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Housing Supply in Ghana

24 Thursday Oct 2013

Posted by theinvesmentman in ACCRA, Africa, banks, Business, Business and Economy, Climate Investment Fund, Get rich quick, Ghana, Government, Homeless International, investment, Real estate, South Africa, Uncategorized, United States, usa, West Africa

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A recent study by UN-Habitat reports that Ghana’s housing need is expected to hit 5.7 million units by 2020. The analysis highlights that housing in the country has never been a significant component of the country’s national economic planning, but has been seen rather as part of its welfare sector. As much as 90 percent of Ghana’s housing stock has been produced through self-build. According to the Ghana Real Estate Developers Association, the slow pace of residential property construction is now changing. Since 2005, completions and new building plan approvals have increased. Permit approvals for registered real estate developers and parastatal real estate developers have more than doubled. In 2012, activity declined somewhat, however, with cement production increasing by only 5.82 percent, compared with an increase of 11.22 percent in 2010. This was mainly due to a temporary shutdown of the West African Cement production plant following a lightening storm. Cement prices increased by 85% from GH¢14 (US$7.38) to GH¢25. This affected the entire construction industry – although by the middle of the year, the crisis seems to have abated.

 

There is some delivery of housing by the government. Players include the Social Security and National Insurance Trust and the State Housing Company. Housing developments driven by the state, which primarily targets the public service, have, however, been unable to significantly dent the demand. Over the 10-year period 1991 – 2000, state housing institutions produced less than 40 000 mortgageable units. In 2012, a high profile development being driven by Korean construction firm STX, and which promised the delivery of 200 000 units, came to a halt due to difficulties in contracting arrangements. Concerns among the Ghanaian construction sector that local players had been sidelined in the project were also an issue. A second initiative by a local developer for the delivery of 10 000 affordable housing units has also been reported as having problems. Since the collapse of the STX programme, there have been reports of some smaller developments for public sector housing, but nothing significant. South African firm, Bigen Africa, has offered technical capacity and support in addressing Ghana’s housing backlog. Development in the upper income market remains vibrant, as developers scale-up on the need for high end expatriate accommodation. Companies such as Taysec and Clifton Homes offer housing in the US$100 000 to US$600 000 and above range – this covers two bedroom apartments to four to five bedroom homes.

 

The Tema Ashaiman Municipal Slum Upgrading Fund provides useful lessons for slum upgrading, and integrated development for the poor. Funded in part by UN-Habitat, the project is driven by the Ministry of Local Government in Ghana, and two municipalities. UN-Habitat provided a grant of US$400 000 as a capital enhancement, and a further $100 000 for administration and development. A further $400 000 capital enhancement grant is expected. Working with People’s Dialogue on Human Settlements, the first project will develop houses and shops, and ultimately an entire integrated development for the slum dwellers involved. By marking land both for residential and commercial purposes, the project addresses to some extent the competing land uses that often undermine the poor’s access to well located land.

 

Homeless International has been working in Ghana since 2003. It has partnered with the Peoples’ Dialogue on Human Settlements to support Ghana’s urban poor to advocate for their rights to adequate housing, safe settlements, secure tenure and affordable infrastructure.

 

Property Market

 

Demand for housing has accompanied generally good economic performance. Incomes of middle-class Ghanaians have risen gradually together with lively property markets. A significant rise in the number of Ghanaians living abroad who want to own houses back home, foreign buyers of residential property, and foreign investment by multinational companies into the country, have all contributed to growth in the market.

 

With the growth of the oil and gas industry in Ghana, private sector development of upmarket homes is rampant and almost all selling off-plan; these prices range from upwards of US$300 000 to more than US$1 million. Property rentals in the middle to upper sector range between US$2 500 and US$8 000 a month.

 

Ghana’s construction industry continues grow steadily. In the past decade, the industry’s annual growth in 2008 and 2009 was 8.6 percent and 9.3 percent, respectively. A more recent challenge has been the apparent market saturation with cheap but low-quality imported building materials, which has had a direct, negative impact on the local manufacturing industries.

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Ghana: Non-traditional Exports hits $3.3bn

18 Friday Oct 2013

Posted by theinvesmentman in ACCRA, Africa, Agriculture, banks, Business, European Union, Export, Get rich quick, Ghana, Government, Haruna Iddrisu, investment, Kasoa, Uncategorized, United States, usa

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Reflex Eco Group – Africa News

Antony Sedzro (Ghanaian journalist)

sedtony@yahoo.com

This Blog is sponsored by http://www.reflexecogroup.com

Ghana expects to make more than $3.3 billion as earnings from non-traditional exports for this year.

The projected income is an improvement on last year’s earnings of $2.3 billion.

The Ghana Export Promotion Authority (GEPA) which supervises non-traditional exports says it has so far earned 12% more than what it had during the same period last year.

Chief Executive, Gideon Boye Quarcoo, told local media that the projected improvements from non-traditional export has also been influenced by progress made in the global economic recovery.

He said a dip in Tuna exports last year resulted in last year’s figures, noting that “when you have less coming from tuna which is a big winner your numbers go down”.

He indicated also that the availability of funds from banks and other funding institutions has brought about added value from local products enabling it to earn more in exports.

Mr. Quarcoo also adds that they are on track to hit their 5 billion dollar target in the next four years because the service sector has been booming.

In June this year, Mr. Haruna Iddrisu, Ghana’s Minister of Trade and Industry announced that the total value of non-traditional exports was expected to increase to $5 billion between mid-year 2015 to end of 2016. Mr. Iddrisu was speaking at the inauguration of a nine-member Board for the re-launched Ayensu Starch Company Limited in Kasoa, in the country’s Central Region. The Starch Factory produces cassava on a large scale for domestic and export markets.

Consequently, Government would aggressively support agricultural production, growth of horticultural and other vegetable crops as well as shore up small out-grower farming schemes countrywide to meet the target, he added.

The Minister expressed optimism that the target would be achieved, adding that, stronger collaboration between the Ministry of Trade and the Ministry of Food and Agriculture is expected to guarantee the desired goal of increasing export to improve the country’s terms and balance of trade.

He said Ghana was under obligation to improve her export standards to meet the European Union requirements, particularly in the area of cocoa. Cocoa is the main ingredient for making chocolate.

Meanwhile, statistics for the first eight months of 2013 have shown major shifts in the structure of Ghana’s export revenue base.

Whereas gold still remains Ghana’s highest export earner despite this year’s price slump – from a high, early this year, of US$1,600 to US$1,300 currently – on the global market, cocoa has slid from being Ghana’s traditional second, or sometimes even highest export earner to the fourth position due to production problems and a fall in price.

Crude oil, which the country started producing less than three years ago, has become Ghana’s second highest export earner – a spot it has occupied since 2012. Non-traditional exports (NTEs), however has this year overtaken cocoa as Ghana’s third highest export earner.

In 2012, gold was Ghana’s highest export earner netting US$5,643 billion. Crude oil was next in line with export earnings of US$2,976 billion. Cocoa followed closely at US$2,828 while NTEs earned Ghana US$2,362.

Earnings from gold declined by 12.6% to US$3.4 billion in the first eight months of this year as compared to the same period last year while cocoa exports also fell by 21.4% to US$1.4.

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Africa Focused News

14 Monday Oct 2013

Posted by theinvesmentman in ACCRA, Africa, Angola, Bank of Ghana, banks, Barack Obama, Barclays, Brazil, Business, Cape Verde, china, Emmanuel Armah Kofi Buah, EU, European Union, Get rich quick, Ghana, Government, investment, Kenya, Mozambique, Nigeria, Nkroful, Oil, Road Fund, Rwanda, Somalia, Sub-Saharan Africa, Tanzania, Turkey, Uganda, Uncategorized, United States, usa, World Bank, World Tourism Day

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REPORT OF LAST WEEK (from 07/10/13 to 11/10/13)

by Dario Galluccio

This Blog is sponsored by http://www.reflexecogroup.com

Kenya: CFC Stanbic Bank partners Aeolus to build wind power plant

Kenya’s CFC Stanbic Bank has partnered Aeolus Kenya (AKL) – a member of the Power Africa initiative led by the United States President Barack Obama- to build a Sh12.9 billion ($150 million) wind power plant in Kinangop, Kenya. The proposed power plant will be the largest wind power generation project to be built in sub-Saharan Africa to date, outside of South Africa. It is expected to come on line in mid-2015. The wind project has already been registered under the United Nations’ Clean Development Mechanism.

The Kinangop Wind Plant which will provide electricity to approximately 150,000 Kenyan households, will add a further 60MW to Kenya’s 1,672MW national power grid.

According to CfC Stanbic Bank’s East Africa Head of Debt Solutions and Infrastructure Finance, Kwame Parker, “The project is designed to provide a clean source of electricity to Kenya. It will not only contribute to the social and economic development of Kenya, but will also significantly help ease the energy supply deficit that the country is grappling with.”

Ghana: Improved energy will push forward growth

Mr. Emmanuel Armah Kofi Buah, Minister of Energy has said that the vigorous expansion of various energy programmes is to increase power production as well as support the growth and expansion of all the weak sectors of the national economy. He said government is rolling-out the various programmes and projects, particularly in the Western Region, as part of the energy expansion drive — which is geared toward positioning the sector to play the critical role expected for directing Ghana’s effort toward industrialisation.

Speaking at the World Tourism Day at Nkroful in the Ellembelle District of the Western Region, he noted that the country’s oil and gas sector is currently underdeveloped. According to him, the discovery of oil and gas in commercial quantities on the Western Region culminated in an influx of people — the stage is set for integrated tourism development in the region, so that instead of a potential threat from oil and gas activity to our environment, oil and gas activities will be made conducive to our situation and be a blessing to our environment.

Ghana: EU to support agriculture production

The European Union (EU) is to support Ghana to revolutionalise its agricultural production.

Mr Dacian Ciolos, EU Commissioner for Agriculture and Rural Development, who made this known in Accra, said the support would be in the form of financial and technical interventions.

Agriculture is not only an economic issue, but also a social issue and this calls for the support,” he said. Stressing that the EU would take Ghana’s agricultural development objectives into consideration.

Dr Yemi Akinbamijo, Manager of Forum for Agricultural Research in Africa (FARA) said the partnership between EU and Ghana, which is under negotiation would take place from 2014- 2020. He said, it is a period for the promotion of agriculture and security.

Dr Akinbamijo said : agriculture would provide greater help to reduce poverty if done properly; pointing out that production, trading, finance, as well as infrastructure, education, science and technology and regional integration; are the seven pillars of FARA, which would be used to develop Ghana.

Ghana: Oil production hits 115,000 barrels daily

Daily oil production hit 115,000 barrels per day in June 2013, significantly higher than the projected average for the year, the African Center for Energy Policy (ACEP) report on Government Compliance with the Oil Revenue Management Act in the 2013 budget has revealed. Total oil revenue of GH¢1.15 billion also far exceeded the projected target by GH¢362.3 million.

The report urged government to initiate discussions with Sabre Oil and Gas to recover the capital gains tax from the sale of its stake in offshore blocks. It also indicted the 2013 budget for failing to capture capital gains tax as one of the revenue streams. It added “the Petroleum Income Tax Law should be harmonized with the Internal Revenue Act.” Released by the Executive Director of ACEP Mohammed Amin Adam, the report also said the projected transfers to the Ghana Petroleum Holding Fund will be exceeded when the data on petroleum is released.

Ghana: Government commits GH¢350 million towards road sector

Government has since June released GH¢ 350 million for the road sub-sector out of the GH¢ 706 million allocated in the 2013 budget. Alhaji Amin Amidu Sulemani, Minister of Roads and Highways, said the Ministry has also improved upon revenue generation into the Road Fund for maintenance works. The total fund accrued from January to June was GH¢ 126 million, an increase of GH¢ 9 million over the amount recorded during the same period in 2012.

Alhaji Sulemani, who made this known during the inauguration of the Progressive Road Contractors Association (PROCA), urged members as well as the Association of Road Contractors to unite for the growth of the industry.

Alhaji Sulemani told members of PROCA: “As a result of the many interventions that have been made in the sector since the last couple of years, the condition mix of the road network has improved from 29% good, 27% fair and 44% poor in 2000, to 43% good, 25% fair and 32% poor as at end of 2012.

Mrs Joana Adjei, National President of PROCA promised to run an open door policy as well as an all inclusive administration to make the association stronger. She said the new administration would help revive the training programmes of the Association. Mrs Adjei said majority of contractors are suffering as a result of delayed payment for work done. Mr Michael Aidoo, the outgoing President of PROCA advised the new executives to take criticism in good faith.

