Matthew's Feed
Oct 20, 2015

Ghana averts threat to power supply by agreeing to pay Nigeria gas bill

ACCRA, Oct 20 (Reuters) – Ghana’s government said it will
pay Nigeria’s N-Gaz the $170 million it owes by February,
averting the gas consortium’s threat to cut off supplies, which
would have made Ghana’s power crisis worse.

Ghana’s state power generating company, the Volta River
Authority (VRA), will settle the debt in three tranches starting
in November, Kweku Sersah, a spokesman for Ghana’s Ministry of
Power, said. Power supplies are no longer at risk, he said.

Oct 16, 2015

Nigeria defers plan to slash gas supply to Ghana

ACCRA, Oct 16 (Reuters) – Nigeria has deferred a plan to
slash gas exports to Ghana beginning Friday over an outstanding
debt of $181 million, alleviating a threat that could have
worsened electricity blackouts and caused another headache for
the government.

The West African Gas Pipeline Company (WAGPCo) said it was
“cautiously optimistic” that Nigeria’s N-Gaz consortium would
accept a payment plan by Ghana’s power generation company, the
Volta River Authority (VRA), after talks in Accra next week.

Oct 16, 2015

Africa slowdown should not stop infrastructure plans – World Bank

ACCRA, Oct 16 (Reuters) – Africa should press ahead with
plans to develop its transport and energy networks despite a
recent slowdown in GDP growth because better infrastructure is
key to long term development, the head of the World Bank said on
Friday.

To that end, governments need to maintain macro-economic
stability to attract capital that remains willing to commit to
the continent even though investment in emerging markets is at
its lowest level in around 35 years, said Jim Yong Kim.

Oct 15, 2015

Ghana in talks to head off Nigeria threat to cut gas supply

ACCRA, Oct 15 (Reuters) – A Ghanaian government delegation
is holding emergency talks in Nigeria to avert a drastic gas
supply cut threat, a government spokesman said, thus avoiding a
potential political crisis.

The Nigerian National Petroleum Corporation said it will cut
gas supply by 70 percent to Ghana’s main power generation
company by Friday due to unpaid debts of $181 million. Ghana
already suffers power shortages and Nigerian gas meets about 25
percent of its needs.

Oct 8, 2015

Ghana pays more than it wanted for fourth Eurobond

ACCRA, Oct 8 (Reuters) – Ghana paid more than it wanted for
its latest Eurobond, accepting a coupon rate of 10.75 percent
for $1 billion because it had few alternatives to finance the
rolling over of other loans, investors and economists said on
Thursday.

In the short term, the launch will boost the cedi currency
and relieve pressure on a 1.5 billion cedi ($390 million)
3-year domestic infrastructure bond that matures this month but
it will also will narrow the government’s financial options.

Oct 2, 2015

Ghana expects cocoa output rebound as new season starts

ACCRA, Oct 2 (Reuters) – Ghana forecast a rebound in cocoa
production to 850,000-900,000 tonnes in the season that started
on Friday after disappointing output in 2014/15 and raised the
price it pays farmers by 22 percent.

Cocoa is Ghana’s most important export crop but a lack of
rainfall across the cocoa belt has raised fears among farmers
and industry officials that the world’s number two grower could
be facing another poor crop.

Oct 2, 2015

Global commodity price slump sends ripples around the world

TARKWA, Ghana, Oct 2 (Reuters) – In the boom times when the
price of gold was soaring, Ebenezer Sam-Onuawonto had a dream
job and a dollar salary many times the national average in this
mining town in southwestern Ghana.

When the price fell, he lost his job as human resources
chief at a mining company that closed its local operations and
could only find work in a construction firm in another city, far
from the house he built in Tarkwa for his wife and six children.

Oct 2, 2015

Ghana delays Eurobond it expected to launch on Friday

ACCRA, Oct 2 (Reuters) – Ghana has delayed a Eurobond of up
to $1.5 billion it had expected to launch on Friday following a
roadshow in London and the United States, a senior government
official said, following a rise in borrowing costs for emerging
market nations.

Analysts said the postponement was probably a response to
the prospect of having to pay higher yields after concerns about
the Chinese economy and a possible U.S. rate rise roiled
emerging debt markets.

Oct 2, 2015

Ghana delays Eurobond it expected to launch on Friday

ACCRA, Oct 2 (Reuters) – Ghana has delayed a Eurobond of up
to $1.5 billion it had expected to launch on Friday following a
roadshow in London and the United States, a senior government
official said, following a rise in borrowing costs for emerging
market nations.

Analysts said the postponement was probably a response to
the prospect of having to pay higher yields after concerns about
the Chinese economy and a possible U.S. rate rise roiled
emerging debt markets.

Oct 1, 2015

Poor rains raise concerns over coming Ghana cocoa crop

ACCRA, Oct 1 (Reuters) – A lack of rainfall across Ghana’s
cocoa belt has raised fears among farmers and industry officials
that the world’s number two grower could be facing another poor
crop despite government optimism that output will rebound in the
coming season.

Ghana is due to announce its new producer price on Friday,
marking the start of the 2015/16 season.