• About

TheInvestmentMan

~ Smart Investment to make

TheInvestmentMan

Tag Archives: Gambia

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

≈ 1 Comment

Tags

Africa, Aggreko, Algeria, Beijing, Botswana, Cameroon, China, Dangote, Ethiopia, Eurobond, France, Gabon, Gambia, Germany, ghana, Government, IFC, India, International Finance Corporation, Japan, Kenya, Liberia, Libya, Mauritius, Morocco, Mozambique, NamPower, Oil, Ressano Garcia, Rwanda, Senegal, Seychelles, South Africa, Sub-Saharan Africa, Tanzania, Tunisia, Turkey, United Bank for Africa, United Nations Development Programme, United States, Vision 2025, Zambia

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.

Related articles
  • Mozambique to export electricity to Namibia (thezimbabwean.co)
  • Norway Empowers African Legal Support Facility with US $4.9 Million (appablog.wordpress.com)
  • The Urgent Need for Adequate Investments in Literacy in Africa (mdginafrica.wordpress.com)
  • Aggreko Plant Expanded to Supply Power to Namibia and Mozambique (appablog.wordpress.com)
  • China issues white paper on Africa trade (thebricspost.com)
  • Statement by High Representative Catherine Ashton on the situation in North Kivu (appablog.wordpress.com)
  • Entering Africa: UBL expands network to Tanzania (zicon1.wordpress.com)
  • Biosafety Law Will Threaten Food Safety In Ghana (spyghana.com)
  • The West Didn’t And The East Won’t Make Africa Rich…We Can’t Run Away From Doing Our Own Heavy Lifting (nakedchiefs.com)
  • Ghana can be independent of donor assistance – Prof. Adei (ghanabusinessnews.com)

Africa Focused News

12 Monday Aug 2013

Posted by theinvesmentman in Africa, banks, Central Africa, East Africa, Ecobank, ECOWAS, Ethiopia, Eurobond, Foreign Direct Investment, Gambia, Get rich quick, Ghana, gold, Graduates, investment, Ivory Coast, japan, Liberia, Mining, Nairobi, Nigeria, Rwanda, Sierra Leone, South Africa, Southern Africa, Uncategorized, West Africa, World Bank, Zimbabwe

≈ 9 Comments

Tags

$1billion, Africa, Eurobond, Fina Bank Group, Foreign direct investment, Gambia, ghana, Ivory Coast, Liberia, Nigeria, Rwanda, Sierra Leone, South Africa, West Africa, World Bank, Zimbabwe

REPORT OF LAST WEEK (from 05/08/13 to 09/08/13)

by Dario Galluccio

Ghana: Gold Fields Ghana invests US$2.8m in infrastructure projects

Gold Fields Ghana, one of the country’s leading mining companies has invested over US$2.8million in infrastructure projects in some communities in the country. The company said the projects are currently at various stages of execution.
Some of the projects the company has invested in this year include, connection of electricity to Tarkwa-Nsuaem Municipal Education office, the construction of 8 Seater WC facility at Huniano, supply of furniture to various schools in Tarkwa-Nsuaem Municipal and Prestea/Huni-Valley District Assemblies, and the extension of Small Town Water Supply Systems in New Atuabo and Pepesa. The rest include, the construction of Community Center at Kyerekyerewere, construction of Early Childhood Development Center at Huni – Valley, Tarring of 3km Samahu-Pepesa Road (Phase 3) and the 1.5km UMAT Junction-Brahabobom Road and Construction of JHS at Pepesa.

West Africa: Experts discuss ECOWAS rail project

‘Today’s meeting is to discuss the initial arrangements needed to bring full realization of the proposed West Coast Speed-Rail Project,’ the Country’s Representative of Hammcobtb Engineering International Incorporation-Canada, said in a statement to welcome delegates from ECOWAS countries including, Ghana, Nigeria, Togo, Benin and Côte d’Ivoire.
Broadly the project is to transform the Region’s transportation system by launching new high speed passenger and goods rail services. It is also to facilitate major industrialization of countries, improve transportation of agricultural produce, and create immediate political awareness for further economic emancipation of the people.

Nigeria: Foreign Direct Investment now U.S.$8.9 billion

The Minister of Foreign Affairs, Ambassador Olugbenga Ashiru, Thursday told the members of the National Working Committee (NWC) of the Peoples Democratic Party (PDP) that the foreign direct investment (FDI) into Nigeria rose significantly to $8.9 billion at the end of 2012.
The amount, he said was far higher than the $6.1 billion realised by the country in 2010. He also said at the end of 2012, Nigerians in the Diaspora contributed over $15 billion to the economy. Also, the minister of foreign affairs told the PDP NWC members that there were over 9,500 Nigerians in foreign prisons.
Giving accounts of his stewardship, Ashiru cited the United Nation’s World Investment Report, which stated that the total FDI into Nigeria was $8.9 billion. This, he said was far above the 2010.

Rwanda: Nigerian Bank acquires a 70 Percent stake in Fina Bank

Balivada Rao, the managing director of Fina Bank Rwanda, a subsidiary of the Kenyan-based lender, confirmed the development in a phone interview on Thursday, saying the deal was subject to regulatory approvals. Rao said the buy-out would greatly benefit both the bank and its clients in terms of products and service delivery.
“GTBank is a well capitalised, technologically advanced and customer-focused bank. So, once they acquire the 70 per cent stake, they will enable us roll out better products and services and put us in a better position to get funding from foreign development finance institutions,” explained Rao. The deal is worth about $100m (Rwf65.1b). Rao said GTBank was a key player in the West African market, where it operates in Nigeria, Ghana, Gambia, Sierra Leone, Liberia and Ivory Coast, as well as in the United Kingdom. At the end of 2012, the bank had a total asset base of $11.1b, shareholder funds of over $1.8b and earned $558.9m profit after tax. GTBank is listed on both the Lagos and London stock exchanges.
If the deal is approved, GTBank will join a list of other West African banks, including Ecobank and Access Bank, which have ventured into the region to tap into its fast-growing economies and immense opportunities, especially in oil and gas.
Fina Bank Group has total assets of $338m. Its loan book was $184m in the first quarter of this year. The bank operates 38 branches across Kenya, Uganda and Rwanda.

