Accra, Ghana

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Energy bond: Ghana Gas upbeat about repayment


Institutions to benefit from proceeds of the energy bond are upbeat about the allocations to hit their accounts soon. One of such is the Ghana Gas Company which is owed by the VRA alone, to the tune of over 500 million dollars. The debt which is believed to have accumulated over a three year period has also made it difficult ...

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Left to die: Ghana’s salt companies folding up [Audio]

salt 1

Ghana’s salt industry has huge potential; unfortunately challenges such as importation of the product from countries such as South Africa and climate change are fast crippling the industry. Salt production in Ghana was at its peak in 2007. But today the story is different as most local salt companies are about collapsing, and in some cases collapsed. In the second ...

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Agric ministry moves in to revive Ghana’s onion industry

onion import

The Agric Ministry says it is working towards wiping out the importation of onions into the country. This follows a report by Citi Business News which highlighted the dwindling state of Ghana’s onion industry due to high imports from neighboring countries. According to the report, the industry was a bustling one ten years ago. But today, Ghana is forced to ...

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EU lifts ban on exports of 5 vegetables into European markets


The European Union (EU) has lifted a ban it placed on export of five Ghanaian vegetables to the EU Market. On 13 October, 2015, the European Commission decided to prohibit the introduction of the five vegetables into EU market for not meeting European standards. But a statement copied to Citi Business News on November 7, 2017 indicated that “from 1st January ...

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2018 budget to improve domestic revenue collection

Ken Ofori-Atta

Finance Minister, Ken Ofori-Atta has stated that the 2018 budget which will be presented in parliament later this month will use innovative ways to improve domestic revenue collection for economic development. This follows calls from the Institute of Fiscal Studies, urging government to use the 2018 budget to improve tax collection by broadening the tax base. Speaking at the 38th ...

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New Drivers’ License to be launched today


The New Smart Drivers’ License will be launched today, Tuesday, 7th November 2017. After the launch, the Driver and Vehicle Licensing Authority (DVLA) will issue smart drivers’ licenses across the country. Vice President Dr. Mahamudu Bawumia will launch the new Smart Drivers’ License that has been touted to be among the most secured in the world. Deputy CEO of the Authority, ...

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Investor uncertainty, others impacted energy bond  

Ghana Cedi

Improper packaging, uncertainty as well as political composition of the Board of ESLA have been cited as possible reasons for the underperformance of the energy bond. It follows ESLA Plc’s failure to raise the 6 billion cedis targeted under the first tranche of the energy bond. ESLA Plc received a total of 4.69 billion cedis after close of auction on ...

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39 Danish investors to visit Ghana

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Some thirty-nine leading businesses and investors are expected to join Her Majesty the Queen of Denmark as part of a two-day State visit to Ghana from November 23 to 24. The Danish business delegation are drawn from four key sectors including agriculture and food products, sustainability, the maritime sector, infrastructure and railways. “The government has opened up lots of investment ...

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Energy bond unsuccessful after two tries

Ken Ofori-Atta - Finance Minister

ESLA Plc failed to meet the target for the first tranche of the bond after a second attempt. The managers of the bond  were seeking to raise 6 billion cedis under two separate bonds. But accrued a total of 4.69 billion cedis after it closed the auction last Friday. The 7-year bond received the targeted 2.4 billion cedis while the ...

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SDG Committee meets in Accra

SDG pix

The High Level Ministerial Committee on the Sustainable Development Goals (SDGs) has met in Accra. The committee was inaugurated by President Nana Addo Dankwa Akufo-Addo at the commemoration of his appointment as Co-Chair of the U.N. Secretary General’s Eminent Group of Advocates on September 7, 2017. A statement copied to Citi Business News indicated that the maiden meeting of the ...

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Ghana Business News