BUSINESS

Ecobank has presented almost GHC40 million as dividend payment to the Social Security and National Insurance Trust (SSNIT). This was as a result of some GHC325 million profit posted by the multinational bank in 2016. Ecobank is making the payment despite the marginal growth in its profit for last year. The state pension trust currently holds 47 million shares in ...

Last years shutdown of the Jubilee Field reduced the countrys oil and gas production by 40%, a report by the Public Interest Accountability Committee (PIAC), has revealed. According to the report, there was a 13.7% year-on-year decline in crude oil production with annual production dropping from 37.41 Million Barrels (mmbbls) in 2015 to 32.30 mmbbls. The production of indigenous natural ...

The country’s tariff structure does not provide adequate safe guard for the deprived in society as the structure exploit the vulnerable and industry said Boakye Agyarko, Minister of Energy. He explained that a deal-driven generation capacity procurement has resulted in the high average tariff for power, making the countrys power the most expensive in the West African sub region. Speaking ...

The Ministry of Finance has absolved itself from blame in delays associated with reclaims for the 17.5 percent VAT by importers and manufacturers. Some manufacturers and importers have complained about delays in reclaiming the funds after it was reduced from 17.5 percent to 3 percent flat rate. The ministry in a directive asked all beneficiaries to pay the 17.5 percent ...

The Public Interest and Accountability Committee (PIAC) has said the Ghana National Gas Company (Ghana Gas) is confused about how much power producer Volta River Authority (VRA) is indebted to the state gas company. Ghana Gas, in a press statement on Monday 19 June, accused PIAC of misconstruing the actual debt owed the company by VRA. Ghana Gas said VRA ...

Forty thousand cocoa farmers nationwide are to be paid bonuses totalling GH¢2,338,976 during the 2016/2017 cocoa season. The bonuses, to be paid by Nyonkopa Cocoa Buying Limited, a local company and subsidiary of Barry Callebaut Group, a leading manufacturer of chocolate and cocoa products, forms part of the company’s sustainability programme. The Country Sustainable Manager of Barry Callebaut Group, Mr ...

Carmaker Jaguar Land Rover is to hire 5,000 staff to enhance its expertise in autonomous and electric technology. The firm said it would hire 1,000 electronic and software engineers and 4,000 workers across other sectors, including manufacturing. Most of the jobs will be based in the UK, with recruitment taking place over the coming year. The carmaker, which is owned ...

MTN Ghana as part of its ‘21 days Y’ello Care’ programme has donated over 2,000 books to some seven schools in Accra at the Kwashieman Cluster of Schools. The ‘Y’ello Care’ initiative is an annual staff volunteer programme that involves community services that runs across the MTN Group footprint from June 1 to June 21. It was instituted 10 years ...

Gas from the Tweneboah, Enyenra and Ntomme (TEN) field is being flared due to pipeline infrastructure delays that characterised the evacuation of gas from the Jubilee Field. Meanwhile, an estimated $952 million is required this year to purchase light crude oil, natural gas, heavy fuel oil and diesel to run thermal plants based on a projected thermal generation of 9,937.48 ...

Government has appointed Fidelity and Standard Chartered banks as lead managers for the issuance of the Energy Sector Levy Act (ESLA) bond. The two banks are expected to raise GHS10 billion. They were selected after evaluating 10 proposals received in response to the Request for Proposals. As part of their duties, the banks are expected to work closely with members ...