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GHANA: MINERALS DEVELOPMENT FUND UNDERWAY

23 Friday Aug 2013

Posted by theinvesmentman in ACCRA, Africa, banks, china, CNOOC Limited, EITI, Extractive Industries Transparency Initiative, Get rich quick, Ghana, Ghana News Agency, investment, Korea, Mine, Mining, Natural resource, Revenue, Singapore, Uncategorized

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ACCRA, Africa, China, CNOOC Limited, EITI, Extractive Industries Transparency Initiative, ghana, Ghana News Agency, Korea, Mining, Natural resource, Revenue, Singapore

Reflex Eco Group – Ghana News

Antony Sedzro (Local journalist)

sedtony@yahoo.com

Ghana’s Lands and Natural Resources Minister, Inusah Fuseini, has announced that government is developing a bill to spell out the disbursement of revenues from the mining sector.

The bill will be similar to the existing Revenue Management Law which guides the usage of revenues from the country’s oil and gas sector.

Players in the mining sector have been calling for a fund which would help track revenues from the sector and enable Ghanaians appreciate its contribution to the economy.

Mr Fuseini announced this at the opening of the 6th Revenue Watch/GIZ Summer School for participants from 12 countries, in Accra.

He said “Ghana has also decided to put in place a Mineral Development Fund Bill which is going to be laid before Cabinet, to provide transparency in the management of ceded royalties to mining communities.”

When passed into law, the Fund is expected to track mining revenues and their disbursements. Currently, most mining royalties go to local assemblies and Chieftaincy stools and there are no clearly spelt out means of tracking the disbursements, especially by the local Assemblies.

Local mining communities will now identify projects for which the fund would be channeled into, the minister revealed. This, he believes, will bring transparency and accountability in the disbursement of mining inflows. He said this will also clear the perception that mining has contributed little to the development of the nation.

Speaking at the same event, the former CEO of the Ghana Chamber of Mines, Dr. Joyce Aryee challenged African leaders to stop failing their people in the midst of abundant natural resources.

Citing countries like China, Korea, and Singapore, Dr. Aryee said if these countries have become economically prosperous despite the global economic challenges, then Africans have no excuse to fail.

Ghana is a member of the Extractive Industries Transparency Initiative (EITI), an international body that sets a global standard for transparency in oil, gas and mining sectors. The EITI has 39 countries as members, and 23 have achieved “EITI compliant” status including Ghana.

In May this year, the EITI approved a revised standard of performance requiring its 39 implementing countries to release wide-ranging new information about their oil, gas and mining industries.

This move by Ghana to establish a Mineral’s Development Fund is therefore seen as part of the measures to comply with the EITI’s standards.

According to the Ghana’s EITI publication of February this year, the mining sector recorded $942,698 million and $897,710 million as government revenue and company payments respectively, with the oil and gas sectors pooling in $792 million and $652 million as government revenue and company payments for 2011, information from the Ghana News Agency revealed.

The EITI gave impetus to related laws including the Minerals and Mining Law, ACT 703 of 2006 and the Petroleum Revenue Management ACT, ACT 815 of 2011.

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GIPC, IE Singapore Sign MOU

07 Wednesday Aug 2013

Posted by theinvesmentman in ACCRA, Africa, banks, Business, Get rich quick, Ghana, GIPC, investment, Singapore, Uncategorized

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ACCRA, Business, ghana, GIPC, International Enterprise Singapore, Investment, Olam International, Singapore

Reflex Eco Group – Ghana news

by Samuel Boadi (Local journalist)

The Ghana Investment Promotion Centre (GIPC) yesterday signed a Memorandum of Understanding (MoU) in Accra with International Enterprises (IE) Singapore, an investment promotion agency under Singapore’s Ministry of Trade & Industry to leverage on the latter’s experiences and attract more investment into Ghana.

Mawuena Trebarh, Chief Executive Officer (CEO) of GIPC, commenting on the partnership, said it would engender fruitful business-to-business relations among Ghanaian and Singaporean investors and ultimately promote entrepreneurial opportunities.

She said some sectors which need immediate attention from Singaporean investors included agriculture, manufacturing, tourism and hospitality and also the power industry.

Teo Eng Cheong, CEO of IE Singapore, said Ghana is one of the fastest growing economies in the world with political stability, strategic location and abundant natural resources which presents itself as a good investment destination.

“There exist numerous investment opportunities in the agriculture, agri-business, manufacturing, oil and gas, ICT, infrastructure, energy and financial services for Singapore-based companies looking at setting up businesses in Ghana.

“With this MoU, International Enterprise Singapore will work with GIPC to encourage collaboration and promote meaningful business partnerships between Ghana and Singapore.”

The scope of collaboration under the agreement covers sharing information about business opportunities in Ghana, promoting business partnerships in key growth sectors, mutual support in business missions and facilitating capability development and training.

Singapore, with a per capita income of $60,000 and the 14th largest trading partner globallyrecorded US$800 billion worth of trade in 2012.

Trade between Ghana and Singapore is about $1 billion currently with investment totaling $250 million. Singapore’s investment overseas stands at about $300 billion.

Singapore companies in Ghana include Olam International, Crimson Logic and CWT.

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Africa Focused News

05 Monday Aug 2013

Posted by theinvesmentman in Africa, AGOA, Alluminium, Angola, banks, Barack Obama, Brazil, Burundi, Congo, DuPont Pioneer, East Africa, Ecobank, Ethiopia, Eurobond, Fitch, Get rich quick, Ghana, Hauwei, India, investment, japan, Kenya, Mondelez, Mozambique, Nairobi, Nigeria, Rwanda, Singapore, South Africa, Sugar, Tanzania, Thailand, Uganda, Vivo Energy

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Africa, AGOA, Alluminium, Angola, Barack Obama, Brazil, Brong Ahafo Region, Burundi, Congo, DuPont Pioneer, East Africa, Ecobank, Ethiopia, Eurobond, Fitch, ghana, Hauwei, India, Japan, Kenya, Mondelez, Mozambique, Nairobi, Nigeria, Rwanda, Singapore, South Africa, sugar, Tanzania, Thailand, Uganda, Upper West Region, Vivo Energy, William Ruto

REPORT OF THE LAST WEEK (from 29/07/13 to 02/08/13) 

by Dario Galluccio

Ghana: Eurobond to fund 157 road projects

A part of the $1 billion raised from the international capital market in New York on Thursday will fund one hundred and fifty seven road projects; additionally, the government will use part of the money to build infrastructure in all the new 46 districts. 

