Business stories that made headlines this week

This week, the Chamber of Petroleum Consumers (COPEC) predicted that prices of petroleum products will remain unchanged in the first pricing window of October.

According to the Executive Secretary of COPEC, Duncan Amoah, the relatively stable cedi over the past two weeks was a contributing factor for the no price change.

Mr Amoah said inasmuch as there is a 1 percent upward adjustment, he was confident that the Oil Marketing Companies (OMCs) would maintain their current prices at various pumps.

Elsewhere, all staff of the National Investment Bank have in an open letter made a plea to the government to help recapitalize the bank and save it from impending collapse.

Among other things, the workers cited various internal problems that have led to the bank’s current position.

They noted that the Bank of Ghana’s embargo on granting of loans for the past six (6) years is “practically depriving the bank of huge interest income and technically out of trade and business.”

Reports have indicated that the government has defaulted in the payment of pension contributions for public sector workers for the period of October 2022 to May 2023.

The report said the government has failed to honour its obligations to settle the 13 percent Tier 1 and the 5% Tier 2 pension contributions of the public sector employees for the period.

Even though some payments were made in March 2023 the amount was just to cover up to September 2022.

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