Tullow Ghana awards KNK contract to Petrofac as part of transformation project

Tullow Ghana Limited (Tullow), operator of the offshore Jubilee and TEN fields, has awarded a 5-year contract to Petrofac Ghana (Petrofac) to support Operations and Maintenance activities on the FPSO Kwame Nkrumah (KNK). Petrofac is the largest amongst a number of companies, all of which are either indigenous Ghanaian firms or local joint ventures, which …

Golden Tulip Hotels not sold; leased for 12 years – Management

The management of Golden Tulip Hotels, the Ghana Libyan-Arab Holding Company (GLAHCO) says the hotels have not been sold as reported in the media. It said the hotels have instead been leased to Achour Holdings, operators of Grand Lancaster chain of hotels, for 12 years. In a statement, the management explained that the previous leasee, …

ASTM International pledges support for Ghana’s petroleum industry

The Director of External Relations of ASTM International, a global standards organisation, James P. Olshefskyan has pledged his outfit’s support to Ghana’s efforts at creating a world class petroleum industry. He said the American-based private standards-setting body, will provide technical assistance to build the capacity of local experts to enhance the reliability and profitability of …

Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

Abanga Farms & Food Systems Limited, a Ghanaian agricultural-based company, has taken delivery of the first consignment of top-quality beef from MEATCO, the Namibian meat producing and exporting company, to distribute in Ghana. It is the first of its kind between the SADC and ECOWAS regions. At a ceremony on Wednesday, June 29, 2022, at …

AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

The African Continental Free Trade Area Secretariat (AfCFTA) has called for the accelerated development of key infrastructure in areas like transportation across the continent, to fast-track trade under the AfCFTA. The remark was made at the Ghana Trade Roadshow held here in Accra on Wednesday. Despite decades of common market agreements within different economic blocs …

Enterprise Group PLC records 37% rise in revenue in 2021

Leading Insurance Company, Enterprise Group PLC, has recorded an increase in revenue of 37 percent for the year ended 2021, amounting to GHS1.16 billion. This growth in revenue, according to the company, resulted in profit after tax of GH¢122 million for the year under review. This however represents a decrease in profit after tax compared …

NIB MD laments cost of borrowing for private sector

The issue of private-sector lending continues to remain a problem as stakeholders in the banking sector have expressed worry about the high cost of borrowing for the actors in the private sector. Managing Director of the National Investment Bank, Samuel Sarpong, in interaction with Citi Business News, attributed the crowding out of private-sector lending to …

Unilever Ghana PLC remains upbeat about future growth prospects

Managing Director of Unilever Ghana PLC, George Owusu-Ansah, has stated that it is optimistic about his outfit’s growth prospects. This comes as the company recorded an increase in revenue of about 23% for the year 2021 despite the impact of the lingering COVID-19 on businesses. Taking its turn at the ‘Facts Behind The Figures’ forum, …

Bank of Namibia Governor pays courtesy call on BoG Governor

A 4-member delegation, led by the Governor of the Bank of Namibia, Mr. Johaness !Gowaxab on Friday, 17th June 2022, paid a courtesy call on the Governor of the Bank of Ghana, Dr. Ernest Addison, to seek mutually-beneficial relationships between the two central banks and also to learn best practices from the Bank of Ghana. …

CBOD calls for a more structured supply of Forex for petroleum products

The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, has blamed the inadequate supply of foreign exchange for the procurement of petroleum products at the doorsteps of commercial banks in the country. The remark comes on the back of a report from Bloomberg which claimed that Ghana faces a …