To be precise a Deputy Minister of Information and Media Relations, Mr Felix Ofosu Kwakye, said $284 million from the money would be used to fund road projects and other projects captured in the 2013 budget. He mentioned the Apam-Akam road in the Central Region, the Fian-Wahabu road in the Upper West Region, the Goaso-Kukuom road and the Berekum town roads in the Brong Ahafo Region as some of the projects that would be funded from the money. The deputy minister said general infrastructure, including clinics, schools and offices, would be executed in all the new 46 districts.

Ghana: Japanese investors explore opportunities in Ghana

Dr Omani Boamah, Minister of Communication, received a 20- member Japanese delegation, so he has pledged Government’s commitment to deepen relations with Japan. The minister said the two countries have enjoyed fruitful working relations in the past and expressed the hope that this would continue as Japan has expressed its resolve to support Ghana’s Information and Communication Technology (ICT) sector. 

The delegation is in the country to explore investment opportunities in the areas of ICT, Energy, Transport and other sectors of the economy.

Mr Takeshi Hata, NEC Corporation Manager for Europe, Middle East and Africa and a member of the delegation, expressed the desire to provide ICT expertise to the GMSD. He lauded Ghana for its strides especially in the areas of good governance and economic stability. The delegation is in Ghana following the investment opportunities President John Dramai Mahama presented at the 5th Tokyo International Conference on African Development.

Tanzania: Bank M assets expand, hit half trillion

Bank M Tanzania, the fastest growing bank in the market, has marked its sixth anniversary with a big bang as its total assets hit the half a trillion mark.

The bank, which opened its doors on July 27, 2007, celebrated its sixth anniversary on Saturday, with 532bn/- assets. “We are marking six years of growth, growth in all aspects”, the bank’s Deputy Chief Executive Officer, Ms Jacqueline Woiso.

She said during the past six years, the bank has grown in terms of not only balance sheet but also profitability, citing this year’s impressive performance. The bank has in seven months of operations posted a profit of 9.13bn/-, indicating that the 2013 will be a highly profitable year for the bank.

The bank, priding itself as among the fastest growing financial institutions in the domestic market, has grown geometrically from the balance sheet of mere 31.19bn/- at the end of 2007, to 67.59bn/- in 2008 and 106.51bn/- in 2009. The bank assets swelled to 193bn/-, 310bn/- and 421bn/- in 2010, 2011 and 2012, respectively.

India, Nigeria: To enhance economic partnership

Utility service provider, Umeme, is targeting the capital markets to raise over $170 million (about Shs438 billion) to finance its investments.

The energy utility firm last week said it needs to make significant investments worth $440 million (about Shs1.1 trillion) in the next five years, part of which will be raised during the this season.

Kenya: New infrastructure to ease city traffic

The government says it has finalized plans to upgrade the city’s infrastructure to ease traffic congestion and improve the living conditions of the residents. Addressing at St James ACK Buruburu, Deputy President William Ruto said key stakeholders in the Nairobi County met last week to map out ways of implementing the ambitious project that will see at least 100,000 new and modern housing units constructed for the low income earners.

“We want to transform the city within the next three years and we have already identified development partners with whom we intend to roll out the project in Ziwani, Mbotela, Bahati ,Maringo and other estates in Nairobi’s Eastland’s suburb,” he said.

He revealed that the government had developed a road map to ease traffic congestion in major city routes to reduce the time workers lost while commuting to their duty stations.

The Deputy President added that the government had introduced a Railway Development Levy to revive and improve the rail network in the capital.

Ghana: Benefits from Cuba relations

Mr Kwesi Quartey, Deputy Minister for Foreign Affairs over the weekend said government benefits from her bilateral relations with the Cuban government especially in the area of health and education. Mr Quartey said thousands of African students have received medical and educational support in Cuba and had returned to the continent to help their communities.

South Africa: H&M signs lease for store

South African weekly Sunday Times said in an article re-run on daily Business Day’s website that the Swedish retailer has signed a lease for a store in a mall that is due to open in 2015 in Johannesburg.

An H&M spokeswoman, which has yet to open a store in Africa, said South Africa is one of many markets it finds interesting but declined to comment further. The company opened its first store in the southern hemisphere in Chile earlier this year.

Sunday Times, which is part of the same media group as Business Daily, did not disclose its sources. H&M was also searching for suitable store locations in Cape Town, it reported.

H&M’s biggest rival, Zara owner Inditex (ITX.MC), opened its first Zara store in Africa, in South Africa, in 2011.

Ghana: Fitch rates Ghana’s Eurobond B+

Fitch has rated Ghana’s newly issued $750 million Eurobond B+. The rating is in line with Ghana’s ‘B+’ Long-term foreign currency Issuer Default Rating, on which the Outlook is Negative, Fitch said in an email July 26, 2013.

>Fitch on February 15, 2013 revised Ghana’s Outlook to Negative, affirming it ‘B+’. It was to reflect the country’s worsening trend in public finances. During 2012 Ghana’s fiscal deficit widened to 12.1% of GDP in the run up to the December election, the ratings agency said.

Ratings agency, Moody’s also rated the ten-year bond ‘B 1’.

This second sovereign Eurobond was issued last week with a coupon of 7.875%.

Nigeria: Ecobank will exceed $310m agricultural sector loan

Ecobank Nigeria says it plans to grow its agricultural sector loan to over N50 billion ($310 million) by 2014. Citing it’s policy to support the growth and development of the industry. Ecobank Country Head, Agric and Export Finance, Abel Ajala, said the bank had introduced “concessionary interest rates” for its agriculture financing scheme.

