Business
Fuel prices to drop – COPEC predicts

The Chamber of Petroleum Consumers Ghana (COPEC) has predicted fuel prices to go down in the next pricing windows.
According to COPEC Ghana, petrol is likely to be sold at GH¢11.67 per litre, down from the GH¢12.00 being sold at the moment.
“The second pricing window of the month of May 2023 is set to commence in a few hours from now, indications are that pump prices are likely to decline for fuel products across the country,” a statement issued by COPEC said.

It added “The following basic information forms the basis of projections for the coming window, that; Crude price has seen a decline from the mean price of $85.29/barrel to $76.64/barrel (-10.14%) whiles the forex or Dollar exchange rate has slightly decreased from a previous average of GHS12.0060 to GHS11.9963 (0.08%) per $1, the following shall be the predicted retail figures for Petroleum products; Petrol – GH¢11.67/L, Diesel GH¢11.51/L.
“Fuel prices in the first May pricing window were fairly stable.”
CHAMBER OF PETROLEUM CONSUMERS
14 May 2023
REVIEW OF FUEL PRICES FOR THE SECOND WINDOW OF MAY 2023.
The second pricing window of the month of May, 2023 is set to to commence in a few hours from now, indications are that pump prices are likely to decline for fuel products across the country.
the following basic information forms the basis of projections for the coming window, that; Crude price has seen a decline from the mean price of $85.29/barrel to $76.64/barrel (-10.14%) whiles the forex or Dollar exchance rate has slightly decreased from a previous average of GHS12.0060 to GHS11.9963 (0.08%) per $1, the following shall be the predicted retail figures for Petroleum products.
Petrol .. GHS11.67/L
Diesel .. GHS11.51/L
Current Mean Price for Petrol and Diesel*..GHS11.59/L
LPG.. GHS10.63/kg
Thus for a 14.5 kg LPG cylinder, is expected to be selling at GHS154.10 for the window.
All Predictions are within (±5%) error margin.
Find below are the details of the projections for the window.
Petrol
With the international price declining from $868.14/MT to $795.31/MT (-8.39%), the retail price works up to GHS11.67/L
Thus, Petrol is expected to decline by 4.94%* of the current Mean Market price of GHS12.28/L, to close selling between GHS11.09/L and GHS12.26/L within ±5% of this prediction.
Diesel
With the International benchmark prices declining from $747.93/MT to $673.25/MT (-9.98%), the expected mean retail price for the next window shall be GHS11.51/L
Thus, Diesel is expected to also decline by some 6.53%* of the current Mean Market price of GHS12.31/L to be selling between GHS10.93/L and GHS12.08/L within ±5% of projection.
Mean Price of Petrol and Diesel
The Mean price of Petrol and Diesel for the coming window per the numbers shall be 11.59/L ± 5%
LPG
With the international benchmark prices declining from $522.77/MT to $452.75/MT (-13.39%) the projected retail price of LPG is expected to see a reduction by about 1.02% from the current average of 11.64/kg to GHS10.63/kg.
Thus, within ±5% error, LPG is expected to be sold between GHS10.10/kg and GHS11.16/kg
Government is however encouraged to do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote or encourage its nationwide accessibility and usage which will eventually help save the environment.
Signed.
Duncan Amoah.
Executive Secretary.
Business
My next administration will set a new standard in governance – Mahama

Former president John Dramani Mahama has cautioned members of the National Democratic Congress not to repeat the mismanagement and corrupt practices currently being experienced under the Akufo-Addo-led administration if the NDC regains power.
Speaking at the 44th anniversary of the June 4th uprising in Hohoe, former president Mahama said, the commemoration of the June 4th uprising is to guard the survival of democracy and reflect on the current happenings in the country.
According to the former president, the country under the NPP is failing which is negatively affecting the ordinary Ghanaian and called for a United NDC going into the 2024 elections.

