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Old April 5th, 2012, 09:16 AM   #221
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IFC acquires 22% stake in UT Bank

The International Financial Corporation (IFC) now controls 22 percent shares in UT Bank following a $15 million investment into the bank last week.

The investment catapulted UT Bank to meet Bank of Ghana’s 60 million cedi recapitalisation requirement.

The IFC on Tuesday, made an additional capital injection of $15 million bringing its total investment in UT Bank to $30 million.

According to the Chief Executive Officer of the Bank, Mr. Prince Kofi Amoabeng, IFC’s 22 percent stake in UT Bank is a positive development.

“This is good for us because IFC has got worldwide expertise and we need a member on board to share that expertise with us. And other bit is the technical advice that they can offer UT,” Mr. Amoabeng said.

“The additional $15 million investment will among other things help increase access to medium term capital for Small to Medium Enterprises and also provide the bank access to a global network of banks that will help UT Bank finance cross-border trade transactions of local companies.”

IFC’s Vice President in charge of Latin America and the Caribbean, Sub-Saharan Africa, and Western Europe, Therry Tanoh said his outfit is committed to partnering UT Bank for the long haul.

“Ultimately, we want institutions like UT to grow so that at some point, they can do without institutions like IFC in accessing long term resources,” he said.

He was speaking to journalists when the two parties signed documents covering the additional $15 million investment.

The additional capital includes US$5 million Senior Loan while US$10 million is a Trade Finance Guarantee Facility to UT Bank, Ghana’s leading SME bank.

The Senior Loan and Trade Finance Facility are in addition to an IFC Advisory Services Program and a combined US$15 million equity investment in UT Bank agreed to by IFC and the Africa Capitalization Fund Ltd (AFC), which is managed by the IFC Asset Management Company
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Old April 5th, 2012, 09:17 AM   #222
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GRIDCo and Societe-Generale sign 82.2 million Euro Agreement for the Energy Sector

Ghana Grid Company (GRIDCo) and Societe Generale on Wednesday signed two loan agreements, totalling 82.2 million Euros for financing developments in the energy sector.

A total of 48.1 million Euros will be used to finance the Tumu-Han-Wa transmission project to enhance reliability of power supply in the Northern sector of the country and the remaining 34.1 million Euros will be used for the financing of the Substations Reliability Enhancement Project under which 21 substations would see an uplift.

Speaking at the signing ceremony, Energy Minister Dr Joe Oteng Adjei, said the agreement was an indication of government's commitment to ease the constraints within the power sector and help attain the generation capacity of 5,000 mega watts by 2015.

He said the financing arrangement was part of government's initiative to ensure reliable operation of the transmission network and replace old equipment, which were unable to cope with the demand as the economy expanded.

Dr Adjei said, the Tumu-Han-Wa project would create a loop that would enable supply of reliable power to the north saying “we are doing all these to ensure that the bottlenecks and the continuous key constraints within the generation, transmission and distribution systems are removed”.

Mr Seth Terkper, Deputy Minister of Finance and Economic Planning, said the agreements were part of three major initiatives announced by government in the 2012 Budget to enhance infrastructural development and ensure sustainable power to meet the developmental needs of the country.

Mr Gilbert Hie, Country Manager for Societe General and Managing Director of SG-SSB, said the bank was delighted in supporting Ghana’s energy sector and assisting government to generate the targeted 5,000 megawatts.

“It is our desire to partner the Government in the socio-economic development of the country and strengthen the cordial business relations that presently exist between SG, SG-SSB and the Government in future,” he said.

Mr Charles Darku, CEO of GRIDCo, said the company had already begun work to improve the transmission system and funding from the bank would speed up the implementation and attainment of goals of replacing old equipment.**
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Old April 5th, 2012, 09:22 AM   #223
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Ghana Stock Exchange, Venture Capital sign MoU for listing SMEs

The Ghana Stock Exchange (GSE) and Venture Capital Trust Fund on Tuesday signed a Memorandum of Understanding (MoU) to promote the listing of small and medium scale enterprises on the Exchange.

