Ghana | - Part 5

Ivory Coast Cocoa Farmers See Bumper Crop After Slow Start

ABIDJAN (Capital Markets in Africa) – This year’s cocoa harvest in top producer Ivory Coast may be starting slowly, but farmers say volumes will catch up in a few months and are forecasting another big crop to follow last season’s record. Heavy rains in June and July caused flowers to fall off trees and while farmers have started reaping some pods, there are a lot fewer than this time last year, said Salam Pelega, the head…

Ghana’s Economy Expands Most Since 2014 as Oil Industry Grows

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s economy expanded the most in three years in the second quarter as the oil and gas industry increased. The gross domestic product of West Africa’s largest economy after Nigeria’s rose 9 percent from a year earlier in the three months through June, Baah Wadieh, the acting government statistician at the Ghana Statistical Service, told reporters Wednesday in the capital, Accra. The median of five estimates in a survey…

Ghana Bank Holds Key Rate at 2015 Low as Inflation Quickens

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ACCRA (Capital Markets in Africa) – Ghana’s central bank kept its key lending rate at the lowest since 2015 after inflation accelerated for the first time in four months. The Bank of Ghana left the rate at 21 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. Two of seven economists in a Bloomberg survey predicted the hold, while the rest forecast cuts ranging from 50 to 100 basis points. The central bank of West Africa’s biggest…

Biggest Cocoa Growers Seek Larger Slice of Chocolate Profits

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ACCRA (Capital Markets in Africa) – The world’s biggest cocoa-growing nations in West Africa are targeting a larger slice of chocolate-making profits as most of the benefits of producing beans accrue outside their economies, Ghanaian President Nana Akufo-Addo said. Farmers in Ivory Coast and Ghana, the two countries which account for more than 60 percent of global cocoa output, earned the equivalent of 5.5 percent of a value chain that was worth more than $100 billion in 2015,…

Oil Riches On Line as African Maritime Boundary Ruling Looms

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ACCRA (Capital Markets in Africa) – Petrodollars are at stake when the International Tribunal for the Law of the Sea rules this Saturday on the maritime boundary between Ghana and Ivory Coast. The ruling will impact on an offshore area holding an estimated 2 billion barrels of oil and 1.2 trillion cubic feet of natural gas, according to Teneo Intelligence. Here’s what you need to know ahead of this ruling: Why A Ruling Now? Ghana…

Ghana Is Said to Triple Minimum Capital Requirements for Banks

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ACCRA (Capital Markets in Africa) – The Bank of Ghana more than trebled minimum capital requirements for lenders as part of reforms aimed at strengthening the industry, according to people familiar with the matter. Banks will need to set aside at least 400 million cedis ($91 million) in capital compared with 120 million cedis previously to meet their license obligations, the people said, asking not to be identified because an official announcement hasn’t yet been made. Lenders…

IMF Extends Ghana Oversight as Bailout Plan Gets Another Year

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ACCRA (Capital Markets in Africa) – The International Monetary Fund approved a one-year extension of its credit-facility program with Ghana, lengthening the lender’s economic oversight of the West African nation which is battling to keep spending under control. The country’s Eurobonds rallied. The extension follows after the IMF completed a fourth review of an almost $1 billion assistance program with Ghana agreed to in April 2015, when chronic overspending and power cuts drained public finances and…

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