Ghana | - Part 21

IMF Says Ghana fiscal adjustment is on track with improved cash deficit

ACCRA, Ghana, Capital Markets in Africa: A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, visited Ghana from April 27-May 11, 2016, to conduct discussions on the third review of Ghana’s financial and economic programme supported by the IMF’s Extended Credit Facility (ECF). The ECF is a lending arrangement that provides sustained programme engagement over the medium to long term in case of protracted balance of payments problems. The arrangement for Ghana…

Ghana | More Delays in Store for Ghana’s Biggest IPO as Fund Seeks Stake

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa: Ghana’s state pension fund said it may seek a stake in Agricultural Development Bank of Ghana Ltd. more than a month after the nation’s biggest-ever initial public offering closed, a move that may further delay completion of the deal. Social Security and National Insurance Trust, the nation’s biggest investor, which oversees about $1.7 billion, is reviewing the IPO prospectus and will decide in about two weeks whether to apply for…

Ghana’s Largest IPO at Risk as Government Drags Its Feet

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ACCRA, Ghana, Capital Markets in Africa — The largest initial public offering in Ghana’s history is at risk of falling apart after Agricultural Development Bank Ltd. missed a deadline to submit results of the sale to the nation’s regulator. The lender is waiting for its owners — the Bank of Ghana and the Ministry of Finance — to sign off on the outcome of the IPO, Solomon Atefoe, a spokesman for the Accra-based bank, said Friday in a…

Ghana’s Inflation Rate touches over-six-year high at 19.2% in March

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Accra, Ghana, Capital Markets in Africa — The outlook for achieving the Bank of Ghana’s medium term inflation target (8% ± 2%) could shift further into late 2017 (from the projected mid-2017) as inflationary pressures remain elevated on the back of high cost-push factors. The year-on-year increase in Ghana’s Consumer Price Index (CPI) shocked expectations with a 70bps surge to 19.2% in Mar-2016. Consequently, average y/y price inflation in Q1-2016 (18.9%) turned out 130bps higher…

Ghana’s Investment Roadshow is not to Market Eurobond – Finance Minister

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ACCRA, Ghana, Capital Markets in Africa — Ghana’s Finance Minister said, the country has no intention of selling debt during meetings with investors this week in London, Boston and New York. The non-deal road show is part of activities designed to share information on financial and economic developments with investors, the ministry said Tuesday in a statement on its website. Ghana mandated Standard Chartered Bank to arrange the meetings, which run until Friday, a person…

Nashiru Issahaku Named New Bank of Ghana Governor

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ACCRA, Ghana, Capital Markets in Africa — Ghana appointed Second Deputy Governor Abdul Nashiru Issahaku to head to the central bank after Kofi Wampah retired amid a slumping economy and inflation that remains stubbornly high. Issahaku’s term began on Monday, President John Dramani Mahama’s office said in an e-mailed statement. Issahaku joined the central bank in 2013 and is a former head of the West Africa nation’s Export Development and Agricultural Investment Development Fund. In his new position Issahaku will have to…

Ghana Central Bank Leaves Benchmark Rate Unchanged at 26%

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ACCRA, Ghana, Capital Markets in Africa — Bank of Ghana retained its benchmark rate at 26 percent, as a result ease in inflation pressures, according to statement issued by Ghana’s central bank at the end of the Monetary Policy Committee meeting held on 21st March 2016. In February, headline inflation declined to 18.5 percent, dragged down by lower non-food inflation. The monthly inflation rates also indicated some slowdown in February, supported largely by stability in…

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