Mr Kofi Yamoah, Managing Director of GSE and Mr Daniel Duku, CEO of VCTF signed the MoU that would enable the two institutions collaborate with other stakeholders to develop alternative market for SMEs.

The MoU would ensure that they jointly lead the SMEs listing project, coordinate with other stakeholders, facilitate the underwriting and provide upfront funding for SMEs desirous to list and hold public fora and education for SMEs and the public.

“The MoU is about Ghana. There are many SMEs and with the right growth strategy can help accelerate the pace of development,” Mr Yamoah said at the signing ceremony.

Mr Duku said the relationship with the Exchange in the alternative SMEs market would provide good exit strategies for venture capital finance companies and SME investors.

“We are coming on board as great partners in the Alternative SMEs market,” he said, adding that the company was putting into the revolving fund $500,000 to support the scheme.

He said the Exchange is setting up a revolving fund to pay for the listing expenses such as underwriting and legal fees of the companies adding that an agreement to that effect has been signed with Accra-based Fidelity Capital Partners to pool resources for the fund and discussions are on-going with the African Development Bank and other development partners to contribute to the fund.

Mr Ekow Afedzie, Deputy Managing Director of GSE, said the Exchange would contribute to the fund and was working to get other institutions to do the same.

He said the revolving fund when operational would provide resources to have listing expenses paid ahead of actual public floatation.

He said the GSE plans to launch in the second half of the year an alternative stock market with focus on SMEs, which might want to raise capital but are unable to meet the stringent requirements of the bourse.

Mr Afedzie said this plan is part of efforts by the GSE to encourage listings and improve liquidity on the bourse while giving SMEs the opportunity to raise capital from the bourse.

Details of the proposed Ghana Alternative Market are with the Securities and Exchange Commission for approval
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Old April 5th, 2012, 09:24 AM   #224
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Ghana develops new strategy on use of LPG after completion of first gas plant in 2013

More Ghanaians are to be encour*aged to use liquefied petroleum gas (LPG) when the gas processing plant comes on stream in 2013.

In that regard, the Ministry of Energy has formulated a strategy to vigorously promote the use of liquefied petroleum gas (LPG) in domestic and public institutions.

The aim, according to Sec*tor Minister, Dr Joe Oteng* Adjei, was to increase the use of LPG in domestic and public institutions from the current level of 12 per cent to 50 per cent.

The initiative is expected to commence in 2013 when the Gas Processing Plant to process natural gas from the Jubilee Field becomes opera*tional.

In 1989, the government embarked on an LPG promo*tional programme, which was aimed at reducing wood fuel consumption.

The initiative resulted in an increase in LPG fuel consump*tion trom 5,267 tonnes in 1989 to 32,000 tonnes in 1996 and 178,400 by the end of 2010.

The energy minister made these remarks in Accra in a speech delivered on his behalf by one of his deputies, Alhaji Inusah Fuseini, at a consulta*tive meeting on Sustainable Energy for all Accelerated Framework (SEAAF).

The SEAAF is an initiative of the UN Secretary-General that seeks to ensure, among other interventions, universal access to electricity, clean fuels and devices for cooking and mechanical power; improve*ments in energy efficiency, and increases in the production and use of renewable energy.

The consultative meeting was aimed at developing a Ghana Country Action Plan for the achievement of SEAAF by 2015.

Describing the SEAAF as a laudable initiative, Dr Oteng* Adjei said it would comple*ment the efforts of developing countries to ensure universal access to energy for their citi*zens.
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Old April 5th, 2012, 09:26 AM   #225
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Remove ex-refinery levy – Court of Appeal

High Court order which had directed it in November 2011 to remove levies im*posed on petroleum products, the court, in a unanimous decision, held that the NPA failed to convince it to stay the lower court’s order.

The court, presided over by Mrs Jus*tice Henrietta Abban, with Mr Justice F. Kusi-Appiah and Mr Justice E. K. Ayebi as panel members, also held that the NPA’s application for stay was devoid of merit.

It also awarded costs of GH¢500 against the NPA in favour of Develop*ment Data, a non-governmental organi*sation (NGO) which had contested the legality of the levy at the High Court.

