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Oil Price Steadies After Falling Below $28 A Barrel

The oil price has recovered slightly after earlier falling below $28 a barrel, as Opec predicts crude will mount a recovery this year. Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest since 2003, before recovering to trade at $28.86. The price of US crude was $29.65 a barrel after hitting $28.36. Investors ...

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Prices of petroleum products to go up by as much 28% today

January 1 2016 begins with increases in prices of petroleum products by one of its biggest margins in recent in recent times. SANKOFA BUSINESS is learning that some of the major petroleum products are expected to go between 18 to 28 percent effective January 1. The increase has come about, because of the recent Energy Sector Levy put on most of ...

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Don’t blame Mahama for Gh¢3.6m rebranding saga – Lydia Forson

Ghanaian actress-Lydia Forson has called on Ghanaians not to make President John Mahama an easy target in the raging controversy over the 3.6million Ghana cedis used in rebranding some Metro Mass buses.In a facebook post, the actress also took a swipe at Smarttys Management and Productions, the company that did the rebranding and reportedly owned by fellow actress Selassie Ibrahim.A ...

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New income tax law from January 2016

The Ghana Revenue Authority (GRA) will implement a new income tax law to replace the repealed Internal Revenue Act,  (Act 592) with effect from January 2016. The new tax, Act 896, 2015, which was made known yesterday, is to remove the narrow and distorted tax base of the old Act. While the new law contains some provisions in the old ...

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GNPC Budget thrown out

Alex Mould, CEO, GNPC Deputy Minority Leader Dominic Nitiwul and some Minority members forced the First Deputy Speaker of Parliament, Ebo Barton Odro, to suspend the approval of programme of activities for the Ghana National Petroleum Corporation (GNPC) for 2015 which contained the Corporation’s budget. This was because of what they described as some outrageous expenditure quoted in the programme of activities. ...

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Injection of dollar not sustainable – BoG

Ghana’s economy could suffer the fate of Greece sooner than expected if government does not change its appetite for borrowing, the Institute of Fiscal Studies (IFS) has predicted. In its latest analysis on ‘Public Debt and Sustainability,’ IFS said “given the high level of public debt, there is an urgent need for a well grounded fiscal framework to anchor fiscal ...

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Oil revenue goes down 56% as Saltpond oilfield shuts down

Ghana’s share of oil revenue from the export of crude oil from the Jubilee Field has so far this year gone down by about 56.2 per cent on year-on-year basis due mainly to the supply glut in the crude oil market. Managers of the economy are even more disturbed by the disappointing performance of the Saltpond Offshore oilfield, which contributed ...

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2,000 Goldfields Workers To Lose Jobs

Over 2,000 workers of Goldfields are likely to be sacked in Ghana in the coming months if gold prices on the global market do not recover. The dismissals will occur if the mining giant goes ahead with plans to shut down the Damang Mine in Western Region. However, the company is currently deciding on whether to place the Damang Mine ...

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Brussels Airline justifies return to Ghana

russels Airline has justified its return into the Ghanaian market. The airline pulled out of Ghana some two years ago and announced its return in September 2015. Its return follows the restructuring of Lufthansa’s Africa operations as a result of its acquisition of Brussels airlines among others. In June 2009, the European Commission granted regulatory approval for Lufthansa to acquire ...

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1.5 Billion Cedi 3 Year Fixed Bond Under Subscribed

Government’s 1.5 billion cedi 3 year fixed rate bond issued yesterday 22nd October, 205 was undersubscribed. Government raised less than the targeted 1.5 billion cedis it was looking for on the local market. It sold 995 million cedis of the three year notes with a yield  24.5 percent. Investors offered 1.3 billion cedis of bids with yields between 23 and ...

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