Today's Ghana Business, Banking and Economic news

Perhaps the most significant aspect of the President Nana Akufo Addo- led administration’s agenda is, economic growth.

An eight-member committee has been setup by the Energy Ministry to investigate circumstances surrounding the sale of contaminated fuel to too oil companies Movenpina Energy and Zup oil by the Bulk Oil Storage and Transportation company (BOST).

A statement signed by the Energy Minister, Boakye Agyarko, said the Ministry was acting on preliminary investigations conducted by the National Petroleum Authority [NPA].

The Chamber of Petroleum Consumers, Ghana (COPEC-GH) on Tuesday June 27 accused the managing director of BOST, of recklessly allowing onto the market over 5 million litres of contaminated fuel, known as off-spec. the chamber said the fuel could cause extensive damage to vehicle engines.

The Bulk Oil Storage and Transportation Company has denied the claims, saying its checks indicate the fuel is still safely being held at the premsis of Zup oil.

The preliminary investigations by the NPA revealed Movenpina Energy and Zup oil are not licensed to operate in the business. NPA added that, the companies had breached Section 11 of the National Petroleum Authority Act 691, 2005, that regulates commercial activities in the downstream petroleum industry.

The statement from the Energy Ministry states that BOST has evacuated 471,000 litters of the contaminated product but has suspended the evacuation in accordance with the directive from the NPA.

The eight-member committee comprises officials from the NPA, Tema oil refinery, Ghana Standard Authority, BNI, Chamber of Bulk oil distributors and the Association of oil marketing companies, Energy commission and representatives from relevant civil society groups in the country.

The terms of reference include; To determine the circumstances that created the off-spec product.
• Reveal procedures undertaking by BOST to evacuate the contaminated product.
• Ascertain the quality and the remaining quantity of product and determine if the product can be corrected, if not the alternative use of the product and the review of the transaction between the companies.

 The Energy Ministry assured the general public of its commitment to ensuring quality petrol product is on the market for consumers.

 

The absence of a board of directors for telecoms regulator, the National Communications Authority (NCA), has left the anticipated merger between Airtel and Tigo in the balance.

Vegetables and fruits from Ghana have been banned from the Chinese market for failing to meet international production standards.

Perhaps one of the major causes of respiratory illness in Ghana and across the world is the influenza. Predominantly cell-based, it’s common to find adults coughing severely, or parents dashing for a syrup or any other alternative drugs to stop a similar reaction from a child. The latest development from the pharmaceutical industry may change that story. 

Ghana will be provided with advise on how to add value to it exported raw materials to be able to increase revenue from them as well as create more job for its citizens.

In a three day conference from 27-29 June, the World Trade Organisation [WTO] will bring together entrepreneurs and government officials to deliberate on ideas to help add value to the unfinished products of Ghana. The program will be under the theme "Challenges on the multilateral trading system: perspective from West Africa".

According to the WTO, the program will help countries that want to industrialise know the rules of the world regarding investments.

Cocoa and timber  exported in it raw state generates just a fraction of what they will earn as finished products.

  

Japanese car parts maker Takata has filed for bankruptcy protection in the US and Japan.

South Africa's largest insurer Sanlam Ltd has sold its stake in Ghanaian holding company Enterprise Group's insurance business for $130 million but will retain a presence in the country, Sanlam said on Friday.

Government’s ‘One District One Factory’ initiative has received a major boost following the signing of a Memorandum of Understanding for a funding facility worth up to $2 billion between a number of Ghanaian banks and the private sector led by the Association of Ghana Industries (AGI), and the Chinese government’s private sector development corporation.

Breakdown in dialogue has forced the Data Protection Commission to arrest directors of unlicensed data controllers in the country.

Vice President Dr Mahamudu Bawumia has appealed to the government and people of China to significantly invest in the country.

Narcotic substances worth over $2million have been burnt by the Narcotics Control Board (NACOB) at Bundase Training Camp at Prampram in the Greater Accra Region.

With a population of over 1.41 billion according to UN 2017 report, China is currently the most populous country in the world but whether or not it will remain at that position is a subject for debate.