A date is yet to be fixed for the hear*ing of the substantive appeal, which is praying the court. to dismiss, in its en*tirety, the lower court’s decision which directed the NPA to remove ex-refinery levies imposed on petroleum products.

The High Court, in November 2011, ruled as illegal the ex-refinery levy which had been part of the petroleum price build-up.

It, accordingly, ordered the NPA to scrap the levy and also refund all amounts accrued from the collection of the illegal levy to be paid into the Con*solidated Fund.

It further directed the NPA to publish the total amount collected from the ille*gal imposition and pay it into the Con*solidated Fund. .

Dissatisfied with the lower court’s de*cision, the NPA filed an appeal at the Court of Appeal and filed an application for stay of execution ofthe lower court’s order, pending the outcome of the sub*stantive appeal.

However, the Court of Appeal, after carefully perusing documents filed by parties in the matter, upheld the decision by the High Court in that illegal price margins disguised as “ex-refinery differ*ential” should be knocked off the fuel pnces.

The High Court had, in January 2012, refused an application to stay execution of its earlier order.
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Old April 5th, 2012, 09:33 AM   #226
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ADB crosses first hurdle to listing on the Ghana Stock Exchange

Agricultural Development Bank (ADB) has crossed the first hurdle towards listing on the Ghana Stock Exchange by June this year.

Sources say the Finance Ministry has given its approval to kick start the process of converting the bank from a state institution to a private entity.

The bank could join the likes of Ghana Commercial Bank (GCB), Cocoa Processing Company and Ghana Oil - three former state-owned entities that have listed on the local bourse.

State power generator, the Volta River Authority (VRA) is also working on a similar move.

Meanwhile, Agricultural Development Bank has attributed its sterling performance for last year to some prudent management strategies.
The bank, for the second successive time, saw a huge leap in its profits.

Its Revenue After Tax went up by 300 percent to 51.1 million Ghana Cedis. Loans advanced to agricultural sector went up by 42 per cent to 142 million Ghana Cedis.
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Old April 6th, 2012, 03:01 AM   #227
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Olam Ghana to investment more in cotton production

Olam Ghana, a cotton producing company operating in the Upper West Region, is expected to cultivate 30,000 hectares of cotton during this year’s cropping seasons as against 10,000 hectares it did last year.

The company engaged 8,000 farmers in the cotton production chain last year and it is expected to involve 25,000 farmers this coming farming season.

Mr. Mritunjay Das, Business Head in-charge of cotton production, said this at the first Olam Ghana Farmers Day celebration at Tumu.

Cotton farmers from the nine districts in the region attended the Day which was organised to award the farmers for their hard work, dedication and commitment to the company.

Mr. Das said the company invested $10 million in cotton production in the 2011 cropping season and would increase it to $35 million this year to engage more farmers in the communities to cultivate cotton.

The company produced 8,000 tonnes of cotton as against 10,000 tonnes it projected for the year, realizing a shortfall of 2,000 tonnes due to erratic rain fall pattern that characterized season.

Mr. Das said the company intended to increase the acreage to 100,000 hectares within the next four years when all farmers in the region are involved in cotton production.

“It is the intention of Olam to grow farmers and their income levels at the shortest possible time in the region”, Mr. Das said.

He said the company would make tractors, insecticides, fertilizers and other farm inputs available and deliver them to farmers at the appropriate periods to enhance production.

Dr. S. Bhatkulikar, Corporate Social Responsibility Manager, said composite manure would be developed to help farmers replenish less fertile cotton fields.

Dr. Bhatkulikar said plans were advanced to provide some assistance to children of cotton farmers.

The company also intends to encourage farmers to uproot cotton stocks and sell them to the company to generate at least 50 megawatts of electricity to run the ginnery.

Kuoro Richard Babini Kanton, Paramount Chief of the Tumu Traditional Area, appealed to farmers to take cotton production seriously since it has the potential of improving their livelihoods.

He urged them to use the money they realised from cotton to take good care of their children’s education and the health needs of their families and avoid drinking alcohol with the money.

Kuoro Kuri Buktie Limann, Paramount Chief of the Gwollu Traditional Area, commended Olam Ghana for establishing factories in the country to add value to agro products.

