business news

TOR records 216% increase in product storage volumes between 2024 and 2026

The Tema Oil Refinery (TOR) has recorded a 216.19 per cent increase in product storage volumes between 2024 and 2026, as management intensifies efforts to restore the refinery’s commercial operations and strengthen its role in Ghana’s petroleum supply chain. He said the refinery’s recovery had been supported by collaboration with institutions including the National Petroleum Authority, the Ghana National Petroleum Corporation, GOIL and the Bulk Oil Storage and Transportation Company.

TOR says GH¢10bn accumulated losses, US$517m debt confronted under new management

The Tema Oil Refinery (TOR) had accumulated losses of approximately GH¢10 billion and debt of about US$517 million when the current management assumed office in May 2025, Managing Director Edmond Kombat has disclosed. Mr Kombat said TOR owed approximately GH¢200 million to the Ghana Revenue Authority and GH¢20 million to SSNIT, alongside outstanding amounts due to the Electricity Company of Ghana, Ghana Water Company and other creditors.

TOR targets 55,000 barrels per stream day as F-61 crude heater work continues

The Tema Oil Refinery (TOR) is working to increase its crude-processing rate from approximately 28,000 barrels per stream day to between 45,000 and 55,000 barrels per stream day, Managing Director Edmond Kombat has announced. Speaking at the Government Accountability Series at Jubilee House on Monday, October 26, 2026, Mr Kombat said the work was expected to improve the performance of the Crude Distillation Unit (CDU) and move the plant towards its nameplate capacity.

TOR receives over 5 million barrels of crude after zero receipts in 2024

The Tema Oil Refinery (TOR) has received more than five million barrels of crude oil following a period in which it recorded no crude receipts in 2024, Managing Director Edmond Kombat has disclosed. Speaking at the Government Accountability Series at Jubilee House on Monday, October 26, 2026, Mr Kombat said TOR had received several crude cargoes since the recovery programme began, including shipments of Ghanaian indigenous crude.

TenTrade in Lagos: A conversation about education and the future of trading.

Ahead of TenTrade’s “One Community, One Future” seminar on November 7th, we spoke with Andreas Andreou, Partner & Chief Revenue Officer; Obasi Wilfred, Regional Director, Africa; and Ademola Adeagbo, Head of Education, Africa. Andreas Andreou: If we want a lasting presence in Africa, we need to invest time in meeting people and understanding their expectations.

From vision to abandonment: Nigeria’s unfinished development, By Dipo Baruwa

From vision to abandonment: Nigeria’s unfinished development, By Dipo Baruwa. …addressing Nigeria’s challenge of abandoned projects demands more than increased funding or renewed political rhetoric. By embedding these principles into the country’s development framework, Nigeria stands a better chance of breaking the cycle of unfinished ambitions, both physical and programmatic,

‘We don’t have inflation’? Five charts show the US economic reality of Trump’s second term so far

Five charts show the US economic reality of Trump’s second term so far. Donald Trump won the presidency in 2024 on promises to lower inflation and undo the damage he said the Biden administration had inflicted on the economy.

BoG researchers propose AI-powered system to track inflation in real time

Researchers at the Bank of Ghana (BoG) have proposed an artificial intelligence-powered framework to track consumer prices and estimate inflation in real time. The paper says work involving Big Data and AI has been underway at the Bank of Ghana since May 2021.

Trump’s tariff pause angers some US ranchers, boosts Brazilian beef imports

Just as American cattle went to market, Trump's action added unease to an industry already facing uncertainty.

European gas prices soar to four-year high over winter supply fears

Jump fuelled by fears of further Middle East supply disruptions amid reports of US-Israeli plans to strike Iran European gas prices have jumped to levels not seen since 2022 as fears continue to grow around the continent’s supply this winter and ongoing conflict in the Middle East. Wholesale gas prices hit €97 (£81) per megawatt-hour on Monday, as temperatures across Europe fell and traders priced in stronger demand for heating.

MTN Ghana rewards over 30,000 customers as nine others win Toyota Land Cruiser Prados

MTN Ghana has rewarded more than 30,000 customers with cash prizes, while nine subscribers have won brand-new Toyota Land Cruiser Prados as part of activities marking the company’s 30th anniversary. At a presentation ceremony in Accra, Senior Manager for Consumer Marketing at MTN Ghana, Sandra Adu Antwi, said the promotion was designed to give back to customers as part of the company’s anniversary celebrations.

If the PM reboots the UK for working-class people, unions will be with him. But the time for talking is over

Andy Burnham has railed against neoliberalism – the historic shift must start with this week’s budget Andrea Egan is the general secretary of Unison After Keir Starmer, things could only get better inside Labour. Andrea Egan is the general secretary of Unison Continue reading...

