Ghana | - Part 15

INTO AFRICA October Edition: Banking in Africa: The current status

LAGOS, Nigeria, Capital Markets in Africa: Welcome to the October edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. In this edition, we have a special focus on the Banking Sector in Africa, with an overview of the current trends and opportunities in the Sector. Please download by clicking: INTO AFRICA PUBLICATION: OCTOBER EDITION. The banking sectors in African countries have been on an upward path for nearly a decade posting record growth rates while at the…

Access Bank Plans to Sell 19% Stake in Ghana Unit in IPO

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Access Bank Plc, a Nigerian lender, plans to sell a stake of about 19 percent in its Ghana unit in an initial public offering that will begin before the end of the year. The lender is seeking to raise at least 104 million cedis ($26 million) issuing shares at 4 cedis each, Jacob Aidoo, the head of issuers at the Securities and Exchange Commission, said by phone from Accra…

Cocoa Beans to Bring Ghana Foreign-Exchange Market to Life

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s foreign-exchange market is about to be spurred to life: by cocoa beans. Currency transactions by Ghanaian banks are set to double as the government starts to auction foreign exchange raised by the country’s cocoa-exporting body, allowing companies to bid for dollars rather than buy them from the black market or exchange bureaus. The first $1.8 billion, a loan raised by the Ghana Cocoa Board, is hitting the market this…

Ghana Cedi Falls as Government Wage Bill Exceeds Projections

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s currency retreated on Monday after government data showed the West African nation is overshooting key budget targets as it approaches elections in December. The government spent 58 percent of its full-year budget for state-worker pay in the first six months of 2016, exceeding annual allocations for local government and rural development employees, according to budget documents, raising questions about the country’s commitment to rein in the fiscal deficit as…

Tullow Oil Confirms Insurance for Jubilee Field Output Losses

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Tullow Oil Plc confirmed that insurance would cover losses associated with a technical issue that disrupted output at its flagship asset in Ghana. The Africa-focused oil explorer and producer received confirmation from its lead insurers that they accept there is a recoverable claim, according to a statement Friday. The London-based company did not disclose the scale of losses caused when production was halted at the Jubilee field from March 20…

IMF Disburses Further $116 Million to Ghana in Bailout Plan

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – The International Monetary Fund approved the release of a $116 million installment to Ghana after a review of economic and monetary reforms that are part of an almost $1 billion bailout plan for the West African nation. The total disbursements under the program amount to $465 million so far, the Washington-based lender said in an e-mailed statement on Wednesday. Ghana turned to the IMF in April 2015 after lower…

Eurobond Investors Warm to Nigeria as OPEC Deal Aids Rally

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria, heading for its first full-year contraction in 25 years and in need of funding to cover a record budget deficit, may take heart from the performance of its dollar debt and OPEC’s agreement to cut oil production as the West African country prepares to tap the Eurobond market for the first time since 2013. Demand for the nation’s U.S. currency-denominated securities drove yields to the lowest in 15 months, handing…

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