Author: citibusinessnews
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Bear market eats Kenya’s stockbrokers’ 2015 profits
A tough operating environment saddled by high interest rates and a surge in inflation saw 16 out of Kenya’s 21 stockbrokers’ 2015 profits drop, according to financial reports published by close of last week. The industry reported a cumulative net profit decline of 35 per cent to Sh823.5 million from Sh1.26 billion in 2014, as…
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Government to overspend in 2016 – Economist
Economist, Professor Godfred Bokpin has told Citi Business News that Ghana faces a threat of overspending its budget this year. According to him, factors leading to overspending in election years are still persisting which will make it difficult for the government to stay within its budget. [contextly_sidebar id=”w4RXNwCAydDc86q2SOzPRrqH1TbrCgyX”]Most analysts have expressed caution at government overspending…
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Africa watches as Kenya prepares to test Eurobond waters
Kenya could become the first African country to tap global debt markets this year as it begins a bond roadshow this week, but Eurobond financing is likely to remain out of reach for most of its peers on the continent. Bond sales from sub-Saharan Africa, which had previously been booming, are yet to start in…
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Nigeria’s oil company offers to discuss revenue retention claims – NRGI
Nigeria’s state oil company has offered to talk to an international watchdog that says it failed to hand over billions of dollars in oil revenues despite government promises to tackle mismanagement and corruption. President Muhammadu Buhari last year fired senior staff at the Nigerian National Petroleum Corporation (NNPC) and approved a revamp of its structure…
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South Africa’s cenbank warns of effects of ratings downgrade
South Africa’s central bank warned on Monday that a ratings downgrade would hit the currency hard and see short-term interest rates rise 80 basis points while longer-term bond yields would likely increase by 104 basis points. Higher borrowing costs would likely see the government allocate more spending towards debt-service costs, South Africa’s Reserve Bank in…
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New BoG boss hit with high demands from bankers & economists
Economists and financial players want newly appointed governor of the bank of Ghana Dr Abdul-Nashiru Issahaku to quickly begin measures to deal with the challenges facing the economy. President John Dramani Mahama yesterday appointed Dr. Abdul-Nashiru Issahaku as Governor of the Central Bank. [contextly_sidebar id=”jfzgEsz8JkiFZyMCwPEGKiWXkyA23OhP”]He replaces Dr. Kofi Wampah who proceeded on leave prior…
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Alisa hotel now Swiss Spirit Hotel and Suites Alisa
Swiss International Hotels and Resorts has signed a license agreement with the owning company of Alisa Hotels Accra, in a partnership deal which will help upgrade facilities, and improve services to meet global standards in the hospitality and hotel industry in Ghana. The flagship property of Alisa Hotels, situated in North Ridge, has been renamed…
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President names new Governor
President John Dramani Mahama has appointed Dr. Abdul-Nashiru Issahaku as Governor of the Central Bank. He replaces Dr. Kofi Wampah who has proceeded on leave prior to retirement. [contextly_sidebar id=”vZEvK40mfZ9INECvby2KDEaLFlid9lFI”]Dr. Issahaku, until this appointment, effective today April 04, 2016, was a deputy Governor of the Bank. Until his appointment, Dr. Issahaku was a Second Deputy…
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VRA has not cancelled debt of mining companies—CEO
The Volta River Authority (VRA) has assured that it is working to collect all monies owed the authority and has not cancelled any debt owed by mining companies. In a recent publication, the Public Interest and Accountability Committee (PIAC) revealed that the Ghana National Gas Company (GNGC) is indebted to the Ghana National Petroleum Corporation…
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Rescue haulage drivers from ill-treatment in Burkina – Importers
The Executive Secretary of the Importers and Exporters Association of Ghana, Sampson Asaki Awingobit has called on government to intervene in the maltreatment of Ghanaian haulage drivers by authorities at the Burkina Faso borders. This follows complains made by Ghana haulage drivers about the bad treatment meted out to them by their neighbouring counterparts in…