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Monday, October 23, 2017

The Atuabo Gas processing plant is billed to shut down for fourteen days for mandatory maintenance, Officials say.

In a statement signed by the corporate Communications Manager of Atuabo Gas, Alfred Ogbamey, the planned maintenance will begin on Friday, January 15, 2016.

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The Ghana Private Road Transport Union (GPRTU) is set to increase transport fares following the latest fuel price increases.

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The Okyenhene has lashed out at universal banks in Ghana for charging exorbitant interest rates at the detriment of the poor.

Currently, Ghana’s interest rate stands at 26%, making the West African country one of the highest in terms of interest rate in the world. However, some universal banks are charging over 30% on loans.

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Minister for Tourism and Creative Arts Elizabeth Ofosu-Agyare has indicated that her outfit will be seeking government’s support for funds to shore-up the Tourism Development Fund, which has accrued GH¢15milion since its inception in 2012.

The collection of 1% tourism levy by certificated enterprises from patrons of their facilities and remittances of same into the tourism development fund began in November 2012.

The cumulative collections on the collection platform as at 31st October, 2015 stand at GH¢15,498,860.

“As I speak now, the only source of funding is the one percent levy; no seed money, no grants yet. We have written to the Ministry of Finance to seek government’s seed money, but no response yet,” she told Parliament.

Under the tourism act a one percent tourism levy is payable by a patron of tourism establishments specified in a schedule to the act, and these monies are directed into a new tourism fund that is administered by the Ghana Tourism Authority (GTA) and the Accountant-General’s Department.

The minister explained that application of the fund primarily includes marketing and promotion of tourism, capacity building, market research and development of tourism infrastructure, and development and promotion of other tourism entrepreneurial activities.

Others have to do with the tourism export-oriented activities of institutions and tourism education and training.

The one percent (1%) tourism levy, as embodied in the tourism act (Act 817), has become operational following the enactment of legislative instrument (L.I 2185, 2012).

From 2012 to now, a total of 3,081 establishments in the form of accommodation and catering services have been registered and certified.

“The registration and certification of the accommodation and catering establishments has now peaked, except for the newly-established enterprises within these segments.”

She added that the process of certification for the 1% tourism levy and its scope is now being expanded to cover all the enterprises that have been enumerated in a schedule to the Act, 817, 2011.

According to her, measures have also been put in place to ensure that all the certified enterprises mandated to charge and collect the 1% tourism levy are complying and making accurate and full disclosures into the fund.

The fund has already set up a secretariat and has also allocated GH¢1million to the creative arts industry, the minister stated.

An Accra Visa Information Centre (AVIC), which the Minister says will serve as a guide for any tourist seeking vital information on the country, has been set up and is resourced under the fund.


The 2016 budget simply failed to meet the critical needs of local industries – that is to say it had no initiatives for tackling the long-standing challenges in the business environment. That’s the verdict of the Association of Ghana Industries, AGI.

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Parliament will not approve any more petroleum agreements until the Petroleum Exploration and Production (E&P) bill that is before it has been passed, Mutawakilu Adam -- a member of the Mines and Energy Committee of the legislature -- has assured.

Speaking at the Africa Oil Governance Summit in Accra, the MP for Damango in the Northern Region said passage of the law has taken this long (seven years) because the bill has had to undergo a number of reviews.

His comments were in reaction to concerns raised at the summit by civil society actors regarding the continuous delay in passage of the law while oil blocks are being given out to companies.

The MP clarified that the allocation of oil blocks does not constitute Petroleum Agreements, and that until parliament approves it no petroleum agreement takes effect.

Under the current dispensation, he explained, “Without the block there cannot be a petroleum agreement. So you can give them the block and then they begin to negotiate [with the sector ministry]. When it is negotiated and approved by cabinet, then it comes to parliament for approval”.

A better arrangement, he said, exists in the yet to be passed law, whereby the interested International Oil Company can undertake reconnaissance activity and acquire data before any negotiation can take place.

In an interview with the B&FT, the MP said he is confident the E&P bill will be passed “by first half of next year”, after the house invited and has received memoranda from various interest groups regarding what needs to be added or taken out.

“The report is ready: we wanted to lay it in October, but because of the budget we couldn’t do that. So when we come back next year, first quarter, we will lay it and go through clause by clause. So by the first half of next year we should finish with the whole bill and pass it,” he said.

Civil Society actors have over the period argued for, and succeeded in getting, provisions like mandatory disclosure of contracts and other transparency measures incorporated into the bill; and they cannot wait to see its passage.

“PNDC Law 84, which was passed in 1984, has been overtaken by developments in the industry and is therefore not fit for purpose; and seven years on we still don’t have an amendment to that law. This is a huge indictment on our seriousness as a people to better manage our petroleum resources,” Dr. Steve Manteaw of the Civil Society Platform on Oil and Gas said to the B&FT.

When passed, the E&P law will replace the Petroleum (Exploration and Production) Act, 1984 (PNDC Law 84), to make way for a more comprehensive legal regime.

It, among other things, seeks to create an enabling environment for increased private sector participation and investment in the petroleum sector, while increasing government’s stake in licences.


GLICO Pensions Trustee, a corporate trustee licensed by the National Pensions Regulatory Authority to provide and administer occupational pension schemes, provident fund schemes and group personal pension schemes in line with the National Pensions Act, 2008 (Act 766), is set to hold its 4th Pensions Stakeholders Forum on 25th of November 2015.

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Total Petroleum Ghana Limited has launched an entrepreneurship programme dubbed “Startupper of the Year” to solicit innovative ideas from budding entrepreneurs and start-up businesses in the country.

The contest will identify and reward the best projects in enterprise creation or development less than two-years old and it is expected to motivate and support young entrepreneurs as a way of fast-tracking economic growth.

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The Ghana Chamber of Bulk Oil Distributors (CBOD) will today (Friday, November 6, 2015) organise the maiden edition of the Ghana International Petroleum Conference (GhIPCON) to create a platform for industry education, policy construction, review, modification and momentum for growth and development in the petroleum industry.

According to the Chief Executive Officer of the CBOD, Mr Senyo Hosi, the event, which would be held annually, will bring together the major players in Ghana’s mid-and downstream petroleum sectors.

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The Savannah Accelerated Development Authority (SADA) has concluded an arrangement with the Ghana Trade Fair Company Limited to host the 20th edition of Ghana International Trade Fair in Tamale.

This was the outcome of a series of meetings held between the two organisations in Accra and Tamale.

Addressing participants at the opening of a two-day Planning Committees Workshop in Tamale for the forthcoming 20th Ghana International Trade Fair scheduled to take place at the Tamale Sports Stadium from February 25 – March 7, 2016, the Chief Executive Officer of SADA, Mr. Charles Abugre expressed delight at progress of work.

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