Utilities consumers are expected to pay more for electricity and water following an upward adjustment in electricity and water tariffs by the Public Utilities and Regulatory Commission (PURC)--the sector regulator. The PURC, on Tuesday, announced a 6.54 percent increase in electricity tariff and a 4.54 percent increase in water tariff making it the third time this year that the Commission has increased tariffs for electricity and water. This brings to a cumulative 28.27% rise in electricity tariffs
An articulated transit truck carrying several hundreds of sacks of cola nuts from Côte d'Ivoire enroute to Nigeria somersaulted on Tuesday morning in front of the immigration check point at the Elubo border causing a heavy vehicular traffic at the border. The accident, which happened a day after the Ghana Immigration Service denied widely speculated media reports that Côte d’Ivoire has closed its borders to Ghana, prevented movement of vehicles across the border that bounds Ghana and Côte
Fastjet has announced its unaudited interim results for the six months ended 30 June 2014 and operational highlights of 2014 to date. Tanzania first-half revenues grew 96% to $19.0 million, with a 41.5% increase in passenger numbers. Tanzanian average revenue per passenger for the period grew 39.3% to $81.65. First-half underlying EBIT loss of $30.5 million, including US$13.9 million trading losses in the Tanzanian operation. Fly540 Ghana and Angola had a $13.5 million adverse effect on the first
The Nigeria Ports Authority (NPA) has commended the Ghana Ports and Harbours Authority (GPHA) for the ongoing expansion works and reforms at the country’s ports, as the development will enhance commercial trade within the ECOWAS sub-region. NPA’s General Manager in charge of Corporate and Strategic Planning Femi Jegede, who is leading a team of officials on a tour of the Tema Port, said the team was impressed with improvements at the Tema Port and that GPHA’s extensive automation of the port’s
Electricity supply challenges over the past few years have adversely affected the operations of processing, manufacturing, and mining companies -- leading to substantial job-losses as companies look to reduce their overhead costs. Electricity, which constitutes about 20 percent of operation cost for processing and manufacturing companies, has remained unreliable -- leading to the loss of production time and equipment breakdown. Most producers have had to rely on expensive diesel to power generating
The Petroleum Commission (PC) has noted that many local banks are missing out on a number of risk-free deals in the oil and gas industry due to their failure to research and understand workings in the upstream petroleum sector. The Acting CEO of the Commission, Theophilus Ahwireng, said a number of promising transactions in the industry have fallen through due in part to the misconception and misunderstanding by banks that activities in the upstream sector are capital intensive and risky. “If local
The Petroleum Commission (PC) has noted that many local banks are missing out on a number of risk-free deals in the oil and gas industry due to their failure to research and understand workings in the upstream petroleum sector. The Acting CEO of the Commission, Theophilus Ahwireng, said a number of promising transactions in the industry have fallen through due in part to the misconception and misunderstanding by banks that activities in the upstream sector are capital intensive and risky. “If local
Work on a credit referencing system for the microfinance sector is scheduled to be completed by middle of next year, the Ghana Association of Microfinance Companies (GAMC) has said. According to the umbrella-body of the microfinance companies, it is currently working with the Bank of Ghana and other licenced credit bureaus to develop a system for companies operating within the microfinance sector. A credit bureau is a repository of credit information, a neutral entity that collates consumer credit
It could take up to 3-years to settle the Ghana-Cote D’Ivoire maritime border dispute that has existed for a long time. Ghana is presently taking legal action to resolve the border dispute under the U.N. Convention on the Law of the Sea after 10 bilateral meetings failed to resolve the issue. The two countries have never officially agreed on the boundary and their maps of territorial waters overlap. Ghana filed its suit based on Article 287 Annex VII of the 1982 UNCLOS. Although the maritime boundary
Dr. Joseph France, Head, Policy and Regulation Office, Banking Supervision Department at the Bank of Ghana, has urged banks to periodically organise workshops for their customers to explain the processes involved in complex transactions and trade finance. Speaking at the opening of the fifth Ghana International Bank (GHIB) four-day international trade finance training programme in Accra, Mr. France said through these training workshops banks will obtain the necessary feedback to enable them deliver
Staff of the National Investment Bank, NIB Greater Accra sector has embarked on a health walk in Accra on the theme, “NIB, Walking for good health.†The walk which started at the El-Wak Sports Stadium and climaxed at the Ghana Air-force Sports Complex at Burma Camp was attended by staff from the Tema, Spintex, Accra and the Adenta-Madina branches. Charles Wordey, Head of Corporate Affairs of National Investment Bank commended all for taking part in the first time ever health walk held by the
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