He added that the bank has developed a robust agriculture and export unit operated by high quality professionals to ensure for an easy risk assessment of loans and adequately provide measures to guarantee beneficiaries utilize funds diligently.

The reason behind the bank’s focus on the sector, according to Mr Ajala, stemmed from its need to checkmate the impending food crisis on the continent, noting that the pan-African bank’s support cuts across the entire agricultural value chain.

Ethiopia: Hauwei sign $700m mobile network deal

Ethiopia has signed a $700 million mobile phone deal with China’s Huawei Technologies to improve the telecoms infrastructure in the country. The agreement, which is half of a $1.6 billion project split between Huawei and ZTE is expected to double phone users in the country to 56 million.

Ethiopia’s Minister of Communications and Technology, Debretsion Gebremichael stated that “this deal will deliver 4G high-speed broad band network. Although our target is 40 million, now including 3G, we will get to 56 million by 2015”, he said.

World Bank posits that Africa’s rapidly expanding telecoms industry has come to symbolize its economic growth, with subscribers across the continent increasing from a mere 25 million in 2001 to 650 million in 2012.

Before now, Telecoms in Ethiopia was considered a monopoly with only Ethio Telecoms as its only mobile phone operator in a country of more than 80 million people. The new deal with the Chinese firm is expected to boost the sector.

According to the minister, other operators like South Africa’s MTN Group have been granted operation licenses.

Ghana: Singapore consolidates trade ties

Investors from Singapore have strengthened bilateral trade ties with their Ghanaian counterparts following the signing of a Memorandum of Understanding (MoU) and the opening of its Overseas Centre in Accra.

The Singapore investors are in the country by courtesy of their external trade facilitating agency, the International Enterprise (IE) Singapore, and were led by the Singapore Senior Minister of State for Trade and Industry and National Development, Mr Lee Yi Shyan.

The IE Singapore’s Accra Overseas Centre aims to boost economic collaboration by accelerating trade and investment cooperation in the ECOWAS sub-region focusing on the logistics and oil and gas consumer sectors. Also, the Singaporean investors are focusing on infrastructure, oil and gas and the manufacturing sector to help drive the growth of the Ghanaian economy.

Mozambique: Thailand seeks to double trade

Mozambique and Thailand have agreed to a series of measures to strengthen bilateral cooperation. The accords cover technical cooperation, diplomatic visa exemptions, hydrocarbon development, economic cooperation and tourism. Currently, trade between the two countries stands at 180 million US dollars a year. These new measures could see trade double over the next five years.

The signing of the accords in Maputo on Monday followed the arrival of the Prime Minster of Thailand, Yingluck Shinawatra.

The Prime Minister will also visit Tanzania and Uganda before returning to Thailand to attend the new session of parliament on Thursday.

Ghana: To create 2.3 million jobs in Aluminium sector

Ghana is set to create more than 2.3 Million jobs under the Integrated Aluminium Project, which has been described as the key to growing the economy with a capital injection of about $8 billion. Under the Integrated Aluminium Project, an Aluminium refinery is to be constructed to refine the rich bauxite deposit at Nyinahin into alumina, would then be processed into aluminium by VALCO, and sold to the several downstream industries as aluminium ingot and billet.

It is believed the project hold the key to transforming Ghana’s economy by bringing in benefits, far more than the nation currently receives from oil.

The Nyinahin mine with bauxite deposit of 700MT, valued at $17.5billion , is estimated to create about 98,000 jobs whiles the aluminium refinery expected to produce about 350metric tones of alumina, will generate about 19,000 jobs.

Ghana: First Rand still interested in acquiring a bank

South Africa’s biggest finance group, First Rand says it is still interested in acquiring a bank in Ghana despite failing to take over Merchant bank.

This is because Ghana remains a priority for the group’s expansion drive.

The Social Security and National Insurance Trust (SSNIT) last month announced that it was unable to reach an agreement with First Rand over Merchant Bank’s sale. The Trust added that it is now looking for new suitors for the Bank.

Kenya: Brazilian entrepreneurs ready to invest

The businessmen, representing multi-billion dollar operations, included oil and gas company Queiroz Galvao, aerospace conglomerate Embraer Defense & Security, diversified engineering, construction and chemicals outfit Odebrecht, manufacturers Randon and Agropeucaria Foletto & Alimentos, the globe’s largest private rice farmer.

An executive from Argentinian agriculture products firm Rizobacter, which is looking to expand to Kenya, accompanied the Brazilians who held an exhibition in Nairobi this week as part of their exploration of business opportunities in Kenya.<

The entrepreneurs are keen to use Kenya as a major regional hub and launching pad for their enterprises in this part of the world.

Nigeria: To attract N480 billion investment for sugar production

In line with the country’s desire to grow the industrial sector, the Minister of Industry, Trade and Investment, Olusegun Aganga, has said the country attracted $3 billion (about N480 billion) investment into the sugar sector since the implementation of the National Sugar Master Plan (NSMP). The approval of the NSMP by the Federal Executive Council (FEC) on the 19th September 2012 had raised the country’s profile, making it to rank among the top five exporters of sugar in Africa.

Aganga also noted that the gains made through the development of the manufacturing sector had led to a reduction on the country’s dependence on oil and gas, saying N305 billion was generated from non-oil export within the first quarter of 2013.

NSMP has stimulated investments of $3 billion thus far. NSMP is targeting the production of 1.7 metric tonnes of sugar; creation of 117,181 direct jobs; generation of 411.7 megawatts of electricity; total forex saving of up to $565.8 million annually from savings from sugar production and fuel importation.

Ghana: To list Eurobond on local exchange

Ghana will list the second Eurobond it secured this week on the country’s local bourse next month, says the chairman of the governing council of the Ghana Stock Exchange (GSE), Dr Sam Mensah. Speaking in New York after Ghanaian finance officials concluded the Eurobond sale, Dr Mensah said the decision will give local investors an opportunity to actively trade in the bond as well as helping to boost the development of the GSE.

