7Up, Accra, Africa, Business, Central Bank of Nigeria, China, Ghana, Gibraltar, GNPC, GSM, Harvard Business School, Harvard University, Invesments, Kenya, MoneyGram, Nairobi, Nigeria, South Africa, Tanzania, Uncategorized

Africa Focused News

REPORT OF WEDNESDAY 21/08/13

by Dario Galluccio

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

Ghana: 1st Made in Ghana exhibition in Nigeria

The first ever Made in Ghana Solo Exhibition to be hosted in Nigeria, which is part of efforts aimed at strengthening the bi-lateral trade relations between Ghana and Nigeria as well as introducing Ghanaian manufacturers to the largest market in Africa was declared launched in Accra by the President of Ghana Manufacturers Association, Nana Owusu Opare. The press briefing which was held in the boardroom of First Atlantic Bank; the major sponsor of the program, was said to be the first solo exhibition platform that will be strictly for Ghanaians to showcase their products in Nigeria.

First Made in Ghana Solo Exhibition which is under the theme: “Promoting Ghana’s Export Potentials To West Africa’s Largest Market” was put together by Vintage Visions, Ghana.

The exhibition is expected to take place at the LTV. Ikeja, Lagos, from 2nd of September to 7th.

South Africa: Food retailers rivalry to increase

Shoprite admitted that price rivalry among food retailers in South Africa and Africa where it has operations would be tough in the next half of the financial year. JSE-listed food retailer said this will be attributable to a surge in the struggle for market share among South Africa’s and the continent’s food retailers.

The company posted a 12 percent surge to R92.7 billion ($9. 1 billion) in merchandise sale in the year to March this year. The group said gross income leapt 14.4 percent to R19.4 billion ($1.9 billion), while operating income surged 17.4 percent to R5.4 billion.

Shoprite operates over 1200 corporate and 270 franchise network in 16 countries throughout Africa and the Indian Ocean Islands. It launched its first business in South Africa’s small town in 1979 with the acquisitions of eight supermarkets in Cape Town for R1 million ($98, 582).

Nigeria: Nigerians abroad, biggest investors

Nigerians abroad have been identified as the biggest investors into the country’s economy, which is seen as one of the fastest growing in Africa.

The chairman, House of Representatives Committee on Diaspora, Hon. Abike Dabiri-Erewa disclosed this at the just concluded Nigerian Diaspora Direct Investment Summit in London where she urged the Nigerian government to ensure that Nigerians abroad are given the necessary support needed to have a smooth inter-business transactions in their various countries of abode.

Moreover also the Secretary to the Government of the Federation (SGF), Senator Anyim Pius Anyim, has lauded the contributions of Nigerians abroad to national development, saying, ” Remittances of over $21 billion in the last one year, appears the highest so far in Africa.

Tanzania: NHC implementing Sh124 billion housing projects in Dar es Salaam

A total of 510 units will be added to the housing market in Dar es Salaam within the next two and a half years, thanks to three projects worth 124bn/- to be implemented by the National Housing Corporation (NHC). The three high-rise modern housing projects are expected to house over 3,000 people. They will also have areas for commercial and recreational facilities, according NHC Director General, Mr Nehemiah Mchechu.

Demand for houses in Tanzania is estimated to be growing at an average of 200,000 housing units per annum and thus requiring huge investments from both the public and private sectors to construct new units.

According to Mr Mchechu, all the three projects will be supervised by Bureau for Industrial Cooperation (BICO), a consulting firm based at the College of Engineering and Technology (CoET) of the University of Dar es Salaam (UDSM). Apart from proving decent housing for the people once completed, the NHC boss noted that the projects will generate direct and indirect jobs during the construction stage and thereafter.

Ghana: High prices for houses persist

Average prices of houses in Accra seem to follow a global trend, as most houses are expensive in the national capitals as compared to other parts.

Data compiled by Tonaton.com, a local online marketing firm, revealed that the average house in Accra cost GH¢315,000, which is 12 percent more than the national average. The average price of a house in Kumasi, according to the Tonaton.com, for instance, is GH¢220,000, which is about 21 percent below the national average pegged at GH¢280,000. Sekondi-Takoradi and Cape Coast have the least expensive houses in sub-urban Ghana averaging GH¢180,000 and GH¢120,000 respectively and they represent 35 percent and 57 percent below the national average.

The figures are based on a collection of data of the houses listed on Tonaton.com by individuals and businesses for outright sales between May and July 2013.

Kenya: Three percent increase for government pensioners

The monthly pension increase is in line with the policy in the Pensions Increase Act Cap.190 following its amendment with effect from July 1, 2005. In addition, a pension increase at the average inflation rate but capped at a maximum of 3pc will be granted every two years with the next increase due on July 1, 2015. Pension increases for dependants will be paid in the August 2013 payroll and subsequent payrolls in arrears with effect from July 1, 2013.

