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The Public Interest and Accountability Committee (PIAC) has charged government to refund the $3.8 million spent by the Ghana National Petroleum Corporation (GNPC) on the Ghana Côte d’Ivoire Maritime Boundary dispute that took place few years ago.

If government fails to subsidise electricity tariffs, consumers could pay for an increment in light bills from August 2022, with the Electricity Company of Ghana (ECG) demanding a 148% increase in tariff.

A proposal from the power distributor submitted to the Public Utilities Regulatory Commission (PURC), wants the adjustment to cover the period 2019 and 2022. The ECG has subsequently proposed an average increase of 7.6% in tariff over the next four years to cover Distribution Service Charges (DSC).

Ghana’s public infrastructure is at the height of becoming a public risk if adequate attention is not paid to sustainable engineering and maintenance practices. It comes as the country scored a D3 in the recent past Ghana Infrastructure Report Card by the Ghana Institution of Engineering (GhIE).

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Economist, Professor Godfred Bokpin, has cautioned government to be measured in its appetite for borrowing as result of a drop in Ghana’s debt in relation to the size of the economy or Gross Domestic Product (GDP). “Provisional estimates by the Ghana Statistical Service showed that the country recorded a growth rate of 5.4% in 2021, cutting the debt-to-Gross Domestic Product (GDP) ratio to 74.4%, from the earlier 80.1%.”

Bringing you updates from the world of business

Bringing you updates from the world of business

The Ghana Revenue Authority has announced its decision to commence the operationalization of the E-levy from May 1 in a modified-phased approach. This follows the results of an assessment carried out by the GRA to test the general readiness of some charging entities to integrate with the E-Levy management system. The new development is a snag in the Authority’s plan to fully implement the E-levy by May 1.

The International Monetary Fund (IMF) is warning of impending food security issues for Ghana and other African countries due to the ongoing war between Russia and Ukraine. The Fund said Russia’s invasion of Ukraine has pushed food and energy-related commodities to record levels on the global market. The captured concern is in the IMF’s Regional Economic Outlook Report released on Thursday. The Fund was worried that development could hurt economies in the region already struggling.

Former Chief Executive Officer of the Ghana National Petroleum Corporation, Dr. Amos Ofori Quaah wants Ghana to return to the Oil Production Sharing Agreement to accrue more revenue from the hydrocarbon resources. According to him, the country’s current contractual arrangement for petroleum exploration is a bane to the development of the sector and the economy at large.