Ghana: $1 billion Eurobond cash will arrive on August 7th

Government is set to receive the Eurobond cash of $ 1 billion on August 7, 2013. It follows a successful bond sale which was over subscribed.
‘The cash comes in nine days from the deal. The deal was done on the 25 July, 2013 and per the deal which is Trade day plus nine working days, it then falls on 7 August, Deputy Finance Minister Kweku Ricketts Hagan said. With a 10-year grace period, the bond will mature on August 7, 2023, he added.
Out of the $1 billion raised, $300 million is expected to be used for the refinancing of expensive domestic debt. $250 million will also be used to retire part of the $750 million Eurobond which was floated in 2007. Ricketts Hagan stated that $300 million will also be invested in capital projects, which are self-financing.

Zimbabwe: Mining sector in dire need of FDIs

Governement has to be consistent in its polices to attract Foreign Direct Investments (FDIs) in the mining sector, permanent secretary for Economic Planning and Investment Promotion Desire Sibanda has said. Sibanda said FDIs remained a key ingredient for rapid economic growth but there was competition globally for investment inflows.
“Competition for FDI is fierce on the continent and is expected to intensify. It is therefore critical to note that the policies and approach to attract FDI has to be smart. There is need to demonstrate policy consistency and stability,” said Sibanda.
He also said the country’s mining sector was in dire need of investments, especially its infrastructure.
“What has been undermining Zimbabwe’s rich mineral wealth have been challenges such as inadequate infrastructure development, perceptions of corruption to unfair licensing practices, political risks and the high capital costs associated with establishing or expanding a mining venture,” he said.
“To attract more FDIs, Zimbabwe needs to improve the doing business indicator,” he said.
Sibanda said the turbulent political environment in the last decade and poor perception of the country from potential investors had negatively impacted on the country’s economic growth. He said government recently floated a US$32 million tender for an aeromagnetic mineral exploration exercise in the Eastern Highlands to determine the quantity of minerals.
“The exploration will help to comprehensively determine the extent of the country’s mineral wealth and have adequate information to lure investors,” said Sibanda. “Plans are in place to set up an exploration company to identify mineral deposits throughout the country.” He said the mining sector continued to grow and this was attributed to positive performance in diamonds, chrome, nickel, platinum and palladium.

Ghana: Ghana Water and Ghana Urban merger complete

Transitional arrangements for the merger of the Ghana Water Company Limited (GWCL) and the Ghana Urban Water Limited (GUWL) into a single national utility company have been completed with the introduction of a new administration to manage the company. The new administration is to be headed by a managing director, two deputies and chief managers who will head the various regional offices of the company.
Before the merger, the two companies had been solely responsible for water services in urban areas throughout the country. To facilitate the government’s plans of merging the two companies, a 14-member committee was inaugurated to oversee the reform of the water sector.

Africa: West Coast High Speed rail project consultants meet beneficiaries

Consultants working on the 1,178 kilometre West Coast High Speed rail for the West African sub region Sunday presented technical details of the project to representatives of the beneficiary countries in Accra. The work, which has received the sanction of ECOWAS, will start from Nigeria through Benin, Togo, Ghana and end in Cote d I’viore.
The consultants of the project, HammcoBTB Engineering International Incorporated of Canada, met with representatives from Ghana, Benin, Togo, Cote I’dviore and Nigeria to brief them on the extent of work. Ghana has already expressed interest, but it is left with the commitment from the governments of Benin, Ivory Coast and Nigeria for the commencement of work.

South Africa: Nedbank posts solid interim results

South Africa’s fourth biggest bank, Nedbank, on Tuesday said it had posted a solid set of results in the six months to June this year, thanks to strong revenues derived from fees. But the lender’s share price remained unchanged on the JSE’s early trade as these results were said to be in line with expectation.
A subsidiary of Old Mutual, Africa’s biggest insurance company and an international wealth manager, Nedbank posted a 13 percent surge in interim profits.
Profits were made better by the company’s robust growth in revenues from fees, with headline earnings a share soaring to 831 cents during the period under review.
In the six months to June this year, Nedbank announced a half year dividend of 390 cents. This is 15 percent higher than the previous comparable period. Nedbank is also in a tactical joint venture with West Africa’s Ecobank, which has opened the JSE-listed lender to many Africa countries.

South Africa: Delta’s property portfolio will surge after acquisitions

Delta Property Fund is poised to inject a huge chunk of the R2 billion ($203 million) it plans to raise for acquisitions of buildings across South Africa. The firm, which leases office complexes to the South African administration, believes prospects are great in renting office space to government.
Bronwyn Corbett, the CFO of Delta, identified Telkom SA, electricity utility, Eskom, and ports-to-rail utility, Transnet, as state-owned companies that had all the likelihood to be its customers. The firm is going to obtain money for these acquisitions through debt markets in the wake of good financing rates, Corbertt said. Delta is set to escalate the worth of its real-estate collection to R7 billion ($710 million) in 2017. The portfolio will surge from R4.4 billion ($447 million) as demand for government offices increases. The firm rents almost 75 percent of its office complexes to government ministries and state-owned firms with nine-year-long leases.

South Africa: Nedbank allies with Bank of China for deals and trade

South Africa’s Nedbank Ltd said on Tuesday it had entered into an alliance with Bank of China to target trade and investment between Africa and the world’s second-largest economy.
“The alliance will provide Nedbank with access to new clients and new markets, and will facilitate both parties’ lending, trade finance and transactional banking businesses across Africa,” Nedbank CEO Mike Brown said in a statement.

Ghana: Subsidies on all petroleum products to be scraped by end of year

Consumers of Petroleum products should by the end of this year be prepared to pay the real price of petroleum prices on the world market. This is because government is working to completely remove subsidies on all petroleum products.
Government has already taken off subsidies on petrol, diesel and LPG, but is still subsidizing the other products, like Premix , Kerosene and marine gas oil. Edward Bawa who speaks for the Energy Ministry said the subsidy removal has been necessitated because the targeted poor was not benefiting even though it had a huge impact on government expenditure.