South Africa: Mondelez ventures into South African market

Food group Mondelez International has announced that it will start business operations in South Africa. A possible competition in South Africa’s food and beverage sector seem likely as it has been controlled by JSE-listed Tiger Brands and AVI. Mondelez manufactures Cadbury sweets and chocolates, Oreo biscuits and Stimorol.

This news comes shortly after another the world’s second biggest clothing retailer, Hennes & Mauritz (H&M), announed that it is poised to set up shop in Johannesburg, South Africa. Last week, it was reported that H&M will open up a new shop in the Mall of Africa in Johannesburg and plans are already afoot to open another in Cape Town’s V&A Waterfront.

Nigeria: To begin online business registration

Nigeria is a step closer to launching its global online business registration platform, as it moves closer to divesting from the oil and gas sector. The soon-to-be-launched platform will allow Nigerians living in the diaspora or foreigners planning to register their businesses in Nigeria to register their businesses in Nigeria from any part of the world within the next two months.

Nigeria’s Minister of Industry, Trade and Investment, Olusegun Aganga confirmed this at the 2013 Ministerial platform in Abuja on Tuesday, saying, “Global online business registration will take off in two months’ time. This will ensure that anyone can register their businesses in Nigeria from any part of the world and also make payment without necessarily coming to Nigeria.”

Studies have found that the creation of new businesses is a significant indicator of the level of economic growth and development of a country; in addition to the job creation and wealth generation that come with it.

The country’s foreign direct investment currently stands at $7 billion.

East Africa: Uganda builds new refinery, Kenya upgrades

Plans to construct a new refinery in Uganda and upgrade an existing one in Kenya are already afoot, according to an oil and gas analyst. Jeffrey Kerr, the managing oil and gas analyst for GlobalData, said this has led to an amazing corporation between Kenya, Uganda, Congo, Rwanda and Burundi and improved relations between the countries.

Kerr added that government delegates from these countries and three global oil firms have agreed to corporate in the erection of this 30 mbd refinery in Hoima, Uganda.<

The construction of the new refineries in Uganda and the improvement of an existing one in Kenya has been prompted by estimates that the need for “aggregated” processed oil products in East Africa could more than double in 2025.

Ethiopia: FDI to Ethiopia second best in Africa

Japan says the fact that Ethiopia achieves 1 billion dollar Foreign Direct Investment (FDI) flow in to the country shows how focused the government is to develop the sector.

Hiroyuki Kishino, Ambassador of Japan to Addis Ababa, says Ethiopia has given priority to food security, infrastructure development, human resource development and FDI to make significant transformation as part of its 5 year strategic plan. The Ambassador takes the development of the FDI to show the progress happening saying in just a couple of years Ethiopia’s FDI grows from 300 million dollar to 1 billion dollar, which he labeled as significant upward spiral.

FDI is expected to facilitate technology transfer in the industry sector, bring in huge capital and machineries, create employment opportunities and increase global market share.

Ghana: Bank of Ghana stays policy rate at 16%

The Bank of Ghana (BoG) has maintained the policy rate at which it lends to commercial banks at 16 per cent for the third quarter of the year. This was after it assessed economic activities in the country and policies put in place to prevent prices of goods and services from rising constantly.

The Monetary Policy Committee of the bank, chaired by the Governor, Dr Henry Kofi Wampah, told that the bank was satisfied with the policies put in place by the government to check increases in general price levels, hence the decision to maintain the rate at 16 per cent.

Angola: Be promoted to list of middle-income states

According to a United Nations (UN) official, Angola, Africa’s biggest oil producer behind Nigeria, may be promoted to a list of middle-income countries that get better terms from international lenders such as the World Bank.

“Angola will make it to the middle-income category because it has a growing economy, the government is moving toward the right direction and it has the financial capacity to invest,” the director of the UN Africa Division for Least Developed Countries, Tesfachew Taffere, said.

Angola, a member of the Organisation of the Petroleum Exporting Countries, wants to diversify its $114bn economy away from crude, which makes up almost all of its exports and 80% of tax revenue. Middle-income status will help it rebuild from a 27-year civil war that ended in 2002 by gaining access to risk and credit guarantees that lower the cost of public investments containing private funding.

South Africa: DuPont Pioneer acquires 80% stake in a seed company

DuPont said that it completed its purchase of an 80 percent stake in South Africa-based competitor Pannar Seed Limited, giving the chemical and agricultural giant an opportunity to expand its reach throughout Africa.

DuPont said the acquisition of Pannar by DuPont Pioneer, its agricultural seed unit based in Johnston, Iowa, would allow it to tap into Pannar’s insight into Africa while giving the U.S. firm access to the company’s corn genetics that have been specifically tailored for the region. Pannar would be able to use Pioneer’s genetics library and corn breeding and biotechnology work.

Financial terms of the deal were not disclosed.

Ghana: Vivo Energy adds Shell Ghana Limited to its group

Vivo Energy, the company formed by Vitol, Helios Investment Partners and Shell to distribute and market Shell-branded fuels and lubricants across Africa, has acquired a majority shareholding in Shell Ghana Limited.

The company, which will be renamed Vivo Energy Ghana, will be headed up by Fred Osoro as Managing Director. He will take over from Vincent Richter, the former acting Managing Director

Christian Chammas, CEO of Vivo Energy, said: ‘Ghana is an important market and a growing economy which is set to benefit from significant developments in the energy sector. We are acquiring a business with great potential; a long history in Ghana, a high calibre workforce and a large and diversified customer base. Vivo Energy is looking forward to serving our Ghanaian customers and investing in the business, to ensure it realises its full potential under Fred Osoro’s leadership.’

The Shell brand has been in Ghana for 85 years and Shell has been the leading marketer of fuels and lubricants. Vivo Energy Ghana has a storage capacity of 8,300m³ and 124 retail stations with the majority offering Shell Cards and convenience retail stores. Over the years, the company expanded its portfolio by acquiring Texaco in 1988. Vivo Energy Ghana employs 134 people but the business provides indirect employment to over 1,000 people. The company is recognised as the leader in the oil industry especially championing and setting standards for safety in sales and distribution.

