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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Investors told to target Africa’s mega-cities, including Accra

bycitibusinessnews
February 15, 2016
in Top Stories, West Africa
City of Accra

City of Accra

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Investors who wish to do business in Africa have been advised to re-strategize and target big and growing cities on the continent such as Accra, Lagos, Nairobi, Kinshasa and Johannesburg.

This means that instead of taking a view on the continent as a whole, or choosing one country over another, they can seize opportunities city by city.

In cities such as Lagos, Nairobi, Accra, Kinshasa and Johannesburg, growth remains robust and investors are prospering in the retail, financial services, technology and construction sectors.

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City of Nairobi
City of Nairobi

Sub-Saharan Africa for instance, is urbanizing faster than anywhere else in the world and city dwellers have more money to spend.

Nairobi is the most attractive destination for foreign investment, according to a 2015 report by PricewaterhouseCoopers, followed by Accra, with Lagos and Johannesburg equal third.

Consumption per capita in Accra is 1.6 times greater than the average in Ghana, 2.3 times bigger in Lagos than the average in Nigeria, and 2.7 times larger in Nairobi than nationally in Kenya, Abraaj a private equity firm with $9 billion under management estimated.

City of Lagos
City of Lagos

Lagos, one of the world’s fastest growing cities and with a population of 20 million, expects economic growth of 7 percent this year, twice the pace of the country as a whole.

“In the current economic environment, investors want areas where success is proven; growth is strong and will remain strong. Big African cities give you that,” said Jacob Kholi, a partner at Abraaj.

“It has become even more important to focus on these key cities than before,” Kholi added.

Commodity price collapse and effects

Africa’s biggest economies have been hammered by the collapse in commodity prices over the past 18 months but there are still investment bright spots to be found.

Even South Africa, which is grappling with youth unemployment of over 40 percent and could slip into recession this year, has areas where industry is booming.

“Looking around here, you wouldn’t know things were so bad,” construction worker Sifiso Zwane told Reuters in Johannesburg’s wealthy Sandton business district.

City of Kinshasa
City of Kinshasa

“Rich people will always find a way to make more money,” said Zwane, with cranes filling the skyline behind him and billboards advertising new retailers like Krispy Kreme doughnuts and Hennes & Mauritz.

There are similar stories elsewhere.

This year, Kenya is set to unveil the Two River malls in Nairobi, the continent’s largest shopping centre outside South Africa, with brands like Porsche, Hugo Boss and France’s Carrefour already booking space.

“The economy still has opportunities,” said Gabriel Modest, a jeweller who says demand for the gold necklaces and bracelets he sells remains strong.

“Sometimes you have to treat yourself,” he added, ordering a bowl of muesli and yoghurt at an upmarket Nairobi coffee shop.

In Lagos, plans are in place to develop the vast multi-billion-dollar Eko Atlantic city, a Dubai-style gated community that will boast chrome skyscrapers, business parks, palm trees and a marina.

“Mega city”

By 2025, Mckinsey estimates that more than 80 cities in sub-Saharan Africa will have populations of more than one million, accounting for 58 percent of the region’s growth.

This rapid urbanisation means Africa’s big cities will need more roads, hospital and power stations, while growing numbers of new inhabitants will be buying consumer goods like instant noodles, washing powder and mobile phone cards.

City of Johannesburg
City of Johannesburg

Though some big companies like Massmart, Barclays and Nestle have slowed expansion plans in Africa in the last two years they are still making healthy profits in the big urban centres, according to banking sources.

“Our investment is focused on cities where we see the best opportunities even if the investment environment in the rest of the country isn’t as robust,” said Louis Deppe, partner at Actis, an emerging market-focused investment company.

“The ‘mega-city’ trend is still very much on the cards.”

The share of Africans living in urban areas is expected to grow from 36 percent in 2010 to 50 percent by 2030, with cities expected to be home to 85 percent of the national population in some countries, according to the World Bank.

The rapid urbanisation of mostly the young and unemployed is placing a huge strain on infrastructure and will put pressure on politicians to direct more resources towards cities. Inequality in African cities is already among the highest in the world.

African governments with stretched public finances will need to improve housing and social safety nets in cities and diversify their economies to support rural areas in order to avoid an increase in inequality that could stir up discontent.

“In a more risk-averse world, ‘urban bias’ – where there are proven returns – is likely to be reinforced. Investors will look at urban areas,” said Razia Khan, head of Africa research at Standard Chartered.

“This trend runs the risk of the rural electorate being marginalized – in especially unequal regions, it may raise political risks, and the potential for unrest.”

Back in Lagos, business is still expanding for cab-owner Cyril Ugochukwu, whose earnings are running well above the target he set for his business, which has contracts with online firm Easy Taxi.

“Individuals must make trips whether times are good or bad,” he told Reuters.

–

Source: CNBC Africa

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Financing agric sector alone not enough to grow it – GIRSAL CEO

Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

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