BUSINESS

Ministry of Trade and Industry yesterday signed contracts with the China National Building Materials Corporation in Accra for the construction of 22 factories under the ‘One District, One Factory (1D1F)’ initiative. The 22 Engineering Procurement and Construction contracts were signed between some Ghanaian business executives, selected district assemblies represented by the ministry of trade and industry and the Chinese contractors. ...

Ghana sold $2 billion worth of dual-tranche Eurobonds with 10- and 30-year maturities on Thursday and it will pay issuer-desired yields, government and transaction sources said. The West African sovereign sold $1 billion each of the 10-year notes maturing in 2029 and a 30-year with 2049 maturity at 7.625 percent and 8.625 percent, respectively. It set guidance for the May ...

The Supreme Court has adjourned the case in which the Finance Minister Ken Ofori Atta has been sued over the $2.25 billion bond issue. The adjournment follows procedural errors by lawyers of the applicants- Dynamic Youth Organisation of Ghana (DYMOG)- who failed to comply with rules on filing agreed memorandum of issues. While the court ordered for all parties in ...

Pharmaceutical manufacturing company, Intravenous Infusion Ltd is seeking to raise about GH¢5.5 million from the capital market through a public placement. According to the Managing Director, David Klutse, the company is seeking to raise the funds from the Ghana Stock Exchange (GSE) together with an expected $5million from the government’s stimulus package program in order to support its expansion project ...

To secure the future of their clients,Teleommunication Company, MTN Ghana has introduced a new product on its Mobile Money platform tagged, ‘My own pension service’. The service, which will provide pension benefits and ensure retirement income security will also cover workers both in the formal and informal sector. With about 85% of the country’s labor force in the formal sector, ...

The chairman of the Board of Directors of GN Bank Dr. Papa Kwesi Nduom has charged the management of the bank to work with discipline and innovation to become the “Best Big Bank” in Ghana. He said this at a retreat for 320 bank management personnel drawn from all the 10 regions in the country. GN Bank to him must ...

Inflation rate for April 2018 dropped to a record 9.6 percent from 10.4 percent in the previous month. It is the lowest inflation rate since December of 2012, mostly due to housing and utilities and transport, the Ghana Statistical Service announced Wednesday. A deputy information minister Kojo Oppong Nkrumah in a Facebook post said: “No 1 task of govt is ...

The government, will in the coming days, issue Ghana’s 2018 sovereign bond after a successful deal roadshow. The exercise, which seeks to raise some $750 million of a budgeted One Billion ($1B) of new debt, has received rave reviews from international capital market investors. A government delegation comprising officials of the Ministry of Finance has been engaging investors since May ...

Sub-Saharan African nations are at growing risk of debt distress because of heavy borrowing and gaping deficits, despite an overall uptick in economic growth, the International Monetary Fund said on Tuesday. The sober assessment came as African countries continue to tap international debt markets and issue record levels of debt in foreign currencies, spurred on by insatiable investor demand for ...

Former Staff of defunct Capital and UT banks have petitioned the Presidency over non-payment of their exit pay. According to them, the Central Bank and finance ministry have shown little concern to their plights. For eight months, more than 50 percent of the staff who were laid off have not been told when they will receive their exit pay. The ...