1) Ghana: Three rural banks merge
Three rural banks in the Central Region have concluded their merger plans to raise capital
and consolidate their operations in the banking industry under the Gomoa Community Bank.
They are the Gomoa Ajumako Bank at Afransi, the Gomoa Rural Bank at Apam and the
Eastern Gomoa Rural Bank at Gomoa Dominase.
2) Ghana: More Industrial Parks and Power Plants
The Association of Ghana Industries asks government to set up an Industrial Park in every
region; they believe this should enhance the operations of local manufacturers to effectively
address the country’s economic challenges.
The AGI wants that these parks should have all the utilities for the investors that want to set
In response, President Mahama said some interventions are being instituted to improve the
energy situation. He also confirmed the disbursement of the second tranche of the Chinese
Development Bank loan.
3) Nigeria: Aviation Ministry Seeks to Partner Chinese Investors
After the successful signing of the $500 million Loan Agreement to finance the construction
of four new International Airport terminals in Nigeria, the Aviation Ministry has called on
Chinese Investors to buy into the Aerotropolis project of the ministry in order to position
aviation in a pivotal position to contribute to the growth of Nigeria’s economy.
Moreover the Ministry wants to establish Nigeria as an aircraft maintenance hub on the
4) Ghana: Chinese bank releases funds for gas project
The Chinese Development Bank has advanced part of the 3.00 billion dollars loan for
government to continue with the construction of the Ghana Gas Company, President John
Dramani Mahama has announced.
He said although the restoration of the West African Gas Pipeline would provide adequate
gas for the country to achieve its power supply, there was the need to complete the
Ghana Gas Company project to make the country self-sufficient and a net exporter of the
5) Ghana: Mahama at the Private Sector Advisory Council
President Mahama announced that in view of the economic challenges in the country,
government had initiated certain measures to ameliorate the situation in the coming months.
He said the government would soon hold a forum with organized labor to fine-tune the way
forward in the rising wage bills as a result of the implementation of the single spine salary
Moreover the President said government would soon fix the energy challenges that would
ensure regular power supply to make businesses comfortable in their operations, raise
the levies on some inputs among other measures and appealed to the public to bear with
government as those measures were geared towards enhancing the needed development in
He said credit, which had also become a major hindrance to business, would be discussed at
length to make businesses comfortable to operate freely.
6) Ethiopia: Exim Bank (India) promises continued credit lines to Ethiopia
In the last years Indian companies have invested in Ethiopia in sectors like agriculture,
steel, textiles and pharmaceuticals because the quality of governance and planning is very
advanced and the government is clear about its priorities.
With the increasing diversification of India’s global trade towards other developing countries,
the African region has emerged as an important partner for India; this trade with Africa has
risen twelve-fold after 2000, from around $5 billion annually to $63 billion in 2011-12.
T.C.A. Ranganathan, chairman and managing director of the Exim Bank of India’s affirmed
that line of credit (LoC) to African countries is growing in proportion to the Indian companies’
interest in investing in the continent.
The Exim Bank of India, that in last years has been actively engaged both on behalf of the
government of India and on behalf of Indian companies with Africa (Ethiopia in particular),
has been extending credit in Africa for the past 15 years and in Ethiopia for about eight
years. Till date, a more than $1 billion LoC has been provided for the development of three
sugar companies in Ethiopia.
Exim Bank has also extended a $300 million LoC to the Ethiopian government for financing
the new railway line between the Ethiopian city of Asaita and Tadjourah in Djibouti; moreover
Exim Bank has earlier extended six LoCs aggregating $705 million to Ethiopia – $65
million for financing an electricity transmission and distribution project and $640 million for
developing the sugar industry.
7) Kenya: Higher price of petrol and diesel
Kenya’s energy regulator raised retail fuel prices for petrol and diesel on Sunday due to
rising global oil prices and a weaker local currency, while decreasing the price of kerosene.
Fuel prices greatly impact the rate of inflation in the east African economy. The rate rose to
4.91% in June from 4.05% a month earlier.
The cost of importing super petrol and diesel in June rose, while that of kerosene fell, while
at the same time the Kenyan shilling weakened to 85.65 per dollar from 84.30 per dollar in
the previous month.
The regulator raised the maximum price of a litre of super petrol in Nairobi by 1.34 shillings
to 109.52 shillings, and increased the price of diesel by 3.70 shillings to 102.86 shillings per
litre; meanwhile the price of kerosene will fall by 2.03 shillings to 79.49 shillings.
8) Ghana: Model car attracts Dutch government support
The Dutch Government has committed to absorb the cost of testing the road-worthiness of
the SMATI Turtle 1 prototype vehicle in the Netherlands.
The Ghanaian model vehicle was designed and manufactured by artisans of Suame
Magazine in Kumasi using simple local tools from a cluster of engineering workshops in the
light industrial enclave and last April it was shipped to Holland for international exhibition
and promotion to attract investors for large scale commercial production to serve the African
The project is a partnership between the Suame Magazine Industrial Development
Organization (SMIDO) and Dutch-based Aardschap Foundation.
9) South Africa: Towns seek R3.9bn reimbursement
South African towns are seeking reimbursement of as much as R3.9-billion from construction
companies for overcharging on stadium and road contracts for the 2010 soccer World Cup.
10) Tanzania: Investment inflows
EXIM Bank Tanzania Limited has re-affirmed its commitment to support economic
development in Tanzania as the country braces for more investment opportunities; the Board
Chairman, Mr Yogesh Manek, was upbeat on increased foreign Direct Investments (FDIs).
The increasing of FDIs inflows to Tanzania and other East African countries is creating more
opportunities for the banking sector.
According to the World Investment Report 2013, Tanzania registered significant increase in
FDIs in 2012 despite a major global downturn. The report indicates that Tanzania registered
38.77 per cent increase in FDIs from US$ 1229.4 million in 2011 to US$ 1,706 million as
global trend shows alarming decline in investment inflows.
- Exim bank wary of lending as Indian land deals in Africa falter (thehindu.com)
- India promises continued credit lines to Ethiopia (vancouverdesi.com)
- investment News (theinvesmentman.wordpress.com)
- Mahama, 4 others agree to build 6-lane highway from Lagos to Abidjan (theinvesmentman.wordpress.com)
- Report of Tuesday 09/07/13 (theinvesmentman.wordpress.com)
- Ghana to benefit from Obama’s $7b ‘Power Africa’ plan (ghanabusinessnews.com)
- India’s Exim Bank approves $300 million loan to Ethiopia (vancouverdesi.com)
- Ghana weeks away from approval of investment registration laws (theinvesmentman.wordpress.com)
- Obama’s Power Africa Initiative Announced (solarfeeds.com)
- 2012: Bono partners with Monsanto and G8 to Biowreck Africa (seeker401.wordpress.com)