Ghana: Banks increase assets

Total assets of the banking industry as at the end of June 2013 increased to GH¢30.6 billion compared to GH¢24.6 billion in June 2012.
This was driven mainly by advances which accounted for 44.7 percent of the total assets.
Dr. Kofi Wampah, Governor of Bank of Ghana (BoG), who made this known at the close of a Monetary Policy Committee (MPC) meeting in Accra, said the asset growth was mainly funded by deposits which recorded an annual growth of 13.3 percent to GH¢20.4 billion at the end of June 2013. He also said Non-Performing Loans (NPL) ratio in the banking industry decreased to 12.8 percent in June 2013 from 13.2 percent in June 2012, adding that the ratio, excluding the loss category, also declined to 4.7 percent from 5.9 percent in the same period.
Meanwhile, Dr. Wampah said Annual growth in private sector credit slowed to 33.5 percent in nominal terms at the end of June 2013 from 39.0 percent in June 2012. “Similarly, annual growth of real private sector credit was 20.1 percent in June 2013 down from 27.0 percent in June 2012,” he added.

Nigeria: Bourse records stellar performance

The Nigerian bourse continued its march towards new heights and outperformed other African markets by the end of July 2013.
Nigerian equities, among the best performing markets in 2012, have recorded a growth of about 35 percent by the end of July 2013. It managed to outperform other major African markets such as South Africa, Egypt, Zambia, Mauritius and Kenya. It trailed only Ghana, which achieved an impressive return of around 61 percent. During the same period, Mauritius, South Africa and Egypt posted returns of 7.9 percent, 5.2 percent and 7.9 percent, respectively.
In the first seven months of 2013, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) has increased from 23,488.79 to 38,424.34 points. Its market capitalization has also surged from N7.476 trillion ($46.8 billion) to 12.169 trillion ($76 billion). Compared to the same period last year, the Nigerian market rose by 63 percent.
Market analysts believe that the Nigerian market will be able to maintain its positive momentum and continue to attract investors in remaining part of the year. The market is expected to benefit from result announcements by major companies in the second quarter of this year. Even though bearish trend prevailed in June, the market still offers attractive returns in under-priced stocks.

Africa: World Bank commits record US$14.7 billion

World Bank Group committed a record US$14.7 billion to support economic growth in Africa in the 2013 fiscal year (July 2012 to June 2013). The move is also intended to help improve the development prospects of the continent despite uncertain economic conditions in the rest of the global economy.
In a report from the bank Mr Makhtar Diop, World Bank Vice President for the Africa Region, said: ‘The region has shown remarkable resilience in the face of a global recession and continues to grow strongly.’
‘Africa is at the centre of the World Bank Group 2030 goals of ending extreme poverty and promoting shared prosperity, in an environmentally, socially, and fiscally sustainable manner’, he added.
The World Bank Group continued its strong commitment to Africa by approving US$8.25 billion in new lending for nearly 100 projects in the fiscal year under review. These commitments include a record $8.2 billion in zero-interest credits and grants from the International Development Association (IDA), the World Banks fund for the poorest countries. This is the highest level of new IDA commitments by any region in the banks history, the report said.

Ghana: Abokobi Rural bank posts over 500 % profit

The Abokobi Area Rural Bank, a pioneer rural bank in Ghana, made a whopping 519.99 per cent increase in profit before tax in 2012 after it plummeted into a loss in 2010. The bank closed the financial year with a profit position of GH¢306,108.00 from GH¢58,868.00 in 2011, which the ARB Apex Bank, the umbrella body of rural banks, had attributed to effective and efficient management of its resources.
In the near future, the bank intends to open more branches, expand its microfinance programme, repackage its Susu scheme, provide mobile banking service, intensify loan recovery and build the capacity of its staff

Ghana: ‘Banks Must Issue Public Bonds’

The First Deputy Governor of the Bank of Ghana (BoG), Millison Narh has raised concerns over the lack of interest by private financial institutions to issue public bonds in the country. He said findings of the bond market committee revealed more privately placed bonds than public listed bonds on the market.
He said bond issuance plays a critical role in resource mobilization by providing medium to long-term funds in financing investment. He also attributed the lack of willingness on the part of private users to issue public bonds to transparency, transaction cost, micro-economic uncertainty and lack of clear guidelines on corporate bond issuance.

South Africa: Old Mutual boosts offer to UK advisers

Africa’s biggest life insurer, Old Mutual, is set to boost services its Swedish subsidiary, Skandia, offers to financial advisers in the United Kingdom (UK). This emerged after Old Mutual on Wednesday said it had signed a 20-year contract with International Financial Data Services (IFDS) to achieve this.
IFDS is UK’s leading supplier of investor-recordkeeping services and systems to the UK domestic and to the European “offshore” market.

South Africa: Reserves rise in July

The Reserve Bank’s dollar-denominated holdings of gold and foreign assets rose in July from June, amid a rising gold price and currency fluctuations. The Bank said its dollar-denominated holdings of gold and foreign assets rose by $340m to $47.319bn in July‚ from US$46.979bn in June.
The Bank said the increase in the gross reserves mainly reflected valuation adjustments emanating from the significant increase in the dollar price of gold and the fluctuation of the dollar against major currencies.

Africa: Job-hungry graduates moving to Africa to avoid menial jobs in UK

Ambitious graduates are increasingly moving to Africa in a bid to avoid menial jobs in Britain, new research has revealed. The number of university leavers seeking employment in Ghana and other English speaking African countries has almost doubled in the last three years.
While managerial salaries are generally lower than those in the UK, graduate positions in West Africa’s thriving financial and property markets are “significantly” more plentiful. Competition is also less fierce, with African employers receiving an average of 15 applications for every graduate job, compared to around 85 in Britain.

West Africa: To be Africa’s fastest growing region in 2014

The African Development Bank’s (AfDB) lead Research Economist, John Anyanwu, said that West Africa would be the fastest-growing region in Africa between 2013 and 2014, with 6.7 per cent and 7.4 per cent economic growth rate.
He said: “West Africa is expected to continue its rapid growth with rates of 6.7 per cent in 2013 and 7.4 per cent in 2014, thereby becoming the fastest-growing region of the continent in the period under review.
“Growth in the region is not only driven by oil and mineral sectors but also by agriculture and services and on the demand side often by consumption and investment.”
Commenting on the continent, he said that in 2012, growth performance varied widely, adding that oil-exporting countries achieved significantly higher Gross Domestic Product (GDP) growth than oil importers.
Anyanwu said that Nigeria’s average growth was expected to continue growing by between 6.7 per cent and 7.3 per cent in 2013 and 2014 respectively, while that of Ghana and Côte d’Ivoire would likely exceed eight per cent and nine per cent respectively during the period under review.
In East Africa, he noted, most countries such as Rwanda, Tanzania, Ethiopia and Uganda, were on a solid growth path of between five per cent and seven per cent during the projection period. According to him, growth in Kenya, with no major post-election turmoil, is expected to amount to 4.5 per cent in 2013 and to accelerate to above five per cent in 2014. He said that the Sudanese economy was affected by the secession of South Sudan but would witness moderate growth and some acceleration in 2014.
In Central Africa, Anyanwu said that the GDP would likely grow by 5.7 per cent in 2013 and 5.4 per cent in 2014 with above average growth in Chad and in DRC.
On Southern Africa, he said: “The GDP is expected to grow by around four per cent in 2013 and to accelerate to 4.6 per cent in 2014, while Angola, Mozambique, Zambia and Botswana growth will remain buoyant.
The report forecast average growth on the continent at 4.8% this year and 5.3% next year.

