Ghanaian music executive Ricky Nana Agyemang, popularly known as Bullet, has revealed that investing in the career of late singer Ebony Reigns nearly pushed him into serious financial trouble.
The chief executive of RuffTown Records disclosed that he relied heavily on personal loans to fund the early stages of the singer’s career, explaining that the financial burden from those investments still affects him years after Ebony’s death.
Bullet made the revelation during an interview on the programme Atuu on UTV Ghana, where he spoke about the challenges he faced behind the scenes while building the singer’s brand.
According to him, Ebony’s rise to fame required significant financial commitment, particularly in areas such as music production, marketing and promotion.
“I invested a lot of money in her before she became famous. I had to take loans from people just to promote her, but many people do not know this. Even now, I am still paying some of those loans,” he said.
Bullet explained that although Ebony’s popularity grew rapidly, the heavy investments made into her development had not yet begun to generate substantial financial returns before her sudden death in February 2018.
The tragic loss of the talented singer left the label boss with outstanding debts that became difficult to settle.
Ebony Reigns, known for hit songs such as Maame Hwɛ and Sponsor, was widely regarded as one of Ghana’s fastest-rising music stars before her life was cut short in a road accident.
Bullet noted that the situation could have taken a more serious turn if another artiste had not emerged under the label shortly after Ebony’s passing.
According to him, the arrival of Wendy Shay helped stabilise the record label at a critical moment.
“It is very sad because if Wendy Shay had not come into the picture at the time she did, I might have ended up in prison. People do not know this. You can ask Kobby and Gatdoe how much I owe them,” he revealed.
The RuffTown Records boss also addressed rumours that circulated following Ebony’s death, which suggested that he had disagreements with the singer’s father over alleged properties she owned.
Bullet dismissed the claims, questioning whether any Ghanaian artiste could realistically acquire significant properties within such a short period of success.
“Some people claimed I was fighting with Ebony’s father over her properties. But which artiste in Ghana can acquire properties within just two years?” he asked.
He further explained that the financial structure of the Ghanaian music industry at the time was very different from what many people assume today.
According to Bullet, streaming platforms were not yet generating significant revenue, and performance fees for artistes were relatively modest compared to current industry standards.
As a result, record labels and managers often had to invest large sums of money into artistes long before seeing any financial return.
His remarks highlight the often unseen financial risks and sacrifices made by music executives who work behind the scenes to develop and promote new talent in Ghana’s music industry.
