BUSINESS

The government has suspended the subsidy on Residual Fuel Oil (RFO) until further notice, effective November 1, 2022. According to the National Petroleum Authority (NPA), the move is in line with the directive from the Ministry of Energy as an interim measure to ease the financial burden on the Price Stabilisation and Recovery Account (PSRA). “The Policy directive takes into ...

The Minority in Parliament is asking the government to use part of the over GH¢8 billion revenue accrued from petroleum products to cushion petroleum consumers against the current price hikes. The Minority says the government has received over GH¢8 billion from petroleum resources in less than 3 months, as against its GH¢6 billion projection for the year. Speaking to journalists ...

Sekondi-Takoradi Zonal Association of Sachet Water Producers have agreed to sell a bag at GH¢8 instead of the announced GH¢10. The Association says the measure is to ensure that there is no buyer apathy but that their customers are able to continue to purchase in high volumes. The decision was arrived at after a crunch meeting on Tuesday, November 1 ...

The management of the Volta Aluminium Company (VALCO) has said its workers rejected a 22 percent increment in salaries, saying it was insufficient. The company felt this increment should have been welcomed by the agitating workers. In a statement, VALCO said, the union executives, made an initial demand of a 62 percent salary increment to the Management of VALCO, and ...

The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah has warned that should the prevailing conditions in the petroleum sector fester, there will be a shortage of petroleum products in the country ahead of the Christmas festivities. “If you look at the economic activities that occasion the last quarter of the year, we are not looking at ...

The Chief Executive Officer of Dalex Finance has begged President Akufo-Addo to urgently take the decisive measures required to address the current economic crisis the country is facing. According to Ken Thompson, there is a looming poverty characterised by business closures with job losses should the President fail to act. In an interview with Citi TV on Tuesday, November 1, ...

Founder of the All People’s Congress (APC) Dr Hassan Ayariga has asked the government to tackle the economic challenges facing the country. In his view, the economic situation in Ghana is becoming unbearable by the day. He further noted that prices of foodstuffs and services keep skyrocketing and salaries of workers are still the same. Lands For Sale Fuel prices ...

The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has called for urgent interventions by the Bank of Ghana (BoG) and the Ministry of Finance to stop the woes of the Cedi. The Cedi has been reported by Bloomberg to be the world’s worst-performing currency this year as investors continued to squeeze foreign capital to ...

The Coalition for Cocoa Sector Reforms (CCSR) GH has called on the government to impress upon the Ghana Cocoa Board (COCOBOD) to reconsider the 2022/23 producer price announced else, the impact of the ¢800 per bag of cocoa beans recently announced will be very damaging to the industry. The government through the Ministry of Agriculture recently increased the producer price ...

The next two years will be a difficult period for Ghanaians if the programme that Ghana is seeking under the International Monetary Fund(IMF) is finally approved due to the measures that are going to be announced, a Professor at the University of Ghana Business School, Godfred Bokpin, has said. Lands For Sale He stated categorically that the austerity that is ...