Tullow appoints Rahul Dhir as new CEO

Tullow Oil plc has announced the appointment of Rahul Dhir as Chief Executive Officer and an Executive Director of the Group. A press release by Tullow said, Rahul will take up his appointment from July 1, 2020, and Dorothy Thompson, currently Executive Chair of Tullow, will return to her position as Non-Executive Chair after a limited period of handover.”Rahul brings extensive leadership experience in oil and gas to Tullow,” the release said. Rahul is currently CEO of Delonex Energy, an Africa-focused oil and gas company that he founded in 2013.…

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Tax reliefs for health workers implemented

The Controller and Accountant-General has implemented the three months’ tax relief granted to all health workers as directed by President Nana Addo Dankwa Akufo-Addo in his recent address to the nation on COVID-19. While addressing the nation on April 5, 2020, on measures taken by the government to contain the disease, the President announced a number of packages for health professionals at the forefront of the fight. Among the measures were tax reliefs for the months of April, May and June, an insurance package of GH¢350,000 for each health worker…

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Time to design new global financial architecture — Finance Minister

The Minister of Finance, Mr Ken Ofori-Atta, has proposed the design of what he describes as “a new global financial architecture” that will help institute a new global public good and rebuild growth across the world. He stated that the World Bank and the International Monetary Fund (IMF), as well as the international community, must quickly address issues of economic revival, the global supply chain as well as healthcare systems in poorer nations, as a result of the overwhelming impact of the coronavirus disease (COVID-19). “We must recognise that this…

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World Tourism Organisation demands action to secure jobs

The tourism sector is on its knees because all national parks, hospitality industry, among many others, have either shut down completely or are working at about 20 per cent capacity. The situation has caused many job losses in the sector. In the melee, governments across the world have pledged support for the players within that sector in order to save jobs. Unfortunately, there is nothing on the ground to show for that commitment. Ghana situation For instance the National Hospitality Association of Ghana (NHAG) made an urgent appeal to the…

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Stop paying dividends to shareholders – BoG directs banks

The Bank of Ghana (BoG) has directed banks and Specialised Deposit-Taking Institutions (SDIs) in the country to cease declaring or paying dividends to shareholders until further notice. The Central Bank says this is to ensure that banks and SDIs are better able to support their customers throughout the COVID-19 pandemic and to absorb any potential operational losses for banks and SDIs from the COVID-19 pandemic. A statement signed by the BoG’s secretary, Sandra Thompson said: “In furtherance of the above, and to ensure that banks and SDIs are better able…

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BoG assessment of GN Savings false – Nduom’s lawyers

Lawyers for Dr Papa Kwesi Nduom, the majority shareholder of the defunct GN Savings, have urged the Accra High Court to cancel the revocation of the license of the financial institution by the Bank of Ghana (BoG) on the basis that the BoG failed to properly assess the company’s books. In a 39-page address to the Human Rights Division of the Accra High Court, lead counsel for Dr Nduom, Mr Justice Srem–Sai, argues that the BoG failed to conduct “a true, fair and independent assessment of GN’s savings books” and…

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Tourism Minister announces a raft of measures to support hospitality industry

The National Board for Small Scale Industries (NBSSI) will from May begin the disbursement of some GH¢600 million to micro, small and medium enterprises in the hospitality industry. Minister for Tourism, Creative Arts and Culture, Barbara Oteng Gyasi, revealed on Thursday evening that initial engagements between NBSSI and industry players have been fruitful. Speaking on the business edition of Joy News’ PM Express, the Minister explained that the relief package will be advanced as a flexible loan to industry players who are members of identifiable trade associations. “It is for companies…

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Shell cuts dividend for first time since World War II

Royal Dutch Shell has cut its dividend for the first time since World War Two following the collapse in global oil demand due to the coronavirus pandemic. The energy giant also suspended the next tranche of its share buyback programme. The move came as it announced a 46% fall in first-quarter net income to $2.9bn (£2.3bn). Chief executive Ben van Beurden warned of “continued deterioration in the macroeconomic outlook”. He said Shell was taking “further prudent steps to bolster our resilience” and “underpin the strength of our balance sheet”. Shell…

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Bank of Ghana keeps policy rate at 14.5%

The Monetary Policy Committee of the Bank of Ghana (BoG) has kept the policy rate unchanged at 14.5 per cent. In March, the BoG lowered the policy rate by 150 basis points from 16 per cent to 14.5 per cent. This was the first time since 2019 that the central bank had lowered the policy rate. Before the reduction, the Bank of Ghana since January last year kept the policy rate unchanged six times.Addressing the media Friday, Governor of the Bank of Ghana, Dr Ernest Addison said this was due…

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African Sovereign Wealth Funds to lose at least $19b due to Covid- 19

Covid-19 and its enormous economic repercussions on Africa is putting serious strain on the continent’s Sovereign Wealth Funds (SWF) – which collectively hold some $87 billion in assets under management. Experts at advisory firm Konfidants – which publishes the African Sovereign Wealth Funds Index – are projecting that COVID-19 could result in African SWFs suffering combined losses of $19 billion in a best-case scenario and about $27 billion in the worst-case scenario. Soaring COVID-19-related public expenditure and plunging global oil prices is severely crushing the fiscal health of the oil-exporting countries that hold…

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