Ghana | - Part 12

Ghana Leaves Key Rate Steady as Policy Makers Seek Stable Cedi

ACCRA (Capital Markets in Africa) – Ghana’s central bank unexpectedly kept its benchmark rate unchanged as it balanced the risks to inflation and economic growth. The Bank of Ghana’s Monetary Policy Committee left the rate at 25.5 percent, Governor Abdul Nashiru Issahaku told reporters Monday in the capital, Accra. Only two of six economists in a Bloomberg survey said the central bank would keep borrowing costs unchanged, while the remaining four predicted a rate cut of 50 to…

IMF Sees Bigger Ghana 2016 Deficit Target Slippage Than Forecast

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ACCRA (Capital Markets in Africa) – Ghana will miss its budget-deficit target for 2016 by a bigger margin than the government’s forecast due to weak revenue collection and higher-than-planned capital spending, according to the International Monetary Fund. West Africa’s second-biggest economy will probably miss the Washington-based lender’s budget-deficit forecast of 5.2 percent of gross domestic product by 2 to 3 percentage points, the IMF said in an e-mailed response to questions. Last month, former Finance Minister Seth Terkper said…

Microlender Plans West African Expansion After Ghana Acquisition

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ACCRA (Capital Markets in Africa) – Letshego Holdings Ltd., the Botswana microlender that has made acquisitions in Nigeria and Ghana during the past year, plans to enter Ivory Coast to boost access to West Africa’s francophone market. The lender, which has operations in 11 African countries, is also weighing up an expansion into Zambia and Zimbabwe, Chief Executive Officer Christopher Low said in an interview in Botswana’s capital, Gaborone. Letshego, which had a loan book of $620 million…

IMF says plans to meet new Ghana government over aid programme

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ACCRA (Capital Markets in Africa) – The International Monetary Fund (IMF) plans to visit Ghana to hear the new government’s plans for implementing the country’s $918 million aid deal, the Fund said on Thursday. President Nana Akufo-Addo was sworn in on Saturday pledging to cut taxes, spend on development and boost annual growth to double digits as he seeks to return Ghana to its place as one of Africa’s most dynamic economies. He also inherits a…

Sub-Saharan Africa 2017 Growth to accelerate by 2.9 Percent, World Bank Says

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LAGOS (Capital Markets in Africa) – Growth in Sub-Saharan Africa is estimated to have decelerated to 1.5 percent in 2016, the lowest level in over two decades, as commodity exporters adjust to low commodity prices. Regional GDP per capita contracted by 1.1 percent. South Africa and oil exporters account for most of the slowdown, while activity in non-resource intensive countries—agricultural exporters and commodity importers—generally remained robust. Commodity prices are expected to stabilize, but stay well…

Ghana President Picks Investment Banker as Finance Minister

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ACCRA (Capital Markets in Africa) – Ghana appointed investment banker Ken Ofori-Atta as finance minister following elections last month that saw the return to power of the New Patriotic Party. The announcement was made by President Nana Akufo-Addo on Tuesday in comments on Citi FM radio. Ofori-Atta, 57, held the post of executive chairman of the Accra-based investment bank Databank Financial Services Ltd. for 12 years until 2012 and served as director of fundraising during the NPP’s campaign for the…

Quantum Global’s Hotel Fund Acquires Mövenpick Ambassador Hotel Accra

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ACCRA (Capital Markets in Africa) – QG Africa Hotel LP, a Mauritius-based investment fund managed by Quantum Global Investments Africa Management Ltd., today announced the acquisition of the Movenpick Ambassador Hotel Accra from Kingdom Holding Company (KHC). The transaction which closed on 28 December 2016 marks the most sizable open-market hotel transaction in Sub-Saharan Africa to date. Complementing Quantum Global’s already significant African investment portfolio the value proposition of this transaction is underpinned by its…

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