Tullow Rises After Boosting Output Forecast on Africa Fields

Tullow Rises After Boosting Output Forecast on Africa Fields

ACCRA (Capital markets in Africa) Tullow Oil Plc jumped to a five-month high in London trading after raising its oil-production forecast for the year. The company expects net production of 85,000 to 89,000 barrels a day from its West African operations, up from 78,000 to 85,000 barrels a day, according to a statement. Performance from the Jubilee and Tweneboa, Enyenra and Ntomme fields off Ghana has been “strong,” it said. It raised its free-cash-flow estimate to about…

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Ghana Misses $816 Million Bond Target After Extended Bidding

Ghana Misses $816 Million Bond Target After Extended Bidding

ACCRA (Capital Markets in Africa) – Ghana missed its target to sell 3.6 billion cedis ($816 million) of non-sovereign bonds to settle the debt of energy utilities as demand for the securities fell short even after the offer was extended by a week. The West African nation placed 2.3 billion cedis of the 10-year bonds at 19.5 percent after receiving 2.8 billion cedis in bids demanding a yield of as much as 20 percent, joint deal…

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Ghana Bond: A Guide to the 19.5% Debt Ghana Can’t Get Yield Hunters to Buy

Ghana Bond: A Guide to the 19.5% Debt Ghana Can’t Get Yield Hunters to Buy

ACCRA (Capital Markets in Africa) – Ghana is having a hard time selling $820 million of local-currency debt. They aren’t sovereign notes, which is part of the problem. The second-biggest economy in West Africa attracted just a quarter of the 3.6 billion cedis of 10-year bonds up for sale last week at about 19.5 percent. Investors were willing to take on 2.4 billion cedis of seven-year notes paying just half a percentage point lower. The…

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Bond Winners of Yesteryear Not Looking So Fantastic in 2017

Bond Winners of Yesteryear Not Looking So Fantastic in 2017

LAGOS (Capital Markets in Africa ) – Developing-nation debt traders who stuck with 2016’s top securities took a hit this year. That’s because last year’s best emerging-market dollar bond bets are posting the starkest reversals. Venezuela, Ecuador and Gabon, which led the pack in 2016, had some of the worst changes, according to data compiled by Bloomberg on debt from 69 developing nations. Meanwhile, last year’s laggards, Mozambique and Suriname, have had the best improvements. “As the…

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In Ghana, Collecting Tax Starts With Distributing Addresses

In Ghana, Collecting Tax Starts With Distributing Addresses

ACCRA (Capital Markets in Africa) – In a country where most households and businesses either don’t know their address or claim not to have one, Ghana’s government is starting afresh to compile a database that will not only make it easier to locate people, but also boost the collection of taxes. Ghana is planning to identify and register every household and business, and give them an address, President Nana Akufo-Addo said in an emailed statement on Wednesday. While…

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World Bank Pledges Support to Ivory Coast, Ghana Cocoa Venture

World Bank Pledges Support to Ivory Coast, Ghana Cocoa Venture

ACCRA (Capital Markets in Africa) – The World Bank said it will support plans by Ivory Coast and Ghana to develop a coordinated strategy for their cocoa sectors as the two biggest producers seek to exert better control over global prices and derive more value from growing the beans. The pledge by the Washington-based lender comes as the President Alassane Ouattara of Ivory Coast and his Ghanaian counterpart, Nana Akufo-Addo, signed an agreement Tuesday to adopt common policies…

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Ghana Cocoa Regulator Is Said to Face $280 Million Shortfall

Ghana Cocoa Regulator Is Said to Face $280 Million Shortfall

ACCRA (Capital Markets in Africa) – Ghana’s cocoa regulator is facing a 1.25 billion ($285 million) cedi budget shortfall for the new harvest as the world’s second-biggest producer of the beans is keeping farmer pay unchanged even after global prices slumped, according to two people familiar with the matter. At a forecast crop of 850,000 metric tons for the new season through September, the Ghana Cocoa Board will lose 1,481 cedis per ton after all expenses are paid,…

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