Africa: Obama works to extend AGOA

The Obama administration has indicated that it is working with the United States Congress to extend the Africa Growth & Opportunity Act (AGOA) programme, which is set to expire by 2015.

Florizelle Liser, Assistant U.S. Trade Representative for Africa in the Office of the United States Trade Representatives, stated: ‘We recognize that AGOA can do so much more. We have to look at how we can fulfill its promise and potential, and as AGOA is extended, we want to make sure that Africans are in a position to compete in the global economy.’

The African Growth and Opportunity Act (AGOA) was enacted in 2000 and permits 39 eligible African countries to export most products duty-free to the United States.

AGOA aims to promote economic development and better integrate African economies into the world trading market. Additionally, it intends to create a platform for governments, the private sector and civil society to expand business links and build trade capacity between the United States and Africa.

Total exports under AGOA have risen more than 300 percent since the programme began.

Though 84% of the United States’ AGOA imports were petroleum products, its non-oil imports from sub-Saharan Africa amounted to $4.7 billion in 2012 more than a 250% rise since AGOA’s start.

Ethiopia: Hailemariam confers with Kenyan investors

Prime Minster Hailemariam Desalegn meets Kenyan business delegation at his office to look into interest of Kenyan investors wanting to invest in Ethiopia. They are here to see the opportunities for themselves to decide their involvement in investment. Mr. Hailemariam explains how Kenya and Ethiopia are working to integrate their economies after a special economic agreement signed recently to ease business transaction between the two neighborly countries.

The electric transmission line, the road and rail lines under development are evidences of the ambitions between these two countries, and businesses in both countries can benefit from such developments, Hailemariam remarks.

Nigeria: Airtel and FirstBank launch mobile payment platform<

Telecommunication service provider, Airtel Nigeria has partnered FirstBank Plc to launch Firstmonie Talkmore, a mobile payment service platform, for the country’s citizens. The platform, which was made official after the signing of an MoU on Tuesday, in Lagos, will allow subscribers on the Airtel network to send and receive money, buy airtime, pay bills and carry out other forms of transactions without owning a bank account. And the mobile operator has stated its confidence that the innovation will revolutionize the mobile payment industry

The partnership, according to both firms, is the first major collaboration between leading operators in the nation’s telecom and banking industries and follows a recent partnership between Airtel and the bank’s insurance company, FBNLife Insurance, on the unveiling of PAD14Life.

Tanzania: Investors exhibit high appetite for treasury bills

Despite the end of month obligations, the twelve-month Treasury Bills auction that the Bank of Tanzania (BoT) conducted on Wednesday was oversubscribed by 63.6 per cent. According to the auction results, the total amount tendered jumped to 237.34bn/- against 145bn/- sought by the central bank at an average interest rate of 14.18 per cent.

However, despite the oversubscription, the government ended up taking only 210.32bn/-. It is common that most investors fulfil end of month obligations including the disbursement of tax, salary and other statutory payments, cutting down the share of investments in the government papers. But the situation was contrary and the auction was oversubscribed, a sign of excessive liquidity in the market. The bank report states further that there was a higher appetite for 364-day bills but there was no appetite for 35 day.

Rate of return has been one of the major determinants in drawing attention of investors’ appetite on the treasury bills auction although in some past tenders, little changes were noticed despite hiked interest rates leading to under subscription.

Commercial banks have remained to be the giant investors in government securities, contributing over 60 per cent of the total market share. Pension Funds, insurance and few micro-finance institutions firms are among the key investment players in the instruments.

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Africa Focused News

29 Monday Jul 2013

Posted by theinvesmentman in Africa, banks, Get rich quick, Ghana, gold, investment, South Africa, West Africa

≈ 10 Comments

Tags

Africa, Bank of Central African States, Burundi, Central Africa, East Africa, Ethiopia, Eurobond, Fina Bank, ghana, gold, Guaranty Trust Bank, Hilton, Kenya, Marriott, mines, Mozambique, Nigeria, Oil, Rwanda, Singapore, South Africa, South Sudan, Stanford Graduate School of Business, Starwood, Sub-Saharan Africa, Tanzania, Turkey, Uganda, West Africa, World Bank

REPORT OF THE LAST WEEK (from 22/07/13 to 26/07/13) 

by Dario Galluccio

West Africa: Sifca invests $417 Million for palm-oil expansion

Sifca Group, which owns Africa’s biggest palm-oil refinery located in Ivory Coast, plans to spend $417 million in the next five years on plantations and factories in Ghana, Nigeria and Liberia.

The company, which is also West Africa’s largest rubber producer, plans to boost palm-oil output 33 percent to 400,000 metric tons annually over the next four years.

Ghana: GTBank acquire 70% stake in Kenyan bank

Parent company of Guaranty Trust Bank (Ghana) Limited, Guaranty Trust Bank Plc has reached an agreement to acquire a 70 per cent stake in Kenya’s Fina Bank Limited for $100 million.

The new acquisition will increase the number of countries that GTBank has presence from seven to ten, since Fina Bank, headquartered in Kenya also operates in Rwanda through its 92 per cent owned subsidiary Fina Bank Rwanda Limited and in Uganda through its fully owned subsidiary Fina Bank (Uganda) Limited. GTBank currently operates in Ghana, The Gambia, Sierra Leone, Liberia, Cote D’Ivoire and the United Kingdom and the acquisition forms part of the bank’s strategy to increase its international footprints across Sub-Saharan Africa.

Ethiopia: Mines earn U.S. $593 Million revenues

The revenues of mines this year shows decrease by 61 million US dollar compared to earnings of same period last year. According to Sinkinesh Ijigu, Minister of Mines, the decrease is down to price of gold reduction in the global market, which causes companies in Ethiopia to hoard their gold mines.

Last fiscal year the country provided to the global market 12 thousand kilogram of gold, over 81 thousand tons of tantalum and over 25 thousand kilogram of gem stones among others.