He appealed to the company to consider establishing a shea butter extracting factory and an additional ginnery in the Sissala area.

He advised the farmers to avoid selling cotton to companies that do not support them to the disadvantage of Olam Ghana.

Mr. Issaka Giaka, Sissala East District Director of Ministry of Food and Agriculture, said chemical poisoning was a huge risk among farmers in the region and asked Olam Ghana to be more concerned about that.

“Let us not be more concerned about the yields that we got but the occupational health hazards among farmers and the degradation of the environment should be of a worry for all”, he said.

The farmers comprising 45 groups from four zones in the region were awarded with motorbikes, cash and farm inputs among others.

Olam Ghana said it cost it 150,000 Ghana cedis to organise the Day.**
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Old April 6th, 2012, 03:02 AM   #228
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CCC in Ghana to sign agreement on Aboabze Thermal Plant

All is set for the signing of an agreement between Ghana and Canada, for Canada to support the expansion of the Aboadze Thermal Plant in Takoradi.

President John Evans Atta Mills, who held discussions on the Plant with the Canadian Commercial Corporation (CCC) last November in Canada, has consequently welcomed executives of the Corporation to Ghana, commending the enormous Canadian assistance to Ghana’s development.

The CCC is the main investment grouping in Canada, and the executives led by Mr Marc Whittington, are in the country to sign an agreement with the Government of Ghana to support the expansion of the Aboadze Thermal Plant.

The agreement is the second pact to be signed after the first expansion project which had the capacity to generate an additional 132 mega watts comes almost to a completion.

The second expansion project is also expected to generate 132 mega watts to boost the plant’s capacity.

Welcoming the delegation at the Osu Castle in Accra, President Mills expressed appreciation to the group for the continuous support for Ghana, stressing that the Government values its partnership with the CCC.

President Mills said he was impressed about the high interest of Canadian investors in Ghana, and assured them of a congenial business atmosphere.

“Ghana values the contribution from Canada in support of the growth of our economy,” he said, adding that the Government was committed to the partnership.

Mr. Whittingham, for his part, lauded the progress of the Ghanaian economy, indicating that the Corporation acknowledges the huge business potential in Ghana.

He said CCC is supporting the second expansion plan for the thermal plant due to its importance to the economy.

According to Mr Whittingham, the CCC recognised electricity production as a critical instrument to economic development, and that there was a need to support that sector to create jobs.**
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Old April 6th, 2012, 03:03 AM   #229
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Aboadze Thermal Plant to generate 132 megawatts more power

Ghana is set to sign an agreement with Canada to support the expansion of the Aboadze Thermal plant in Takoradi. The expansion will add a further 132 megawatts of power to the thermal power generation capacity.

President John Evans Atta Mills who held discussions on the plant with the Canadian Commercial Corporation (CCC) last November in Canada, has consequently welcomed executives of the Corporation to Ghana, commending the enormous Canadian assistance to Ghana’s development.

The CCC executives led by Mr Marc Whittington, are in the country to sign an agreement with the Government of Ghana to support the expansion of the Aboadze Thermal Plant.

The agreement is the second pact to be signed after the first expansion project which has the capacity to generate an additional 132 megawatts on completion.

The second expansion project is also expected to generate 132 megawatts to boost the plant’s capacity.

President Mills expressed appreciation to the group for the continuous support for Ghana when he welcomed the delegation from Canada, stressing that the Government values its partnership with the CCC.

He said he was impressed about the high interest of Canadian investors in Ghana and assured them of a congenial business atmosphere.

Mr. Whittingham lauded the progress of the Ghanaian economy, indicating that the Corporation acknowledges the huge business potential in Ghana. He said CCC is supporting the second expansion plan for the thermal plant due to its importance to the economy.

According to him, the CCC recognised electricity production as a critical instrument to economic development, and that there was a need to support that sector to create jobs.
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Old April 6th, 2012, 03:06 AM   #230
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Ghana’s economy ranked 84th freest worldwide in 2012

Ghana’s economic freedom has scored an overall score of 60.7, making it the 84th freest worldwide out of 179 countries, according to the 2012 Index of Economic Freedom released by the American Heritage Foundation in partnership with the Wall Street Journal.