Ruto Announces Sh70bn Cement Factory in Kitui, Says Project Will Create 4,000 Jobs

KITUI, Kenya, Oct 26, 2026 — President William Ruto has announced plans to launch a Sh70 billion cement and clinker factory in Ngaaie, Mwingi North Constituency, Kitui County, on Tuesday, in a project expected to create 4,000 jobs and boost economic activity in the region. The President also launched construction of the 55-kilometre Twimiwa-Tseikuru-Usweni road in Mwingi North Constituency.

Customs urges importers, exporters to minimise documentation errors to enhance efficiency

The Customs Division of the Ghana Revenue Authority (GRA) has urged importers, exporters and other actors in Ghana’s international trade ecosystem to minimise documentation errors, cautioning that inaccurate or incomplete declarations contribute significantly to delays in Customs processing and ultimately increase the cost of doing business. Rubben Kwaku Satu, Esq., Supervisor at the Customs Technical Services Bureau (CTSB) and officer in charge of Strategy, Planning, Monitoring and Evaluation, identified the lack of supporting documentation for declarations and appeals; data-entry errors…

Time to Reform the Ghana Reference Rate: From treasury bill yields to banks’ deposit costs

How the formula works Existing componentWeightWhat it represents Monetary Policy Rate (MPR)40%The central bank’s policy signal Interbank rate (IBR)20%The rate banks pay to borrow from one another Reserve-adjusted 91-day Treasury bill rate (T₉₁)40%Government’s short-term borrowing rate, increased for reserves and vault cash Here, T₉₁ is the annualised 91-day Treasury bill rate. The Treasury bill component has more leverage than it appears With CRR at 20% and CIV at 2%, a one percentage-point rise in the raw Treasury bill rate increases the formula-based GRR by 0.513 percentage points.

$110 oil price: Windfall or warning?, By Posi Olatubosun

Windfall or warning?, By Posi Olatubosun. Ultimately, Nigerians will likely gauge this oil boom not by Brent crude prices, but by the results it delivers: reduced debt, stronger reserves, improved infrastructure, and meaningful support for vulnerable households.

Tell Modi to sack Gyanesh Kumar, protests will stop in 30 seconds: Rahul to traders

Tell Modi to sack Gyanesh Kumar, protests will stop in 30 seconds: The Chamber of Trade and Industry (CTI) has urged Mr. Gandhi to postpone the INDIA bloc's November 1 rally at Delhi's Ramlila Maidan until after November 10, warning that it could disrupt business worth ₹10,000 crore during the peak Diwali shopping season

NDCCITMA board chair bags change and good governance award

The Chairman of the Niger Delta Chambers of Commerce, Industry, ,Trade, Mines and Agriculture NDCCITMA, Idaere Gogo – Ogan has received the meritorious “Change and good governance” award from the Independent Magazines Publishers Association of Nigeria IPMAN. And , there is a difference between speaking about development and building the partnerships that can make the development a reality, and it is on these virtues that the Independent Magazine Publishers Association of Nigeria proudly recognize Chief Idaere Gogo – Ogan” He described the recipient whose wrath if experience spanning across…

AI cloud computing companies face ‘guppy-level death’, Elon Musk warns, as funding dries up – business live

The flow of funding which has helped the AI industry to grow rapidly could be running dry, at least for some firms in the cloud computing world, Elon Musk has warned. 9am: IFO German business climate 11am: CBI distributive trends survey of UK retail Continue reading...

Set aside Mann Ki Baat to focus on people's concerns: Cong slams PM on inflation

Set aside Mann Ki Baat to focus on people's concerns: Jairam Ramesh shared on X a media report which cited the RBI to state that the prices of certain food items are continuously rising which is impacting the expenses of every household

Unilever, Stanbic IBTC, Cornerstone Insurance top stock pick this week

This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.

What will a pedestrianised Oxford Street mean for transport?

A stretch of Britain’s most famous shopping street is to be vehicle-free as part of £150m government-backed scheme Much of Britain’s most famous shopping street will be closed to traffic from Monday as the long-awaited pedestrianisation of London’s Oxford Street begins. About half of the 1.2 mile street will initially be vehicle-free, after decades of planning and dispute over how to best use the street, an important transport thoroughfare and the home for flagship stores for big shopping chains.

ECG schedules maintenance works across six regions from October 26 to 30

The Electricity Company of Ghana (ECG) is undertaking planned and emergency maintenance works across selected communities in six regions from October 26 to October 30, 2026, as part of efforts to improve power supply reliability. The works will affect parts of Accra East, Accra West, Tema, the Central Region, the Volta Region and the Ashanti Region.

Drunk bike taxi rider bites traffic constable in Hyderabad