Ghana: Stanford SEED West Africa Centre opens in Accra

The Stanford Institute for Innovation in Developing Economies (SEED) has opened its office in Accra. It is the first innovation centre in West Africa.

The Minister for Trade and Industry, Mr Haruna Iddrisu, expressed appreciation for the initiative undertaken by the Stanford Graduate School of Business, the alumni and foreign donors, noting that Ghana would be made a hub of private partnership investment, when the SEED project which primarily aimed to change lives and transform businesses in the country and the sub regions of West Africa took roots.

Central Africa: BEAC projects 6% growth rate in 2014-2016

The Monetary Policy Committee (CPM) of the Bank of Central African States (BEAC) is projecting a 6 per cent economic growth rate for the Central African Economic and Monetary Community (CEMAC) in 2014 to 2016. The Governor of BEAC, Lucas Abaga Nchama, who is also the Statutory President of the CPM made the disclosure last Friday July 19 during a press briefing that was preceded by the second ordinary session of the committee for 2013 at the BEAC’s headquarters in Yaounde.

The promising macroeconomic perspectives, Mr Abaga Nchama said, is based on the rhythm with which growth-induced projects are being executed in member countries. He said many giant projects in the mining, energy and infrastructure sectors are off the ground and raising hopes that upon completion, they would be able to fire the economies of the respective countries to boom.

Nigeria: State integrates infrastructure master plan to gulp U.S.$2.9 trillion

The federal government has said the implementation of a new blueprint on Nigeria Integrated Infrastructure Master Plan (NIIMP), would cost $2.9 trillion.

The Minister of National Planning, Dr. Shamsudeen Usman, stated the master plan had been designed to raise the nation’s stock of infrastructure from the current 35 to 40 per cent of Gross Domestic Product (GDP) to 70 per cent of GDP in 2043- that is, in 30 years. He also pointed out that according to the master plan, 48 per cent of the $2.9 billion would come from the private sector.

The NIIMP is a 30-year master plan for accelerating infrastructure development in the country. It focuses on core infrastructure, including energy (power and oil and gas), transport (roads, rail, ports and airports), housing, water and ICT. Other infrastructure classes include agriculture, mining, social infrastructure, vital registration and security.

The draft NIIMP contains a long term vision that sets the overall direction for the master plan and strategic objectives, such as per capita income and GDP growth. It also describes the overall investments required in infrastructure, over the next 30 years and contains a financing plan and sector and regional strategies, as well as a priority projects portfolio. As an actionable plan, the NIIMP also highlights enablers for implementation and an implementation plan.

East Africa: Delonex Energy will invest US$600 million

Delonex Energy Ltd, an energy sector company, plans to invest US$600 million in financing oil and gas projects in several African countries, including Mozambique.

One of the investment areas will be East Africa’s rift valley, which runs from the Red Sea through Ethiopia, Kenya, Uganda, Tanzania and Mozambique.

The main investor in this project is a consortium led by Warburg Pincus LLC, a private equity company, which previously financed Kosmos Energy allowing it to discover an oil field in Ghana.

Ghana: GPHA seeks 1.5 billion dollars for expansion

The Ghana Ports and Habours Authority, GPHA, requires $1.5 billion to expand the Tema Port.

The expansion, which is necessary to meet traffic growth, transshipment and transit demands will involve the dredging of the basin and access channel, construction of new break, dry and liquid bulk terminals and a new fruit container terminal among others. The proposed project is to be financed through commercial loans, government of Ghana funding and public-private partnership.

South Africa: Investec approves $813 million debt for renewables

Investec Bank Plc said it’s able to provide 8 billion rand ($813 million) in debt funding for clean-energy projects in South Africa as the country adds wind and solar output. The money would be used to finance plants in the nation’s third renewables bidding round.

South Africa, seeking to cut dependence on coal for power, intends to add 3,725 megawatts of renewable-energy capacity by the end of 2016 with five tenders. That may help state utility Eskom Holdings SOC Ltd. meet demand as it struggles to fund maintenance and expansion in the continent’s biggest economy. The second round attracted bids from Electricite de France SA (EDF), Tata Power Co. and Acciona SA (ANA). The deadline for submissions in the third is Aug. 19.

Investec has participated in about 20 billion rand of financing for South African clean-energy and renewable ventures so far, including 6.4 billion rand of debt.

Kenya: World Bank will finance Kenya, South Sudan road project

The World Bank has pledged to finance Kenya’s Lodwar-Nadapal link-road project to South Sudan, a key infrastructure that will boost trading activities between both nations.

In an official statement, the bank’s Lead Transport Specialist for Africa, Josephat Sasia, said the construction which is part of the Eldoret Napal 595-kilometre project embarked upon by the World Bank, will be administered by the Kenyan National Highways Authority as an initiative to improve Kenya’s infrastructure.

Sasai disclosed that the cost of the project is yet to be ascertained, pending the completion of designs – which is slated for September – but noted that the funds will be disbursed by the apex bank through its regional transport facilitation programme. He, also, expressed optimism over the quality and pace of infrastructural development in the country, stating that the economy stood a better chance of developing through infrastructural expansion.

Earlier this year, the World Bank partly funded a 960km stretch of road connecting the two East African states and has so far disbursed an estimated $1.2 billion for various infrastructural projects across the East African country.

Kenya: Boom for East Africa economy as Kenya removes roadblocks

The Kenyan government has removed roads blocks along its roads to Rwanda. The roadblocks have been a cause for delays when transporting goods to Rwanda. The presence of many traffic police officers in the over 25 roadblocks has also been linked to increasing bribery and other corrupt practices. The move is a boost to the East African common market which came into force in 1st July 2010. Known as The East African Protocol, the agreement was passed by heads of the five member countries; Kenya, Uganda, Tanzania, Burundi and Rwanda.

The removal of the roadblocks comes at a time when massive economic gains awaits the region with the discovery of oil deposits in Northern Kenya and Uganda. More gold deposits have also been discovered in Tanzania. Free flow of goods, labor, capital and services are some of the key pillars of a free market economy as envisaged in the East African Protocol.

