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Here are business stories that made headlines this week

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Fri, 22 Sep 2023 Source:

In business this week, Ghana is set to establish lithium refinery in the Western region.

Lithium Resources Ghana Limited, a joint venture company of UK-based CAA Mining Ltd and Em­pire Rare Earth and Metals Group Ltd, a local company are currently exploring suitable and strategic location for the establishment of the refinery.

This was made known by the Geographic Information System (GIS) and Data Manager of Lithium Resources Ghana Lim­ited, Justice Amekudi.

Also, a report released shows that Ghana remains the most indebted country to IMF in Africa.

The development comes after Ghana’s loans from the Fund soared by 35.3 percent in the second quarter of 2023.

The IMF in its Quarterly Finances report ending July 2023 indicated that Ghana’s outstanding loans to the Bretton Wood institution was pegged as Special Drawing Rights 1.689 billion as of July 31, 2023, which is equivalent to about $2.227 billion.

The recent figure represents $451 million SDR which is higher than the previous figure of 1.246 billion SDR recorded as of April 30, 2023.

In other news, the Executive Secretary of the Tanker Owners Union, Ignatius Koku Doe, has raised concerns over the influx of tanker trucks owned by Chinese companies.

According to him, their checks have revealed that, about 300 tanker trucks have so far been imported into the country.

Mr Doe noted that the union has informed the National Petroleum Authority (NPA) which is the regulatory body, but no concrete step has been taken.

This week's BizHeadlines was hosted by Ernestina Serwaa Asante.

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