Ghana: Mine workers threaten strike

The Ghana Mine Workers Union (GMWU) of the Trades Union Congress (TUC) has sternly cautioned the Labour Commission not to interfere in matters relating to the payment of their salaries.
They noted that their position to deal directly with the Fair Wages and Salary Commission (FWSC) and government to address the huge salary disparities is intact. The GMWU warned that it would embark on an industrial action if the Labour Commission attempts to prevent their migration onto the Single Spine Salary Structure (SSSS).
The General Secretary of GMWU, Prince William Ankrah noted that “there will be serious repercussions on the labour front if the Labour Commission puts any impediment in our effort to directly jaw-jaw with government on salary inequalities.”
“As a union, we will not tolerate any lukewarm approach of having our grievances resolved by the labour commission but will rather seek to present our case by ourselves to the FWSC, as well as government,” he said.
He added “we will therefore not countenance any attempt to foil our resolve to have our salaries streamlined by government to reflect those currently on the Single Spine Salary Structure.”

Kenya: Old Mutual continues with Africa expansion plan

In an effort to support its growth in the rest of Africa, Old Mutual, Africa’s biggest insurance company, says it is in search of more “suitable targets” to acquire.
According to the insurer, its incorporation, and that of its subsidiary, Mutual & Federal (M&F), in the rest of Africa is currently being executed as the first phase in an attempt forge the amalgamation of its entire property & casualty unit into the Johannesburg-based Old Mutual Emerging Markets (OMEM) business.
Old Mutual made this disclosure shortly after stating that it is ready to lay out its insurance offering in East Africa’s second biggest micro-finance firm, Faulu Kenya. This was after it bought a controlling stake in Faulu, which is based in Nairobi, for an undisclosed sum.
Ralph Mupita, CEO of Old Mutual Emerging Markets, recently told reporters in Johannesburg that this acquisition will give Old Mutual exposure to over 400, 000 Faulu clients.
At the time the deal was announced, Mupita said the acquisition permitted Old Mutual a smooth entry into the mass market.
Old Mutual said the money used to buy the stake in Faulu will come from the R5 billion ($506 million) the firm recently said is earmarked for acquisitions in Africa.
Faulu is the first deposit-taking micro-finance firm to be given the go ahead to operate in Kenya by the Central Bank of Kenya (CBK). The Kenyan insurer has a distribution network that spreads across Kenya with over 100 branches. Its market is equal to the one that is served by Old Mutual’s Mass Foundation business in South Africa.

Africa: ‘Adopt progressive industrial policies’

Economic development on the African continent would continue to be impeded if leaders do not address the lack of progressive industrial policies, a new report has indicated.
The Aspire West Africa report said major barriers to the growth of businesses include inefficient logistics, the lack of adequate housing for companies and families, the lack of medium and long-term financing, as well as weak private sector and malfunctioning institutions.
It said leaders have not evolved efficient long-term plans to make businesses competitive. Dr. Lucy Surhyel Newman indicated that businesses could gain immensely if they work together.
“There are several reasons why firms in Africa should adopt business integration strategies because they will be able to market their products to billions of consumers and be able to use the technical know-how of neighbouring countries to upgrade production.” She said regional conflicts, corruption, bureaucracy and the lack of viable business networks often hinder the process of integration.
Dr. Newman called on policy makers to focus on restructuring industries to become competitive in external markets instead of attempting to establish business conglomerates in particular sections of the continent. Authur Hubert, Chief Executive Officer (CEO) of Interplast Ghana, also asserted that African countries could deliver quality products in conducive environments.

Zimbabwe: Telecel licence extended for 20 years

Egypt’s cellphone operator, Orascom Telecom, on Wednesday disclosed that Telecel Zimbabwe, its majority-owned subsidiary, has had its mobile business license extended by 20 years. However, Orascom failed to disclose if it had consented to Zimbabwean government’s request that it reduce its shareholding in the operation to at least 40 percent.
Telecel Zimbabwe parted with $137.5 million for the renewal of the contract to operate in the country for another 20 years.

Ghana: To seek more concessionary loans for projects
The Minister of Trade and Industry, Mr Haruna Iddrisu, has said the government is seeking more concessionary loans 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 and the establishment of industrial zones (parks).
The minister, who said this in an interaction with a number of business groups and companies in Turkey during his recent visit to that country, added that the government would also welcome 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.
The minister and his entourage met with Mr Nihat Ergün, Minister of Science Industry and Technology of Turkey, MNG, officials of the Ankara Chamber of Industry, officials of the Ministry of Food Agriculture and Livestock, Agricultural Machinery and Equipment Test Centre (TAMTEST) and officials of the Ministry of Food, Agriculture and Livestock, National Food Reference Laboratory.
In his meeting with Mr Ergün, the minister recalled the healthy relationship between the two nations and noted that Ghana was interested in improving and strengthening the relation between the two countries to boost and increase trade.
Mr Iddrisu urged the two countries to work together to be able to increase trade between the two nations from the current $500 million to $1billion per annum.