Africa: Marriott, Starwood and Hilton increase their investments

Marriott International Inc. (MAR), Starwood Hotels & Resorts Worldwide Inc. (HOT) and Hilton Worldwide Inc. are turning to Africa, where a growing middle class and rising travel are fueling the fastest pace of hotel development in the world.

Marriott, that plans 3,900 rooms at 22 hotels, has increased the number of hotel rooms it plans on the continent by 55 percent from last year. For Starwood, which plans to increase its number of properties in Africa to 50 by 2016 from 38 today, the revenue per available room in Africa and the Middle East is the highest of any region worldwide, the average room rates were $209.87 in the fourth quarter. The high-end Transcorp Hilton Abuja, in Nigeria’s capital, commands some of the steepest management fees in the world for its operator, according to Lagos, Nigeria-based hotel-consulting firm W Hospitality Group, in fact in Abuja, a shortage of high-end hotels combined with rising demand allows Hilton to charge more than $400 a night for its rooms and lets the hotelier collect some of the highest management fees in the world.

Hotel investors and operators, finding growth slowing in mature European and U.S. markets, are expanding in Africa as the continent is buoyed by increasing trade with countries including China and rising demand for services such as lodging. More than half of Africa’s countries probably will post gross domestic product growth of 5 percent annually through 2016.

Ghana: GIPC targets huge investments from Singapore

The Ghana Investment Promotion Council (GIPC) is expecting high volumes of foreign direct investments (FDIs) from Singapore in the coming months, following recent increase in investor interest from that country in the Ghanaian economy.

The Chief Executive Officer of GIPC, Mrs Mawuena Adzo Trebarh, added that the investments were expected to go into light manufacturing, ports and logistics, agriculture as well as the ailing power sector.

Trade between Ghana and Singapore is currently around US$1 billion and FDI inflows amounted to US$250 million in 2012, information from the GIPC showed.

Mozambique: To invest up to $5 Billion in Rovuma Basin

The publicly owned Mozambican Hydrocarbon Company (ENH) plans to invest between 2.5 and 5 billion US dollars as it exercises its rights to participate in the Offshore Area 1 and Offshore Area 4 gas fields in the Rovuma Basin in northern Mozambique.

ENH has a 15 per cent stake in Offshore Area 1 (operated by the US company Anadarko) and a ten per cent stake in Offshore Area 4 (operated by the Italian company ENI). The latest estimate is that these two areas contain 170 trillion cubic feet of natural gas.

The economic model developed by the operators expects that the project will generate a total of 400 billion dollars. From this, the government would receive 119 million dollars from its share of production and from royalties.

Africa: Oil discoveries in East Africa attract West African banks

The recent discovery of substantially large amounts of oil deposits estimated at 2.5 billion barrels in Kenya and Uganda and has come as a shocker to the local banks which are now partnering with investors to exploit the liquid gold. There has been growing interest among investors especially from the West African banks and insurance companies in countries like Nigeria and Ghana. A similar interest in also growing in Tanzania following recent data published by the Ministry of Energy and Minerals on substantial amount of gas estimated at 33 trillion cubic feet. Gold has has also been discovered in the Republic of Tanzania.

South Africa’s banks and insurance companies had identified this opportunity a little more than three years back.

Insurance firms Ghana Re and Nigeria’s Continental Re have launched new wholly-owned firms in Nairobi in the past 12 months, paying more attention to the oil and gas sectors.

Ghana: BOST will build gas storage facility in Kumasi

The Bulk Oil Storage and Transportation (BOST) Company is looking forward to building a gas storage facility in Kumasi for power generation; there are also plans to build an oil pipeline from the Western region to the Kumasi oil depot as part of upgrade and expansion re-engineering to meet the energy needs of the country.

Uganda: exports hit $2.3billion

Uganda’s exports reached $2.3b (5.9 trillion) last year, up from $2.1b (sh5.4 trillion) in 2011, the executive director of the Uganda Export Promotion Board, Florence Kata, has said.

Top Uganda export markets include France for cotton and oil seeds, Sudan, Congo, Kenya, United Arab Emirates, Tanzania, Rwanda and Common Market for Eastern and Southern Africa (COMESA) partner states.

COMESA accounted for 46% of Uganda’s exports, while the East African Community market accounted for 22% of the total export earnings. Kata, however, said last year registered drops in export values for four important sub-sectors – coffee, fish, cotton and cocoa. She said the four sectors earned $590.7m in 2012, down from $678.7m in 2011.

She said that this drop in traditional exports can be attributed to a combination of factors, including the tough economic conditions in Europe, America and Asia which took a negative toll on the country’s exports.

Ghana: Turkish businessmen explore opportunities

A five-member Turkish business delegation which was in Ghana to explore investment opportunities has paid a courtesy call on the Minister of Trade and Industry, Mr Haruna Iddrisu in Accra.

The delegation also toured the Ghana Free zones area in Tema to explore opportunities in the construction, real estate, fertilizer production and manufacture of tomato paste and spaghetti sectors.

The leader of the delegation, Mr Suha Ozkan, who lauded Ghana’s political climate said they were determined to scale up trade between Ghana and Turkey.

South Africa: Union of mineworkers declared wage war

The National Union of Mineworkers (NUM), Solidarity and UASA on Wednesday, the 24th of July, announced that they had declared a wage dispute with the Chamber of Mines. The deadlock has been referred to the Commission for Conciliation, Mediation and Arbitration (CCMA).

NUM said the “dispute comes amid the Chamber of Mines ‘s gold producers having further insulted mineworkers by putting a 1 percent increase, taking their offer to 5 percent”, moreover NUM wants surface workers to earn a minimum of 7000 rand a month, and underground and open-cast workers 8000 rand a month.

Mining remains the backbone of the South African economy.

Rwanda: Government and UN Sign U.S. $400 Million deal

The government and One UN Rwanda have signed a five year agreement aimed at helping the country achieve the Millennium Development Goals, the Economic and Poverty Reduction Strategy (EDPRSII) as well as Vision 2020.

