Ghana | - Part 4

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…

In Ghana, Collecting Tax Starts With Distributing Addresses

Posted on by The Editorial Team

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…

World Bank Pledges Support to Ivory Coast, Ghana Cocoa Venture

Posted on by The Editorial Team

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…

Ghana Cocoa Regulator Is Said to Face $280 Million Shortfall

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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,…

Ghana Preparing $1.4 Billion Bond Sale to Clear Energy Debt

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana will hold roadshows in the U.S. and London next week to sell 6 billion cedis ($1.4 billion) in local-currency debt to clear arrears owed to banks by state-owned electricity and petroleum utilities, according to Finance Minister Ken Ofori-Atta. The sale is the first tranche of a plan to sell as much as 10 billion cedis in bonds through a special-purpose vehicle and backed by a tax on the sale of…

Former Cargill Manager Buys Dutch Cocoa Factory With Partners

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ABIDJAN (Capital Markets in Africa) – Pieter Schulting, a former manager at Cargill Incorporation, and two partners have bought Dutch cocoa processor Jan Schoemaker BV. A deal for the 94-year-old company, the last independent cocoa factory in the Netherlands, was signed in late September, according to Schulting. The partners, Daan Reitsma and Paul Silva da Cruz, are managers at Jan Schoemaker. He didn’t disclose the value of the deal. The new management is now operating the…

Upheaval Sends Kenya’s Yields Higher Than Ghana’s for First Time

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Bond investors are getting worried about the political upheaval in Kenya. Opposition leader Raila Odinga’s decision to pull out of an election rerun on Tuesday, which threatens a constitutional crisis, spurred the yield on the nation’s dollar bonds due 2024 to rise 13 basis points. The rate climbed to 6.48 percent as of 2:50 p.m. in Nairobi, above the yield on Ghana’s Eurobonds due 2023 for the first since 2014. Kenyan notes have lost…

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