Related articles
  • FDI – Nigeria First in Africa for a Second Year (mpoverello.com)
  • Ghana drops to 5th largest receiver of FDI in Africa – UN (ghanabusinessnews.com)
  • Gold Fields builds new block for Bagri School (modernghana.com)
  • Mills’ reverence for Parliament was exceedingly significant – Ablakwa (modernghana.com)
  • Nigeria’s Foreign Direct Investment Now $8.9bn (naijainvest.com)
  • War Against Malaria Reaches Ghana – Thanks to ECOWAS, Cuba and Venezuela (youthandeldersja.wordpress.com)
  • Experts discuss ECOWAS rail project (ghanabusinessnews.com)
  • Ghana gets two positions on ECOWAS Commission (modernghana.com)
  • Ghana places 5th as the largest receiver of FDI in Africa (spyghana.com)
  • Common Currency By January 2015 (theinvesmentman.wordpress.com)

Recent Posts

  • Why a Multimillion Dollar Clock Might Mean Time is Up for Francafrique
  • Investment News: Sanderson, Chime Communications, Sirius Minerals & more
  • Fake Chinese goods harming Africa’s economy
  • UNIDO Addresses Challenges In Wood sector
  • Put Up Modern ICT Infrastructures

Recent Comments

Dyan on News & Tips
Boris on News & Tips
Fletcher on News & Tips
Turkey Builds Indust… on Ghana Gets $9.7m For Forest…
Turkey Builds Indust… on Ghana Gets $9.7m For Forest…

