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Showing posts from July, 2014

Cocoa production to hit 930,000 metric tons

Ghana could achieve about 930,000 metric tons of cocoa beans, closed to the record outturn achieved in 2010/2011crop season
According to some economic research, 50,000 metric tons of cocoa beans could be realised at the end of September 2014.
Purchasing for the smaller light crop (July-September) officially started on July 4 while main crop purchases reached 879,000 metric tons in June 2014.
Meanwhile, high inflation which is eating away farmers’ incomes fuelled a surge in smuggling of Ghanaian cocoa beans to Côte d’Ivoire.
 Although Cocobod, the regulator of the cocoa industry, may have benefitted from the currency depreciation owing to its dollar borrowing, its finances are constrained by a large overhang of unpaid receivables.
Ghana is the world’s second largest cocoa producer, with estimated output of 930,000 metric tonnes of cocoa beans in the 2013/2014.
High inflation, currency depreciation and the likely return of the El Niño weather phenomenon could cloud the outl…

Ghana gets US$1 million grant from France

The French government has given Ghana an amount of €800,000 (about $1,000,000) to help strengthen the accountability of Ghana’s central and local government sectors.
The grant is under a programme called “Fond de Solidarité Prioritaire – Solidarity Priority Fund (SPF)” which saw Ghana and France complete two SPF projects, one in support of the decentralization process, and the other in support of public sector reform. Both projects were completed in early 2013 at a cost $2.4 million.
The new grant will be spread over a three-year period and it will focus on the application of principles of respect for the rule of law, consensus building, transparency, citizen participation, gender equality, efficiency and public sector accountability. Its main objective will be to strengthen the implementation of accountability mechanisms of the Government of Ghana.
Mr Frédéric Clavier, French Ambassador; Mr Julius Debrah, Minister for Local Governments and Rural Development; and Mr Alh…

Rlg unveils Uhuru Classic

Rlg over the weekend unveiled its latest smartphone, the Uhuru Classic, onto the market in Keeping with the desire to remain an industry leader.
The much-talked about innovative piece was launched on the company’s website www.rlgglobal.com, becoming one of the few to choose that as an option.
The Uhuru Classic is described as lightweight in size, heavyweight in style. It runs on Android 4.2.1, comes with crystal clear videos, photos and audio; and has dual camera (front 2.0MP and on the rear 8.0MP).
The phone has a long-hour Standby Battery and a super vibrant 4.7 HD LCD with WiFi, Bluetooth, GPS connectivity and a 1GB RAM.
“The Uhuru Classic is a living proof that not all phones are created the equal”, Ashraf Kanjo, Digital Marketing Manager of Rlg Global remarked.
This super-advanced masterpiece is manufactured to define innovation and creativity with its incredible design and features.
It supports multi-language, can store up to 1,000 contacts and another 1,000 free …

AGI challenges industry to make best out of falling cedi

Chief Executive Officer of the Association of Ghana Industries (AGI), Seth Twum Akwaboa, has challenged industry players to see the depreciation of the cedi as an opportunity instead of concentrating on the negatives.
Speaking at AGI’s industry and technology fair in Takoradi, on Tuesday July 29, 2014 Mr. Akwaboa urged estate developers, importers, exporters as well as manufacturers who complain about the effects of the dwindling cedi has had on their businesses to explore new alternatives that will aid their ailing ventures.
He said businesses can, for instance, explore “…possibilities of trying to obtain local raw materials if they exist”.
Businesses in the country have been plagued by economic challenges among which include constant depreciation of the local currency, rising fuel prices, soaring utility tariffs, hikes in taxes, poor power supply.
 The AGI, some months ago, admonished government to accelerate the implementation of the issues agreed upon at the National…

Vodafone Ghana promises increased value for customers

Senegal follows Ivory Coast on bond sales trail

London (UK) – 14 July 2014 – FT -
Senegal is meeting with investors in the US and Europe this week to pitch a new $500m government bond, days after the Ivory Coast began a sales trail for its own $500m bond.
Dakar has asked Citigroup, Société Générale and Standard Chartered to set up meetings with fixed income investors for what is expected to be a new benchmark bond.
Bankers said low interest rates around the world have led to a honeymoon period for African governments seeking to raise debt on international markets.
Kenya’s debut on international capital markets last month attracted orders more than four times higher than the $2bn raised, putting Africa on track to exceed the record $11bn raised on global capital markets last year.
Bankers said investor interest in the new Ivory Coast bond appeared to be positive, as demand for the country’s existing debt had increased, pushing down yields.
Yields on Senegal’s outstanding 10-year dollar-denominated bond have also fallen, from 6.86 per cen…

Strong demand for Ivory Coast bond

London (UK) – 17 July 2014 – FT -
Ivory Coast has attracted almost $5bn of orders in its return to bond markets just three years after default, in the latest sign of increased investor demand for frontier market debt.The 10-year, $750m bond, which is expected to price at a yield of 5.625 per cent, was more than six times subscribed – attracting an overall book of $4.75bn.
The yield on the bond is set to be lower than that of Kenya’s record-breaking $2bn bond in June.
African debt markets have grown rapidly in the past two years as governments and companies move to take advantage of low global interest rates and strong investor appetite for higher yields.
“Investors are increasingly keen to invest in frontier markets, but when it comes to Africa, they are also increasingly eager to address each country on its own individual merits rather than seeing the continent as an undifferentiated whole,” said Nicholas Samara, debt capital markets banker at Citi, one of the banks involved in the sale.

HFC Bank inaugurates Asokwa Branch