Ghana, the world’s second-largest producer of cocoa, was ranked 9th out of 46 countries in the sub-Saharan Africa region, and its overall score has risen above both the world average (59.5) and regional average of 53.7. Mauritius topped the region with 77 points.

Ghana’s overall score was 1.3 points better than last year (2011) and was “due to improvements in four of the 10 freedoms including labor freedom and monetary freedom” the report said.

Recording one of the 20 largest score improvements in the 2012 Index, the conductors of the report commented “Ghana has become a “moderately free” economy.”

With a five-point increase in economic freedom since 2006, it argues that the economy has been growing at an average rate of 6% per year. “A vibrant private sector, benefitting from macroeconomic stability and ongoing reforms, has contributed to the economic expansion,” the report adds.
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Old April 8th, 2012, 02:57 PM   #231
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2m barrels of crude lifted from Jubilee Field in Q1

The Ghana National Petroleum Corporation has completed lifting its second consignment of crude oil form the Jubilee Field.

Ghana last year earned a little over $444 million from the sale of four lifting’s, Joy News has learnt.

In all, the Jubilee Field partners have lifted a little over 10 million barrels for Q1.

Meanwhile the country has been able to save 69 million dollars from the revenues earned from crude oil sales last year. $14.4 million has been put aside for future generations in the heritage fund, while $58 million has accrued to the Stabilization Fund to cushion the country in times of price volatility.
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Old April 13th, 2012, 12:23 AM   #232
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Iberia begins Accra-Madrid flights in July

Madrid-based Airline, Iberia, is set to begin scheduled flight from Accra to Madrid from July this year.

The airline will however start its operations in partnership with British Airways which merged with Iberia in 2010.

Ghana’s commercial manager for British Airways James Wooldridge told Joy Business they will offer seamless travelling experience to their passengers.

He added that Iberia hopes to capitalize on the structures of British Airways to reduce their cost of operations

About 40 airlines could be operating from the Kotoka International Airport by the close of this year as four international airlines are due to start operations. They include: China Eastern Airlines, Qatar Airways, Air Canada and Royal Jorda
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Old April 13th, 2012, 12:24 AM   #233
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ADB Records GH¢51.1m

THE AGRICULTURAL Development Bank (ADB) posted a profit-before-tax of GH¢51.1 million at the end of December 2011, marking a significant increase in its restated 2010 position of GH¢12.8 million.

This was as a result of a considerable expansion in the balance sheet of the bank, which witnessed a significant rise in assets from GH¢968.2 million at the end of December 2010 to GH¢1,213.7 million at the end of December 2011 – a growth of 25.4 percent.

The bank’s major earning assets included loans and advances that shot up from GH¢577.0 million to GH¢678.6 million, registering a growth rate of 17.6 percent.

Also, the bank made impressive strides in resource mobilization during the 2011 financial year, and that provided a major boost to the expansion of its assets base.

“Customer deposits grew significantly from GH¢536.1 million to GH¢827.7 million, registering a growth of 54.4 percent during the period. This resulted from the pragmatic strategic initiatives the bank has been implementing since 2010, thus responding to customer needs and providing attractive, quality and efficient customer service,” Steve Kpordzih, Managing Director of ADB revealed.

He continued that as evidence of its strength during the year under review, ADB transferred a further GH¢25.0 million from its income surplus account to its stated capital account, increasing its capital from GH¢50.0 million to GH¢75.0 million. Mr Kpordzih said this enabled ADB to fully comply with the regulatory minimum capital requirement of GH¢60 million ahead of the December 2012 deadline given by the Bank of Ghana for full compliance by indigenous banks.

“In the area of agricultural financing, ADB made several significant financing arrangements for the sector in the year 2011. The agricultural sector had total new lending amounting to GH¢141.7 million compared to GH¢100.1 million in 2010. The bank also made considerable new interventions in the productive agro-processing sub-sector and invested a total of GH¢84.5 million.

“Another significant development during the year under review was the completion of the upgrading of the branch and head office operations onto flexcube universal banking system (UBS) – version 11.2 banking software to support our corporate, retail, credit and treasury operations. The new IT infrastructure, systems and processes of ADB have enhanced the quality and efficiency of our customer service delivery. ADB has also added visa card processing to its cocktail of e-banking services.” he noted.

