BUSINESS

Ghana Cocoa Board (COCOBOD) has signed a US$1.5billion Pre-export Syndicated Finance agreement with a consortium of local and international financial institutions to finance cocoa purchases for the 2021/2022 Cocoa Season. The facility, which was contracted at a competitive interest rate plus LIBOR of 1.10%, a marked improvement upon last year’s 1.75%, will also be used to finance operational activities within ...

The Bulk Oil Storage and Transportation Company Limited (BOST), has reduced its $624 million trade debt to $39 million within the past four years. Seventy-three per cent of the debt was paid from the company’s internally generated funds. This was disclosed by the Managing Director of BOST, Mr. Edwin Alfred Provencal at a press conference in Accra on Sunday, 26 ...

Since 2017, we have argued against the change of fiscal accounting by the current government in treating ‘exceptional’ expenditure items and arrears as a footnote. In particular, it has used this approach to account for the banking and energy sector bailout costs. In fact, in the case of the energy sector costs it has even skipped the footnote treatment and ...

As part of the learning sharing and advocacy approach in addressing issues of women under the project, Africa Skills Hub has organized a policy guide launch on Ghana’s Entrepreneurship Ecosystem Gender Mainstreaming. This was done in partnership with the National Entrepreneurship and Innovation Programme (NEIP), Social Enterprise Ghana, Scaleup Africa, Social Innovation Africa, and Impact Investing Ghana on Friday 10th ...

The Board of Directors of the African Development Bank Group has approved a $50 million Trade Finance Unfunded Risk Participation Agreement (RPA) facility between the African Development Bank and Standard Chartered Bank. The agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa, in line with implementation aspirations ...

A search process to find a new Chief Finance Officer (CFO) of Tullow Oil Plc will be launched and is expected to conclude in the first quarter of 2022, the oil giant has said in a statement. Les will remain CFO and an Executive Director of Tullow throughout the current reporting cycle and is expected to leave the Group at ...

Two Credit Rating Agencies – Moody’s Investor Services (“Moody’s”) and Standard and Poor (“S & P”) affirmed Ghana’s Credit Rating at B3 and B- respectively. The Rating Agencies also maintained Ghana’s outlook. In making their decision, the credit rating agencies considered Ghana’s improving growth prospects, resilient external sector performance, and continued access to the capital markets [domestic and international] as ...

The Deputy Minister for Lands and Natural Resources George Mireku Duker on Tuesday, 14 September, 2021, inaugurated a seven-member Board of the Precious Minerals Marketing Company (PMMC) to ensure that the business of Gold purchase in Ghana flourishes during their tenure in office. Administering the inaugural address on behalf of the Sector Minister, Mr Duker urged the PMMC Board to ...

President Nana Addo Dankwa Akufo-Addo has launched the four key projects under the Ghana Integrated Aluminium Development Corporation (GIADEC) with the aim of ensuring the full utilisation of Ghana’s bauxite. They include the expansion of existing mine at Awaso and building of a refinery and the development of a mine at Nyinahin-Mapasaaso and a refinery solution. The others are the ...

Tullow Ghana has announced the appointment of Mrs. Cynthia Lumor as Deputy Managing Director, effective 1st October 2021. Mrs. Lumor is the first to be appointed as Deputy Managing Director of Tullow Ghana since it began operations in 2006. Commenting on her appointment, Chief Executive Officer of Tullow, Rahul Dhir said: “I am delighted that Cynthia has been appointed to ...