Ghana: Omega Capital launches 2 funds

According to Nana Kumapremereh Nketiah, Chief Executive Officer of Omega Capital Limited, a private equity and investment management firm, the capital market is currently underserved and it behoves industry regulators and fund managers to adopt a results-driven approach in order to bridge the gap.

Speaking in an interview on the sidelines of the launch of the company’s twin funds — Omega Income Fund and Omega Equity Fund — in Accra, he said the capital market has huge potential which calls for result-driven measures in order for such potential to be fully tapped.

On the way forward, Nana Nketiah called for improved investor education to, among others, enlighten the public on the benefits of investment as a means to financial and socio-economic development. He said introduction of the funds onto the market is the company’s way of empowering the general public to secure their future: “The funds seek to empower investors to secure their future. By encouraging them to invest, we are helping them to link their future to investments.”

Omega’s income fund is a medium-term open-ended mutual fund that seeks to achieve growth in income while conserving principal by investing in a diversified portfolio of fixed income securities. The equity fund targets superior long-term returns by investing in stocks and fixed income securities. Both funds will be managed by Omega Capital Limited, which is a licenced investment fund manager, with HFC Bank as fund custodian. It targets individuals, pension and provident funds, and other corporate institutions.

Tanzania: It Is All Rosy for Tanzania

It is good news for Tanzania as the economy grows impressively above the region’s projected rates, inflation is well controlled and the foreign investments pour in thanks to macroeconomic stability maintained over almost a decade and institutional and policy reforms.

The 2013 African Economic Outlook report launched last week, confirmed the impressive performance of the economy which grew to 6.9 per cent in 2012 and is estimated reach seven per cent this year and 7.2 per cent in 2014. The projected rates of the sub-Saharan region are 4.8 per cent in 2013 and 5.3 per cent in 2014. Mining boom, particularly gold production, tourism, construction transport and communication activities have been the main drivers of the growth.

The future looks ever brighter, with an impressive series of offshore gas discoveries set to further boost the economy and propel the country into a middle income status by 2025 as envisaged in the national development roadmap, the vision 2025. The mining portfolio is performing equally impressive with gold production going on well despite a slump in price at the world market and uranium extraction set to commence soon. With this kind of picture, it is hard to complain about the economy. Everything looks so rosy, albeit at the face value, that it covers the weak areas.

Ghana: Mining sector to reach US$774m

The value of the country’s mining sector is anticipated to reach US$774million in 2017, up from US$669 million in 2012, as bauxite and gold production see substantial increases.

This is a significant break from the past decade, when the mining sector value barely rose as gold output declined — offsetting much of the increases in price. “We expect gold to be the main driver of growth, but see bauxite playing a growing role,” Ghana Mining Report quarter-four survey conducted by the Fast Market Research, an online aggregator and distributor of market research and business information has revealed.

Figures from the Minerals Commission indicate that the mining industry attracted US$1.0billion of total investment inflow into the country in 2012. These investments came from producing, exploration and support Service companies. The multiplying effect of this investment in the country’s economy cannot be overestimated. The Bank of Ghana also reported that the mining industry’s contribution to total merchandise export earnings was about 43 percent in 2012.

Data from the Ghana Statistical Service show that the mining sub-sector grew by 23.5 percent in 2012. This compared favorably with the 18.8 percent it achieved in 2011. Furthermore, the Ghana Revenue Authority (GRA) has stated that the mining sub-sector maintained its position as leading contributor to the authority’s domestic tax contribution in 2012.

Africa: World Bank boosts outlook for Sub-Saharan African economies

Sub-Saharan Africa’s economic growth should increase to 5.3 per cent next year, with strong private and public investment underpinning the region’s robust performance, the World Bank said yesterday. The bank lifted its forecast for 2014 from the 5.1 per cent projected earlier this year. The region was expected to grow 5.5 per cent in 2015, up from a previous forecast of 5.2 per cent.

Growth for this year is forecast at 4.9 per cent, higher than last year’s 4.2 per cent. The figure is more than double the bank’s 2.3 per cent estimate for global growth in 2013, underscoring the attractiveness of the continent for investors. But African countries could be vulnerable to declining commodity prices and the eventual tapering of the US Federal Reserve’s bond-buying stimulus, the organisation said.

Although strong export growth has also contributed to the region’s economic advance, many countries are prone to major swings in their fortunes because they rely on a single commodity for more than 50 percent of export earnings.

Foreign direct investment flows to Sub-Saharan Africa are expected to rise 24 percent to around $40 billion in 2013. Governments in the region, such as Ethiopia, Ghana, Nigeria and South Africa, have also increased spending on public investment, much of it geared towards transport and power infrastructure.

Angola: Access to Banking Services May Reach 30 Percent By Year-Rend

The National Reserve Bank (BNA) pledges to work toward increasing the access to banking service rate among the Angolan population by at least 30% by the end of 2013, against 23% achieved in 2012, Angop has learnt. The information is expressed in a press release from the Southern Regional Delegation of National Reserve Bank, comprising the provinces of Benguela and Kwanza Sul. In order to achieve this goal BNA intends to resume in November its financial education programme, reads the document, signed by the regional delegate, Luis Henrique da Silva.

Mozambique: Investment to create 172,000 jobs over three years

Mozambique is to receive ten billion US dollars in investment over the next three years, creating 172,000 jobs, according to the government’s Investment Promotion Centre (CPI). CPI Deputy Director Godinho Alves explained that 900 projects have already received approval for implementation over the period.

The daily newspaper “Noticias” reported on Monday that foreign investment has stimulated economic development, with Mozambique being one of the world’s fasted growing economies.

Despite these positive developments, the Maputo Corridor Logistics Initiative (MCLI) has warned that investors continue to be concerned about minimising risk and maximising returns. This is because the country has a history of some projects not reaching their promised potential.

Sub-Saharan Africa: To attract 33.8 million visitors from tourism in 2012

Sub-Saharan Africa earned over $36 billion from tourist visits in 2012, a new World Bank report says October 3, 2013. According to the World Bank, the continent attracted 33.8 million visitors in 2012, up from a low 6.7 million in 1990.

The report, “Tourism in Africa: Harnessing Tourism for Growth and Improved Livelihoods”, indicated that the amount earned from tourism in 2012 was 2.8% of the region’s GDP.

The report showed that Africa’s tourism is set to boost economic growth, create new jobs and will “now outpace other regions for new tourism investment”. The report highlighted the potential of African countries to improve and expand their tourism sector, and suggested that 33 of sub-Sahara Africa’s 48 countries currently have the capacity for tourism success through establishing strong political support for developing the industry and attracting increased private investment to help finance and sustain it. The industry is expected to directly employ 6.7 million people in the region by 2021, according to the World Bank report.

Ghana: Pension savings seen rising fivefold driving sales

The end of a monopoly by Ghana’s state-owned pension fund is poised to boost savings fivefold by 2017, helping revive the nation’s corporate bond market and end a drought in initial public offerings.

According to Ekow Fynn-Aikins, regulations officer at the National Pensions Regulatory Authority in Accra, the retirement industry, with assets of 1.06 billion cedis ($484 million) in 2012, may jump to 5.5 billion cedis over the next four years. While the Ghana Stock Exchange’s Composite Index (GGSECI) has climbed 68 percent this year, the best performance in Africa, the bourse’s last IPO was more than two years ago. No company has sold bonds on the domestic market since 2008. 

There’s a perceived demand out there for new issues,” Sam Mensah, chairman of the Ghana Stock Exchange and an adviser at the Finance Ministry, said in an interview. “It’s still early days and we’ll have to wait for the pension industry to grow to know exactly what their impact can be.”

Since Ghana implemented a 2010 law in December compelling employers to commit more toward workers’ pensions and set aside contributions for private money managers for the first time, volumes on the bourse surged 75 percent as of June. The number of pension managers increased to 45 from zero when the authority began registering last year.

Tanzania: Isles courts Chinese investors

The Zanzibar First Vice- President, Seif Sharif Hamad, has asked investors from China to establish businesses in the Islands, saying there are ample opportunities in the tourism sector.

“We would love to have investors from China to invest in tourism including eco-tourism in Pemba Islands. The investment climate is conducive,” said Hamad to China Councillor General in Zanzibar, Mr Xie Yun Liang.

The Vice-President informed the ambassador that Zanzibar also welcomes investments in deep-sea fishing. Liang, who was recently appointed to the post, visited Hamad for familiarization.

“The government has been improving infrastructure which include expansion of the Zanzibar International Airport, roads, and having stable supply of electricity,” he said.

Ambassador Liang welcomed the offer saying that the historical relationship between China and Zanzibar would be further cemented by the coming of investors from China.

Uganda: To seek investor to build $2.5 Billion oil refinery

Uganda is looking for a lead investor to develop a refinery estimated to cost $2.5 billion, two weeks after issuing its first production license to China National Offshore Oil Corp. as it seeks to exploit reserves.

The investor, either a company or a group of them, will be named by April and will take an interest of as much as 60 percent in the facility, which is proposed to have capacity of 60,000 barrels a day, Robert Kasande, an assistant commissioner in the Energy Ministry, said today by phone from Entebbe, near the capital, Kampala.

Uganda, classified as one of the world’s poorest nations by the World Bank, discovered oil in 2006 and has an estimated 3.5 billion barrels of crude, according to the Energy Ministry. London-based Tullow Oil Plc (TLW), Cnooc and France’s Total SA (FP) are jointly developing the finds. The country has sub-Saharan Africa’s fourth-biggest oil reserves.

The government’s stake in the facility will account for as much as 40 percent, and the nation has invited Kenya, Rwanda, Burundi and Tanzania, which are partner countries in the East African Community, to buy an interest of as much 10 percent in the facility from Uganda, he said.

Tanzania: Inflation down to 6.1 percent

The inflation rate went to over two and half years’ low rate of 6.1 per cent last month, showing that the country’s economy is on the right track. National Bureau of Statistics (NBS) indicates that the inflation descended from 6.7 per cent of August to 6.1 per cent in September, this year. The decline, according to NBS, was supported by all four major measures of inflation index – energy, food and non-food and non-energy – that also decreased satisfactorily in September.

The new National Consumer Price Index released by NBS for September also indicated that the Annual Inflation Rate for energy and fuels has decreased to 9.6 per cent in September compared to 15.2 recorded in August.

While the Tanzania rate descends to a pleasing level, in Kenya and Uganda the inflation rate climbed up in September to 8.29 per cent and 8.0 per cent from 6.67 per cent and 7.3 per cent in August respectively.

Tanzania’s inflation rate averaged 7.72 per cent from 1999 until 2013. It reached an all time high of 19.8 per cent in December, 2011 and a record low of 3.4 per cent in February, 2003.

Nigeria, Brazil: To sign MoU on trade, investment

Nigeria and Brazil in Abuja signed a Memorandum of Understanding (MoU) to strengthen their bilateral cooperation on trade and investment. The Minister of Industry, Trade and Investment, Mr Olusegun Aganga, signed on behalf of Nigeria, while Mr Ricardo Shaefer, his Brazilian counterpart on Development, Industry and Foreign Trade, signed for his country. The News Agency of Nigeria (NAN) reports that the agreement aims at strengthening bilateral cooperation on the promotion and facilitation of trade and investment between the two countries.

According to Aganga, the agreement goes beyond trade and investment to include industrial cooperation and financing as well as how both countries can double their trade volume. The minister listed the sectors covered by the MoU to include infrastructure, power, automobile, agriculture and sugarcane to sugar among others.

“This agreement will cover cooperation in all these areas including how we double trade between the two countries, and of course how we attract investment into strategic areas of the economy.”

Nigeria: Dangote plans U.S.$34.7 Billion fresh investment in economy

The President of Dangote Group, Alhaji Aliko Dangote, has said that the Group is poised to make an additional investment totaling $US 34.7 billion in the economy by 2017. He also said the cement arm of the group will commission an additional 10 million metric ton capacity in Nigeria by mid 2014 with an additional plan to also invest US $4.7 billion over the next four years in order to ensure that cement supply stays ahead of demand.

In a keynote address during the just ended Nigeria’53rd Independence Anniversary Lecture, organised by the Lagos Chamber of Commerce and Industry, LCCI, Dangote said, the Nigerian financial sector has demonstrated its ability to support big ticket industrial projects – the most recent being the US$9 billion refinery project by Dangote Group and is poised to invest $US 34.7 billion by 2017.