The assistance, worth of US$400 million (Rwf264 billion), is a mid-term strategy running until 2018 under the United Nations Development Assistance Plan (UNDAP), through which the organization seeks to consolidate its support to Rwanda’s development strategies.

The US$400 million budget will be financed through funds that UN agencies will invest from their core and non-core resources, as well as through mobilization efforts headed by the resident coordinator.

UN announced in 2007 that it would explore new ways of enhancing its efficiency at country level, naming Rwanda, Albania, Cape Verde, Mozambique, Pakistan, Tanzania, Uruguay, and Vietnam as pilots in its “One UN” agenda.

Tanzania: Uranium project will attract Sh1.6 trillion investment

The Mkuju River Project (MRP), a uranium mining project in Namtumbo District, Ruvuma Region, is expected to attract foreign direct investment (FDI) amounting to US$ 1bn (about 1.6trillion) over the project’s life. The project is owned by Mantra Tanzania and operated by Uranium One Incorporation.

According to the Chief Executive Officer (CEO) of Uranium One, Mr Chris Sattler, if all goes as planned construction of the project should begin in the next dry season and take two years to complete. Before construction can begin, a nine month detailed engineering and design programme must be completed; moreover he said that uranium produced by the project will be supplied to electrical utilities solely for the generation of electricity.

When operations at the MRP commence, Tanzania would become Africa’s third largest producer of the mineral after Niger and Namibia. Some 1,600 people are expected to be employed during construction and there will be 750 permanent jobs when the mine starts operations. There will be even more indirect jobs created by the Mkuju River Project over its life. At present there are 120 employees who are involved in exploration activities.

South Sudan: Ecobank opens an affiliate

Ecobank Transnational Incorporated, a leading pan-African banking group, has opened a banking affiliate in South Sudan. The new banking affiliate, the 34th on the African continent, offers the opportunity to support the youngest African state in addressing the challenges in regards to its development, the group said in a statement. Ecobank South Sudan started operations on July 10 and it offers the suite of products and services of the group to individuals, small to medium enterprises, multinationals and institutions.

The Togo-based Ecobank Transnational Incorporated is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 34 African countries, namely Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (DR) , Côte d’Ivoire, Equatorial Guinea, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan Tanzania, Togo, Uganda, Zambia, Zimbabwe.

Sub-Saharan: World Bank investment rises to $14.7billion

The World Bank Group’s financial assistance to sub-Saharan Africa rose by $2.5 billion in the 2013 fiscal year to a record high $14.7 billion. In a statement issued by the Group, its International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) credits, grants, and guarantees to the region increased by $800 million from the previous year to $8.25 billion.

The International Finance Corporation (IFC) committed a record of nearly $5 billion for private sector development projects in sub-Saharan Africa, its preliminary and unaudited data released July 23, 2013 showed.

About $1.5 billion political risk guarantees were issued by the Bank’s Multilateral Investment Guarantee Agency (MIGA) for projects in the region during the fiscal year which ended June 30, 2013.

The World Bank’s support for developing countries was worth $52.6 billion during the fiscal year.

According to the information, IDA commitments during financial year 2013 reached a record $16.3 billion, IBRD’s commitments totaled $15.2 billion while IFC investments were nearly $25 billion.

The Bank Group’s political risk insurance arm, MIGA, issued $2.8 billion in guarantees during the fiscal year. This included a $500 million financial guarantee for Angola.

Despite the slowly recovering global economy, the World Bank Group indicated that it supported an estimated 1,956 operations across all sectors such as governance, infrastructure, human development and the private sector.

World Bank Group President Jim Yong Kim said “the Bank’s performance has been strong during my first year as President, and we are well positioned to address the economic challenges developing countries face during these still uncertain times.”

Ghana: Fan Milk sees 14% rise in profit

Ghana’s Fan Milk Limited revealed yesterday that its first-half net profit rose nearly 14 percent to 14.85 million cedis ($7.12 million) as against 13.05 million cedis ($6.3 million) a year ago on lower operating costs.

Earnings per share increased to 0.13 cedis from 0.11 cedis compared with the first six months of 2012. However revenue fell to 71.41 million Cedis from 73.31 million cedis, the company said in a filing with the Ghana Stock Exchange.

Fan Milk is Ghana is the leading producer of dairy products including ice cream in Ghana.

Fan Milk International, the leading manufacturer and distributor of frozen dairy products and juices in West Africa, was acquired last month by Abraaj Group. The deal, that is expected to close by November, implies Abraaj would also take majority stake in Fan Milk Ghana Limited. Apart from Ghana, Fan Milk International currently also operates in Nigeria, Togo, Ivory Coast, Benin and Burkina Faso.

The company, which started as a family business more than 50 years ago, currently sells over 1.8 million products daily across West Africa through its fully integrated regional manufacturing and distribution cold chain network.

Ghana: Eurobond oversubscribed by US$1.2 billion

Ghana’s second bid to raise US$1 billion from the international capital market to finance key development projects has been oversubscribed by US$1.2 billion. The first bond of US$750 million was raised in 2007 with a coupon rate of 8.5 per cent and a maturity period of 10 years.

This current bond of US$1 billion has a maturity period of 10 years, with a coupon rate of 7.875 per cent which will be paid semi-annually. The bond will be listed on the Ghana Stock Exchange (GSE) and the Irish Stock Exchange (ISE). This will be the first listing of a sovereign bond on a local stock market in sub-Saharan Africa.

The over-subscription shows the level of confidence the international financial community has in the Ghanaian economy. The economy, over the past year, has received positive ratings from international rating agencies. Moody Ratings rated Ghana B1; Standard and Poor’s B, while Fitch rated the economy B+.

The foreign lead managers for the transaction were Barclays Bank and the Citi Bank Group, while SAS and EDC were the co-managers.

Proceeds from the bond are expected to be used to finance infrastructure projects and restructure maturing debts and interest payments. They are also to be used as counterpart funding for capital projects such as the Atuabo Gas Processing project, as well as to finance capital expenditure approved in the 2013 budget, with priority given to self-financing projects such as ports and power projects.

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