In brief: Bank of Papua New Guinea to undergo review and other business stories


The Bank of Papua New Guinea to be reviewed, Porgera jobs plan, and new strategic plan for women in coffee. The business news in brief.

Phama Plus

PHAMA Plus Senior National Facilitator Alex Kerangpuna hands over the five-year Strategic Plan to PNG Women in Coffee Association representatives, Sallyn Lomutopa [left] and Catherine Pianga. Credit: PHAMA Plus


The Bank of Papua New Guinea and the the Central Banking Act 2002 will undergo a review ‘to modernise the bank and the legislation in line with international developments, and make it more responsive to prevailing circumstances, while preserving its independence’, according to Treasurer, Ian Ling-Stuckey.

The review will be chaired by Robert Igara, former Chief Secretary, with former Bank of PNG Governor Wilson Kamit and the Head of the Development Policy Centre at the Australian National University Stephen Howes also involved. (The National)


Kina Asset Management Ltd (KAML) has recorded a net profit after tax of K3.3 million for the year ended 31 December 2020. This compares to a K14.4 million profit the previous year.

‘The company has performed respectably well in difficult conditions and is strongly placed for the challenging market conditions which lie ahead,’ said Chairman Sir Rabbie Namaliu. (KAML)

BSP new logo

Credit: BSP


In line with its current changes, BSP Financial Group Ltd has launched a refreshed logo that maintains BSP’s iconic kundu drums. ‘The logo refresh came as part of a larger brand identity change and strategy transformation, and has been unveiled alongside a new tagline “Our Bank. Our People”,’ explained CEO Robin Fleming. (BSP)

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Once the Porgera mine is operational again, Barrick Niugini Limited plans to have 3000 national workers at the mine.

Mark Bristow, CEO of Barrick, reportedly said he will start employing Porgerans first and Papua New Guineas second. According to the CEO, the company wants to train people, ‘but not creating a barrier by employing expatriates at the top’. He said ‘up-and-coming starts’ have been identified and 800 are already working for them. ‘We need to employ another 800 in the next short while and then we will employ another 500, the next year and 500 the following year,’ he added. (Post-Courier)


Ok Tedi Mining Limited (OTML) has re-launched FM radio station Radio Fly. With two digital studios, Radio Fly will be used for live broadcasting and the production of news and community radio programs

‘The need to re-establish Radio Fly came about as a result of the COVID-19 pandemic whereby OTML, as a major stakeholder in Western Province, needs to keep its workforce and communities regularly informed about the measires the company is implementing to keep people and operations safe from COVID-19,’ said Managing Director and CEO Musje Werror. The old Radio Fly station suspended operations in 2015. (OTML)


The new PNG Women in Coffee Association (WICA) has launched its 2021-2025 Strategic Plan. WICA has received support from the Pacific Horticultural and Agricultural Market Access Plus (PHAMA Plus) Program, Australia and New Zealand. Over 200,000 smallholder coffee farmers in PNG are women, and ‘they play a key role in the tasks that impact coffee quality, including cherry picking and grading.’ WICA currently has 6,000 members. (PHAMA Plus)

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