Global oil prices have retreated below the $90 threshold as intensified fears of a worldwide recession weigh heavily on market sentiment. On the morning of September 19, 2022, Brent crude traded at $89.17 per barrel, while West Texas Intermediate (WTI) fell to $84.20. This downward trend marks a significant shift, as the commodity dropped below $90 in early September for …

The National Petroleum Authority (NPA) has taken decisive action in the Bono Region by locking several pumps at three prominent filling stations in Sunyani. During a surprise inspection, officials discovered that Frimps Oil (Penkwase), Goil (near Eusbett Hotel), and Engen were dispensing fuel in quantities lower than what consumers were paying for. The most severe case was at Frimps Oil, …

The National Petroleum Authority (NPA) has initiated a rigorous enforcement action against the directors and shareholders of 45 Oil Marketing Companies (OMCs) to recover outstanding debts exceeding ¢400 million. These funds consist of statutory margins and levies, including ¢68 million from the Primary Distribution Margin Fund, which were collected from consumers at fuel pumps but never remitted to the regulator. …

Popular Ghanaian media personality Berlinda Addardey, widely known as Berla Mundi, has officially signed a 15-month brand ambassadorial agreement with the rapidly expanding furniture firm Doğtaş Exclusive. The partnership links the award-winning presenter with the Turkish furniture giant, which is renowned for its diverse catalog ranging from medical-grade mattresses to international-standard living and office sets. Berla Mundi expressed great excitement …

President Akufo-Addo has recently reaffirmed that the Komenda Sugar Factory is expected to be commissioned by the end of this year, a commitment he shared while inspecting the facility during a tour of the Central Region. This latest timeline follows a previous assurance from February 2022, where a target for April of that year was set but ultimately passed without …

The production lines at Ghana Textiles Printing Company Limited (GTP) in Tema have ground to a near-halt, forcing over 600 employees into an indefinite leave. The crisis is driven by a critical shortage of Residual Fuel Oil (RFO), the primary fuel used to power the factory’s boilers and machinery. Production capacity at the facility has plummeted from a peak of …

New data from the Ghana Chamber of Telecommunications reveals a dramatic 98% decline in SIM card re-registrations following the government’s decision to extend the deadline. While a peak of 235,460 daily registrations was recorded just before the initial July 31, 2022, deadline, that number plummeted to a mere 5,861 by August 19, 2022. The statistics highlight a significant “lull” in …

The National Petroleum Authority (NPA) in the Volta Region has intercepted a significant quantity of unwholesome petroleum products believed to have been smuggled into Ghana from Togo. The operation, led by Regional Director Rasheed Dauda, targeted illegal hubs in Dzodze, Penyi, Wudoaba, and Aflao within the Ketu North and South Municipalities. Backed by military protection, officials confiscated over 100 jerry …

Ghana has emerged as a major player in the global coconut industry, with exports of Desiccated Coconut surging by 249% in 2021. According to the Ghana Export Promotion Centre (GEPA), export values skyrocketed to $21.985 million, up from just $6.3 million the previous year. This rapid growth has propelled Ghana to the position of the 9th largest global exporter of …

The woman who led the Me nsa aka ooo TV commercial 13 years ago to promote MTN’s Mobile Money (MoMo) has been gifted a two-bedroom house. The woman, Rita Nhyiraba Tetteh, was the lead character in the first MTN Mobile Money television and radio commercial.  In the commercial, she gave a testimony on how she instantly received the money on her mobile wallet when …

Ghana has successfully renegotiated its Power Purchase Agreements (PPAs) with six major Independent Power Producers (IPPs), including Karpower, Cenpower, Early Power, Twin City Energy, AKSA Energy, and Cenit. This milestone, announced during the Mid-year Budget Review, is projected to save the country approximately $13.2 billion over the lifespan of these contracts. The savings are achieved through a strategic combination of …

The Ghanaian government is targeting a revenue boost of GH¢750 million following the parliamentary approval of the Value Added Tax (VAT) Amendment Bill. This legislation introduces the E-VAT policy, which modernizes the tax framework by incorporating electronic commerce and mandating the electronic issuance of tax invoices. Key provisions of the reviewed law include requirements for upfront VAT payments by unregistered …

The Mayor of Accra, Elizabeth Kwatsoe Tawiah Sackey, has officially commissioned a newly refurbished market shed at the 31st December Makola Market. This project, which underwent a two-year rehabilitation process after falling into a state of disrepair, is designed to accommodate 665 traders. The primary goal of the renovation is to mitigate the severe congestion in Accra’s Central Business District …

European natural gas prices have surged by 9%, nearing the historic highs recorded earlier this year, after Russia followed through on threats to further restrict energy supplies. The Russian state energy firm, Gazprom, has reduced flows through the Nord Stream 1 pipeline, the primary artery for gas into Germany, to less than 20% of its total capacity. While Moscow attributed …

Meta, the parent company of Facebook and Instagram, experienced its first-ever year-on-year revenue decline in the second quarter of 2022, with total earnings slipping 1% to $28.8 billion. This downturn was driven by a significant slump in advertising sales as businesses, particularly small and medium-sized enterprises, reduced their marketing budgets in response to global inflation and economic uncertainty. Despite this …