by Dario Galluccio
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.
Ghana: Government releases GH¢207.5m to clear MDAs’ debt to ECG
According to the Minister of Energy, Mr Emmanuel Kofi Buah, the government has released GH¢207.5 million, about $100 million, to clear arrears in tariffs owed by the ministries, departments and agencies (MDAs) to the Electricity Company of Ghana (ECG); he also highlights progress made by the sector, in fact ECG reduced aggregate losses from 43% in 2010 to 37% as of the end of June 2013.
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.
Ethiopia: Raya raises $26 Million for new brewery
Ethiopian beer maker, Raya Brewery has announced that it has raised an additional 500 million birr ($26.6 million) for the construction of its new brewery located in Bohera Mountain, South of Maichew, and 667 km from Addis Ababa.
The plant, which is expected to be completed within a year, will have the capacity to produce 300, 000 hectolitres of beer annually.
The total cost of the plant is estimated at 1 billion birr ($53 million), of which 678 million brr ($36 million) will be paid to a consortium of Czech and German companies, for the installation and commissioning of the brewing machine and plant.
Africa: Emerging markets gain clout at IMF
The clout of emerging markets at the International Monetary Fund is rising as faster economic growth from China to India in the past few years would boost their voting power, data released by the fund show.
The calculated quota share of emerging and developing economies increased to 45.3 percent in 2011 from 43.9 percent in 2010 and 41.8 percent in 2008, according to a report released today and discussed by the board last month.
Most of the increase is linked to the countries’ gross domestic product, “reflecting a continued marked divergence in growth trends,” between developed and developing countries, according to the staff report.
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: Invest here, British investors told
President Yoweri Museveni has said Uganda is a great investment destination in various sectors particularly that of Agro processing, inputs in agriculture such as fertilizers, agricultural machinery for hiring, tourism, financial services and infrastructure especially electricity and gas among others.
The President was Tuesday speaking at a meeting he held with UK based entrepreneurs under their umbrella organization EXOTIX Limited. EXOTIX Limited is a UK based company specializing in Investment Banking, Research, Equities, Fixed income and Infrastructure development among others.
The managing Director -Global Head of Sales and Trading, Peter Bartlett said that their company is interested in investing in the country especially in the area of stock exchange, infrastructure private companies among others.
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.
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