Dangote said in setting an agenda for the next decade, government should improve the business climate and continuously benchmark our business environment against “best-in-class” investment destinations, implement the recently unveiled Nigeria Industrial Revolution Plan, support the new investors in the power sector to ensure they “hit the ground running” and provide the kind of outcomes Nigerians desire. He said their investment in agriculture is driven by our desire to create jobs for thousands of Nigerians and that It will increase their workforce from its present level of 26,000 employees to 750,000 employees .

Somalia: Oil and gas discovery offers ‘hope’ for investment

Somali Minister of Finance and Planning Mohamud Hassan Suleiman encouraged foreign investors to “seize the opportunity” to invest in Somalia during the Somalia Oil and Gas Summit in London Monday (October 7th).

“The discovery of oil and gas in Somalia opens up an array of hope and opportunities for the new Somalia, enabling it to influence the pace of economic recovery and the future stability of the country,” Suleiman said. “International investors and multi-national corporations are turning their attention to Somalia and we must now seize the opportunity and work with them.” Suleiman added that the government recently revised the Investment Law to make Somalia “investment friendly”, while at the same time ensuring that a fair portion of profits from the industry are re-invested in the country’s economic growth.

Ghana: Indonesian investors confer with Chamber of Commerce

A delegation of investors from Indonesia have held bilateral discussions with the Ghana Chamber of Commerce and Industry (GCCI), aimed at strengthening business relations cooperation between the countries. The delegation was led by the Director for African Affairs at the Ministry of Foreign Affairs of the Republic of Indonesia, Mr Lasro Simbolon.

Mr Lasro Simbolon underscored the need for the two nations to forge ahead in business by creating opportunities that can help increase cross-border investments.

He said was particularly impressed with the country’s development agenda, especially in areas such as infrastructures, agriculture, technological development and capacity building, which, he said are geared up to meet the expansion plans of the country.

The President of the GCCI, Hon Seth Adjei Baah, who received the delegation, said it is time to review and explore new areas of cooperation that the two countries can share experience and benefit from. He said the two countries’ interest should be in line with national development plans which are geared towards enhancing economic growth for the welfare of their people.

Nigeria: Barclays to expand operations ‘cautiously’

Barclays Bank CEO, Anthony Jenkins said the British banking group is planning to expand its footprint in Africa’s second largest economy, Nigeria without making a large or expensive acquisition in the country.

We have a rep office there. We do some business in Nigeria and we are going to grow that business and I think quite cautiously over time, and then we will see what opportunities present themselves,” Jenkins said.

Although Barclay does not have much representation in Nigeria, it is likely to launch corporate banking in Nigeria like it did with First Rand’s Rand Merchant Banking (RMB) in order to tap into the opportunities being presented by multinational companies looking to invest in Africa. RMB previously had a representative company but was awarded a merchant banking license in Nigeria last year.

Jenkins said all options are still open as the bank has not decided whether to apply for a license or acquire some business in the country. He also noted that there are opportunities for corporate banking. “We have quite a footprint from the African continent and so bringing our corporate customers to Africa is going to be a very important strategic focus for us and that’s the unique advantage of Barclays because we have got a global footprint and we have got the presence. If you put those two things together it’s a very powerful combination. So a lot of this is about execution and accelerating the pace of execution within the context of the aspiration to be the Go To Bank,” Jenkins said.

Ghana: Petroleum sector to see a $20 Billion investment over the next 5 years

Ghana’s Oil and Gas Industry is projected to attract a $20 billion investment in the next five years on the many discoveries that have been made. This was disclosed by the deputy Minister of Energy and Petroleum, Dr. Ben Dagadu, in Accra at the launching of a book titled ‘Oil and Gas Ghana’.

He stated that the government, since the discovery of oil, had taken measures to see to it that the petroleum sector was run efficiently to ensure that the resource benefits all Ghanaians.

In this wise, the deputy Minister said several legislations such as the Petroleum Revenue Management Act and the Petroleum Commission Act had been worked out to provide direction and clarity for the management of oil revenues and for regulating the sector. The Minister noted that in order to build the capacity of Ghanaian entrepreneurs, small and medium scale enterprises – which form major stakeholders in the industry – for the realization of this goal, the Ministry together with the Jubilee Partners had established the Enterprise Development Centre (EDC).

Rwanda, Uganda: Ties Stronger

Uganda has made economic progress over the years both as a country and as a core believer in the region’s integration process, especially as its ties with Rwanda gets ever stronger, Amb. Richard Kabonero has said.

The Ugandan High Commissioner to Rwanda was hosting his compatriots working and living in the country as well as well-wishers at his residence in Nyarutarama, Kigali, to celebrate Uganda’s 51st Independence anniversary.

“We have been growing despite some shocks and challenges. We have made tremendous investments in infrastructure and energy. At regional level, Uganda has played a big role in promoting peace in the region, including hosting nine summits that seek peace in the DR Congo,” Amb. Kabonero said.

He said bilateral ties between Uganda and Rwanda will always remain strong through collaboration on several development projects.

Nigeria: To plan regular Bond sales in bid to build yield curve

Nigeria is planning to raise debt abroad regularly as Africa’s largest oil producer seeks to develop a benchmark for borrowers, Finance Minister Ngozi Okonjo-Iweala said.

The government returned to international debt markets for the first time in two years in July, issuing $1 billion in five-year and 10-year Eurobonds. The country now plans to raise $100 million by selling so-called diaspora bonds targeted at citizens living overseas.

If it succeeds, we’ll do more,” Okonjo-Iweala said, adding that the sale will take place in the first quarter of next year. “We intend to enter the market on a regular basis because we’re trying to build a yield curve.”

Nigerians abroad would have sent $21 billion home by the end of 2013, according to World Bank figures, and the government wants “to tap some of that,” Okonjo-Iweala said. The nation is stepping up debt sales to finance infrastructure as it faces inadequate budget allocations for capital spending.

The yield on Nigeria’s $500 million in Eurobonds due July 2023 dropped 18 basis points this month to 5.94 percent yesterday, the lowest level since July 23, according to data compiled by Bloomberg.

The Nigerian economy may expand 6.75 percent next year, compared with an estimate of 6.5 percent in 2013, Okonjo-Iweala said. The budget deficit will stay little changed at 1.9 percent of gross domestic product, she added.

Ghana: Turkey to build industrial parks

Turkey is to construct two industrial parks at Accra and Kumasi respectively beginning next year at a cost of over $300 million.

Outgoing Charge d’Affairs of Turkey Embassy in Accra, Simay Erinoglo, speaking to journalists in Accra, said the two projects, which are designed to attract many Turkish investors into Ghana would be funded by the Turkish Exim Bank.

The Ankara Chamber of Industry and the Ghana National Chamber of Commerce & Industry signed an agreement to that effect recently. Ms Erinoglo said Turkish exports to Ghana last year recorded $223.5 million while it imported $303.5 million worth of goods from Ghana. For the first six months of 2013, Turkey exported $103.6 million worth of goods to Ghana while it imported $128.9 million worth of goods from Ghana.

Ms Erinoglo said Turkish investors were eyeing a number of projects in the various sectors of Ghana’s economy, including construction. Also, it intends to help with the construction of an international airport. In the health sector, Turkey wants to assist with the construction of eight pre-fabricated hospitals at a cost of $118 million.

The Turkish Development Agency (TIKA) is working on a lot of projects in Ghana, she indicated. Turkish investors are hesitant to come over to Ghana to invest because of the monstrous land acquisition challenges, she stated.

Cape Verde: AfDB approves $24m budget support loan

The Board of Directors of the African Development Bank Group, approved a €15-million general budget support loan for Cape Verde, to help the country finance its Public Corporate Governance and Investment Promotion Support Programme (PAGEPPI). The Programme aims to help Cape Verde consolidate its macroeconomic framework and foster growth by improving public corporate governance in State-owned enterprises and promoting private investment.

The PAGEPPI’s operational objectives are to improve public corporate governance so as to streamline public expenditure and promote private investment to spur economic growth and foster job creation.

On completion, the Programme is expected to strengthen public corporate governance and improve the operational and financial performance of State-owned enterprises. This will help to reduce the burden on the State budget and corresponding risks on public finances. The Programme is also expected to clarify the State’s role as both a shareholder and a regulator as well as to implement international and local investment promotion measures that will create a more attractive environment for economic activities and private sector development. The Programme will enhance Cape Verde’s overall development strategy which rests on economic diversification based on competitive clusters. In particular, it will support governance and private sector development reforms that constitute two main pillars of the government’s Growth and Poverty Reduction Strategy Paper (GPRSP) 2012-2016.

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IN DEFENCE OF HISTORY

17 Tuesday Sep 2013

Posted by theinvesmentman in ACCRA, Africa, Ali Mazrui, Business, Business and Economy, ECOWAS, Get rich quick, Ghana, Government, investment, Kumasi, Kwame Nkrumah, Nigeria, Uganda, Uncategorized, United States, University of Ghana, US, usa

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Reflex Eco Group – Ghana News

By Akwasi Agyeman-Dua (Local Journalist & Media and Advocacy Advisor)

 

History is defined as “The study of past events, particularly in human affairs”. The eminent Kenyan scholar, Professor Ali Mazrui, many years ago (in the early 1970’s) in an article in the “Transition” Pan-African magazine then published in Uganda, wrote, “I am not a historian but like the rest of us, I am a product of history. I therefore take interest in what men have done in the past and the causes and consequences of those past actions”.

He goes on to say that, “Reading our own history is of course, quite fundamental but never enough. We must also read the history of others, discover the sources of their achievements and the causes of their failures”. History in every aspect of life is indispensable in reviewing the past, confronting the present and predicting the future.

History is as old as the beginning of creation and mankind. Its lessons are good for progress and human development. History is about people, men, women and children. It’s about good people and bad people; dictators and philanthropists; sportsmen/women, etc. It is about families, groups and nations. It is about what people have done and may likely repeat in the future. There is a popular axiom which says, “History repeats itself”.

The great good book, the Bible, tells us that there is nothing new under the sun. As a school discipline or social study course, history appears boring to many people. It entails a lot of reading and sometimes memorizing of important dates. However unless anybody or group of persons are serious with their history, they are likely not going to make a serious headway with their future. Mrs Coretta King of the USA was right in saying that “As a nations honours its heroes and heroines, it interprets its history and destines its future”. The USA and many developed countries have very learned history scholars who try to study their country’s past historical issues and document current events. Ghana could sometime ago boast of eminent historians like Professor Adu Boahen and Dr. Kofi Buah. We still have some historians and history scholars working on the quiet in this country. They include Profs. Irene Oddoteye and Akosua Perbi, who are associated with the University of Ghana, Legon. They and others like them ought to be supported in their work of recording the country’s current history.

Scholars and governments in developing countries must review their attitude to the study and utilization of history in advancing national development goals. It has been said that “Experience is a good teacher”. History is full of experiences and the wise person would learn from experience while a fool would not and could thereby suffer serious consequences. History can help shape the values of a family, an organisation, a school or nation. Our educational system must be well-rounded to ensure that we groom our people to compete realistically on the global market as Africans and not as half-baked and seemingly second-rate Westerners.

We all have to consider and confront our history, as individuals or groups of persons, from nations to groups of nations like the ECOWAS, Africa Union or the UN. Always remembering that “It is only the fool who would not learn from experience”. The Ghanaian Akan proverb says, “Tete wo bi ka, tete wo bi kyere” (Literally translated “Our forebears have something to tell us and teach us”). Prof. Ali Mazrui admonishes that “We study history in order to understand ourselves. But we should also study it to be wiser, more humane, less rash, certainly less brutal and often with an eye on the future”. “A word to the wise is enough”, so said the wise old man/woman in your village and mine.

