No Result
View All Result
Saturday, January 28, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

    Govt strikes deal with Insurance Association on debt exchange programme

    We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders

    NCCE Chairperson pays courtesy call on BoG Governor

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Accra never sleeps, neither does The Cosmopolitan …The Cosmopolitan now runs 24/7 [ARTICLE]

    Tax on agro inputs a threat to agribusiness and food security – Analysts

    Completely exempt individuals from DDEP over GAB agreement – Senyo Hosi to govt

    Assin State College receives Dano “Inner Strength” Award

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

    Registrar of Companies increases fee for business registration

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

    Govt strikes deal with Insurance Association on debt exchange programme

    We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders

    NCCE Chairperson pays courtesy call on BoG Governor

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Accra never sleeps, neither does The Cosmopolitan …The Cosmopolitan now runs 24/7 [ARTICLE]

    Tax on agro inputs a threat to agribusiness and food security – Analysts

    Completely exempt individuals from DDEP over GAB agreement – Senyo Hosi to govt

    Assin State College receives Dano “Inner Strength” Award

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

    Registrar of Companies increases fee for business registration

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Ebola disrupts some local economies in West Africa

bycitibusinessnews
August 10, 2014
in Business
Share on FacebookShare on TwitterShare on Whatsapp

Caterpillar has evacuated a handful of employees from Liberia. Canadian Overseas Petroleum Ltd. has suspended a drilling project. British Airways has canceled flights to the region. ExxonMobil and Chevron are waiting to see whether health officials can contain the danger.

The Ebola outbreak, which has claimed nearly 1,000 lives, is disrupting business and inflicting economic damage in the three African countries at the center of the crisis: Guinea, Sierra Leone and Liberia. So far, analysts say the crisis doesn’t threaten the broader African or global economies.

“We must make sure it is controlled and contained as quickly as possible,” said Olusegun Aganga, trade minister in Nigeria, which has confirmed nine cases of Ebola. “Once that is done, I don’t think it will have a lasting impact on the economy.”

ADVERTISEMENT

The World Health Organization on Friday declared the outbreak an international public health emergency. The WHO didn’t recommend any travel or trade bans. But it cautioned anyone who had had close contact with Ebola patients to avoid international travel and urged exit screenings at international airports and border crossings.

“When you have a widespread outbreak of Ebola, you can end up with a panic,” said John Campbell, senior fellow for Africa studies at the Council on Foreign Relations. “People won’t go to work. Expatriates will leave. Economic activity will slow. Fields won’t get planted.”

The World Bank estimates that the outbreak will shrink economic growth in Guinea, where the crisis emerged in March, from 4.5 percent to 3.5 percent this year.

Ama Egyaba Baidu-Forson, an economist at IHS Global Insight who focuses on sub-Saharan Africa, is cutting her forecasts for growth this year in Liberia and Sierra Leone. She warned that prices would rise as food and other staples become scarce and that the region’s already fragile governments would run up big budget deficits in fighting Ebola.

Baidu-Forson says the countries hit by Ebola ultimately could require financial help from the International Monetary Fund.

In the meantime, multinational companies that do business in the resource-rich region are scrambling to respond to the crisis. Among them:

— Heavy equipment manufacturer Caterpillar Inc., based in Peoria, Illinois, has “evacuated less than 10 people” from Liberia, company spokeswoman Barbara Cox said by email. In a statement, Caterpillar said: “The health and safety of our people is our top priority…. We will continue to monitor the situation closely.”

— British Airways has announced that it’s suspending flights to and from Liberia and Sierra Leone through Aug. 31 “due to the deteriorating public health situation in both countries.”

— Tawana Resources, an Australian iron-ore company, said it had suspended “all non-essential field activities within Liberia” and sent all non-essential African workers, expatriates and contractors home.

— London-based mining company African Minerals has begun imposing health checks and travel restrictions on employees in the region.

— Canadian Overseas Petroleum, based in Calgary, has stopped drilling in Liberia. And some of its expatriate employees have left the country.

— ExxonMobil said in a statement that its offices remain open and that “we’re taking precautions to ensure the health and safety of our employees.” The company has offices in Liberia, Nigeria and several other African nations.

— Chevron, which has an office in the Liberian capital of Monrovia and is in the process of exploring for oil off Liberia’s coast, said it’s “closely monitoring the outbreak of Ebola virus in West Africa.” But the company wouldn’t say whether it was withdrawing any employees or taking any other steps as a result of the outbreak.

So far, the economic damage has not affected West Africa’s biggest economy, Nigeria’s, though the disease has already spread to that country.

“It’s not stopped commerce; it’s not stopped buying,” said Danladi Verheijen, managing director of the investment firm Verod Capital. “The flights are still full going into Nigeria.”

Timi Austen-Peters, chairman of the Nigerian engineering and manufacturing firm Dorman Long, met in Washington on Friday with investors who were interested in Africa. Ebola, he says, didn’t come up in the discussion.

“We were having a good old-fashioned business meeting,” he says. “They were not in any way spooked.”

 

Source: AP

Related Posts

Banking And Finance

Government and Association of Banks reach agreement on DDEP

byMichael Ogbodu

Finally, there is an agreement between the government and the Ghana Association of Banks over the Domestic Debt Exchange Program....

Read more

DDE: Banks secure 5% coupon for 2023; other revisions

Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

Banks seek shorter maturities in local debt-swap deal

Zenith Bank ceases trustee services in unit trust schemes in Ghana

Gold for oil policy will reduce pressure on forex – Bawumia

Next Post

Union Savings train SMEs on the need pay tax

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.