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Sat, Nov

Latest Business News

Grid List

GTP unveils new brand campaign and 4th quarter collection

Business News

Tex Styles Ghana limited, producers of GTP and Woodin fabrics has launched a new marketing campaign to reinforce its position as a leading textiles manufacturer in the country.

Speaking at an event held on the company’s premises last Friday at Tema, the Marketing Director of GTP. Rev Stephen Badu explained that the purpose of the campaign is to refresh and reinforce the brand promise of GTP, which is expressed as 'Timeless Grace'.

Exol lubricants reducing our costs - STC

Business News

The Deputy Managing Director of the Intercity State Transport company (STC), Mr John Awuku Dzuazah has disclosed that the company has reduced its operational costs since switching to a lubricant produced by Exol Lubricants Limited for 50 of their Scania buses. 

According to Mr Dzuazah, the vehicles which used to require a change in lubricants after 10,000 kilometres now require an oil change after 30,000 kilometres since switching their lubricants to the LDF 3 oil.

Greg Rockson, the founder of mPharma, sometimes struggles to sum up the myriad services his three-year-old startup provides. But it’s safe to say the Accra, Ghana-based company is starting to disrupt Africa’s pharmacy retail supply chain and is setting its sights on bigger targets beyond the continent.

MPharma manages prescription drug inventory for pharmacies and their suppliers in four African countries. It provides inventory financing to clients and is using its growing purchasing power to help lower the cost of prescription drugs for patients.

From left Mr Ken Ofori-Atta, Ms Ayesha Bedwei, Dr Osei Asibey, and Ms Fatima Alimohammed during the panel discussion

Business News

The Ministry of Finance is to review the Ghana Infrastructure Investment Fund (GIIF) Act, Act 877 (2014), to allow for additional resources to be committed to the fund.

This forms part of efforts to restructuring the GIIF with the capability to mobilise foreign and private capital for critical infrastructure development, using a private sector model.

Mr Yaw Asamoah, CEO, SME African Summit Organisation delivering the welcome address.

Business News

About 2,500 businesses are to benefit from an innovative entrepreneurial project being spearheaded by the African SME Organisation by the end of 2018.

The incubator and accelerator business hubs project, known as the ‘Job Station’ will provide the physical presence, mentoring and funding for entrepreneurs to enable them to transform the economy.

Mr Awal Abrahim Mohammed, Minister of Business Development delivering the keynote address.

Business News

The government has expressed its commitment to deepen efforts aimed at promoting youth entrepreneurship to drive economic growth.

The Minister for Business Development, Mr Ibrahim Mohammed Awal, said promoting youth entrepreneurship was very key in reducing graduate unemployment.

Some participants at the summit. Pictures: Benedict Obuobi

Business News

The Minister of Finance, Mr Ken Ofori-Atta, has stated that entrepreneurship is the main driver of a Ghana beyond aid, so it is necessary to create the environment for them to thrive.

This, he says, is in line with government’s vision to create a confident and prosperous society, with the private sector playing a key role.

(L-R) Duncan Copeland, Head of Technical Team; Mrs Elizabeth Quaye, Minister for Fisheries and Aquaculture (middle) delivering her speech, Mr Seraphin Dedi, General Sectary of FCWC

Business News

The six member countries of the Fisheries Committee for West Central Gulf of Guinea (FCWC) namely; Ghana, Cote D’Ivoire, Nigeria, Liberia, Togo and Benin have been brought together under the West Africa Task Force (WATF) facilitated by the FCWC Secretariat and supported by a Technical Team to combat illegal fishing and related issues.

The Association of Ghana Industries (AGI) now has an office in China. It was inaugurated on Wednesday by the First Lady, Mrs Rebecca Akufo-Addo, in Qingdao, China.

It would also serve as a Ghana office and is to promote a “Belt and road initiative” established by the Chinese government to drive trade and capital flows between China and developing countries.

Minister of Finance, Mr Ken Ofori Atta

Business News

The Finance Minister, Mr Ken Ofori-Atta, has dismissed concerns by economists and policy analysts that the government’s decision to employ some 100,000 graduates under the Nation Builders’ Corps (NBC) is a wrong move that will increase the pressure on the public sector wage bill, explaining that the initiative is a necessary answer to an imminent explosion by unemployed youth in the country.

The Finance Minister, Mr Ken Ofori-Atta has assured the business community that the government will scrap the national fiscal stabilisation (NFS) levy in 2019 after extending it beyond the original dateline of December 2017.

He said the tax was extended to help raise money to cushion the shortfalls in revenues.

The minister was responding to concerns from the private sector on the actual end date for the levy, which was reintroduced in 2013 as a stop gap measure to rebalance the economy.

Dr Simon Bawakyillenuo (left), a Senior Research Fellow at the Institute of Statistical, Social and Economic Research (ISSER), Dr Charles Ackah (2nd left), Head of Economics Division, ISSER, Prof. Felix Asante (3rd left), Director of ISSER, and Prof. Robert Darko Osei, Associate Professor at ISSER, interacting among themselves. Picture: Maxwell Ocloo

Business News

Researchers at the Institute of Statistical, Social and Economic Research (ISSER) have expressed mixed feelings about the potential of the 2018 budget to transform the economy.

While commending the government for taking bold steps in its financial and fiscal policies, they also stressed that the budget failed to offer sustainable policy directions on some key issues of national concern.

Telecoms - Oil and Gas

Grid List

The Network of Communications Reporters (NCR) has called on the National Communications Authority (NCA) to direct telecom companies in the country to fully comply with regulations that enjoin them to register every subscriber identification module (SIM) cards before they are activated for use.

According to the NCR, the telecom companies (telcos) had allowed their vendors to break the laws governing SIM registration and were selling the cards without allowing the customers to register as prescribed by law.

Samsung Ghana in partnership with Ecobank Ghana has introduced the latest mobile device from the Samsung Note series onto the Ghanaian market.

The Galaxy Note8 is an improved version of the Note5 with dual cameras with 12 megapixel on the rear and 8 megapixel at the front. The Note8 has 6 gigabytes of RAM and a gorilla glass making the screen durable

MTN is injecting a total of $143.7 million into its operation in Ghana this year to improve on its services.

The money would go into the installation of more 4G , 3G and 2G cell sites throughout the country and also the installation of 410 km fibre optic cables throughout the country.

Lee Jae-yong

Telecom

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.

Communications Minister Ursula Owusu-Ekuful pays working visit to NCA

Telecom

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.

Mr Emmanuel Hudson-Odoi (right) receiving the award on behalf of Subah Infosolutions

Telecom

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.

Following the settlement of the maritime boundary dispute between Ghana and Cote d'Ivoire, Tullow Oil, a leading independent oil and gas, exploration and production group has announced it will restart the development drilling in the TEN fields by end of 2017.

Responding to the judgement of the Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg on Saturday, Tullow said since the new maritime boundary as determined by the tribunal does not affect the TEN fields as per the map, it will work with Ghana.

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.

Seaweld Ghana Fabricated deckstools for two FPSOS

Oil & Gas

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.

Mr Joe Mensah, VP and Country Manager, Kosmos Energy Ghana

Oil & Gas

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.

Mr Henry Akwaboah - MD, Engen

Oil & Gas

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.

The managers after one of the training sessions

Oil & Gas

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.