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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [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)

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    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [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

  • 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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    Africa’s internet economy to cross $180 billion by 2025: Report

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    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

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Rwanda: Brexit Unlikely to Affect Economy – Rwangombwa

bycitibusinessnews
June 29, 2016
in Africa, East Africa
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Britain’s exit from European Union is unlikely to have any adverse impact on the Rwandan economy, central bank governor John Rwangombwa has said.

Last week, UK voters went to the polls for a referendum to determine whether the country would remain part of the European Union (EU), with a majority 52 per cent opting to leave the European bloc.

The referendum outcome sent shock waves across the globe, with the UK’s currency, Pound Sterling, suffering heavy depreciation against the US Dollar and major UK firms seeing their value tumble on the stock market.

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However, Rwangombwa allayed fears of the impact of the move to Rwanda’s economy, citing low linkage to the British economy.

“Our economy is not fully linked or integrated with the UK economy, but there are still unknowns as to what extent this might affect the global economy. We expect to have an indirect impact though we cannot say to what extent,” he said.

The central bank governor was yesterday speaking at a news conference following the Monetary Policy and Financial Stability Committee Meetings.

“The biggest impact would be on our reserves, but the good thing is that we do not have much reserves in the currencies that have been hit such as the Pound Sterling, which has depreciated by about 10 per cent,” he said.

Rwanda’s reserves in the Pound Sterling is 1.1 per cent, while with the Euro its only 0.2 per cent of the total reserves. A majority of Rwanda’s reserves are in the US Dollar, at 83.2 per cent.

The impact on trade would stem from the drop in consumption of imports in the economies facing challenges.

However, Rwanda’s trade ties with the UK are relatively low.

“Our trade with UK directly is about 2 per cent of exports and 1 per cent in imports,” Rwangombwa said.

Indirectly, however, the impact could be with the EU as exports to the bloc stand at about 20 per cent.

On impact on investment, the governor said that Brexit’s the impact on certain economies could reduce their appetite and capacity to invest outside.

“We do not know yet but so far we do not have much investment to that end. The biggest concern would be how it will affect the already weak global economy. These challenges of commodity prices linked to a weak global economy, these might prolong its recovery,” the governor said.

Rwangombwa added that the Rwandan economy and financial sector remain sound and stable with the central bank maintaining the key repo rate at 6.5 per cent.

–

Credit: All Africa

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