West Africa | - Part 2

Ghana on Hook for China Deal If Bauxite Pay Is Insufficient

ACCRA(Capital Markets in Africa) – Ghana will have to use alternative sources to pay back China’s Sinohydro Corp. for $2 billion in infrastructure if the revenue from an earmarked bauxite project is insufficient to meet installments. Sinohydro agreed to a deal with the West African nation in May to build bridges, roads, hospitals and housing as part of the government of President Nana Akufo-Addo’s plans to lift economic growth. In return, Ghana undertook to repay the…

Ex-Finance Minister Named in $1.2 Billion Ghana Bank Lawsuit

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s former Finance Minister Kwabena Duffuor and 12 other parties are facing a 5.7 billion cedi ($1.2 billion) suit over funds that went missing during their tenure as shareholders and directors of the now defunct Unibank Ghana Ltd. KPMG LLP, which is the receiver for Unibank after the lender’s license was revoked in August, is asking the High Court in Accra to declare loans, advances and asset purchases made by certain shareholders…

Ghana Raises Income Taxes to Maintain Budget-Deficit Target

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana plans to increase taxes for the highest earners as the West African nation seeks to boost weak collections which are putting its budget-deficit target at risk. Presenting a review of the 2018 budget in parliament on Thursday, Finance Minister Ken Ofori-Atta said the tax band for individuals earning more than 10,000 cedis ($2,089) per month will be raised to 35 percent, from the current top rate of 25 percent. Ghana collected…

Nigerians Bury Cash in Backyards as Mobile Money Stumbles

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Every few days, Tasiu Abdurrahman takes the money he makes from selling spices in Nigeria’s biggest northern city and buries it in his yard. The 55-year-old closed his bank account eight years ago after growing disillusioned with standing in long lines for hours to deposit or withdraw cash. Abdurrahman is one of about 50 million of the unbanked in Nigeria, which despite having Africa’s largest mobile-phone market, is only just opening…

Ghana Takes Back Control of Bank After `Questionable’ Deals

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana took back control of Agricultural Development Bank Ltd. after the regulator annulled deals for more than half of the lender’s shares following its initial public offering in 2016. The West African nation’s central bank regulator cancelled the holdings of Belstar Capital Ltd., Starmount Development Co., Ecobank Capital Ltd. and SIC Financial Services Ltd., which together held 52 percent in the lender known as ADB, Bank of Ghana said in a statement on Monday….

Nigerian Oil Executives’ Firms Ordered to Pay $680 Million

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian oil executive Wale Tinubu and his deputy at Oando Plc were dealt a court defeat as firms they own or part-own were ordered to pay $680 million in a dispute over corporate shareholdings. The legal battle revolves around ownership of a holding company that ultimately controls a majority stake in Lagos-based oil and gas producer Oando, which is being investigated over claims of financial mismanagement and had its shares temporarily suspended…

Idled Ghana Oil Refinery Is Said to Seek Finance Guarantees

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s state-owned oil refinery is seeking credit guarantees from the government after lenders declined to issue it loans for crude purchases, according to two people familiar with the matter. The Tema Oil Refinery, 29 kilometers (18 miles) east of the capital, Accra, halted production on June 21 after running out of crude stock, said the people, who asked not to be identified because they’re not authorized to speak publicly about…

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