Author: citibusinessnews
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2016 Eurobond road show to start in April
Ghana may commence a road show for its fifth Eurobond next month to raise US$700 million for infrastructure development. The road show which would be led by Finance Minister, Mr. Seth Terkper will include individuals from government’s economic team and the Governor of the Bank of Ghana (BoG) [contextly_sidebar id=”7o5YgEflo6yqJINP9ikbkocgzLoFUkdq”]The team is expected to visit…
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Domestic debt now crosses Sh1.6trn
Kenya’s domestic debt has hit Sh1.6 trillion after rising by Sh85.5 billion since the beginning of February, mainly driven by a rise in the stock of Treasury bills. Data from the Central Bank of Kenya (CBK) shows the stock of debt in form of Treasury bills has gone up since February 1 to stand at…
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MPs table law to cap bank lending rates in Kenya
NAIROBI — Kenyan legislators were pushing a law through parliament aimed at capping commercial banks’ lending rates at 4 percentage points above the central bank’s benchmark rate, the MP leading the initiative said on Monday. Businesses complain that high commercial lending rates, often 18% or more, stifle corporate investment. Individuals say high rates put borrowing…
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Moody’s says IMF loan will ‘shield’ Kenya
The Sh153bn stand-by loan from the International Monetary Fund (IMF) has significantly boosted Kenya’s defence against external shocks, analysts at ratings firm Moody’s Investors Service said Monday. While noting that the opinion was not a rating upgrade, Moody’s said the precautionary loan will provide an important buffer while the accompanying IMF programme will boost Kenya’s…
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Zimbabwe: Zim’s Exports Down 13 Percent
The value of the country’s exports declined 13,05 percent in the two months to February due to weaknesses in global commodity prices, the appreciation of the dollar against regional currencies which makes products uncompetitive and a generally slower growth in world trade. Zimbabwe’s main export goods are minerals and tobacco and there are constant calls…
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CMA punishes brokers for illicit share trading at Nairobi bourse
At least seven stockbrokers have been cited and penalised for manipulating share prices at the Nairobi Securities Exchange (NSE), causing ordinary investors heavy losses. The Capital Markets Authority (CMA) says in its latest statement that it has fined Standard Investment Bank (SIB) Sh758,858 for facilitating one Henry Ngati Nugi to inflate the share price of…
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High taxes killing aviation industry
Airfares are likely to be reduced if the operation costs of airline companies are reduced. [contextly_sidebar id=”zKeVXA1dxWGr2NMlu84JMwKqddnl0WrD”]This is the verdict of Vice President, Africa of the International Air Transport Association, Raphael Kuuchi. According to him, Ghana’s aviation industry which he commends as a highly competitive one is however constrained with the continuous rise in production…
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Cedi records impressive performance in first quarter of 2016
Some economists have lauded the central bank for the stabilizing cedi in the first quarter of this year. [contextly_sidebar id=”qdWQERrOV0TFoSg18i4W2lYH07umQQa0″]According to economist Dr Ebo Turckson, the stability in the currency can be attributed to importers being allowed to trade in the Chinese Yuan along the dollar, pounds and the euro. Figures from the Bank of…
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Nigeria: NNPC Owing Federation Account N4.9 Trillion Oil Money, Revenue Commission Says
Barely a week after the dispute between the Nigerian National Petroleum Corporation, NNPC and the Auditor General of the Federation, Samuel Ukura, over alleged unremitted N3.235 trillion oil revenue to the Federation Account in 2014, the Revenue Mobilization Allocation and Fiscal Commission, RMAFC, on Monday confirmed that total unremitted revenue could be as high as…
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Glo Ghana debunks plans of exit
Telecommunication operator Glo Mobile Ghana has ruled out any plans to pullout out of Ghana. According to the company, it has completed an upgrade of its data system which can accommodate over 20,000 new subscribers to boost its operations in Ghana. [contextly_sidebar id=”EuX5AsJwVXH4rpiTWhjkixYC8SmiKQHE”]There are fears that the telecom company may pullout of Ghana soon due…