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Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

The deputy Energy Minister, Andrew Egyapa Mercer, has confirmed that the initial consignment of 40,000 tons of oil brought into the country under the Gold-for-oil policy was purchased with cash and not gold as widely claimed by the Vice President, Dr Mahamudu Bawumia. His disclosure comes after several calls by Industry experts such as the Institute of Energy Securities and ...

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Fuel prices expected to jump in February – IES projects

Prices of fuel at the various pumps is expected to inch higher in the first pricing window of February, says the Institute for Energy Security (IES). Per projections made by the IES, prices of diesel, petrol, and LPG will go up by some 7% to 13%. According to the IES, the anticipated price increase follows a market rise in the ...

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Africa loses $88bn annually through illicit financial flows – Akufo-Addo

President Nana Akufo-Addo has called for the use of tax policies, among others to check illicit financial flows out of the continent. The president said illicit financial flows cost Africa close to 100 billion dollars which denies the continent the needed resources to facilitate growth and development. Speaking during the closing session of the maiden African Prosperity Dialogues dubbed, ‘the ...

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Ghanaian civil society calls on private lenders to cancel external debt

A group of Ghanaian civil society organisations is calling on international lenders to cancel enough of Ghana’s debt to make it sustainable. They call on Ghana to be supported by the G20, and UK in particular, to stay in default on all external creditors who refuse to accept the scale of debt cancellation needed. In December Ghana announced it is ...

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Pensioner Bondholders Forum threatens to picket at Ministry of Finance  

The Pensioner Bondholders Forum has threatened to picket at the Ministry of Finance on January 23, 2023, if the government fails to exempt them from the Domestic Debt Exchange Programme.  The Forum said it had written to the District Commander of the Ghana Police Service at the Ministries in Accra to notify the police of their intended action.  Dr Adu ...

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NPA revokes licenses of 30 Oil Marketing Companies

The National Petroleum Authority (NPA) has revoked the licenses of 30 Oil Marketing Companies (OMCs) for breaching the regulations of the industry. Some of the OMCs are said to owe the government over ¢400 million cedis in the form of unpaid taxes by the end 0f 2022. A list of the companies published by the NPA said the licenses of ...

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Gov’t must exclude Pensioner Bondholders from DDEP – Forum appeals

An appeal has been made to the government of Ghana, particularly the Ministry of Finance to consider exempting pensioner Bondholders from the ongoing Domestic Debt Exchange Programme (DDEP). The proponents, Pensioner Bondholder’s Forum argue that pensioners have no source of income to support them in terms of feeding, buying regular medication, paying medical bills and meeting other critical needs, thus, ...

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Telcos to implement 1% E-Levy charge from tomorrow

The Ghana Chamber of Telecommunications says it will commence the implementation of the revised Electronic Transfer levy (E-Levy) rate of 1% from Wednesday, January 11, 2023. The government presenting the 2023 Budget and Economic Policy Statement, reviewed the 1.5 percent electronic transaction levy downwards to 1 percent effective January 2023. The reduction has also been approved by Parliament. The chamber ...

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Nigeria restricts cash withdrawal to $44 a week per individual

Nigeria has officially restricted massive cash withdrawals from the bank beginning Monday the 9th January in an effort to cool off inflation. Nigerians will only be allowed to withdraw 44 dollars per week per individual and $11,000 for businesses. This policy is most likely to affect millions of Nigerians especially businessmen and high cash-intensive activities. The stated goal of the ...

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COPEC predicts marginal reduction in fuel prices from January 1

The Chamber of Petroleum Consumers-Ghana (COPEC) is projecting a marginal drop in the prices of fuel products effective January 1, 2023. According to the Chamber, petrol is expected to be sold at a minimum price of GH¢9.30 per litre while diesel is expected to be sold between GH¢12.80 and GH¢15 per litre at various pumps. This will be a decline ...

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