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NPA reduces fuel prices after public uproar

The 17 pesewas per litre increase in fuel margins previously announced by the National Petroleum Authority (NPA) has been reduced to 9 pesewas per litre.The reduction is expected to take effect from Wednesday May 5, the NPA said in a statement.

The statement dated May 4 said “At a meeting held at the Ministry of Energy earlier today between the Hon. Minister for Energy and the National Petroleum Authority (NPA), the Association of Oil Marketing Companies (AOMCS), Bulk Oil Storage and Transportation Co Ltd (BOST), the Chamber of Petroleum Consumers (COPEC), the Institute for Energy Policies and Research (INSTEPR), it has been agreed as follows;

“The 17 pesewas per litre increase in fuel margins previously announced by the NPA has been reduced to 9 pesewas per litre effective tomorrow Wednesday 5th May 2021.”

This comes after scores of Ghanaians have expressed concerns on social media about the high fuel prices in the country.

The Industrial Relations Officer for the Ghana Private Road Transport Union (GPRTTU) in the Greater Accra region, Alhaji Abass Imoro, had served notice that transport fares were going to be increased due to the high fuel prices.

 He told Alfred Ocansey on the Sunrise show on 3FM Tuesday May 4 that the decision to increase the fares was as a result of the increment in fuel prices.

He said this was the only way to ensure that transport operators survive.

Fuel prices had gone up by some 4.4%.

Alhaji Imoro said “After the budget we started planning also the way to go about it and now they have come up with the petrol, we are waiting for the road toll. It is also on the way coming.

“Definitely tomorrow, if God permit our leadership will come up with very reasonable percentage [transport fares] as to how to move forward.

“Most of the time it is very difficult, it is very painful but without that we cannot survive. Look at the surrounding counties around us, is that the way they have been increasing their fuel products? The answer is no.”

Source: Laud Nartey|3news.com|Ghana

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Police officer guarding bullion van killed by suspected robbers at Korle Bu

Police officer guarding bullion van killed by suspected robbers at Korle Bu

A Police officer who was guarding a bullion van has been killed by suspected armed robbers at Korle Bu in Accra.

This happened on Monday June 14.

An eye witness was also killed by a stray bullet in the process.

Reports indicated that the driver of the bullion van also sustained injuries and had been rushed to the hospital for medical attention.

Source:3 News

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BoG declines invitation to help Parliamentary investigation into revocation of banking licences

Dr Kwabena Duffour (L) and Prince Kofi Amoabeng (R)

The Bank of Ghana has declined an invitation to appear before Parliament to assist with investigations into the revocation of the banking licences of Unibank and UT Bank.

Writing through its lawyers, Bentsi-Enchill Letsa and Ankomah, the central bank explained that the petitioners, Prince Kofi Amoabeng and Dr Kwabena Duffour, owners of the two banks, seek to procure Parliament to review decisions that it has taken.

The BoG further explained that this decision was taken according to its statutory powers under the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930).

“The BSDTI Act provides how persons who are aggrieved with such decisions may seek redress for their grievances, and the prescribed resolution mechanisms do not include recourse to Parliament.”

The central bank indicated that the two bank owners, by petitioning Speaker Alban Bagbin, have invited the legislature to issue instructions to it in the performance of its constitutionally mandated duty of promoting economic development and the efficient operation of a banking and credit system in the country.

This, BoG argues, is contrary to section 3 (2) and section 4 (1A) of the Bank of Ghana Act , 2002 (Act 613).

The central bank’s response comes after Mr Kofi Amoabeng and Dr Kwabena Duffour petitioned Parliament to probe BoG’s conduct and the Ghana Stock Exchange (GSE) over the withdrawal of their banking licences.

The petitioners amongst others, asked Parliament to order BoG to restore their licence.

Parliament, after setting up a seven-member committee to probe the issues, asked the central bank to file a response to the petition.

But in a detailed response through its lawyers, the bank observed that “It will not participate in the investigation being conducted by Parliament, arguing the probe flies in the face of the Constitution.”

Source:Myjoyonline.com

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Opportunities abound despite challenging economic situation – Ofori Atta

Ken Ofori-Atta completes tenure as Chair of World Bank's Development  Committee - GGEA

The Minister for Finance, Ken Ofori-Atta has called on the youth who are the ‘country’s resource envelope’ to take advantage of government initiatives and programmes such as the Ghana CARES Obaatanpa programme and initiatives by the NBSSI and the NIEP.

These initiatives are designed to provide the youth with access to finance and skills in entrepreneurship, agriculture, small scale industries, tourism, trade, etc. In addition, Government is also establishing the Development Bank to provide funds for industries and manufacturing sectors. 

Ken Ofori-Atta explained that these initiatives, together with the technological advancement available, provide the youth with abundant opportunities to nurture and grow their businesses, adding that, “The robust implementation of the aforementioned interventions, particularly the Ghana CARES programme will allow us to create a conducive, compelling and ultimately resilient economic environment fit for business, enterprise and innovation”. 

These initiatives are designed to provide the youth with access to finance and skills in entrepreneurship, agriculture, small scale industries, tourism, trade, etc. In addition, Government is also establishing the Development Bank to provide funds for industries and manufacturing sectors. 

Ken Ofori-Atta explained that these initiatives, together with the technological advancement available, provide the youth with abundant opportunities to nurture and grow their businesses, adding that, “The robust implementation of the aforementioned interventions, particularly the Ghana CARES programme will allow us to create a conducive, compelling and ultimately resilient economic environment fit for business, enterprise and innovation”. 

Ken Ofori-Atta was speaking as the Special Guest at the Springboard Youth Dialogues, an initiative of the Springboard Road Show Foundation, a youth mentoring platform focused on entrepreneurship, investment, career and talent development for the young people across Ghana since 2007.

Participants at the event were drawn from tertiary institutions, young entrepreneurs, start-up business owners and prominent youth in the Bono Region. The programme was simultaneously broadcast across radio stations in the middle belt with the Minister and resource persons responding to questions sent digitally from all these locations.

On Ghana CARES, the Minister said the programme has been designed to stimulate economic growth through increased investment in selected sectors including Agriculture, Trade and Industry, Tourism, Housing, Science and Technology and the Financial Sector. Specific efforts will be made towards providing the youth with access to finance and skills in these areas to expand the production and capacity in the selected areas.

Ken Ofori-Atta also underscored the need for the youth to grab the opportunities in technology as the world has now become more advanced technologically. 

He noted that the rise of mobile money and efficient payment systems meant that anyone can get paid in real time right where they are for any job done.

“And to crown it all, with digital address systems and the multiplicity of delivery services, the product can be delivered to a client you may never meet in your entire life”. 

Resource persons for the various sessions included officials from the Ministry of Finance, Ghana Enterprises Agencies, National Entrepreneurship and Innovation Programme (NEIP) and the Springboard Road Show Foundation.

Telling them about how he started his career as an entrepreneur, he asked them not to despise small beginnings but to be persistent and have faith and confidence in themselves to do what they have to do.

“Again, if you’ve failed in an exam or business venture, you’re not alone. I know how it feels. The lesson here is clearly to have a deep belief in oneself that it is possible. You just have to have faith in yourself and the confidence to do what you want to do” he concluded. 

The Minister implored the youth to reflect on the dialogue which he believes should lead to positive disruption and inspiration to reposition them for the future. He challenged them to reposition themselves for available opportunities in the coming decades as the future belong to them.

Source: 3news.com|Ghana

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