According to the MD, the release of the 2011 financial results of ADB was against the backdrop of the decision by its management to restate the 2010 accounts of the bank to make provision for transactions and balances which have been outstanding in the bank’s records for several years, some as far back as 2002.

“The financial out-turn achieved in 2011 will positively influence the strategic agenda of ADB to list on the Ghana Stock Exchange in 2012.”
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Old April 14th, 2012, 04:56 PM   #234
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Ghana’s economy grew by 14.4% in 2011

Revised estimates show Ghana’s economy grew by 14.4 percent last year. Previous estimates put the growth at 13.6 percent. The new figure was announced by the statistical service on Wednesday.

The growth has been attributed to the industry sector which recorded the highest growth for that period.

Industry sector recorded 41.1 percent followed by the services sector recording 8.3 percent and agricultural sector recording the lowest of 0.8 percent.

In the agricultural sector the crops sub-sector including cocoa contributed 4.5 percent to the sector while forestry and fisheries recorded a decline in output as compared to the same period of last year recording 14 and 8.7 percent respectively.

Electricity production for last year was less compared to that of 2010 recording negative 0.8 percent.

The Head of Research of the Statistical Service, Magnus Ebo Duncan, is sure the influence of crude oil and its related activities followed by construction and manufacturing surged the growth of the industry sector.

Meanwhile, the seasonally adjusted quarter on quarter estimates of the country’s growth for the last quarter of 2011 shows a decline of 0.3 percent over the third quarter which was 2.1 percent.

Industry and agricultural sectors recorded a decline of 1.2 and 3.6 percent respectively. The services sector grew by 7.5 percent.

There were significant declines in information and communication activities as well as fishing and forestry activities. However, positive growths were recorded in financial, insurance and transport activities.

The final estimates from 2010 showed a growth of 8.0 percent over the 2009 estimates which is 0.3 percent point above the revised estimates for 2010.

The change was mainly due to the inclusion of crude oil from the Saltpond fields and the initial production from the jubilee fields in December 2010.
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Old April 14th, 2012, 04:59 PM   #235
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Inflation moves up to 8.8% from 8.6% in March

Inflation for the month of March inched up marginally. It climbed to 8.8 percent from the 8.6 percent recorded in February.

The monthly change for March was 1.2 percent.

The food and non-alcoholic beverage group recorded a year on year inflation rate of 4.4 percent slightly up from 4.3 percent in February of this year. The non-food group recorded a year on year rate of 11.4 percent.

Transport, miscellaneous goods and services, alcoholic beverages, tobacco as well as clothing and footwear recorded inflation rates above the non food group.

Inflation rate (year on year) in the regions ranged from 6.3 percent to 13 percent.

The Central region recorded the highest of 13 percent and the Upper East and Upper West regions recorded the lowest of 6.3 percent. The Central, Western, Greater Accra and Ashanti regions recorded inflation rates above the national inflation rate of 8.8 percent.
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Old April 19th, 2012, 10:16 PM   #236
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FirstRand to start operations in Ghanaian

South African Bank, FirstRand says it is about to finalize a deal to enter Ghana and Nigerian markets.

The Group CEO of the Bank Sizwe Nxasana made the comment in Mumbai, India this week as FirstRand opened a unit in that country. There were earlier merger talks between FirstRand Bank and Merchant bank to expand its operations in Ghana.

It is unclear though whether earlier reports that talks between the two banks had broken down, have been rectified or not.

The Group CEO Mr Nxasana in his statements said the bank is exploring opportunities for both acquisitions and new licences in Ghana and Nigeria.

Analysts have previously said the group could either buy one of the banks rescued by the Nigerian central bank when it injected $4bn in 2009 into troubled banks as part of a reform of the country’s banking sector, or FirstRand could start a greenfield project as it has done in new markets such as Zambia and Tanzania.

FirstRand’s entry into the Nigerian retail market, where rival Standard Bank is already a major player, will atone for its failure last year to buy Nigeria’s Sterling Bank after disagreement on price.