“We are responsible for organizing and letting our message of hope reach everyone across the length and breadth of our land. The dark days will last only for a moment more and a new dawn is lurking on the horizon.
“And when that new dawn breaks, the governmental rot, the economic hardships and the insensitivity to the plight of the people and the offensive corruption and waste of the people’s resources will be a thing of the past.
“Do not allow people who have made lives difficult for you all these years to mislead you with hollow sloganeering, and shallow populism. Do not allow them to confuse you that you must vote for them in 2024 because of your origin or family ties… In government, we must be different from what the NPP has been, we must set a new standard in governance so that Ghanaians will appreciate that we are not condemned as a people to live with this level of greed and impunity.”
Meanwhile, the NDC Parliamentary candidate-elect in the Hohoe constituency, Worlanyo Tsekpo has promised to reclaim the Parliamentary seat it lost in the 2020 elections.
Speaking at the 44th-anniversary celebrations of the June 4th uprising in Hohoe, Mr Tsekpo stated that, the anger of the people of the Hohoe constituency is high and that would spur the people to change its representative in the 2024 elections.
“The uprising happened because of lies, and today it is worse than before, the uprising happened because of corruption, today people are praised and honoured for being corrupt in our beloved country.
“We are ready to deliver the Hohoe seat back to the NDC. We are ready to make John Mahama, the next president of Ghana.”
Business
Mahama woos expat investors to come to Ghana

Former President John Dramani Mahama has outlined the investment opportunities that exist in Ghana to Korean investors in a bid to woo them to invest in the West African country.
In his keynote address at the Korean-Africa Business Summit, he said that there is a high demand for technology solutions in Ghana’s agriculture value chain and agri-business.
A viable partnership can be developed to provide digital solutions for producing animals and crops, he added.

He also told the expatriate investors that Ghana has a significant endowment in natural resources. Ghana is blessed with gold, bauxite, manganese, oil, and, lately, lithium.
“Food production and Agri-business are other areas in which Africa has a comparative
advantage.
“There is a demand for technology solutions in Ghana’s agriculture value chain and agri-business. A viable partnership can be developed to provide digital solutions for producing animals and crops.
“Ghana has a significant endowment in natural resources. Ghana is blessed with gold, bauxite, manganese, oil, and, lately, lithium. A collaboration between Ghana and Korea to use Ghanaian lithium to build batteries for the EV revolution in the world would be a mutually beneficial venture. Korea is a leading shipbuilding nation. Ghana has a shipyard built by our first President,” he said.
He added “It requires retooling and efficient management. A partnership between the Korean shipbuilding industry and the Ghana Ports and Habours Authority (GPHA) will make the shipyard the sole provider of services to merchant vessels and oil vessels from Mauritania to Namibia.
“There is an excellent opportunity for the introduction of feeder vessels along the coast of Africa to redistribute African-produced goods and imported cargo at a more optimal cost than is currently the case.
“The power sector presents an enormous opportunity for Korean investments in Africa. The
continent has a huge demand for energy to drive its economic growth. Korea has the
technology and know-how in the traditional energy sector and renewables. There is no better case for cooperation than this.”
Business
Ken Agyapong promises to prioritise local businesses, says dominance of foreigners isn’t helpful

Flagbearer hopeful of the New Patriotic Party (NPP) Ken Ohene Agyapong has said in order to develop as a country there must be deliberate policies to grow local businesses.
Today, he said, the commanding height of the Ghanaian economy has been given to foreigners.
Whether in the mining, oil and gas, housing, or even the retail sector, non-Ghanaians play dominant roles while Ghanaians play subservient roles within their own country, he said.

In the public sector, he said, foreign businesses are given more favorable treatment than Ghanaian-owned businesses.
“Changing this narrative would require focused leadership that believes in the ‘Ghana First Agenda (GFA)’,” he said in a statement.
The need for all Ghanaians to adopt the “Ghana First Agenda” has become more imperative now than ever.
Ghana’s development has and continues to lag behind, and the reasons are not far-fetched.
A wanton lack of Patriotism, individual greed, avarice, and selfishness have become our bane, which is stalling the country’s forward march.
Today the commanding height of the Ghanaian economy and almost every facet of our social life have been given to foreigners.
Whether in the mining, oil and gas, housing, or even the retail sector, non-Ghanaians play dominant roles while Ghanaians play subservient roles within our country.
In the public sector, foreign businesses are given more favorable treatment than Ghanaian-owned businesses.
In the private sector, Ghanaians work twice as hard for foreign-owned businesses as they work for businesses owned by fellow Ghanaians.
Changing this narrative would require focused leadership that believes in the “Ghana First Agenda” (GFA).
But it is important to note that a Ghana First Agenda does not mean mistreating anything foreign – it just means Ghana’s interest would no longer take a back seat to any other interests.
Straight-talking Ken has over the years demonstrated his unflinching love for Ghana and will ensure that Ghana’s interests always come first ahead of any foreign or individual interests.
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