AKWASI AGYEMAN-DUA

P.O. Box C991

Cantonments, Accra

GHANA

E-mail: aadua061@yahoo.com

Accra

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Africa Focused News

09 Monday Sep 2013

Posted by theinvesmentman in ACCRA, Africa, Aggreko, Algeria, banks, Beijing, Botswana, Business, Cameroon, china, Dangote, Ethiopia, Eurobond, France, Gabon, Gambia, Germany, Get rich quick, Ghana, Government, IFC, India, International Finance Corporation, investment, japan, Kenya, Liberia, Libya, Mauritius, Morocco, Mozambique, NamPower, Oil, Rwanda, Senegal, Seychelles, South Africa, Sub-Saharan Africa, Tanzania, Tunisia, Turkey, Uncategorized, United Bank for Africa, United Nations Development Programme, United States, US, usa, Vision 2025, Zambia

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REPORT OF LAST WEEK (from 02/09/13 to 06/09/13)

by Dario Galluccio

This Blog is sponsored by http://www.reflexecogroup.com

Mozambique: Aggreko completes power expansion project

Temporary power supply solutions company Aggreko has completed the expansion of its gas-fired power plant at Gigawatt Park in Ressano Garcia, Mozambique. The expansion will add an additional 122 MW of capacity to the Ressano Garcia facility, bringing the total generation output from the plant to 232 MW and was formally inaugurated by the Mozambique Minister of Energy, The Honorable Salvador Namburete during a ceremony held, last week, at the project site.

Following the success of the first stage of Ressano Garcia, Aggreko announced in March 2013 that it had signed agreements with both EDM and NamPower, the Namibian power utility, to supply an additional 122 MW from the project.

Immediately, work began to more than double the generating capacity of the plant. As Aggreko designed and built the plant infrastructure to allow for modular increases in capacity, adding the additional power generation was achieved in just 12 weeks.

Tanzania: Government vows to support local investors

The government has pledged to support investment initiatives in the country to boost the country’s economy and well being of people; Deputy Permanent Secretary in the Ministry of Finance Prof. Adolf Mkenda said creating good investment climate would boost the economy.

“The Ministry of Finance understands the challenges facing the cement industry that includes poor infrastructure, competition and imports. We will continue working with other government ministries and agencies to ensure that the cement sector continues to play a pivotal role in economic development,” he said.

He also said the cement sector has for the last five years been growing at an average of nine per cent with its contribution to GDP increasing from 7.7 per cent in 2008 to 8.1 per cent in 2012 “Production grew from 2.4 million tonnes in 2011 to 3.42 million tonnes in 2012. If all the cement produced in the country is sold within in the country without exporting, demand will be met by 75 per cent,” he said.

Africa: Natural resources, oil to underwrite Chinese investment

Africa’s importance to China’s overseas investment agenda could become more significant as Beijing pursues a strategy of securing access to vital natural resources and takes big financial risks to get them. Last year, Chinese companies completed construction contracts worth US$40 billion in Africa, up 45 per cent over 2009, making up 35 per cent of all of China’s overseas contracts.

Zhang Zhiwei, chief China economist at Nomura in Hong Kong, reckons that number could jump as Beijing seeks to secure access to Africa’s oil resources. China became the world’s biggest net oil importer earlier this year, taking the position that had been held by the United States since the 1970s.

Chinese firms have invested billions of US dollars in the oil-rich nations of Angola and Sudan to secure access to oil. That means Beijing’s influence on the continent, relative to the US, is likely to grow. Africa, projected to grow 5 per cent this year, gets 1 per cent of US foreign direct investment.

The continent, home to six of the world’s 10 fastest-growing economies, has been China’s second-largest overseas contract market since 2009. The trend is likely continue, according to vice-minister of commerce, Li Jinzao, who said that China-Africa ties had reached a new historic high and would “enter the fast lane” this year. According to Li there were opportunities for deeper investment ties as African nations sought to upgrade their economic infrastructure.

Tanzania: New Project to view vision 2025 challenges

The Economic and Social Research Foundation (ESRF) and the United Nations Development Programme (UNDP) have launched a new project targeting to highlight the challenges Tanzania faces in realizing Vision 2025 goals. Titled ‘The Tanzania Human Development Report (THDR 2014),’ the project focuses on national perspectives on human development in addressing priority themes, emerging trends, opportunities and challenges the country encounters in reaching the Vision 2025 targets.

Ghana: Turkish trade expo finally in Accra

The fourth Turkish Trade Exhibition dubbed “Ghana Big 5 Show” has opened in Accra to showcase their products to their Ghanaian counterparts and create trade bridge between Ghana and Turkey. Over 40 Turkish companies and Ghanaian company like MBC Trading Company Limited, dealers in construction chemicals and Thetford Company, dealers in water flushing toilet begun a four-day exhibition.

The fair was to develop and broaden trade convergence between the two countries and ensure mutual protection of businesses: moreover the fair would showcase products including Turkish building and construction, Food and Agriculture, Fashion, Cleaning materials, iron and steel, mechanical appliances, electrical machinery and equipment.

Mr Seth Adjei Baah, President of Ghana Chamber of Commerce and Industry said the relationship between the two would boost trade and investment as well as lead to cultural and other exchanges. He said Ghana is a centre of peace and gateway to West Africa and that investing in the country would lead to increase results and assured them of the country’s readiness to collaborate and work with them during the exhibition.

Rwanda: French investors coming

A delegation of French investors will visit Rwanda early this month to assess business and investment opportunities, Chantal Umuraza, the chamber of industries executive director general, has said. She said the companies are interested in agro-processing, architecture, fabrication, IT and aviation sectors.Eusebe Muhikira, the head of trade and manufacturing department at the Rwanda Development Board, noted that Rwanda continues to attract foreign investments because of the business reform agenda started in 2009.

Rwanda is the third-best place to do business in Africa and ranks 52nd out 185 countries globally, according to the recent World Bank report. During the last quarter, the Rwanda Development Board (RDB) registered investments worth $1.2b (about Rwf800b), of these, 22 were foreign investments worth $406.9m and nine were joint ventures worth $338.1m.

Sub-Saharan Africa: Actis injects $278m

Private equity company, Actis, has injected an extra $278 million into “property developments” in Sub-Saharan Africa region. This latest capital injection takes the firm’s entire African capital spending in its funds to approximately $433 million.

Louis Deppe, a director at Actis, believes that there is a lot of activity in the “private equity space” particularly in the region. It is understood that the sub-Saharan Africa region, with the exception of South Africa, has insufficient investment in high profile estates (properties). JSE-listed funds have allegedly shown little attraction to injecting money into the continent. But the advancement of excellent stock by private equity companies is likely to attract bigger attention from the publicly traded sector.

Actis has two real estate development funds and it claims to be the only pan-emerging private equity firm. With $5 billion managed by 105 investment professionals, the company has put in money in 65 companies, employing 101,000 people.The private equity firm has invested $4 billion in emerging markets so far. The company has realised $2.2 billion from its investment since the company was started in 2004.

Ghana: SEC lauds IFC US$1bn domestic bond

Director-General of the Securities and Exchange Commission (SEC) Mr. Adu Anane Antwi says the International Finance Corporation’s (IFC) planned move to raise US$1bn from the domestic market will add to the local bourse’s growing credibility. “Once IFC starts issuing its bonds, then all the other institutions that issue bonds will begin to look at Ghana as a possible market, and that is good for us,” Mr. Anane Antwi said.

The IFC last week was given approval by the Ghana Stock Exchange (GSE) and the Securities and Exchange Commission (SEC) to issue regular cedi-denominated bonds worth up to US$1billion in Ghana’s market. “The consent from the Ghanaian authorities enables us to support deepening of the local capital markets and offer local-currency funding for priority sectors such as infrastructure,” IFC’s Vice President and Treasurer Jingdong Hua said in a statement.

The bonds will be sold to domestic and foreign institutional investors, and proceeds will be used to fund private sector projects in areas such as infrastructure and to increase access to finance for small- and medium-sized enterprises. The bonds are to be issued under the IFC’s Pan-African Domestic Medium-Term Note Programme that was launched last year, a statement from the IFC said.

The International Finance Corporation (IFC) last week successfully raised US$3.5billion from a five-year global bond to be used in lending support to private sector development. The five-year bond, according to the private arm of the World Bank Group, is its largest bond issue to date.

The bond issue generated an order book close to US$5billion and set the pricing benchmark for IFC’s 2014 fiscal year borrowing programme.

The IFC says it plans to raise US$16billion across a range of markets and currencies during its current fiscal year ending June 30, 2014. It also plans to issue debt in Botswana, Kenya, Namibia, Rwanda, South Africa, Uganda and Zambia under the programme.

Ghana: Diversify investment of heritage fund

A petroleum economist has suggested to the government and the Bank of Ghana to diversify the investment of the country’s heritage oil funds to keep some investments locally.

Currently, the country invests funds meant for future generations, known as the Heritage Funds, abroad in ‚ “secured international investment environment.” Mr John Gatsi, who is also a lecturer in Finance at the University of Cape Coast, said although investing abroad could shore up the country’s reserves, the government should have confidence in the local investment fund managers and keep some of the funds locally to improve liquidity and check risk.

Mr Gatsi lauded the country’s Petroleum Revenue Management law which, he said, laid out clear guidelines on spending, investing and transparent accounting for the proceeds the country got from its petroleum resources. He also praised the accountability clauses in the law and its reporting in the Budget Statement and Economic Policy of government, adding that while the Stabilisation and Heritage funds were a good creation in the law, the best form of protecting the future was in investing heavily in social and economic infrastructure.

On local content, the economic analyst said it was important for the government to leverage the policy and first equip small and medium scale enterprises to take advantage of it.

South Africa: Bank of China and Nedbank partner to boost trade

One of China’s big four state-owned lenders, Bank of China (BoC) and South Africa’s fourth biggest lender, Nedbank Group, have partnered to lift business between the two countries. The partnership will assist BoC clients that want to inject money in South Africa and the rest of the continent.

The alliance will include currency exchange between the two banks. It will also provide more backing services to Chinese firms with businesses in Africa through the banks’ networks. There will also be an increased collaboration when it comes to injecting capital in infrastructure projects in southern Africa.

Ghana: Finance Minister Says Plan to Halve Deficit Succeeding

Ghana’s plan to trim its budget deficit by half over three years by containing public-sector pay increases and raising taxes is showing initial signs of success, Finance Minister Seth Terkper said. The government is on track to achieve its deficit-reduction target of 9 percent of gross domestic production this year from 12.1 percent in 2012 when spending rose in the run-up to elections.

As the economy grows faster than the sub-Saharan African average [expansion in West Africa’s second-largest economy is forecast at 6.9 percent this year versus 4.8 percent for the continent south of Sahara] and the government “moderates” salary increases for public servants, the fiscal gap is forecast to narrow to 5 percent and 6 percent of GDP by 2015, he said.

The world’s second-largest cocoa exporter and an oil-producing nation since 2010 is implementing austerity measures including the reduction of fuel and utility subsidies, combined with higher revenue by adding at least four new taxes. The state wants to lower the wage bill to between 30 percent and 35 percent of tax income by 2015 from 72 percent last year.

India-Africa ties energised with oil and other products

India and Africa are coming closer to each other faster than most realize. In the last few years India has diversified its energy procurement to African countries. In 2005, India did not import any oil from African countries. Just eight years later, more than 20 per cent of India’s oil and gas imports are from Africa. While much is being traded, India has also begun investing in the energy sector in Africa.

State-run Oil and Natural Gas Corporation (ONGC) has just acquired a 10 per cent stake in an offshore gas field of Anadarko Petroleum Corp in Mozambique for $2.64 billion.It’s not just Mozambique. India has increased its purchase of oil and gas from a range of African countries. The biggest sellers of petroleum products to India from the continent are Nigeria, South Africa, Angola, Egypt, Algeria and Morocco.

Within Africa also, India’s overall economic relationship is changing. In 2001 Southern Africa accounted for nearly 60 per cent of exports to India while West Africa accounted for just above 16 per cent. Now West Africa is the largest supplier with a share of 40 per cent, while the share of Southern Africa is 24 per cent.

A recent report by Confederation of Indian Industry has an interesting nugget. Investment from Africa to India is growing. “Morocco and South Africa are the next largest investors in India with investments worth US$137 million and US$112 million, respectively.While the figures may not appear high, this is a beginning of an important development. The growing economic interdependence of India and African countries will add confidence to their dealings with the rest of the world.

Ghana: Will take advantage of Japan’s $32b for Africa

The Minister of Energy and Petroleum, Emmanuel Armah Kofi-Buah, has disclosed Ghana’s willingness to take advantage of the Japanese government’s proposed $32billion intended to support developing economies in Africa in areas of infrastructure development and energy to improve living standards in the region.Hon Kofi-Buah who made the disclosure during a courtesy call on him by delegation from Sojitz Corporation, a Japanese company undertaking the $125 million seawater desalination project in Nungua, Accra to discuss progress of the project and other investments opportunities in the Energy sector, noted that Ghana’s excellent relationship with Japan could be further strengthened with increase investments.

