pensions in national economic development and sustainability”.
A South Korean court has found Lee Jae-yong, the de facto chief of the sprawling Samsung business empire, guilty of bribery and other corruption charges.
The Minister for Communications, Mrs Ursula Owusu-Ekuful, on Monday paid a working visit to the National Communications Authority (NCA).
Accompanying her were the Minister for Information, Mr Mustapha Abdul-Hamid and Deputy Minister for Communications, Mr Vincent Sowah Odotei.
IT and Telecommunications solution provider, Subah Infosolutions Ghana Limited, has been adjudged the “Best Revenue Assurance, Fraud & Traffic Monitoring Solution” provider at the just-ended 4th Annual Africa Telecoms Fraud, Revenue Assurance and Risk Management Forum in Kenya.
The Director of Subah Infosolutions, Mr Redeemer Kwame, accompanied by the Business Development and Marketing Manager, Mr Emmanuel Hudson-Odoi, and the Revenue Assurance Manager Mr Felix Steve Quaicoe, received the award on behalf of the company.
A new smartphone, Fero L100 has been introduced in Ghana by MTN in partnership with Dubai-based mobile company Fero.
The Fero L100 has a 5-inch HD IPS display with a dragontrail glass protection and a long battery lifespan.
Ghanaian-owned technology company, Rlg in partnership with Adulawo Technology Company, has secured a multi-million dollar contract for the production of terrestrial broadcast set top boxes for Nigeria.
A three-day International Workshop on Criminal Justice Statistics on Cybercrime and Electronic Evidence on Wednesday, 29th March, 2017 has opened in Ghana’s capital, Accra at the Movenpick Ambassador Hotel.
Participants in a public forum on the management of petroleum revenues have strongly recommended penalties for those who divert oil revenue for other purposes.
A report by the Public Interest and Accountability Committee (PIAC) showed that some petroleum revenues were used for projects outside the four thematic / priority areas for 2011-2016.
Many oil rich countries have used their oil resources as a major tool to propel development and improve the living conditions of their people.
It is in the light of this that the discovery of oil in commercial quantities in Ghana in 2007 was embraced with euphoria by many Ghanaians.
Kosmos Energy is a leading independent oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margins.
Our assets include existing production and development projects offshore Ghana, large discoveries and significant further exploration potential offshore Mauritania and Senegal, as well as exploration licences with significant hydrocarbon potential offshore Suriname, Sao Tome and Principe, Morocco, and Western Sahara.
Engen Petroleum is a pan African Energy Company with head office in Cape Town, South Africa. Engen Petroleum is present in 18 countries in sub Saharan African and the Indian Ocean islands with market leadership in about six of these countries.
Engen Ghana Limited, one of the 18 affiliates of Engen Petroleum, has been operating in Ghana since 1999 and has a deep understanding of the Petroleum needs of Ghanaians.
Seventeen selected mid-career managers at Tullow Oil Ghana Limited are building their leadership skills in the China Europe International Business School (CEIBS) Advanced Management Programme (AMP). The 18-month programme has been tailor-made to fit the needs of Tullow Ghana limited, one of the leading oil and gas production companies in Ghana. The CEIBS (AMP) provides the Tullow employees a chance to step back from their daily professional demands while reflecting on the challenges facing the organisation.
Chinese multinational firm Yantai Jereh has expressed interest in supporting key infrastructural development in the oil and gas industry in Ghana.
The company believes there are opportunities to explore in pipelines, refineries, petroleum storage, LNG/CNG systems, LPG distribution and natural gas compression.