Ghana | - Part 20

INTO AFRICA June Edition: Africa’s Bonds :- Coming of Age

LAGOS, Nigeria, Capital Markets in Africa: Welcome to the June edition of INTO AFRICA with focus on Fixed Income in Africa and titled Africa’s Bonds: Coming of Age Africa’s fixed income markets have benefitted from tremendous growth dynamics during the past decade, as most of Africa’s sovereign borrowers have managed to strengthen their public finances to levels above the global average. In addition, the asset class is now opening to international investors and is well…

Ghana Market | For a Lesson in Precisely How Not to Do an IPO, Look at Ghana

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ACCRA, Ghana, Capital Markets in Africa: It was supposed to be sub-Saharan Africa’s biggest share sale by a state company in almost 10 years. Instead, it’s a lesson in how not to conduct a privatization. More than two months after Ghana’s Agricultural Development Bank Limited received bids totaling $113 million in an initial public offering, and a decade after ending state ownership was first discussed, the company is reopening the sale, essentially invalidating the first auction….

Ghana’s Regulator Orders Investor Refund in Biggest IPO

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s securities regulator instructed the nation’s biggest agricultural lender to refund investors after it rejected bids in an initial public offering that closed in March. The Agricultural Development Bank Ltd. refused 435.1 million cedis ($112 million) of the 437.9 million cedis in bids it received, the West Africa nation’s Securities and Exchange Commission said in a statement sent Tuesday by text message. The lender informed the regulator of its intention to reopen…

Ghana Regulator Probes Adviser in Latest Hurdle for Biggest IPO

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s largest initial public offering hit another snag as the nation’s regulator put the listing of shares in Agricultural Development Bank Ltd. on hold and began an investigation of the transaction adviser. ADB, which sold 450 million cedis ($116 million) of shares in an IPO that closed in March, filed a complaint last week against Accra-based IC Securities Holdings Ltd., Adu Anane Antwi, director general of the Securities and Exchange Commission, said…

Ghana’s Central Bank Holds Benchmark Rate as Inflation Burden Eases

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s central bank maintained its benchmark interest rate as the cedi stabilized and inflation eased. The monetary policy committee of the Bank of Ghana held the rate at 26 percent, Governor Abdul Nashiru Issahaku, who chaired the meeting for the first time, told reporters in Accra, the capital, on Monday. This was in line with the forecast of all eight economists in a survey compiled by Bloomberg. Former governor Kofi Wampah didn’t…

Ghana Interest Rates Seen Steady as Issahaku Holds First Meeting

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s new central bank governor, Abdul Nashiru Issahaku, will probably keep policy unchanged at his debut interest-rate announcement after inflation started to slow and the cedi stabilized. Issahaku, 54, appointed last month after the early retirement of Kofi Wampahin March, will probably leave the benchmark rate at 26 percent when he announces the first Monetary Policy Committee decision under his leadership on May 16, according to the median of eight economist estimates compiled by Bloomberg….

Private Equity | Abraaj Readies Nigerian Fertilizer, East African Insurance Deals

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LAGOS, Nigeria, Capital Markets in Africa: Abraaj Group, a Dubai-based private equity firm, is in the final stages of approval for three transactions in sub-Saharan Africa and will probably make further investments in the region before the end of the year, partner Sev Vettivetpillai said on Thursday. Abraaj is seeking final internal approval for three transactions, including one in Nigeria’s fertilizer industry, an insurance investment in East Africa and an industrial business in South Africa, he said in an…

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