The Teshie project, which will begin commercial operations in 2014, is expected to supply 60,000 m3 of drinking water to about 600,000 people in Teshie and surrounding communities. The desalinated water will be sold to Ghana Water Company Limited (GWCL) under a long term water sales contract of 25 years to ensure stable provision of drinking water on a long-term basis in the capital. The project is the first desalination project in sub-Saharan Africa, and also the first investment by a Japanese corporation in Africa.

Ghana: To consolidate its middle-income status with bonds

Ghana’s Finance Minister Seth Terkper says it is prudent to finance the capital component of the national budget with long-term bonds as the country consolidates its middle-income status. According to the Finance Minister, it is important for the country to develop its local capital market more especially to mobilize funds to finance the infrastructural gaps which constrains the development efforts of Ghana.

According to the African Development Bank‘s Financial Markets Initiative, Africa as a whole requires about $20 billion in infrastructure investment per year which can only be sustainably financed through long-term bonds. In Ghana alone, Mr Terkper says “our estimation is that the required financing gap is about $1.2 billion a year”.

Mr Terkper argues that a well-developed local bond market is critical in Government’s ability to mobilize the necessary funds to support capital expenditures. He added that such markets are necessary for enhanced financial stability and better integration in the global financial landscape.

Liberia: German investment encouraged

Highlighting Liberia’s numerous challenges rating from youth unemployment to lack of capacity and infrastructure amid vast natural resources, President Ellen Johnson Sirleaf has told newly accredited German Ambassador to Liberia, Mr. Ralph Timmermann that the country encourages German Private Sector to take a more active role as Liberia aims to manage its own resources efficiently. The Liberian Chief Executive said government’s aim was to grow the private sector to be able to manage the country’s resources efficiently to enable government support its own endowment and development agenda.

In a interview with journalists at the Foreign Ministry, Ambassador Timmermann said Liberia has many opportunities for German companies, especially where Liberia is a country rich in natural resources couple with infrastructure that has to be built.

Africa: Global Competitiveness Index – Mauritius the most competitive economy

Mauritius moved up nine places this year out-pacing South Africa in the Global Competitiveness Report 2013-2014, as the most competitive economy in Africa. The country benefits from relatively strong and transparent public institutions with clear property rights, strong judicial independence, and an efficient government. Financial markets also deepened based on the improved access to different modes of financing and financial services.

Mauritius which ranked 45th globally is followed by South Africa (53rd), Rwanda (66th), Botswana (74th) and Morocco (77th) – as the most competitive economy in Africa. Seychelles, Tunisia, Zambia, Kenya, Algeria, Libya, Gabon, Senegal, Ghana, Cameroon and Gambia ranks 80, 83, 93,96,100,108, 112, 113,114,115 and 116th positions respectively.

Although the report indicated that great efforts need to be made to improve Africa’s competitiveness, it says Sub-Saharan Africa continues its impressive growth rate of close to 5 percent in 2012, providing something of a silver lining in an otherwise uncertain global economy.

Ghana: Bank of Ghana rejects cedi pessimism

The Bank of Ghana (BoG) says it has substantial buffers to defend the cedi and “completely disagrees” with a forecast that the currency will depreciate by a further 10 percent against the dollar by year-end.

Reacting to the grim forecast, which was made by French bank Societe Generale SA on August 20, the BoG’s Head of Treasury, Adams Nyinaku, said the Central Bank expects to accumulate US$6billion of foreign exchange reserves by year-end, which will maintain the cedi’s stability. “Through the Eurobond, we increased the reserves to US$5.8billion; and later this month Cocobod will bring in US$1.2billion through its syndicated loan. These inflows will make up for the decline in commodity prices,” Mr. Nyinaku told the B&FT in an interview.

Nigeria: Dangote gets $3.3bn loan from 12 banks to build refinery

Nigeria’s diversified industrial giant, Dangote Industries, said it has won a $3.3 billion “term loan facility” from 12 local and global lenders to build Nigeria’s biggest Petroleum Oil Refinery & Petrochemical/Fertilizer Plants. According to Dangote, the factories will create about 9500 direct and 25 000 indirect posts.

These plants will cut the existing volumes of refined fuel that are imported by about half.

In total, the projects will cost $9 billion, comprising $3 billion equity and a $6billiion loan.

The $3.3 billion deal struck with the banks is the initial consignment of loans made available to Dangote. It is a “term loan facility” backed by a group of 12 local and global lenders.

The first loan facility was co-ordinated jointly by Standard Chartered, the global co-ordinator, and Nigeria’s Guaranty Trust Bank, the local co-ordinator.

The 2.8 million tonnes of urea that will be made at these factories will be directed into developing the Nigerian agriculture sector. The petrochemical plant will make polypropylene which is a usual element of many plastic and fabric products. Aliko Dangote, the president of Dangote Group, said these factories would showcase Africa as maker of refined oil products and fertiliser.

Ghana: Borrowing reduced to 25 years

Ghana cannot borrow long term funds which are more than 25 years. This is because of the country’s middle income status since 2009. Ghana’s economic growth of about 8.7 percent in 2008 culminated in the country’s middle income status. Prior to that, the country was borrowing long term funds of up to 40 years from the World Bank and other institutions. Finance Minister, Seth Tekper, said the country will no longer borrow short term funds for capital projects of five years or more. He reiterated that government will be returning to the international bond market to raise long term funds to finance capital projects.

Meanwhile, 16.5 million dollars of the 750 million dollar Eurobond listed on the Ghana Stock Exchange is held by local investors. Mr. Tekper said “the need to develop the capital market in Ghana cannot be overemphasized. More especially, the wide infrastructural gaps which constraints our developments efforts as a country can only be closed when we tap into long-term financing options such as the capital markets, both domestic and foreign.”

Ghana: Government sure of investments

The government has expressed confidence that economic activities and investment will soar in the country with the resolution of the election petition.

A deputy minister of Information and Media Relations,Mr Ibrahim Murtala Muhammed, said the election petition resulted in uncertainty as many investors were holding on to their investment. He was optimistic that the confidence of investors would be boosted in the economy after the Supreme Court had upheld the validity of President John Dramani Mahama’s election in the 2012 presidential polls.

The deputy minister also said with the completion of the election petition, the government had now focused on implementing its programmes and policies. The programmes would be geared towards creating jobs and improving the country’s socio- economic development.

Africa: IFC investment in Sub-Saharan Africa hits $5.3 billion

International Finance Corporation (IFC), a member of the World Bank Group , says its investments in sub-Saharan Africa has hit a record $5.3 billion. This was acknowledged in its year ending financials, which showed it carried out advisory services projects worth $65 million in Sub-Saharan Africa and committed funds towards supporting the upgrades of infrastructure, health and agribusiness. According to an official statement, the investment body offered $3.5 billion from its own account, while it spearheaded the mobilization of $1.8 billion from other investors.

“This has been a record year for us,” said IFC director for eastern and southern Africa Oumar Seydi.

The Washington-based institution believes such financial offerings will further enhance the development of vital sectors key to the growth of several economies across Africa. IFC strategically focuses its investment in areas where it makes the most difference, and as such turned its attention to Africa by investing in developmental projects to stimulate economic growth in nations mostly plagued with poor living standards.

Kenya: IFC has invested 39 Billion in Kenya

The International Finance Corporation invested more than Sh39.6 billion ($456m) in Kenya in the year to June 2013.

IFC, the private development lending arm of the World Bank, put its money in energy projects, infrastructure and in the financial markets where it has partnered with 18 Kenyan banks to offer financial support to small and medium enterprises. IFC loaned Sh3.9 billion to Kenya Power to expand its network to reach over half a million new households by 2014. It has also invested in Gulf Power, Lamu Wind and made an equity investment in AAR to help it upscale operations in Kenya, Uganda and Tanzania.

Ethiopia: Turkey to set up an industrial zone in Addis Ababa

Turkey is preparing to create a Turkish industrial zone in Ethiopia’s capital, Addis Ababa, as part of its African policy which started in 2005 and has been showing marked development of its business assets. Turkish Foreign Minister Ahmet Davutoglu said that the Ethiopian prime minister had proposed the assignment of some land to establish a Turkish industrial zone in Addis Ababa, and that Turkey hopes to implement this plan.

Commenting on the new diplomatic steps, Davutoglu stated that Turkey has come a long way in the last ten years. Davutoglu explained that a Turkish firm invested $50 million in Ethiopia in 2005 while there are now 341 Turkish companies with a total investment of $3 billion in the country.

The Turkish foreign minister also mentioned the results of the Turkish government’s public diplomacy in Africa. “The amount of Turkish aid to the African continent, particularly to Somalia, has reached $750 million. If we hadn’t spent billions of dollars in public diplomacy and activity, we wouldn’t have the positive image and perception that we got from our humanitarian aid in Somalia,” Davutoglu said, reiterating that Turkey is reaping the rewards of its humanitarian foreign policy.

In the African continent, there are 30 offices of the Turkish Cooperation and Development Agency (TİKA) and 25 trade offices of the under secretariat for Foreign Trade, aiming to strengthen economic and bilateral relations between the two countries. The number of Turkish ambassadors in Africa has risen to 34 from 12 in 2005. Turkey has a Free Trade Agreement (FTA) with four African countries, as well as agreements to prevent double taxation and support mutual investments, and Turkey has also established a business council with 17 African countries.

Kenya: Eurobond advisors to be known in two weeks

The lead transaction advisors for the country’s first Eurobond will be known within the next one or two weeks. Cabinet Secretary Henry Rotich said once the advisors have been picked, it will take another two months to prepare all the document terms before the roadshows to market the issue kicks off.

Rotich said it has not been decided how much will be issued but it will be between Sh87 billion ($1 billion) and Sh174 billion ($2 billion).

The government is banking on the peaceful election early this year and favourable credit rating to issue the international bond for infrastructure projects.

Ghana: Consumers saved from possible fuel increase

Consumers of petroleum products have been saved from paying extra cost on fuel as government in the most recent price review has absorbed an increase in the product. This is the second time in the row that government is taking up the increased cost since the last increment at the beginning of August. These subsidies, however worsens government’s indebtedness to the Bulk Oil Distribution Companies, an impasse yet unresolved.

The National Petroleum Authority (NPA) in its most recent price review for the first half of this month, maintained prices of all petroleum products except industrial kerosene which increased marginally by 1.6%.

Petrol is being subsidised at 3% and Diesel less than 1%. Domestic kerosene continues to be the most highly subsidised, with government taking up to 42% of the cost. This was followed by Premix which is subsidised up to 19%.

Nigeria: UBA to invest $2 Billion in Africa’s power projects

CEO of United Bank for Africa (UBA), Phillips Oduoza, has revealed that the bank plans to invest an additional $2 billion into power projects across the continent over the next three years, aside the $700 million it has invested in Nigeria’s power sector this year. Of the proposed $2 billion, Oduoza said UBA will earmark about $1.2 billion to help Nigeria put an end to its chronic power shortages.

State-owned Power Holding Company of Nigeria has been broken up into 11 generation companies and six distribution companies, all being sold separately to private consortia, for about $2.5 billion.

Since Nigeria embarked on its power transformation projects, banks in the country have contributed over 70 percent (about N280 billion) of the money needed by investors for the 14 successor companies to the Power Holding Company of Nigeria. According to reports, about N400 billion ($2.4 billion) was realised by the Federal Government (FG) in the power sector privatisation project.

Nigeria: Arik operations inject U.S.$10 Billion annually into economy

Lloyds, world’s renowned insurance organisation, has said Arik Air realises about $10 billion annually from its operations for Nigeria’s economy

Arik last year engaged the services of Lloyds to assess its assets and also audit its transactions to know the expanse of its business and its worth. Lloyd in its report said with a fleet of 24 new generation aircraft, 43,000 flights per annum, airlifting over 2.4 million passengers in all its destinations in 2012, the airline injects $10 billion. The report stated the amount was inclusive of banking services and charges; the money expended on fuel, food and other supplies, aeronautical and non-aeronautical services; payment of salaries to over 2,800 employees, bills on hotel services, expenditure on training of indigenous pilots, engineers, cabin crew and other services.

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DOES GHANA NEED A NEW CAPITAL?

