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GPRTU to increase fares by 30% on Friday, May 13

Commuters should expect an increase in transport fares by 30 percent come Friday, May 13. This is according to the Ghana Private Road Transport Union. According to the union, the decision is a result of an increase in fuel prices over the last few months. The union had earlier proposed that government scraps some taxes on petroleum products to cushion ...

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E-levy: Panic withdrawals hit mobile money vendors – Spokesperson for Association

The Mobile Money Agents Association of Ghana has stated that there have been unprecedented panic withdrawals at the mobile money vending stations after five days of implementing the e-levy. Spokesperson of the Association, Charles Kwesi Addo, in an interaction with JoyNews said its members are overwhelmed by the numbers. “As at Friday even before the implementation of the levy on the 1st of ...

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COPEC predicts marginal increase in fuel prices from May 1

The Chamber of Petroleum Consumers-Ghana (COPEC), says its projection for the next pricing window shows that prices of petroleum products will see a marginal increase from Sunday, May 1, 2022. In a statement, the energy think tank said it expects petrol and diesel to be sold at GH¢ 9.538 and GH¢ 10.829 per litre respectively, bringing the average price of ...

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Stop pricing goods and services in foreign currencies – BoG warns

The Bank of Ghana (BoG) has cautioned persons pricing goods and services in foreign currencies to desist from such practices or have themselves to blame. According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act 723) which prohibits companies and institutions from pricing, advertising, receipting, or making payments in foreign currencies in Ghana. The central bank ...

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Fuel prices reduced by 15 pesewas per litre effective April 1

Fuel prices in Ghana will go down by 15 pesewas per litre effective April 1, 2022. This reduction will be in place for three months. This was disclosed by the Minister of Finance, Ken Ofori-Atta, on Thursday, March 24, 2022, while announcing measures put in place by the government to cushion Ghanaians against current economic shocks. “To mitigate the rising ...

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Gov’t reportedly agrees to scrap some taxes on petroleum products

Government has reportedly agreed to scrap some taxes on petroleum products as a way of dealing with incessant increase in fuel prices largely caused by rising crude prices on the International market and a depreciating cedi against major currencies. The supposed government decision comes on the back of engagements with key groups and associations which threatened to embark on a ...

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Nigeria: Inflation rate rises to 15.70% as fuel scarcity impacts prices

Nigeria’s inflation rate rose in February after recording a fall in January as Africa’s most populous nation faces fuel shortages that have helped push prices higher. The country’s statistics office announced Tuesday that the consumer price index (CPI) increase between February 2021 and February 2022 was 15.70 per cent, higher than 15.60 per cent recorded in January, The National Bureau ...

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Fuel prices to hit ¢11 per litre from Wednesday, March 16

Prices of petroleum products will from Wednesday, March 16 experience a significant surge as consumers are expected to pay ¢11 per litre. The Bulk Oil Distributors has blamed the situation on the volatility on the market as well as the rising cost of crude on the international market. According to the Chief Executive, Senyo Hosi, the cedi which is depreciating ...

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‘Energy transition? Leave us out,’ says Nigeria oil minister

Developing countries should not have to target renewable energy sources and turn away from fossil fuels, Nigerian energy officials said on Tuesday, joining other emerging oil-producing nations reluctant to embrace the global energy transition trend. Some 900 million people in the world, most of them in Africa, still have no access to energy for basic needs, Nigeria’s oil Minister Timipre ...

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Ghana’s economy was facing challenges before COVID – World Bank Country Director

The World Bank has indicated that Ghana’s economy was struggling before the outbreak of the COVID-19 pandemic. Speaking at a public lecture organized by the One Ghana Movement, the World Bank Country Director, Pierre Laporte, said recent economic woes were expected. The government has largely blamed COVID-19 for the challenges the economy is going through. Mr. Laporte said his outfit ...

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