Ghana | - Part 16

MTN Said to Weigh Selling $500 Million in Shares of Ghana Unit

ACCRA, Capital Markets in Africa: MTN Group Ltd., Africa’s largest mobile-phone operator by sales, is considering selling about $500 million in shares of its Ghana business, according to people familiar with the matter. The company is approaching high-net-worth individuals in the country about a private placement of a 35 percent stake in the Ghana unit, valuing it at about $1.5 billion, the people said, asking not to be identified because the deliberations are private. No…

Ghana’s Second Quarter Economic Growth Slowest in Two Years

Posted on by The Editorial Team

ACCRA, Capital Markets in Africa: Ghana’s economy grew at the slowest pace in two years in the second quarter as mining and oil output slumped. Gross domestic product expanded 2.5 percent in the three months through June 30 from a year earlier, compared with a revised 4.8 percent in the previous quarter, Philomena Nyarko, government statistician at the Ghana Statistical Service, told reporters in the capital, Accra, on Wednesday. The economy grew 0.6 percent from the…

Ghana’s Central Bank Urges Lenders Consolidate to Boost Growth

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ACCRA, Capital Markets in Africa: Ghana’s central bank expects mergers and acquisitions among lenders to increase as regulators prepare new rules that will boost the amount of cash that they need to set aside. Capital levels in the industry are too weak to support the government’s target of reaching gross domestic product growth of at least 8 percent a year, Bank of Ghana Governor Abdul Nashiru Issahaku said by phone on Friday. The bank will publish recommendations of…

Ghana’s Central Bank Keeps Benchmark Interest Rate in Sept

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ACCRA, Capital Markets in Africa: Ghana’s central bank kept its benchmark interest rate unchanged for a fifth consecutive meeting after inflation accelerated in August. The Bank of Ghana held the rate at 26 percent, Governor Abdul Nashiru Issahaku told reporters Monday in the capital, Accra. That was in line with the forecast of six of the eight economists in a Bloomberg survey. One said the rate would be cut by 100 basis points and another forecast a 200 basis-point…

Ghana to issue first domestic dollar bond next month – Finance Minister

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ACCRA, Capital Markets in Africa: Ghana plans to issue its first domestic investor only dollar bond next month in efforts to deepen the government’s financing streams and bolster the local bond market, Finance Minister Seth Terkper said on Friday. The two-year bond with a target of about $50 million, would be issued through a book-building system to be arranged by Barclays Bank, Stanbic Bank and brokerage firm Strategic African Securities, Terkper told reporters in Accra….

Ghana Said to Meet Investors Ahead of First Domestic Dollar Bond

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ACCRA, Capital Markets in Africa: Ghana is meeting investors as the nation prepares to sell bonds for as much as $100 million in its first issuance of foreign-currency debt to domestic buyers, according to a person familiar with the matter. The country will offer the bonds at a rate of 5 percent to 7 percent, the person said, who asked not to be identified as the information isn’t public. The bond will be issued in the…

Ghana’s Mahama Pledges End to IMF Bailouts in New Term Bid

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ACCRA, Capital Markets in Africa: Ghanaian President John Dramani Mahama pledged that the West African country won’t seek further bailouts from the International Monetary Fund while economic growth will almost double next year as he seeks a second term. Mahama is leading his National Democratic Congress to polls scheduled for December while the country is in the second year of an almost $1 billion loan-program with the IMF. Ghana turned to the Washington-based lender in April 2015 after…

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