30 Friday Aug 2013

Posted by theinvesmentman in Abuja, ACCRA, Africa, Business, Cape Coast, Consumer Confidence Index, Get rich quick, Ghana, Government, investment, John Dramani Mahama, Kumasi, Lagos, Mfantsipim School, Nana Akufo-Addo, Nigeria, Rome, Uncategorized, United States, usa

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Reflex Eco Group – Ghana news

by Akwasi Agyeman-Dua (Local journalist)

 

YES AND NO! Some years ago, Nigeria created Abuja to replace Lagos as its administrative capital. It seems it is serving them very, very well. Lagos had been overburdened and became popular with its “Go slow” traffic situation.

Some other countries, including Ghana have maintained their capitals over the years and have continuously tried to make adjustments to cope with changing times. It has been said that, “Rome was not built in a day”. And it still stands tall and strong. What is the secret? It is to be noted that more than one hundred years ago, the colonialists changed the capital of the Gold Coast from Cape Coast to Accra.

Ghana has a choice to make. A serious discussion must therefore be carried out to ascertain what and how we want to cope with life in Accra and possibly other cities like Kumasi, in the next fifty years and beyond. “Time and tide waits for no man”. Time to talk and act is now. Like our governance system which is now getting firmly rooted in multi-party democracy, we must move from fire-fighting, cosmetic and ad hoc measures to agreed-upon transparent strategic remedies to ameliorate the challenges of today and tomorrow, regarding life in our cities.

I believe many research projects have been done by our Universities and Research institutions on the issue under discussion. Let us go for these findings and make some sense out of them. They have been on the shelves and gathering dust for too long.

More than fifty-five years after Ghana’s independence and with the numerous workshops and conferences, are we failing to advise ourselves with the motto of Mfantsipim School, “Dwen hwe kan” (literally translated – Be strategic about the future). Do we have to keep reminding ourselves of the challenges of water and sanitation, traffic jams, crime and general indiscipline one now experiences in our urban areas?

Future generations may not easily forgive us if we fail to act now. “A word to the wise is enough”.  The thousand mile journey also begins with a step.

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Ghana: Supreme court verdict and investor confidence

29 Thursday Aug 2013

Posted by theinvesmentman in ACCRA, Africa, Business, Consumer Confidence Index, Get rich quick, Ghana, Ghana’s Supreme Court, Government, investment, John Dramani Mahama, Nana Akufo-Addo, National Democratic Congress, New Patriotic Party, Supreme Court of the United States, Uncategorized

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Reflex Eco Group – Ghana News

Antony Sedzro (Local journalist)

sedtony@yahoo.com

This Blog is sponsored by http://www.reflexecogroup.com

Ghana’s Supreme Court this afternoon by a majority decision affirmed the December 2012 election of the country’s president, John Mahama. The presiding judge of the nine member panel said that “the first respondent (president Mahama) was validly elected”.

President Mahama, 54, of the National Democratic Congress, won 50.7 per cent of December’s vote, according to the Electoral Commission of Ghana, against 47.7 per cent for Mr Akufo-Addo – a difference of 325,863 ballots.

The opposition New Patriotic Party (NPP) led by its flagbearer Nana Akuffo-Addo had petitioned the country’s highest court to invalidate the win of John Mahama, claiming widespread irregularities. The party presented strong evidence from about 10,000 polling stations across the country to back its claim.

The petition which took over 7 months to be decided was for the first time broadcast live on television and radio, giving Ghanaians access to the proceedings in the court room. The petition hearing even took a professional twist when auditors, KPMG, were tasked to count and tally some ballot result sheets that were tendered in evidence by the petitioners.

This has been hailed as a rare feat in Africa, a region with many conflicts arising out of electoral disputes. Ghana’s neigbhour Ivory Coast experienced war when it went to the polls in 2011. In the end 3,000 people die with many injured.

Thus the peaceful and mature way Ghana has handled its electoral dispute in court and its subsequent verdict will be admired by many countries in Africa.

The country’s courts are noted for their independence, thus making it impossible to predict what the eventual outcome was to be. In the over seven month’s that the case has been ongoing, it has been reported that major investor decisions have been delayed-pending the outcome of the electoral petition.

Ghana, which is expected to grow at 7.8% this year, according to the IMF, has been affected by the long drawn court case. The Ghana Stock Exchange is up 65 per cent in 2013, but analysts say investors have delayed making decisions about projects.

“At the beginning of the year investors were carrying on as normal,” “but when people saw that a solid case was being presented, they put the brakes on,” said Kissy Agyeman-Togobo, partner at Songhai Advisory, a West African business intelligence consultancy in an interview with the Financial Times.

In May this year, when the election petition had gained momentum, Ghana’s central bank governor, Dr Kofi Wampah revealed that the economy had slowed down heightened by fears of a growth in inflation.

Indeed inflation which stood at 9% before elections in December last year, has risen to 11.8% by July 2013.

Wampah said the bank’s Composite Index of Economic Activity (CIEA), which measures the pace of economic activity, had declined by 0.6 percent in May after a 14.8 percent growth in March. The period also saw all the components of the CIEA recording negative yearly growth rates with the exception of tourist arrivals, domestic VAT and DMBs’ credit to the private sector.

“The pace of growth in credit to the private sector has also moderated, while the credit stance of banks has tightened,” Wampah said in his the monthly monetary policy report presented in May.

The Business Confidence Index declined to 99.0 in March 2013, from 104.1 in December 2012. Wampah attributed this partly to the energy crisis, which he said had lowered business confidence. “Similarly, the Consumer Confidence Index also fell to 96.1 in April, from 105.0 in January 2013,” he added.

However, the energy crisis has stabilized with regular supply of electricity, with businesses and the manufacturing sector heaving a sigh of relief. Ghana’s 400MW Bui Hydro dam which is under construction by Chinese, is expected to be ready by December, further increasing the electricity supply.

With the electoral petition out of the way, investor confidence is expected to return. Ghana went to the international markets last month to float a $1million Eurobond which was over-subscribed by $1.2 billion. The bond has been listed on the Irish Stock Exchange.

A similar local bond floatation last week was heavily oversubscribed by 17%, a further demonstration that confidence in the economy is still there.

Ghana, Africa’s second biggest producer of gold also saw decreased revenues in the first half of this year, due to the falling price of gold. However gold prices have slowly began climbing up. With an expected increase in oil production from the country’s Jubilee field together with the introduction of new taxes, the economy is expected to rally strongly by year end.

The government has hinted of possibly going to the international market to seek another bond by year end, to fund critical infrastructure projects.

This week, Mazars Limited, the world’s ninth biggest auditing firm, launched operations in the country. Many such companies, who had been waiting for the election petition outcome, are likely to follow suit.

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Ghana Needs $600m To Implement Nat’l Export Strategy

21 Wednesday Aug 2013

Posted by theinvesmentman in ACCRA, Africa, Agricultural Investment Fund, banks, Business, Export, GDP, Get rich quick, Ghana, Government, Gross domestic product, Haruna Iddrisu, International Business and Trade, International standard, investment, Minister of Trade, Ministry of Trade, Ministry of Trade & Industry, MOTI, Uncategorized

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Reflex Eco Group – Ghana News

by Cephas Larbi (Local Journalist)

The Director of Export Trade at the Ministry of Trade and Industries (MOTI), Gerald Nyarko-Mensah has revealed that Ghana needs an investment capital of $600 million to implement the National Export Strategy.

He said the strategy, when implemented, would among other things, build the capacity of the Ghana Export Promotion Authority and the Metropolitan Municipal and District Assemblies to diversify export and increase Non-Traditional Exports (NTEs).

Nyarko-Mensah, who was speaking at the launch of the national export strategy and the national export development programme, said MOTI intends to increase the country’s non-traditional export from the current export value of $2.64 billion to $5 billion by 2017.

He said the strategy would put Ghana on the global map as a world-class exporter of competitive products and services to promote sustainable environmental development and improve the balance in spatial and regional development.

Mr Nyarko-Mensah said the policy would also strengthen and resource export-related institutions to ensure every district obtains at least one significant commercial viable agro-based export product.

He said Ghana would no longer depend solely on export commodities but over the period invest in fresh and processed fish, vegetable oil, root crops, grains and legumes, natural rubber and products of the creative arts.

This, he said, would boost the country’s Gross Domestic Product (GDP).

Haruna Iddrisu, Minister of Trade and Industry, said government is committed to boosting the country’s non-traditional export sector.

He said Ghanaian exporters are unable to add value to their products to meet international standards.

Hon. Iddrisu advised them to produce quality products to meet international market standards.

He indicated that government had started a process to equip Export Development and Agricultural Investment Fund to enhance agricultural growth.

The Minister said the government would give stimulus packages to some medium-scale enterprises beginning next year, stating that when the country improves the export trade, it would have a significant impact on the balance of trade deficit.

Alhaji Abdul Basit Fuseini, Deputy Northern Regional Minister, indicated that the region had positioned itself as a strategic destination for business, noting that the area is no longer considered a conflict zone.

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Africa Focused News

19 Monday Aug 2013

Posted by theinvesmentman in 2013 West Africa Business Expo, ACCRA, Africa, African Economic Outlook, banks, Carrefour, CFAO, East Africa, ENI, Eurobond, First Quantum Minerals, Get rich quick, Ghana, Ghana Commercial Bank, Ghana Stock Exchange, gold, Government, Inflation, investment, Isuzu, japan, Kenya, Mine, Mozambique, Nigeria, Oil, Russia, Rwanda, South Africa, Tanzania, Uganda, uk, Uncategorized, Water projects, World Bank, Zambia, Zimbabwe

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REPORT OF LAST WEEK (from 12/08/13 to 16/08/13)
by Dario Galluccio – This Blog is sponsored by http://www.reflexecogroup.com

Zambia: ABB Wins $32 Million order to power Africa’s biggest copper mine
ABB, the leading power and automation technology group, has won an order worth around $32 million from Kansanshi Mining PLC, a subsidiary of Canadian mining and metals company First Quantum Minerals Ltd. (FQM), for the construction of a new substation and upgrade of an existing one. The facilities will help to provide reliable power supplies to Africa’s biggest copper mine, being built in the northwestern province of the country. The order was booked in the second quarter.
Global demand for raw materials is one of the main growth drivers in Africa. The Zambian economy is highly dependent on the copper mining industry, which accounts for around 80 percent of the country’s gross domestic product. The new copper mine will be the biggest of its kind on the African continent and will help reinforce the country’s number eight global position in terms of copper production. The mining project is also expected to bring employment opportunities in the Zambezi Basin area, with a completely new town being built to support it.

Ghana: 2013 West Africa Business Expo launched
The 2013 West Africa Business Expo to be held in Accra would on September 5th and 6th next month has been launched under the theme:’Kick Starting and Sustaining Business Growth’.
The organizers stated that their overriding objective is to drive growth in Ghana’s private sector by bringing together key industry players across a wide spectrum of the business environment in a bid to build networks and foster co-operation among participants.
The West Africa Business Expo 2013, will see banks, insurance companies, venture capital groups as well as institutions in the public sector such as the Registrar General’s Department, Ministry of Trade and Industry among others on exhibition.
Also, the Nigerian High Commission and the Togolese Embassy will be present at the event to offer participants information on viable business opportunities in their respective countries.
The event, which is also made possible by Geovision is the first of its kind in West Africa.

Tanzania: Japanese investment plan for the country
Tanzania could become a reputable business hub on the continent if the envisaged technical cooperation with Japan comes to fruition. An agreement signed recently prepares the ground for an economic boom.
The upgrading of the Central Railway line will be a major stimulus to economic prosperity. The railway, whose gauge will be expanded to international standards, will resume its role as the key link to upcountry regions. The Japanese support will also see the all-important Port of Dar es Salaam expanded. Naturally, this expansion will improve service delivery.
The Asian nation has also agreed to invest in cotton farming and make a rigorous revival of textile factories hence promote consumption of locally manufactured garments.

East Africa: New railway to connect Uganda, Kenya and Rwanda
Three East African countries Kenya, Uganda and Rwanda are implementing a joint $13b project for the Standard Gauge Railway (SGR) from Mombasa via Kampala to Kigali. The project, to be jointly financed by the three countries, is expected to be completed by 2018.
It will ease trade and reduce road traffic. Each member state will meet its loan liabilities differently. Eng. Abraham Byandala, the works minister said Kenya is already ahead of Uganda and Rwanda since they charge 1.5% of the railway cargo value for financing the project.
He said the preliminary designs for Mombasa- Nairobi (SGR) have been completed and the ground breaking is expected by November this year. The feasibility study and preliminary designs for the 511km Nairobi-Malaba section is being undertaken in-house by Kenya Railway Corporation strengthened by local experts and is expected to be ready by December this year.
Byandala said the designs for 250Km Nakuru-Kisumu is also expected by December 2013. For Uganda, the preliminary engineering designs for 250km Kampala- Malaba SGR is being undertaken by a consultant and is expected to be ready by October this year.