It is believed the deal would have cost up to $400m.**
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Old April 19th, 2012, 10:18 PM   #237
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IMF Sees 8.8% Robust Real GDP Growth For Ghana In 2012

Real gross domestic product (GDP) growth in Ghana for the year 2012 will be 8.8%, the International Monetary Fund (IMF) projected in its April 2012 World Economic Outlook (WEO) released April 17, 2012 citing robustness of the economy.

“After the one-time boost from the start of oil production last year, Ghana’s growth is set to moderate to a still-robust 8.8% this year,” said the WEO.

But growth will ease to 7.4% in 2013, according to the Fund. The IMF pegged the country’s economic growth at 13.6% for 2011 but revised estimates recently provided by the Ghana Statistical Service (GSS) indicated the economy grew by 14.4% in 2011.

With consumer prices at 8.7% in 2011, the IMF projects that prices will be around 9.6% and 8.9% in 2012 and 2013 respectively. The country’s current account balance recorded a -10% of GDP in 2011, the WEO figures showed with projections for 2012 and 2013 expected at -6.9 and -6.0 respectively.

For Ghana’s unemployment rate, the Fund did not give figures for 2011, 2012 and 2013.

In sub-Saharan Africa, the IMF said the pace of growth is projected to pick up in 2012 to 5.4%, with the region relatively less exposed to the global slowdown but not immune to spillovers from the euro area’s problems.

On the global economy, it said the prospects are slowly improving again, but it expects growth to be weak, especially in Europe. Unemployment in many advanced economies will stay high, according to the WEO’s forecast.

“Real GDP growth should pick up gradually during 2012-13 from a trough seen in the first quarter of 2012, with signs of improvement in the United States, and the emerging economies remaining supportive,” the IMF pointed out.

Overall, IMF stated, “global growth is projected to drop from close to 4% in 2011 to about 3.5% this year, picking up to 4.1% next year.”
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Old April 20th, 2012, 02:32 AM   #238
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Wow, the oil production is really boosting the GDP figures in Ghana.
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Old April 21st, 2012, 01:59 PM   #239
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People forget that there is another large oil field still to be developed in Ghana. They hope to start production in 2015 so i expect around 7-8% growth for the next few years and then a similar boost to double digit growth when the next oil comes on stream in 2015.
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Old April 26th, 2012, 06:50 PM   #240
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Ghana Tema oil refinery shuts down on lack of crude

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Ghana's 45,000 barrel-per-day state-run Tema oil refinery has shut its main crude distillation unit since April 11 after running out of feedstock, sources told Reuters on Thursday.

"The plant is down because we do not have crude to process - the last activity at the plant was on April 11 at 1630 GMT," a source at the plant's labour union said.

Ghana's National Petroleum Authority (NPA), which regulates petroleum downstream operations, confirmed the plant had shut down, but dismissed suggestions it was the cause of this week's fuel shortage.

Some petrol stations in the capital Accra and in Tema areas reported supply delays this week, blaming the situation on the refinery's shutdown.

"We are aware TOR (the refinery) has shut down temporarily in April, but that has nothing to do with the shortages in some areas - the shortage has to do with a little challenge at one of our major depots," said NPA spokesman Yaro Kasambata.

Kasambata said he did not know the reason for the shutdown.

"It could either be for maintenance or lack of crude oil, but all I know is that the plant is not processing crude at the moment," he said.

He said Ghana relied heavily on private suppliers to import finished products to make up for Ghana's daily requirement of 90,000-100,000 barrels daily, almost double what Tema produces.

The Tema refinery has been hobbled by repeated shortages in available crude since 2008, when its main lender Ghana Commercial Bank cut off support due to unpaid debts totalling $600 million.

Ghana's government repaid the debt to the bank early last year, but officials said the refinery still remained indebted to some bulk oil suppliers.

Ghana is Africa's newest crude oil exporter after starting up its offshore Jubilee field. But authorities have said the country's sole refinery needed an upgrade to be able to run the domestically produced oil.

The Tema plant currently relies on crude imports, mostly from Nigeria.
http://www.abndigital.com/page/news/...-lack-of-crude
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