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by Dario Galluccio

South Africa: Retail sales growth

South African retail-sales growth accelerated to a nine-month high of 6.2 percent in May, as consumers bought more clothing, shoes and textiles.

Mozambique: $110 Million From World Bank

The World Bank Board of Executive Directors today approved an International Development Association (IDA) credit of $110 million equivalent in support of the Government of Mozambique’s poverty reduction priorities; this operation is an integral part of the Bank’s strategy to support the Government of Mozambique’s Action Plan for the Reduction of Poverty

Ghana: Singapore confirm its investment

The intention of Singapore is to use Ghana as the main gate for its businesses and investors to enter the West Africa market and the continent in general.

According to the Director of the IE Singapore, Mr Ian Lee, they chose Ghana over her peers such as Nigeria, Ivory Coast and Togo, among others, due to its strategic location at the centre of the earth, the use of English as a national language and the political and social stability achieved over the years.

So to reach the rest of West Africa and Africa, it’s better to use Ghana because it has a lot of competitive advantage over the other countries.

As a result, Singapore has opened a contact office of its external trade facilitating agency, the International Enterprise (IE) Singapore, in Accra, to help attract Singaporean businesses and investors into the Ghanaian economy, the sub-region and the continent in general.

Ghana: Stock Exchanges’ index to trade on Bourse Africa platform

It appears the recent sterling performance of the Ghana Stock Exchange is attracting more international attention and investors.

Bourse Africa, Managers of derivatives exchange on the continent has secured the blessing of the Ghana Stock Exchange to use its composite index which tracks the average performance of listed stocks on their platform for investors across the world.

The Ghana Index Futures is expected to go live next month on their platform in Mauritius.

Investors can trade in the index by betting on the expected performance of Ghana’s market.

The Ghana Stock Exchange on the other hand is expected to earn a commission on every transaction on the platform.

Ghana: Fuel prices rise

The price of Premium/Petrol has been increased by 1.71 %, Gas Oil/Diesel by 1.27% and LPG by 6.18%. The price changes however take effect tomorrow.

This comes after the latest price review by the National Petroleum Authority to reflect world market trends which saw the average prices in the last two weeks exceed the allowable threshold.

Ghana: Exports Lose Value

Ghana’s exports declined by 7% year-on-year in the first quarter amid low prices of key export products, gold, cocoa and oil which account for close to 90 percent of exports.

This led to a wide trade deficit of $335 million in the first quarter compared to a near-zero balance in the first quarter of 2012.

Ghana: Water development project launched

Ghana has launched a three-year Water, Climate and Development Programme (WACDEP) project as part of efforts to integrate sustainable use of water into the national planning processes.

The project, which will be implemented by Ghana Country Water Partnership, seeks to promote water as a key part of sustainable regional and national development and it is being implemented in seven countries in Africa in collaboration with Global Water Partnership.

The Government of Ghana has plans to achieve universal water coverage in the country by 2025.

Ivory Coast: China will lend $10 Billion

According to Ivory Coast’s planning minister, China will lend as much as $10 billion during the next six years at below-market rates to fund infrastructure projects in the West African nation.

Ivory Coast’s economy will expand 9 percent this year as the government seeks to lure investment back after five months of post-election crisis in 2010 and 2011 that spooked investors, led to violence that killed about 3,000 and forced the country to miss payments on its international debt.

The funds will be used to finance a $2.5 billion expansion of the port of Abidjan, which is the nation’s largest and is used by landlocked neighbors Burkina Faso and Mali. About $2 billion will be used to build a railroad between the western town of Man and San Pedro, the country’s second largest port.

Ethiopia: Regional Banking and ICT conference

A major continent-wide conference on banking and ICT will be held in the Ethiopian Capital Addis Ababa on 2th August, as the horn of African country emerges as one of the fastest growing economies in the world.

The one-day event will bring together business players from both public and private sectors, including government officials, international organizations and local business leaders. It will feature expert speakers from local, regional and international markets. Ethiopia has emerged as one of the continent’s most exciting new markets in the world, being the fastest growing non-energy-based economy on the continent at an average annual rate of 11 percent in recent years.

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