Archives

  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013

Categories

  • 1997 Asian financial crisis
  • 2013 West Africa Business Expo
  • a price assessor
  • Abcam
  • Aberdeen
  • Abokobi
  • Abraham Lincoln
  • Abuja
  • ACCE-Global
  • ACCRA
  • Accra International Conference Centre
  • Addis Ababa
  • Advocacy Advisor
  • Aer Lingus
  • AFC
  • AFD
  • AfDB
  • Africa
  • Africa Finance Corporation
  • Africa Progress Panel
  • African
  • African Affairs
  • African Barrick Gold
  • African Development Bank
  • African Economic Outlook
  • African Union
  • African Union Commission
  • African Union Summit
  • Agence Francaise de Development
  • Agence France-Presse
  • Aggreko
  • AGOA
  • Agricultural Investment Fund
  • Agriculture
  • Ahafo
  • AIDS
  • Airbus
  • Airbus A320 family
  • Airline
  • Airtel
  • Ajinomoto
  • Akyem
  • Al-Shabaab
  • Alent
  • Algeria
  • Ali Mazrui
  • Aliko Dangote
  • Alliant Techsystems
  • Alluminium
  • Amalbank
  • América Móvil
  • AMC Networks
  • Amec
  • American College of Emergency Physicians
  • American International Group
  • Andor Technology
  • Andrew Bracey
  • Andrew Mwenda
  • Angela Ahrendts
  • AngloGold
  • AngloGold Ashanti
  • Angola
  • Antoinette Sayeh
  • Antrak Air
  • Apache Corporation
  • Apple
  • April
  • Arab Bank
  • Arab Maghreb Union
  • Arbuthnot Banking Group
  • Argos
  • ARM Holdings
  • Arqiva
  • Asamankese
  • Ashtead
  • Asia
  • Asia Pacific
  • Asos
  • Associated British Foods
  • Association of African Universities
  • Atacama Desert
  • Atkins
  • Auroch
  • Australia
  • Austria
  • Automated Clearing House
  • Avanti Communications
  • Aviva
  • Aviva Investors
  • AVN
  • Avon
  • Avon Rubber
  • AZ Electronic Materials
  • Azerbaijan
  • Électricité de France
  • BAE Systems
  • Baker Tilly International
  • Balfour Beatty
  • Bank
  • Bank account
  • bank of england
  • Bank of Ghana
  • banks
  • Barack Obama
  • Barclays
  • Barents Sea
  • Barratt Developments
  • Barrick Gold
  • BBA Aviation
  • BBC
  • BC Partners
  • Bear Stearns
  • Beijing
  • Beijing Capital International Airport
  • Bellway
  • Ben Bernanke
  • Beowulf Mining
  • Berkshire Hathaway
  • Berlin Ringbahn
  • Bern University of Applied Sciences
  • Bernanke
  • BG Group
  • Bharti Airtel
  • BHP Billiton
  • Biffa
  • Bitcoin
  • Blackstone
  • Bloomsbury Publishing
  • Blue Skies
  • Bob Wigley
  • BoG
  • Bolivia
  • Bonmarché
  • Booker Group
  • Botswana
  • BPO
  • Brazil
  • Bredbury
  • Bretton Woods
  • Bretton Woods system
  • Brian Gladden
  • BRIC
  • BRICS
  • British Airways
  • British Isles
  • British Land
  • Britvic
  • Broiler
  • Brong-Ahafo Region
  • Brussels
  • BSIF
  • BSkyB
  • BTG
  • Bucharest
  • Bulgaria
  • Bunzl
  • Burberry
  • Burkina Faso
  • Burundi
  • Business
  • Business and Economy
  • Business process
  • Business process outsourcing
  • Business Services
  • Busoga
  • Bwin.party digital
  • Cabinet Secretary
  • Cable & Wireless Communications
  • Cairn Energy
  • Cameroon
  • Canada
  • Canadian International Development Agency
  • Canpotex
  • Cape Coast
  • Cape Town
  • Cape Verde
  • Capita Group
  • Capital & Regional
  • Capital (economics)
  • Carillion
  • Carl Icahn
  • Carlos Lopes
  • Carlos Slim
  • Carlsberg A/S
  • Carlsberg Group
  • Carpetright
  • Carrefour
  • Cash-in-Advance
  • Cattle
  • Cedi
  • Centamin
  • Centenary Bank
  • Central Africa
  • Central bank
  • Centrica
  • Ceres Power
  • CFAO
  • Chairman
  • Chartered Institute of Building
  • Cheltenham Festival
  • Chemring Group
  • Chesnara
  • Chief executive officer
  • Chile
  • Chime Communications plc
  • china
  • China Development Bank
  • China EXIM Bank
  • China Investment Corporation
  • China National Petroleum Corporation
  • China Resources Enterprise
  • China-Africa Development Fund
  • Christopher Bailey
  • CINE
  • Cineworld
  • Cinven
  • City of London
  • Citylink
  • Civil engineering
  • Climate Investment Fund
  • Climate Investment Funds
  • CLS Holdings
  • CNOOC Limited
  • coal
  • Collateralized debt obligation
  • Commonwealth Heads of Government Meeting
  • Company
  • Competition Commission
  • Compound feed
  • Computacenter
  • Congo
  • Congo Republic
  • ConocoPhillips
  • Conservative
  • Construction
  • Construction and Maintenance
  • Consumer Confidence Index
  • Consumer price index
  • Consumer Price Index – CPI (CPIS)
  • Convention People
  • Convention People's Party
  • Corporate tax
  • Costa Coffee
  • Costa Rica
  • Costain Group
  • Cotton
  • Counterfeit medications
  • cpi
  • Crime
  • Crossrail
  • Currency
  • Customer
  • Daily Monitor
  • Dalton Philips
  • Dangote
  • Dangote Group
  • Dart Group
  • De La Rue
  • Debenhams
  • Debt
  • Debt-to-GDP ratio
  • Dechra Pharmaceuticals
  • Declaration
  • Dell
  • Deloitte
  • Democratic Republic Congo
  • Democratic Republic of Congo
  • Denis Sassou Nguesso
  • Desire Petroleum
  • Deutsche Bahn
  • Deutsche Bank
  • Devon
  • DFCU Bank
  • DHL
  • Diamonds
  • Direct Line
  • Dixons Retail
  • DNO International
  • Documentary Collections
  • Dogbegah
  • Dollar
  • Dominic Picarda
  • DS Smith
  • Dubai
  • Dubai Aerospace Enterprise
  • DuPont Pioneer
  • Durham University
  • East Africa
  • East African Community
  • East Asia
  • Eastern Europe
  • EasyJet
  • ECG
  • Ecobank
  • Economic
  • Economic development
  • Economic growth
  • Economy of Africa
  • Economy of Ghana
  • ECOWAS
  • EEM
  • Egton Medical Information Systems
  • Egypt
  • EITI
  • Eland Oil & Gas
  • Electrocardiography
  • Emerging Africa
  • Emmanuel Armah Kofi Buah
  • Emmanuel Armah-Kofi Buah
  • Energy
  • Energy industry
  • Energy Information Administration
  • energy market
  • ENI
  • Enquest
  • EOH
  • Equatorial Guinea
  • Equities
  • Eric Hutchinson
  • Ethiopia
  • EU
  • Eurobond
  • European Central Bank
  • European Investment Bank
  • European Union
  • European Union-Economic Partnership Agreement
  • Excellency
  • exchange-traded fund
  • Exillon Energy
  • Export
  • Export & Agency Finance
  • Export-Import Bank of the United States
  • Extractive Industries Transparency Initiative
  • Facilities Management
  • Facility management
  • Factoring
  • Falkland Island
  • Falkland Oil and Gas
  • Farmer
  • Federal government of the United States
  • Federal Open Market Committee
  • Federal Reserve
  • Federal Reserve Bank of Chicago
  • Federal Reserve System
  • Ferrous
  • Fiberweb
  • Finance
  • Financial institution
  • Financial Services
  • Firestone Diamonds
  • First Quantum Minerals
  • Fiscal year
  • Fitch
  • Flour
  • FlyBe
  • Fola Adeola
