Steps by govt to improve the economy promising – IMF The International Monetary Fund (IMF) has lauded steps taken by government to recover the country from it’s economic doldrums, describing these steps as promising. The fund’s concluding statement which constitutes the preliminary findings of IMF staff that visited Ghana in April, said the recently assembled … Read more
Gunmen have kidnapped two Turkish nationals from their hotel in southern Nigeria’s oil-rich Akwa Ibom state, police said Tuesday in the latest unrest to hit the restive Niger Delta. “Two Turkish nationals working for a construction company in Onna local government area were abducted from their hotel rooms on Sunday,” state police spokesman Chukwu Okechukwu … Read more
An Economist for Global Markets at Stanbic Bank, Mr. Ayomide Mejab, has advised local businesses on the need to hedge against the volatility of the cedi. Speaking in Accra, he said, the cedi, one of the most volatile currencies in Africa has made it difficult for importers and local businesses to predict the standing of … Read more
First National Bank has said the Ghanaian economy is not likely to expand as much as the government expects, pegging its economic growth projection for the year at 4.5percent, as against government’s 6.3percent growth target. Speaking at the bank’s second economic and business breakfast meeting, its Africa Macro Strategist for Global Markets, Celeste Fauconnier, said: … Read more
Nigeria aims to legalize illicit oil refineries in the turbulent Niger Delta region, the vice president’s office said Thursday, hoping to bring peace to the production heartland for the crude on which the country relies. If the refineries are legalized, it could help soothe tensions in the Delta states, where an uneasy peace is now … Read more
The price of oil has hit its highest level for a month in response to the US military’s missile attack on a Syrian government airbase. The price of Brent crude surged above $56 a barrel before easing slightly. Syria has limited oil production, but its location in the Middle East and alliances with big oil … Read more
The infamy of the crimes against humanity carried out by Islamic State is legendary, but the still untold story is how Turkish President Recep Tayyip Erdogan deliberately turned a blind eye to the Islamic State’s use of his nation as a staging ground for attacks, and how he and his family pro ted from il- … Read more
Some Economists have projected that Ghana will end this year with 6 percent economic growth, down from the government’s 6.3 percent target. According to an Economist for Global Markets at Stanbic Bank, Ayomide Mejabi, the projected growth will also be influenced by increased activities in the oil sector other than the increased business and consumer … Read more
Three foreign petroleum engineers abducted by South Sudanese rebels have been released after negotiations brokered by Sudan and Ethiopia, a Sudanese security agency said on Thursday. Indians Midhun Ganesh and Edward Ambrose and Pakistani Ayaz Hussein Jamali, who worked for DAR Petroleum, had been seized separately from near their workplaces earlier this month in oil-rich … Read more
The President of the Ghana Bankers Association, Mr Alhassan Andani, has called on the government to put in the right measures to address the depreciation of the local currency the cedis. He explained that until the fundamentals of Ghana’s economy were strengthened, the cedi would continue to depreciate in value against the major foreign currencies … Read more
By Kobby Gomez-Mensah Call it withdrawal syndrome or something close to that, but the main opposition National Democratic Congress (NDC) hasn’t fully settled into its new status. It is yet to fully recover from the shocks of defeat. Like a spokesperson for their candidate and the President said, the Party thought victory in the 2016 … Read more
Ghana’s economy is expected to grow by 6.3 per cent in 2017, compared to 3.8 per cent growth rate realised in 2016, ratings agency Fitch’s subsidiary BMI has affirmed. According to BMI, “while this represents a moderate downgrade to our 2017 forecast, from 6.5 percent previously in the wake of revelations of a hole in … Read more
OPEC countries are complying with a landmark deal to reduce a worldwide glut in oil, but global supplies nevertheless increased in February, the International Energy Agency said on Wednesday. “The implementation of the OPEC production agreement appears in February to have maintained the solid start seen in January. For the first two months of the … Read more
Saudi Arabia is committed to stabilising the global oil market, the energy ministry of the world’s biggest oil exporter said on Tuesday, as prices fell below $48 a barrel. OPEC and non-OPEC countries last year pledged to reduce output by around 1.8 million barrels per day (bpd) as part of a concerted effort to curb … Read more
Hyundai has signed a deal worth three billion euros ($3.2 billion) to invest in a major Iranian oil project, the South Korean firm confirmed on Monday. Hyundai Engineering plans to invest 3.1 billion euros in the second phase of the Kangan oil production and refinery project in southwest Iran, it said in a statement. The … Read more
The Managing Director of FirstBanC financial services, Mr. Amenyo Setordzie has observed that although the wide-ranging tax cuts could place the government’s fiscal position under pressure, the 2017 budget is achievable. Analyzing the 2017 budget presented by the Finance Minister last week, Mr. Setordzie described government’s finance policy as ambitious. He however cautioned, “Key risks … Read more
The United States almost tripled the volume of crude oil bought from Nigeria last year, seven years after it began depending less on the country ‘s crude. This comes as the Shale oil production surged. Latest data from the US Energy information Administration (EID) shows that the country imported 76.9 million barrels of the country’s … Read more
East Libyan forces carried out air strikes around major oil ports overnight as they sought to regain control of the area from a rival faction, a military spokesman said on Saturday. The eastern-based Libyan National Army (LNA) and allied forces retreated on Friday from the oil ports of Es Sider and Ras Lanuf, two of … Read more
An armed faction entered two major Libyan oil ports on Friday, pushing back forces that captured and reopened the terminals in September, officials and residents said. The move risks increasing the fighting around the ports and casts new doubt over Libya’s attempt to revive its oil production. The terminals at Es Sider and Ras Lanuf … Read more
GHS16billion will be used for wages and salaries alone in 2017, Finance Minister Ken Ofori-Atta has told parliament as he read the Akufo-Addo government’s first budget. He said GHS5.5billion would be used for goods and services. Mr Ofori-Atta told the house that as far as the 2016 fiscal year was concerned, “we have inherited an … Read more