South Africa: Royal Bafokeng’s earnings soar
Royal Bafokeng Platinum (RBPlat) said its interim earnings soared on the back of weaker South African currency. JSE-listed platinum miner said headline earnings a share surged 103 percent from 43 cents to 87.2 cents in the six months ended June this year.
According to Reuters, mining companies gain from a shakier South African currency as they pay for costs in rands and sell output in dollars.

Mozambique: New railways will bring development to Mutarara
Mozambican President Armando Guebuza declared that the new railway lines that will cross Mutarara district, in the western province of Tete, will bring new socio-economic development to the area – but this will only be possible in an environment of peace.
Currently the mining companies export their coal along the Sena line to the port of Beira. But this railway cannot handle more than around six million tonnes of cargo a year, and within a few years it is hoped that up to 100 million tonnes a year will be exported from the Moatize coal basin.
One of the plans to diversify the coal export routes is to build a new line branching off the Sena line in Mutarara, and passing through Zambezia province to a new deep water port to be built at Macuse. Another line will cross Mutarara, and head through southern Malawi before it joins the existing northern railway to the port of Nacala.
These new routes, Guebuza said, will improve the situation in Mutarara, and the life of people living in the district who will be directly or indirectly linked to the major mining and transport projects.

Ghana: Carrefour CEO follows stock surge with African expansion
Pent-up demand from African shoppers has lured Carrefour SA to enter the region of a billion people set to grow at three times the pace of the U.S. next year. The Boulogne-Billancourt, France-based retailer, which spent much of the past two years exiting markets it failed to dominate, has partnered with distributor CFAO SA to open shops in eight African countries by 2015.
After the boom and eventual bust of the past three decades of retail growth (Carrefour had to pay 220 million euros ($294 million) to get out of Greece alone last year) Chief Executive Officer Georges Plassat chose a safer route for Africa by partnering with CFAO, a distributor and the continent’s biggest supplier of cars, trucks and pharmaceuticals. With the venture, he’s hoping to avoid the roadblocks competitors including Wal-Mart Stores Inc. have faced expanding beyond South Africa: a lack of distribution and available real estate.

Ghana: Jubilee partners export almost 19 million barrels of crude for half year
Oil firms operating on the jubilee field have exported almost 19 million barrels of crude Oil from January to June this year. The country’s share of these exports was however almost 2 million barrels. Ghana also earned 391 million dollars in terms of taxes and royalties from its share of the crude exports. The country on the average earned 98 dollars for each barrel sold in the second quarter, down from the 108 dollars secured in the first quarter of 2013.

Ghana: Government receives Eurobond proceeds
The government has received proceeds from the $1 billion Eurobond to facilitate the speedy implementation of projects and programmes under the 2013 budget.
The Minister of Finance and Economic Planning, Mr Seth Terkper, said the $102 million (GH¢204 million) allocated for counterpart funding would facilitate the disbursement for committed funds from the development partners for the implementation of existing projects.
The counterpart funding projects include the Afram Plains Irrigation Project; rice projects in the northern and southern parts of the country; rural electrification project – Self Help Electrification Project (SHEP 4) as well as the completion of the Bui Dam. Major road networks which are at various stages of completion will also attract part of the counterpart funding.
The minister said $307 million (GH¢614 million) had been earmarked for new projects in the 2013 budget, $250 million to refinance the 2007 bond while $341 million (GH¢682 million) for refinancing maturing domestic debts.

Nigeria: Dangote promises more investment
The president and CEO of pan-African conglomerate, Dangote Group, Alhaji Aliko Dangote has promised to invest and create more jobs opportunities in Nigeria. Dangote, who recently ventured into Nigeria’s petrochemical and agricultural sub-sector stated that the nation’s economy rests more on the shoulders of the private sector, and if more Nigerians were economically empowered through gainful employment, the poverty level would be reduced to a minimal level.
While speaking to a business group, the Africa’s richest man, Dangote said his venture into the petrochemical and agricultural sub-sector was his personal contribution towards reducing unemployment in the country.
Expressing optimism on Nigeria’s economic revival through the private sector, Alhaji Dangote reinstated: “I have always said that Nigeria is a good place to invest. We have all in abundance. God has blessed this country. What we have naturally in abundance is what other countries are looking for to buy. Good enough, Nigeria has the resources and the market for any company to survive, only in few other areas government should intensify efforts to ensure to make the sector attractive to investors”.

Nigeria: Britain will strengthen investments in Nigeria
The British Deputy High Commissioner to Nigeria, Peter Carter, said Britain would strengthen its existing investments in the country. Speaking during his visit to Guinness Nigeria Plc’s factory in Ogba, Ikeja, Lagos State, Carter called for closer business relationship between Nigeria and Britain.
While receiving the envoy, Mr. Babatunde Savage, Chairman, Guinness Nigeria Plc, highlighted that “Guinness is the biggest UK-parented Nigerian company quoted on the Stock Exchange, in terms of capitalization, turnover and profits and we are indeed very proud of our British heritage.”
The British Deputy High Commissioner commended Guinness Nigeria for sustaining the legacy of the parent company, Diageo by providing consumers in Nigeria with the quality and premium brands the company is known for worldwide. Guinness Nigeria Plc was established in 1950 and got listed on the Nigerian Stock Exchange in 1965. The company built its first brewery in Ikeja in 1962, and currently has facilities in Ogba, Benin City and Aba.

Ghana: GCB interest income rises by 41.5%
The interest income of the GCB Bank Limited rose from GH¢150.29 million in the first half of 2012 to GH¢256.76 million in the first half of this year, its half year results released last week showed. This represented a 41.5 per cent growth in the bank’s interest income over the six month period.
It further showed that net profit for the period increased to GH¢90.43 million compared to GH¢50.21 million recorded in period before.

Ghana: GOIL makes positive gains in first half
The half year results of Ghana Oil Company Limited (GOIL) released late July showed that the company made positive gains in the six-month period. GOIL, which markets refined petroleum products to players in the aviation, mining and transport sectors, recorded a pre-tax profit of GH¢8.16 million in the first half of 2013 compared to GH¢7.07 million posted in the same period last year. After a tax deduction of GH¢2.04 million, GOIL’s net profit closed the period at GH¢6.12 million, higher than the 2012 first half figure of GH¢5.30 million.
These positive showings were influenced by a 20 per cent rise in the company’s gross revenues for the six-month period. Its revenues rose from GH¢374.102 million in the first half of last year to GH¢472.96 million in the period under review.

Zimbabwe: Russian firms target Darwendale platinum
A consortium of companies including Russia’s Rostec and Vneshekonombank is buying a 40% stake in a project to develop one of the world’s largest platinum fields in Zimbabwe. The companies will invest in Ruschrome Mining, a Russian-African joint venture licensed to mine the field.
The parties hope to exploit the Darwendale platinum project’s 19 tons in proven reserves and 775 total tons of metals including palladium, gold, nickel and copper.
Ruschrome is partly owned by the Zimbabwean government and the Centre of Business Cooperation with Foreign Countries, an association of machinery and defence firms that will retain a ten per cent stake in the project.

Africa: Isuzu enters Africa with left hand drive
After covering 1.3 million kilometers of testing, mostly on the roads of the Eastern Cape, the new Isuzu left hand drive 4&4 and 4&2 was launched in the city of Port Elizabeth and expected to be roll out across the continent in the coming months. ‘This will obviously be in a staggered approach country by country but our anticipation is that we can grow a lot with this vehicle,’ ‘ according to Mario Spangenberg, president and managing director of GM Africa
Last year GM sold 180,493 vehicles on the continent, a growth in sales of 17.5 per cent from 2011. With new Isuzu product coming to market, General Motors is expecting exponential growth. GM spent R250 million (US$27 million) in setting up the facility and with all the vehicles the company turn out vehicles such as Chevrolet, Opel and Isuzu. GM has also invested R1 billion ($109 million) into their South African manufacturing facility in Port Elizabeth, where the new Isuzu pick-up will be assembled. In addition, the company has a manufacturing plant in Kenya, which builds Isuzu trucks and buses to supply the East African market, and one in Egypt, their second biggest African market after South Africa.

Ghana: Indices register more gains
The benchmark Composite Index (CI) as a result rose 30.47 points to close the last week (Friday 09/08/2013) at 1,965.55 points. This gain saw the year-to-date return of the CI improve to 64.65 per cent. The Financial Stocks Index (FSI) was also bullish as it jumped 36.44 points to close the week at 1,717.23 points. The return on the financial index stands at 66.22 per cent.

Ghana: Government will source cheaper funds for SMEs
Obtaining funds remains a big challenge for most SMEs in the country as most of them are not able to provide the requisite collateral for loans, while those who are able to do so get them at higher interest rates. The Minister of State in Charge of Public Private Partnerships, Mr Rashid Pelpuo, said the government would be financially innovative in finding cheaper ways of getting money for SMEs. According to Mr Pelpuo, the growth of an economy is in question if it cannot create jobs for its people, hence the need for investment by both public and private workers, adding, ‘It is through investments that you can create jobs.’
Meanwhile, the 2013 Budget Statement of Government hinted that it would revamp existing credit schemes alongside new schemes, such as the Youth Entrepreneurship Development Fund, to provide funds for start-ups and SMEs.

South Africa: Sibanye gold shares gain 7% on good results
The share price of gold miner, Sibanye Gold gaining 7 percent during early trade on the JSE.
This showed that the market liked the results which saw headline earnings for the six months to June surging to R880 million from R453 million during the previous reporting period.
The company said during the period under review it posted a 63 percent surge in operating profit to R3.3 billion ($363 million). This was despite a marked collapse in the price of gold since mid-April this year.
Neal Froneman, the CEO of Sibanye Gold, said the improved performance in the second quarter of this year had become evident even in the third quarter of this year. Froneman said the company has begun the process of containing falling gold production and was also managing high costs that have beset some of the company’s assets. He also said the company remained positive about the outlook of all operations.
Sibanye Gold is a South African gold mining firm consisting of three principal operations. These include Kloof and Driefontein in the West Wits region and Beatrix in the Free State Province. Sibanye Gold is one of the largest gold producers in South Africa and among the top 10 largest gold producers in the country.

Kenya: KWS launches Sh20 million Taveta Water Project
The Kenya Wildlife Service will launch water projects worth more than Sh20 million in Taita Taveta county. Speaking to the press at his Voi office, KWS assistant director, Robert Obrien said the projects will improve the livelihoods of communities in wildlife prone areas. “We want to ensure people get direct benefits from the wildlife resources around them and reduce poverty levels,”Obrien said. He said KWS is drilling a bore hole worth Sh4.2 million at Mwatate .
“We shall install a water pump and a generator. We are also undertaking a water project at Bura worth Sh1.3 million,” he said. Obrien said they have spent Sh6 million for a water project in Wundanyi constituency. He said other projects include rehabilitation of Mlughi water pipeline at Sh4 million and excavation at Kasighau for Sh4 million. Obrien said the projects will help encourage residents to protect the wildlife that is currently facing the challenge of poachers.

Ghana: To seek more concessionary loans
The Minister of Trade and Industry, Mr Haruna Iddrisu, has said the government is seeking for strategic investors, both locally and foreign, to partner and to finance some key projects in the country. The projects include infrastructure-energy, construction of health facilities in the Western and Central regions, building of commercial markets, reconstruction of the Ghana Trade Fair Centre, road construction in the Western and Eastern corridors, industrial zones (parks). Public, Private Partnership (PPP) arrangement to execute those projects since that formed part of the key policies of the government to get projects done faster.
Mr. Iddrisu said government will support foreigners who invest in Ghana to boost the economy and create jobs for the people.
He said the Government of Ghana is looking for concessionary loans to execute some projects, adding that the Public Private Partnership initiative will be pursued.

Ghana: To restore the Ghana Trade Fair Centre
The government is seeking strategic investors, both locally and foreign, to partner it to restore the deteriorating trade fair centre in Accra to its former glory.
According to the Director of Communication at the Ministry of Trade and Industry, Nana Akrasi Sarpong, the move forms part of the government’s Public Private Partnership programme
The Ghana Trade Fair Centre, the once magnificent edifice meant to host major local and international fairs has been left to rot, a situation which makes it unattractive and safe to host any major fair or exhibition. Built some five decades ago, the Centre, which is placed in the care of the Ghana Trade Fair Company under the Ministry of Trade and Industry, was meant to be a site to showcase the works of industrialists in the country as part of efforts to promote made-in-Ghana goods as well as serve as a platform for other countries, mostly from the sub-region to exhibit their products and services to promote the sub regional integration agenda.