The Pension department at the National Treasury currently has 218,056 pensioners and dependants in the payroll.

Kenya: Kidero signs Sh90 billion deal with investors

Nairobi Governor Evans Kidero has signed deals worth Sh90billion with Chinese investors to be used for infrastructure development. Speaking in China yesterday, Kidero said that he had held a fruitful meeting with the executive chairman of China Investment Bank, on the prospects of funding the urban re-generation of Eastlands housing estates, Nairobi’s transport system and nine transport corridors to open up traffic in the county.

“The China Investment Bank is willing to invest in Nairobi county. Its chairman Hu Huai Bang will soon visit Kenya,” he said. He said some Chinese investors want to fund the second phase of the Digital Traffic and Security Control where cameras will be installed in 253 major junctions in Nairobi from Mowlem area in Embakasi West to Karen. We also got commitments for the health care sector where statistics show that there are 7.6 million hospital visits per year in Nairobi while there are 83 hospitals, clinics and dispensaries. This will be upgraded to digital imaging systems,” Kidero said.

Nigeria: 7Up will provide with Harvard-Trained business managers

7Up Bottling Company has reaffirmed its commitment towards developing business education in Nigeria by creating a pool of highly skilled business managers that will drive strategic growth in the country.

This vision is evident in its grant of the 7up Harvard Business School MBA Scholarship award to a mechanical engineer, Mayowa Kuyoro. The award, which is the third of its kind – after Misan Rewane and Olujimi William earlier received the $100,000 two-year scholarship – aims to provide young and qualified Nigerians with the necessary business and leadership skills needed for the sustainable advancement of the country’s growing economy.

One of our problems in this country is leadership. We want to fill the gap by training young Nigerians in Harvard where they can acquire leadership skills to save our country from future leadership problems,” said Femi Mikikan, 7up’s Executive Director.

Ghana: Petroleum agreement approved by Cabinet

Cabinet has approved the issuance of a petroleum agreement between the GNPC, GNPC ExploreCo and AGM Ghana for south deep water offshore Ghana. The agreement is subject to Parliamentary approval.

A statement sent to the GNA by AGM Gibralta, the parent company of AGM Petroleum Ghana Limited (“AGM Ghana”), said the Board of the company was pleased with the approval.

The statement said AGM Ghana was selected through a competitive and transparent bid process to become the preferred partner to Ghana National Petroleum Company (GNPC) to jointly apply for, own and operate the South Deepwater Tano Block Concession, to undertake offshore petroleum exploration.

“AGM Ghana will partner with GNPC and GNPC Exploration and Production Company Limited (GNPC ExploreCo) in the initial exploration and development of the block,” it said. AGM Gibraltar is a company jointly owned by AGR Energy AS (“AGR”), Minexco (OGG) Inc. (“Minexco”) and MED Songhai Developers Limited.

Ghana: Banks profit growth declines

Figures released by the Central Bank on the banking sector reveal that for the first six months of 2013 the industry’s growth in profit after tax has declined significantly.

The industry’s net profit after tax of GH¢606.5 million saw a growth of 46.7 percent in June 2013 compared with 74.9 percent growth in June 2012. The banking sector’s income before tax of GH¢811.9 million, in terms of year-on-year growth recorded an increase of 58.4 percent in June 2013 compared with 54.6 percent in the same period in 2012.

The ratio of gross income to total assets (i.e. assets utilization) improved to 8.8 percent in June 2013 from 7.4 percent June 2012. Interest spread however widened to 5.7 percent in June 2013 from 4.9 percent in June 2012. The banking industry’s return on equity (ROE) increased to 37.6 percent at end June 2013 from 33.5 percent at end June 2012. Similarly, return on assets (ROA) increased to 4.2 percent in June 2013 from 3.6 percent in June 2012.

Nigeria: MoneyGram, eTranzact sign money transfer deal

International money transfer company, MoneyGram, has finalised agreements with electronic transaction and payment platform, eTranzact’s PocketMoni, that will allow accessibility to Nigerian mobile users all over the world.

PocketMoni – which works on all GSM networks the partnership – would enable customers carry out their transactions with ease, without having to face the often “touted inconvenience” of funds transfer.

The companies said the deal which would allow 24/7 access to money transfer transactions is a step in building a comprehensive suite of mobile services.

The Regional Director for North West Africa MoneyGram International, Mr Francois Peyret noted that the partnership was another effort aimed at driving the cashless policy directive of the Central Bank of Nigeria (CBN).

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