BUSINESS NEWS

So where is the 600,000 barrels of crude oil from Russia that arrived at the Tema harbour? And who procured that cargo and for what purpose? Three central questions have emerged since Bloomberg broke the story that “a cargo of Russian oil is heading for storage tanks in Ghana”. The …

International business news network, Bloomberg says about 600,000 tonnes of fuel from Russia have been shipped and stored in Ghanaian tanks. Following Russia’s invasion of Ukraine, the European Union and US barred fuel imports from the former Soviet leader. Bloomberg reports that its tanker tracking data show that “The last …

The government has once again promised to pay matured coupons and principal of old bonds beginning March 13, 2023, after reneging on its promise of paying coupons that matured on February 6-20, 2023. This follows the conclusion of the Domestic Debt Exchange Programme (DDEP). In view of this, the government …

Former Managing Director of the Ghana Cylinder Manufacturing Company Limited, Frances Awurabena Essiam has accused Energy Minister, Dr. Matthew Opoku Prempeh, of being behind her decision to resign from the company. Madam Essiam said the Energy Minister has made it difficult for her to run the company.   She also …

The German Ambassador to Ghana says Ghana’s talks with the International Monetary Fund (IMF) for a bailout is in danger. This, Daniel Krull attributes to China’s unwillingness to engage in possible debt relief. “The biggest elephant in the room is China. China is the largest creditor to Ghana and so …

Ratings agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘RD’ (Restricted Default) from ‘C’ after the country missed the grace period to make a coupon payment ($40.6 million) on one of its Eurobonds. Fitch typically does not assign Outlooks to sovereigns with a rating of …

The government has announced the final principal amounts of new bonds in the settlement of the domestic debt exchange programme (DDEP). The Finance Ministry in a statement disclosed that: ”In anticipation of the settlement of the Domestic Debt Exchange Programme (DDEP) on 21St February 2023, the Government announces the aggregate …

The Asantehene Otumfuo Osei Tutu II has called on the leadership of Vodafone Ghana to protect jobs as it transfers its shares to the new owners, Telecel Group. There are fears some workers of the company may lose their jobs following the transfer of 70% of Vodafone shares to Telecel …

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has attributed Ghana’s economic struggles to the COVID-19 pandemic and the outbreak of the Russia-Ukraine War. The IMF Chief said the Ghanaian economy was thriving and making positive gains until COVID-19 struck, changing the economic outlook and was further …

One of China’s most high-profile billionaire bankers has gone missing, his company has reported. Bao Fan, the chief executive of China Renaissance Holdings, had not been able to be reached in recent days, the firm said in a market update on Thursday. Mr Bao is a leading deal broker in …