Tanzania: CTI Nods to Japan plans for Dar es Salaam
The business community in Tanzania has welcomed the nomination of the country as Japan’s new investment centre to serve the East African region saying it is a real opportunity to transform Tanzania into an industrial economy. The Confederation of Tanzania Industries sees the new Japanese plan for Tanzania as consisting of abundant opportunities to boost the growth of local businesses and spur economic development of the East African country.
Japanese Minister for Economy, Trade and Industries, Toshimistu Motegi announced that his country had nominated Tanzania to be the centre for investment that will serve the East African region and the continent at large.
With the implementation of the plan, the CTI Chairman, Mr Felix Mosha, said the industrial contributions to the Gross Domestic Product (GDP) which is currently below 20 per cent would definitely go up to more than doubling. The industrial growth will be supported by the improved power availability.
The venture is meant to strengthen the economic base and creation of job opportunities. Among the projects lined up for implementation include refurbishment of the central line railway network which will be replaced with the international gauge and expansion of the Port of Dar es Salaam to help increase efficiency in service delivery.

Ghana: World Bank support vital for economic growth
The Vice President Kwesi Amissah-Arthur says the country’s economic growth can be linked to the tremendous support from the World Bank.
The Breton Wood institution over the years has assisted the country with funding and technical support for majority of government’s projects since country’s independence. Speaking at the opening of the World Bank Groups’ new corporate office in Accra, the vice president said the country could not have come this far without the bank.
“Ghana’s partnership with the World Bank Group has been long and fruitful,” Mr Amissah-Arthur said, noting that the IFC’s portfolio in Ghana, he learned, is the third largest in Africa, “that is something we are grateful for”.
The 28 million dollar structure would house the private sector arm of the World Bank, IFC and MIGA. Since joining the group in 1957 Ghana has benefited from close to 20 billion dollars.

Ghana: July inflation rises to 11.8 per cent
Ghana’s inflation rate rose to 11.8 per cent in July, compared with 11.6 per cent in June, Dr Philomena Nyarko, Government Statistician. Dr Nyarko said the July 2013 inflation main drivers were clothing and footwear, which were largely influenced by the cedi exchange rate.
Food inflation was unchanged at 7.3 per cent in July, same as in June while the non-food inflation ticked slightly higher at 15.4 per cent from 15.1 percent. Clothing and footwear contributed 18.1 per cent to the rate of inflation while miscellaneous goods and services added 17.7 per cent. Housing, water, electricity, gas and other utilities recorded inflation of 16.6 per cent whilst the communications sub-group had the lowest inflation rate of 1.3 per cent.
At the regional level, the year-on-year inflation rate ranged from 4.6 per cent in the Upper East Region to 15 per cent in the Western Region. Four regions namely Western, Ashanti, Eastern and Volta recorded inflation rate above the national average of 11.8 per cent.

Africa: Financial flows to Nigeria and others will hit $203.9 Billion in December
Financial flows to Nigeria and other African countries through external sources are projected to increase by 9.5 percent to a new record of $203.9 billion by end of 2013, compared with $186.3 billion in 2012. A report by African Economic Outlook disclosed this, adding that the expected increase would be boosted by projected contributions of remittances, Official Development Assistance (ODA) and investments respectively.
Emerging economies such as South Africa, Nigeria, Saudi Arabia and some Asian countries are predicted to grow much faster than the G7 – France, Germany, Italy, Japan, the UK, the US and Canada – over the next four decades.
Global economic turbulence, the report stated, still posed significant risks to the outlook for external finance of all kinds, resulting in scepticism from some investors in the West, stressing that uncertainty on the recovery might have a negative impact on trade and investment. This however has not had any major negative impact on investment projections for the continent.
A host of black nations have become home to some of the world’s fastest-growing economies and offers high returns on foreign direct investment among emerging economies.
While mining and oil remain the bigger businesses, telecoms, banking, and retail have become sectors that are also showing great promises bringing about an increase of investors worldwide who are vying for a piece of the action.

Ghana: Oil industry will yield $20b in 5 years
Public sector players in the minerals industry are meeting in Accra to find ways of reducing the impact of falling gold prices on the Ghanaian economy.
Organized by the Mineral Commission, the workshop is part of a series of brainstorming sessions to ensure that the economic shocks that come with falling gold prices – unemployment and revenue loss – have little impact on the Ghanaian economy. It brought together participants from the Minerals Commission, the Ministry of Trade and Industry, the Ghana Revenue Authority, civil society, and the Bank of Ghana.
After a rather interesting two years of soaring gold prices in 2011 and 2012, the price of the powerful metal has taken a nosedive in 2013, forcing the government to abandon proposed windfall taxes. Currently, gold is trading between $1300 and $ 1350.
With 2012 Ghana Revenue Authority figures showing a $5.6 billion in export revenues and a total foreign direct investment of more than $12.5 billion from 1983 to 2012, the mineral sector currently contributes 27 per cent of government’s revenue.

Kenya, Tanzania: Partnership to exploit geothermal energy
Kenya plans to partner with Tanzania in production of geothermal power in efforts to increase energy production in the East African region. A delegation of senior government officials and members of Tanzania’s parliamentary Committee on Energy and Mining has been on a one-week experiential visit on geothermal development in Kenya with the aim of understanding capacity building, licensing and how to attract investors for the partnership.
Tanzania, which has the longest rift stretch in Eastern Africa, has about 52 identified sites with a geothermal potential of 650MW that have not been fully exploited.
Tanzania’s commissioner for energy and petroleum affairs Hosea Mbise said the exploited energy in Tanzania is about 600MW, which is low considering that the demand of the resource is about 900MW. To kick off the project, the African Development Bank — key financiers of the Menengai Geothermal project — is sponsoring a few experts from Tanzania to train on geothermal science.
The key prospects of the project include Lake Ngozi, River Mbaka and Songwe around the Mbeya region.

Ghana: Eurobond proceeds rescue domestic projects
Seth Terkper, Minister of Finance, has stated that the partial use of Government’s bond issue proceeds to refinance maturing domestic debt will reduce reliance on the short-end of the market, especially for domestic capital projects. He said it could also reduce the long lead times being experienced in sourcing and implementing of some projects related to multilateral and bilateral funds.
‘In addition, given that access to concessional funds will dwindle as a result of the country’s attainment of a lower middle-income status, the tapping of the global bond market and provisioning for existing bonds will strengthen Ghana’s credentials as a regular and responsible borrower in those markets.’
‘Secondly, the availability of the Eurobond proceeds will speed up the implementation of development projects in the 2013 Budget. In particular, counterpart funding can be made available for previously approved projects to enable these projects to be completed.’
Mr Terkper said the early redemption of Ghana’s debut 2017 Eurobond will reduce the rollover risk of refinancing the entire $750 million bond when it matures in 2017.

Mozambique: ENI will pay $400m tax to Maputo
ENI, the Italian energy giant, on Thursday disclosed it will fork out $400 million to the Mozambican taxman. Paulo Scaroni, the CEO at ENI, reportedly said this money will be in the form of capital gains tax (CGT). He also indicated that the decision was made after a meeting with Mozambican President, Armando Guebuza, in Changara.
On March 13 this year, ENI had agreed to sell its 28.57 percent stake in Area Four to the China National Petroleum Corporation (CNPC) for $4.21 billion.
However, according to ENI, it was discovered in March this year that ENI was capitalizing on a seeming tax escape route and allegedly planned to avoid paying capital gains tax through this deal.
ENI is the leader of the a group of companies searching legally for hydrocarbons in Area Four of the Rovuma Basin in the northern province of Cabo Delgado, Mozambique. In this region, large amounts of natural gas deposits have been found. They reach some 80 trillion cubic feet.
ENI is the biggest utilities firm in Europe, with a diversified gas supply portfolio and a strong position in the industrial, power generation and retail markets. It is one of the largest integrated energy companies in the world, operating in the sectors of oil and gas exploration & production and international gas transportation. Eni is active in 90 countries with 78,000 employees.

Tanzania: TIC registers 106 projects in Kilimanjaro
Tanzania Investment Centre (TIC) has registered 106 projects in Kilimanjaro Region, between January 2008 and December last year, with a total value of 265.26 million US dollars, TIC Acting Northern Zonal Manager, Mr George Mukono revealed.
He said that the projects created 8,646 jobs and he mentioned the sectors involved: agriculture (11), commercial buildings (4), human resources (9), manufacturing (28), tourism (47) and transportation (7). According to Mr Mukono, the manufacturing sector employed 2,439 people, followed by the following sectors: agriculture (2,427), tourism (2,315), human resources (887), transportation (417) and commercial buildings (161).
He mentioned lack of water for agricultural activities and difficulties involved in acquiring water rights and scarcity of land for agricultural purposes as some of the challenges facing potential investors in Kilimanjaro Region. Other challenges include lack of industrial sites as well as real estate development sites, power rationing, lack of investment and reliable market and transportation of vegetable crops and flowers as well as other crops.

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Ghana Can Achieve Economic Transformation – USAID

16 Friday Aug 2013

Posted by theinvesmentman in ACCRA, Africa, banks, Economic growth, Get rich quick, Ghana, Government, investment, Private Sector, Uncategorized, United States, United States Agency for International Development, usa

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ACCRA, Africa, Anderson, Economic growth, ghana, Government, Millennium Development Goal, Northern Ghana, Private sector, Resident Representative, Sustainable development, United States, United States Agency for International Development

Reflex Eco Group – Ghana News

Cephas Larbi (Local journalist)

Cheryl Anderson, former Country Director, United State Agency for International Development-Ghana says Ghana is capable of achieving a major economic transformation and become supplier of goods and services to the sub region.

According to her Ghana has a great potential and opportunity to be a supplier to the sub regions if right measures are put in place.

Ms Anderson who made this known during an encounter with the media in Accra said Ghana’s economic progress over the last 20 years has been laudable, adding economic growth is averaging more than 6 percent each year over the past decade and is expected to continue growing at a rapid pace in the coming years.

He said the growth has resulted in a reduction in poverty rates from 52 percent to 28 percent over the past 10 years and puts Ghana on track to reach the first Millennium Development Goal of cutting poverty in half by 2015.

However she said despite the fact that Ghana has attained a middle-income status, high cost of borrowing, unreliable supply of erratic power and high transaction costs in land markets continue to be key constraints to broad base economic growth.

This Ms Anderson said should be resolved in order for the nation to emerge as a true middle-income country.

She urged government to create the right environment for the private sector to be able to thrive, stating that the creation of the environment should not favor the big companies alone but small once too.

Ms Anderson said the private sector needs to be given the opportunity to play its role in driving the economy in order to create more jobs and feed the country.

She said the Agriculture sector is the largest source of employment in Ghana and the sector’s consistent growth, led by the government, has been a major driver of poverty reduction.

However, Ms Anderson said much of the recent growth has been driven by land expansion rather than improved productivity and gains have been concentrated primarily in Southern regions of Ghana, while Northern Ghana has significantly higher levels of under-nutrition and poverty.

Ms Anderson urged government to extend support to the north to ensure that the region also experience growth just like the South.

She said USAID in consultation with government has developed Country Development Cooperation Strategy (CDCS) as a way to promote broad-based and sustainable growth that will enable Ghana to consolidate its middle-income status.

Related articles
  • USAID hails Ghana’s success story (ghanabusinessnews.com)
  • Outgoing USAID Director Ask Ghana To Resolve Development Challenges (spyghana.com)
  • USAID Mission Director hails Ghana’s success story (modernghana.com)
  • ‘Economic complacency’ could easily become Ghana’s worst enemy – IFC (ghanabusinessnews.com)
  • Plan Ghana, USAID open ICT centre, library at Samsam Odumase (ghanabusinessnews.com)
  • The poverty of policy is cause of Africa’s underdevelopment – Otabil (modernghana.com)
  • Twins Foundation honours Burkinabé envoy (modernghana.com)
  • USAID commemorates partnership with govt (emergingfrontiersblog.wordpress.com)
  • USAIDs role in development (santandersummer.wordpress.com)
  • USAID targets 326,000 people in $60m initiative for northern Ghana (ghanabusinessnews.com)
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