  • Food and Drug Administration
  • Food and Related Products
  • Foreign Direct Investment
  • Forestry
  • Forfaiting
  • Foxtons
  • France
  • Frederick Chiluba
  • Free trade area
  • Free Trade Zone
  • Freedom of information
  • Fresh Easy
  • Fruit
  • Gabon
  • Galliford Try
  • Gambia
  • Gambling
  • Gas station
  • GDP
  • Gemfields
  • Genel Energy
  • george osbourne
  • German
  • Germany
  • Get rich quick
  • Gettysburg Address
  • Ghana
  • Ghana cedi
  • Ghana Civil Aviation Authority
  • Ghana Commercial Bank
  • Ghana Interbank Payments & Settlements Systems
  • Ghana National Petroleum Corporation
  • Ghana News Agency
  • Ghana Standards Authority
  • Ghana Stock Exchange
  • Ghana’s Supreme Court
  • Ghanaians
  • Gibraltar
  • GIPC
  • GKN
  • GKP
  • GlaxoSmithKline
  • Global Witness
  • GNPC
  • Go-Ahead Group
  • Goals Soccer Centres
  • gold
  • Gold as an investment
  • Golden Star Resources
  • Goldman Sachs
  • Goma
  • Government
  • Government of the Democratic Republic of the Congo
  • Governor
  • Graduates
  • Great Northern Warehouse
  • Great Western Main Line
  • Greater Accra Region
  • Greater London
  • Greece
  • Green Deal
  • Greg Hawkins
  • Greggs
  • Gross domestic product
  • GSE
  • Gucci
  • Gulf Keystone Petroleum
  • GW Pharmaceuticals
  • Hanna Tetteh
  • Hannover Re
  • Hansteen Holdings
  • Hargreaves Lansdown
  • harmonised Index of Consumer Prices
  • Haruna Iddrisu
  • Hauwei
  • Head of state
  • Headlam
  • Headlam Group
  • Heineken
  • Heineken NV
  • Heritage Oil
  • Hesse
  • HIBU
  • Hinckley
  • History of Africa
  • Hochschild Mining
  • Home Retail Group
  • home sellers
  • Homebase
  • Homeless International
  • Hongkong
  • Hoop-Maud Basin
  • hope city
  • House prices
  • HSTN
  • Human capital
  • Hydrocarbon exploration
  • Hylas 2
  • Iberia
  • IBM
  • ict
  • Identity theft
  • IFC
  • IG Group
  • ihs
  • IHS Global Insight
  • Imagination Technologies
  • imf
  • Imperial Tobacco
  • India
  • Indonesia
  • Industrialisation
  • Inflation
  • Inflation rate
  • Information and communication technologies for development
  • Information Communication Technology
  • ingenie
  • Insurance
  • Intercontinental Hotels Group
  • International Airlines Group
  • International Business and Trade
  • International Finance Corporation
  • International Mining Infrastructure Corporation
  • International Monetary Fund
  • International Organization for Standardization
  • International standard
  • International Telecommunication Union
  • International trade
  • International Trade Administration
  • Internet access
  • Interserve
  • Invensys
  • Investing
  • investment
  • Iofina
  • IP Group
  • Ireland
  • Irish Stock Exchange
  • isa
  • IShares
  • Islamic Development Bank
  • ist of banks in the People's Republic of China
  • Isuzu
  • Italy
  • Ithaca Energy
  • Ivory Coast
  • J D Wetherspoon
  • Jaipur
  • japan
  • Japan Airlines
  • Jardine Lloyd Thompson
  • Java Metadata Interface
  • JD Sports
  • Jeremy Asher
  • jobless claims
  • Johannesburg
  • John Dramani Mahama
  • John Kufuor
  • John Mahama
  • Johnston Press
  • JPMorgan Chas
  • Jubaland
  • Jubilee
  • Julian Clarke
  • June
  • Justice ministry
  • Kabel Deutschland
  • Kakira
  • Kampala
  • Kasoa
  • Kazakhstan
  • Kenneth Kaunda
  • Kent
  • Kentz
  • Kenya
  • Kenya National Union of Teachers
  • Kenya Revenue Authority
  • KENZ
  • KeyBank
  • Kier Group
  • Kipochi
  • Kirkland Lake Gold
  • Kitbag
  • Kleeneze
  • Kohlberg Kravis Roberts
  • Korea
  • Korean language
  • Kosmos
  • Kotoka International Airport
  • KPN
  • Kulim
  • Kumasi
  • Kurdistan
  • Kwabenya
  • Kwame Nkrumah
  • labour economics
  • LAD
  • Ladbroke
  • Lagos
  • Lamprell
  • Lancashire
  • Lancashire Holdings
  • Land grabbing
  • Land tenure
  • Latin America
  • LawX
  • LeapFrog
  • Legal & General
  • Legon
  • Lesotho
  • Letter of credit
  • Liberia
  • Libya
  • Limited company
  • Liquefied natural gas
  • List of countries by natural gas proven reserves
  • List of sovereign states and dependent territories in Africa
  • Lloyds Banking Group
  • Lloyds TSB
  • Local government
  • Lok
  • London
  • London Stock Exchange
  • Los Angeles
  • Low-cost carrier
  • Lubricant
  • Lucozade
  • Lusaka
  • Lybster
  • M&C Saatchi
  • Macroeconomics
  • Madame Tussauds
  • Made in Ghana Solo Exhibition
  • Maersk Line
  • Mahama
  • Makerere
  • Makerere University
  • Makro
  • Malawi
  • Malaysia
  • Mali
  • Man Group
  • Management
  • Manchester
  • Manchester Airport City
  • Manufacturing
  • Maritime and Dockworkers’ Union
  • Market
  • Marketing management
  • Marrakech
  • Marston
  • Marubeni
  • Mauritius
  • May
  • MDC
  • Meggitt
  • Merlin Entertainment
  • Mervyn King
  • Mexico
  • Mfantsipim School
  • MG Rover Group
  • Michael Dell
  • Michael O'Leary
  • Middle East
  • Military of the Democratic Republic of the Congo
  • Mine
  • Mines
  • Minimum capital requirement
  • Mining
  • Mining industry of Nigeria
  • Minister of Trade
  • Ministry of Trade
  • Ministry of Trade & Industry
  • Ministry of Trade and Industry (Norway)
  • Ministry of Trade and Industry (Singapore)
  • MITIE Group
  • Mobile device
  • Mobile payment
  • Mogadishu
  • Molins
  • Momentum Global Investment Management
  • Mondelez
  • Monetary Policy Committee
  • MoneyGram
  • mongolia
  • Monitise
  • MorganTsvangirai
  • Morocco
  • Morrison
  • Moss & Associates
  • Mothercare
  • MOTI
  • Mozambique
  • MTN Group
  • MTN Uganda
  • Mwai Kibaki
  • Mytrah Energy
  • Nairobi
  • NamPower
  • Nana Akufo-Addo
  • Nanoco
  • Nariman Behravesh
  • National Association of Realtors
  • National Democratic Congress
  • National Park Authority
  • National Weather Service
  • Nationwide Building Society
  • Natural capital
  • Natural resource
  • Net profit
  • Netherlands
  • New Drug Application
  • New Patriotic Party
  • New York
  • New York Times
  • Newmont Ghana
  • Nigeria
  • Nigerian
  • Nigerian Civil War
  • Nigerian government
  • NigeriaX Barclays
  • Nkroful
  • Nnimmo Bassey
  • Nokia
  • Non-governmental organization
  • Non-revenue water
  • North Africa
  • North Kivu
  • North Sea
  • North York Moors
  • Northern Hemisphere
  • Northern Italy
  • Norway
  • Norwegian Sea
  • Nsawam
  • Obuasi
  • Obuasi Gold Mine
  • Ocado
  • Office for National Statistics
  • Office of Fair Trading
  • Office REITs
  • Oil
  • Oil & Gas
  • Oil and Gas
  • Oman
  • Omar Bongo
  • Open Account
  • Ophir Energy
  • OPIC
  • Order of the Bath
  • Osaka
  • Outsourcing
  • Overseas Private Investment Corporation
  • Oxfordshire
  • Oyu Tolgoi mine
