Africa, African Development Bank, Ghana, Invesments, South Africa

Africa Focused News

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.

Ethiopia: Mahama at the Private Sector Advisory Council

Over 376 million Birr, about $20 million, income was secured from more than 30,120 tourists, who visited tourist sites in Tigray State during the just ended Ethiopian fiscal year, the regional culture and tourism agency said.

Promotion expert with the Agency, Yonas Tadele told ENA on Saturday that the tourists visited the GereAlta Mountains and ancient churches, ancient palaces, obelisks and archeological sites in Axum, among others. Yonas said the revenue exceeded that of same period last year by 3.5 percent. Activities carried out to promote the sites contributed to the growth in revenue, he said.

Uganda: Umeme targets financial markets to raise Shs430 bilion

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.

Sierra Leone: World Bank training for Public Private Partnership stakeholders underway

The Government of Sierra Leone has requested the World Bank Group (WBG) to support the Public Private Partnership (PPP) Unit, in the Office of the Chief of Staff.

The WBG assistance will cover advice to the government in the preparation of a PPP bill, collaboration in the evaluation and development of a pipeline of bankable projects and a capacity building plan that includes a comprehensive schedule of PPP training activities that will thus enhance and strengthen the team.

AU, Others In Africa Infrastructure Development Pledge

The heads of African Union (AU), the Economic Commission for Africa (ECA), and the African Development Bank (AfDB) have resolved to explore all options available to provide funds to develop infrastructure on the African continent.

This commitment was disclosed in a communiqué issued by the leaders after a coordination session in Tunisia over the weekend. The communiqué said it broadly adopted and supported a ‘Africa 50 Fund’ launched by the AfDB as the main instrument to be used to raise capital for infrastructure financing on the continent.

A rising Africa will require adequate infrastructure as a key catalyst for the continent’s transformation agenda, industrial development and intra-Africa trade, the statement explained.

Accordingly, the leaders carefully reviewed the global economic situation and implication for the African economy, in particular the latest reports indicating slowdown in the emerging markets. The communiqué revealed that the session emphasised the need for Africa to rebuild economic buffers, strengthen economic integration and promote policies of inclusion for sustainability.

According to a research by AfDB, Africa needs about $93 billion annually, until 2020, to close its infrastructure deficit.

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.

Ghana: Prymo will recruit over 8,000 youth

About 8,000 youth are expected to be recruited by Prymo Limited, an Information Communication Technology (ICT) company in Ghana. The company, which recently introduced Universal Scratch Card dubbed, ‘One4All,’ would engage the youth in the distribution and sale of the recharge cards.

The Founder and the Chief Executive Officer (CEO) of Prymo, who disclosed this in an interview with CITY & BUSINESS GUIDE, said the recruitment would take place within six months. He also said the newly-established company would offer jobs to a number of youth across the country, adding that it would help reduce unemployment in the country.

He added that the company, with 60 percent coverage in the country, has about 230 zones that would recruit 35 people for the distribution of recharge cards.

Ghana: First Capital will embark on expansion drive

First Capital Plus, an indigenous savings and loans company, is to establish 10 more branches as part of efforts to position itself strategically in the financial services sector.

The Chief Executive Officer of the company, Mr John Kofi Mensah who made this known at the commissioning of their Tema Branch said the company would also extend services to two more regions before the year ended. He said the expansion drive was to present customers with several avenues to transact business with the company who had Small and Medium Enterprises (SMEs) as its core clientele. Aside the physical presence strategy, the company is also set to acquire a universal banking license soon having implemented the requisite systems and structures necessary for its transition from a Savings & Loans to a fully-fledged universal bank.

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Gross domestic product growth in the advanced ...

Gross domestic product growth in the advanced economies, accumulated for the periods 1990 – 1999 and 1990 – 2006. (Photo credit: Wikipedia)

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