1. In 2025, Ghana’s largest oil producer nearly went bankrupt but there was virtually no public discussion in the country.
2. Why is a country so democratic, with such strong free speech traditions, so opaque when it comes to such consequential matters?
3. If you've read your Katanomics Manifesto, you know the reason: Political Dysphonia.
4. Political Dysphonia is when excessive chatter creates the illusion of serious discussion but much of it is sound & fury signifying nothing. Accountability increasingly becomes a ritual.
5. My bigger point is that this weakens national learning.
6. Ghana is trying to reverse the decline of the oil sector by attracting more investment. A struggling flagship operator doesn't help.
7. Yet, no discussion of Tullow's predicament in any serious way that I can see.
8. Its 2024 going-concern disclosure said that $1.3bn worth of bonds it had issued and were due for payment in 2026 were going to be hard to settle.
9. It said that both its Base Case and Low Case showed a liquidity shortfall in May 2026 unless a holistic refinancing was completed. It also warned that failure could require creditor restructuring and possible insolvency proceedings with limited or no shareholder value. Very serious stuff. Yet, no local discussion.
10. In the event, that nightmare scenario was averted. A refinancing happened in April 2026, which is why Tullow didn't default this month.
11. But Tullow’s 2025 annual report still says its corporate plan does not project enough free cash flow to fully repay roughly $1.6bn of gross debt maturing in 2028 and 2030 unless it issues fresh bonds or sell some assets. What juicy assets, though? Their crown jewel, Ghana’s Jubilee?
12. Meanwhile, Tullow's latest debt raise had some interesting terms. If Tullow doesn't merge or sell itself or sell major assets within 9 months of commencing the process, which must start before the end of 2026, the timeline for repaying the debt may be brought closer to 2028.
13. At any rate, Tullow confirmed preliminary discussions to sell to Kosmos in December 2024 and then updated the market that Kosmos has decided not to buy for now. Kosmos is a leaner Texas operation that was the first to strike oil in Ghana.
14. Even when things came to a head in November 2025 and Moody’s then proceeded to downgrade Tullow's credit rating to Ca in December 2025 and said a default, including a distressed exchange under Moody’s definitions, was “very likely” ahead of the May 2026 maturity, no serious discussion stirred in Ghana.
15. Today, things seem far less desperate. Tullow says it has more than $200m of liquidity headroom, and forecasts showed sufficient financial headroom to 30 April 2027 even under its Low Case.
16. But the 2028/2030 structural refinancing hurdle (or asset-sale scenario) persists.
17. Which is why in international analysts circles, conversation about who may be poised to buy out Tullow (Shell? Certainly not Eni) and whether existing Jubilee Field players might step into the fray is at fever pitch.
18. Except, of course, in Ghana.
I just finished reading the judgment of the Court of Appeal in the GN Savings & Loans license revocation saga.
(Quite a few people seem confused. The ruling wasn’t about “GN Bank.” There was a prior downgrade to the Savings & Loans category done with the consent of GN Bank’s directors before the license revocation.)
Reading the judgment, I kept smiling because it reinforces my long-held view that policy literacy requires multidisciplinary fluency.
In no serious way can that judgment be made sense of without some basic familiarity and willingness to engage with law, banking, public finance, financial regulation, accounting, auditing, risk management, etc. etc. And, of course, political economy.
But this reality seems lost on quite a few people who believe that somehow the complex policy issues facing society can be addressed through siloed commentary. Anyways.
The judgment is well argued, at least judicially. But I think their Lordships retreated to their comfort zone and made the whole issue about constitutional “fairness and reasonableness” tests when quite a big part of the dispute relates to PRUDENTIAL REGULATION.
The judgment, if it becomes precedent, will thus seriously clip the wings of the Bank of Ghana. I doubt very much that this was the intention of their Lordships.
Fans and friends of the Nduom family deserve to bask in the court victory. They have suffered for long. But, as I show in some detail in the Scarab essay below, the hard work is only now beginning and the choppy waters have yet to recede.
https://t.co/6Oti0qyyfU
Shall be filled....
To rest fully in the fullness of God
• find meaning in life
• live in contentment
• make a difference in the world
~ Pastor Mensa Otabil
#SundaysAtCT#WeAreICGC
I am deeply grateful for the trust President Trump placed in me and for the opportunity to lead @ODNIgov for the last year and a half.
Unfortunately, I must submit my resignation, effective June 30, 2026. My husband, Abraham, has recently been diagnosed with an extremely rare form of bone cancer. He faces major challenges in the coming weeks and months. At this time, I must step away from public service to be by his side and fully support him through this battle.
🤩🏟️ BERNABEU Transformation
Opened in 1947 on the site of the old Chamartín stadium, Santiago Bernabéu became the symbol of Real Madrid’s rise into world football. Named after the club’s legendary president in 1955, the stadium hosted European Cup finals, the 1982 FIFA World Cup final and countless historic nights. Over decades, Bernabéu evolved from a massive concrete bowl into one of football’s most advanced arenas. Since 2019, Real Madrid have transformed it again with a futuristic steel façade, retractable roof and underground pitch system. #RealMadrid #Bernabeu #LaLiga
🚨 BREAKING: José Mourinho back to Real Madrid, HERE WE GO! 💣🤍
All terms have been verbally agreed between José Mourinho and Real Madrid, waiting to sign all documents.
Plan for initial two year deal, JM to travel to Madrid after Real-Bilbao game.
The Special One is back.