Bussiness
Price of LPG goes up by 5% from today
The Liquefied Petroleum Gas (LPG) price will experience a 5% adjustment from today, March 3, 2022.
This follows the restoration of the Price Stabilisation and Recovery Levy (PSRL) on fuel products.
The restored PSRL is ¢0.16 pesewas per litre on petrol, ¢0.14 per litre on diesel, and ¢0.14 per kilogram on LPG.
Experts have warned the restored PSRL and its attendant increase in the price of LPG will further decrease the commodity’s consumption rate and worsen the plight of the ordinary consumer.
LPG is now ¢9.76 per kilogram, translating to about ¢140 for a 14.5 kg cylinder.
The vice president of the LPG Marketers Association, Gabriel Kumi, has blamed the development on the cedi’s poor performance.
According to him, “once the cost keeps moving up and you have constant taxes and levies, you expect that the price will continue to go up.”
In the first pricing window, the price moved from ¢7.89 to ¢8.12 in December 2021. In the second window of January 2022, it went up to ¢8.22.
In the first window of February 2022, the price went up to ¢8.60 and went up again in the second window to ¢9.29.
Currently, the price stands at ¢9.76.
The LPG Marketers Association say the rapid change in prices is affecting their business due to the declining consumption rate of LPG.
“Business is not doing too well because if you look at the statistics, the consumption of LPG is on a serious decline. So if measures are not taken, and the price continues to go up as it is going now, there will be a lot of negative consequences.”
“Today, some of our members have started laying off workers, and we are not growing. The consequences are quite dire,” Gabriel Kumi added.
Government has set an agenda to make the product accessible to many by increasing consumption of the commodity from 25% to 50% by 2030.
But many have argued this objective may not be achievable, considering the speed with which the commodity price is skyrocketing.
Meanwhile, the National Petroleum Authority (NPA) has said it is discussing with the Finance and Energy Ministries to find a manageable solution to the persistent rise in fuel prices.
It says the engagements will largely discuss the possible removal of some taxes on petroleum products.
The Head of Pricing at the National Petroleum Authority (NPA), Abass Ibrahim Tasunti, says the NPA has presented some proposals to Cabinet for consideration.
“We have made some recommendations to the government as to what it can do, but it all depends on the government’s fiscal space. So for us, we look at what can be done to look at the laws available to us.
“Of all the taxes, which one could have been touched? From the law, the Price and Stabilisation and Recovery Levy is the one that could have been used to support the consumer. Our work is to make sure there is fair pricing,” he told JoyNews.
Meanwhile, the Energy Ministry has said Ghanaians will pay back whatever government spends as subsidies.
According to the Deputy Minister, Andrews Agyapa Mercer, this calls for a conversation that ought to be had among stakeholders as the country strives to fashion out a solution to the problem.
“It’s a process that has commenced. The NPA has sent the letter to us, and we’ve forwarded it to the appropriate authorities; it’s going to be deliberated, and then whatever decision is taken is going to be in the best interest of all of us.”
“If that decision is taken that government has to subsidise fuel, we all ought to know that post the issues being resolved, prices coming down, whatever amount of money government would have expended would still have to be paid back by all of us,” he said.
Source: www.myjoyonline.com
Bussiness
Finance Minister tranfers funds to DACF, NHIS and GETFUND
The Minister for Finance Hon. Cassiel Ato Forson has disclosed that a sum of nine hundred and Eighty-Seven Million, Nine Hundred and Sixty-Five thousand and Seventy-Three Ghana Cedis (GHS987,965,073.00) from the Consolidated Fund into the District Assembly Common Fund Account, being the first quarter amount due to the DACF.
Furthermore, the Finance Minister informed the House that a total amount of Two Billion, Thirty- Three Million, Four Hundred and Sixty-Nine Thousand, Six Hundred and Seven Ghana Cedis (GHS2,033,469,607) has been disbursed to the National Health Insurance Fund.
While the Ghana Education Trust Fund has also received a total of Two Billion, Seven and Ten Million, Two Hundred and Twenty-Seven Ghana Cedis (GHS2,710,227,947.00) for the months January, February, March and April,2025.
The Finance Minister disclosed this in his statement to Parliament on the payments to statutory funds on the floor of the House.
In addition, he cautioned that the Administrator of the District Assembly Common Fund is required to ensure that 80% of this amount is transferred directly to the Assemblies without fail and expenditure returns submitted to the Ministry of Finance before subsequent releases will be made.
He added that Members are encouraged to monitor the utilization of these amounts sent to their respective Assemblies in line with the approved guidelines by Cabinet.
In his closing remark, Ato Forson said he’s going to take the concerns of the House seriously.
For his part, the Majority Leader, Mahama Ayariga made known the President’s prioritization of women in the country stating that President Mahama is “Pro-women”.
This is due to the fact that women are going to be the core beneficiaries from the expenditures going to be made by the MMDA’s, he added.
The Minority Leader Alexander Afenyo-Markin questioned the Finance Minister why road contractors have not been paid for more than five months. He said the Minister must not be applauded for since the allocation of these funds were long overdue.
Bussiness
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