  • OZ Minerals
  • Paddy Power
  • Pan African University
  • Pan-Africanism
  • Papua New Guinea
  • Patriots Day
  • Patron Capital
  • Paul Kagame
  • Paul Victor Obeng
  • Payment system
  • Percentage
  • Personal computer
  • Pesa
  • peter Dixon
  • Petra Diamonds
  • Petroceltic International
  • Petrofac
  • Petroleum
  • Petroleum industry
  • Phil Bentley
  • Picturehouse
  • Picturehouse Cinemas
  • Pilbara
  • Pipeline
  • Pixmania
  • Platts
  • pOLAND
  • Policy analysis
  • Politics of Nigeria
  • Polo Resources
  • Pork
  • Potash Corporation of Saskatchewan
  • PotashCorp
  • Poultry
  • Poultry farming
  • Poverty
  • Poverty reduction
  • PPP
  • precious metals
  • Premier Farnell
  • Premier Inn
  • Premier Oil
  • Price
  • prices in London
  • PricewaterhouseCoopers
  • Private equity
  • Private Sector
  • Private sector development
  • Prof Fosu
  • Project management
  • property
  • Provident Financial
  • Public company
  • Public safety
  • Public utility
  • Public-Private Partnerships
  • Pumsaint
  • Quindell
  • Quindell Portfolio
  • Range Resources
  • Rangers F.C.
  • Raven Russia
  • Razia Khan
  • RBS
  • Real estate
  • Real estate investment trust
  • Recession
  • Reckitt Benckiser
  • Reducing emissions from deforestation and forest degradation
  • Regus
  • REIT
  • ReNeuron
  • Reserve Bank of New Zealand
  • Residential area
  • Restaurant Group
  • Retail Price Index
  • Retirement Plans
  • Reuters
  • Revenue
  • Rexam
  • Reykjavik Geothermal
  • Ribena
  • Rightmove
  • Rio Tinto
  • Rio Tinto Group
  • Riyadh
  • Road Fund
  • Robert Mugabe
  • Rolls Royce
  • Roman Abramovich
  • Romania
  • Rome
  • Ron Burkle
  • Ronald Burkle
  • Rosneft
  • Royal Bank of Scotland
  • Royal Dutch Shell
  • Royal Institution of Chartered Surveyors
  • Royal Jordanian
  • Royal Mail
  • Royal Yachting Association
  • RPS Group
  • RSM Tenon
  • Rule of Law
  • Rupert Murdoch
  • Russia
  • Rutshuru
  • Rwanda
  • Rwandan
  • RWS Group
  • Ryanair
  • S&P Capital IQ
  • SABMiller
  • Safaricom
  • Saharan Africa
  • Sainsbury
  • Salamander Energy
  • Salary
  • Sales
  • Samsung
  • Samsung Electronics
  • San Leon Energy
  • Saskatchewan
  • Sativex
  • Saudi Arabia
  • Schneider
  • Schneider Electric
  • Scrap
  • Seadrill
  • Segro
  • Sekondi-Takoradi
  • Senegal
  • September
  • Serco
  • Serco Group
  • Seychelles
  • Shadow Government Statistics
  • Shale gas
  • Shanks Group
  • Share (finance)
  • Shell
  • Shell Nigeria
  • Shipbuilding
  • Short Message Service
  • Short Message ServiceX TwitterX MTN UgandaX Internet accessX Social networking service
  • Siemens
  • Sierra Leone
  • Simon Thompson
  • Singapore
  • Sinopec
  • Sirius
  • Sirius Minerals
  • Skill
  • Skype
  • Small and Medium Enterprises
  • smart money
  • Smartwatch
  • SMDS
  • SME
  • Smiths Group
  • Smiths News
  • Smithsonian Agreement
  • Social networking service
  • Soco International
  • Somali
  • Somalia
  • Somerset
  • Sonatrach
  • Sony
  • Sospeter Muhongo
  • South Africa
  • South Australia
  • South Korea
  • South Sudan
  • South West Wales
  • Southern Africa
  • Southwark
  • Spain
  • Spectris
  • Spirent
  • Spirit Pub Company
  • Sport Direct
  • Sports
  • Sports betting
  • SSE Composite Index
  • SSSS
  • St Petersburg
  • Stagecoach Group
  • Standard Life
  • Stanley Gibbons
  • Stilfontein
  • Stobart Group
  • Stock
  • Sub-Saharan Africa
  • Subject-matter expert
  • Subsidy
  • Sudan
  • Sugar
  • Sugarcane
  • Sula
  • Supreme Court of the United States
  • Sustainable development
  • SVG Capital
  • Sweden
  • Swiss Government
  • Switzerland
  • Syria
  • Takeover
  • Tamale Airport
  • Tanzania
  • Tariff
  • Tarkwa
  • Tate & Lyle
  • Tax Haven
  • Tax refund
  • Technology
  • Telecommunication
  • Television New Zealand
  • Tema
  • Tertiary education
  • Tesco
  • Tethys Petroleum
  • Tettey
  • Texas
  • Thailand
  • The Royal Bank of Scotland Group
  • Thornton
  • Thorntons
  • Tier 1 capital
  • Times Higher Education World University Rankings
  • Togo
  • Tom Albanese
  • Tom Mboya
  • Tower Bridge
  • Trade finance
  • Trade union
  • Trade Union Congress
  • Trader Dominic Picarda
  • Trades Union Congress
  • Travis Perkins
  • Treasury bills
  • Trevor Manuel
  • Trinity Mirror
  • TUC
  • Tullow
  • Tullow Ghana
  • Tullow Oil
  • Tunisia
  • Turbomeca
  • Turkey
  • Turquoise Hill Resources
  • TV
  • Twitter
  • UBS
  • Uganda
  • Uganda Communications Commission
  • Uganda Development Bank
  • Uhuru Kenyatta
  • uk
  • UK Competition Commission
  • Ultra Electronics
  • Uncategorized
  • UniCredit
  • UNIDO
  • Unilever
  • Unite Group
  • United Bank for Africa
  • United Gold Coast Convention
  • United Kingdom
  • United Nations
  • United Nations Development Programme
  • United Nations Economic Commission for Africa
  • United Nations Industrial Development Organization
  • United States
  • United States Agency for International Development
  • United States Constitution
  • United States Department of Agriculture
  • United States government
  • United States public debt
  • United Utilities
  • Universities Superannuation Scheme
  • University
  • University of Ghana
  • University of Manchester
  • University of Nottingham
  • Uralkali
  • US
  • US Federal Reserve
  • US government
  • usa
  • Value added tax
  • Value chain
  • Van Nuys Airport
  • Vanquis Bank
  • VAT
  • Vectura Group
  • Vedanta Resources
  • Verizon Communications
  • Verizon Wireless
  • Vertu Motors
  • Vice president
  • Victrex
  • Vietnam
  • Vincent Reinhart
  • Virunga National Park
  • Visa
  • Visa Europe
  • Visa Inc
  • Vision 2025
  • Vitol
  • Vitol and Gunvor
  • Vivo Energy
  • Vladimir Putin
  • Vocational education
  • Vodafone
  • Vodafone Group
  • Volta River Authority
  • Vueling Airlines
  • W H Smith
  • Wall Street
  • Warid Telecom
  • Washington
  • Water projects
  • West Africa
  • West End of London
  • Wheat
  • Whitbread
  • Whitby
  • White House
  • William Hill
  • William Ruto
  • Wilson Street
  • Wisting Central
  • Wolfson Microelectronics
  • Wolseley plc
  • Wood Group
  • World Bank
  • World Economic Forum
  • World Economic Outlook
  • World economy
  • World Heritage Site
  • World Tourism Day
  • World Trade Organization
  • World War II
  • WPP plc
  • WTO
  • Yokohama
  • Yucaipa
  • Yucaipa California
  • Zambia
  • Zamfara State
  • ZANU-PF
  • Zhuhai
  • Zimbabwe
  • Zimbabwe African National Union – Patriotic Front

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.com

Create a free website or blog at WordPress.com.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy