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January 7, 2017
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News Feed: 19/04/2017

LOCAL NEWS

Black market is killing Forex Bureau business

Mr Chris Addy Andoh, operator of the Kash Forex Bureau in Tema has called on government to control the activities of black marketers in the foreign exchange business. Mr Andoh in an interview with the Ghana News Agency said activities of the black marketers were collapsing operations of forex bureaux in the country.

He explained that such operators who are mobile and visible are able to lure customers with their slightly better rates while the forex bureau who were regulated by law and pay taxes to the government, struggle in their enclosures. He cautioned the public against buying foreign currency from the black market as that could expose them to risk of been given fake currencies and even robbed.

 

Africa needs diaspora strategy to harness opportunities – Consultant

A private banking consultant, Nilla Selormey, has reiterated the need for Africa to develop a diaspora strategy that will utilise skills of returnees to harness opportunities in the continent.
She said the strategy must have clearly defined goals based on sectoral analysis that highlight key opportunities in each sector of the economy.
The strategy, she explained, must also involve the segmentation of the African Diaspora into unique segments in order to develop targeted policies.
Addressing a business conference organised by the African Management Services Company (AMSCO), an arm of the International Finance Corporation (IFC), Ms Selormey said a critical first move for any African government would be to set a vision that should lead the development of the strategy.

Akufo-Addo initiates ‘Planting for Food and Jobs’ today

President Nana Akufo-Addo will on Wednesday launch his government’s agricultural flagship programme, Planting for Food and Jobs in Goaso, in the Brong Ahafo Region.
Some 200, 000 farmers in the region are set to benefit when the programme rolls out.
In the 2017 budget, the government earmarked GHȻ560 million for the initiative expected to create over 70, 000 jobs.
The Minister for Food and Agriculture, Dr. Owusu Afriyie-Akoto, reveals the programme will cover 2.5 million farmers nationwide after the pilot process.

Bawumia,Ofori-Atta head Ghana’s team at IMF/World Bank Spring Meetings

The Chairman of the Economic Management Team, Vice President Dr. Mahamudu Bawumia, and the Finance Minister Ken Ofori-Atta are leading a Government delegation to the IMF/World Bank Spring Meetings to be held in Washington DC, from April 18 – 28, 2017.
The delegation is made up of officials from the Bank of Ghana, led by the Governor, Dr. Ernest Kwamina Yedu Addison; the Chairman of the Finance Committee in Parliament, Dr. Mark Assibey Yeboah (MP); and officials from the Finance Ministry.
A statement from the Ministry of Finance copied to Citi Business Newsexplained that  the delegation will meet with  the World Bank President, Jim Yong Kim, as well as the IMF Managing Director, Christian Lagarde.
They would also attend the African Consultative Group Meetings with Christian Lagarde andPresident Jim Yong Kim.

 

Letshego holdings concludes acquisition of afb Ghana Plc

Letshego Holdings Limited a leading inclusive finance group providing consumer lending, microfinance and deposit-taking services to improve life, has concluded the 100% acquisition of afb Ghana Plc.
Key developments to be introduced to the Ghanaian market were presented before stakeholders including the Ghanaian media in press conference held in Accra.
Details of the transaction were shared with the media and public in early 2017 when Bank of Ghana gave their approval; the acquisition has subsequently been approved by the Ghana Securities and Exchange Commission (SEC).

GLOBAL NEWS

IMF says pace of global economic growth is picking up

The world economy seems to be gaining momentum, according the chief economist of the International Monetary Fund.
Writing in the IMF’s new World Economic Outlook, Maurice Obstfeldt said “we could be at a turning point”.
The report forecasts global growth this year of 3.5%, up from 3.1% predicted in 2016.
The UK’s economy is forecast to expand by 2% this year, stronger growth than any of the major developed economies apart from the US.
The prediction for Britain this year is now only marginally below what the IMF predicted a year ago, its last full forecast before the Brexit referendum.

 

Goldman Sachs and Bank of America see profits jump

Two major US banks have reported increased profits for the first quarter of the year, amid higher interest rates and an energy sector rebound.
Profits at Bank of America were $4.35bn (£3.44bn), up 44% from the same period in 2016, with gains across its major divisions.
Goldman Sachs profits rose 80% from a year earlier to $2.2bn.
But the firm disappointed analysts with a decline in revenues from institutional investors.
Shares in Goldman Sachs fell more than 3% after the market opened.

 

RBS stake may be sold at a loss, chancellor admits

Once a household name, Toshiba is now bleeding billions of dollars and frantically trying to reassure investors that it will not succumb to the kiss of death.
But it also faces another fate: becoming the most high-profile member of Japan’s corporate living dead, also known as zombie firms.
Toshiba admitted this week that its survival is at risk and that the firm could be delisted from the Tokyo stock exchange, following a major accounting scandal and an ill-timed bet on nuclear power.
The 142-year-old company is poised to record Japan’s biggest industrial loss after its investment in US nuclear unit Westinghouse turned toxic.

 

Primark owner Associated British Foods sees profits jump

Food-to-fashion group Associated British Foods (ABF) has reported a leap in first-half profits, driven by a recovery at its sugar businesses and continued growth at its Primark chain.
Pre-tax profits jumped by 35% to £624m in the 24 weeks to 4 March, with revenues up by 19% to £7.3bn.
ABF said profit growth in the second half would be “tempered” by the weaker pound pushing up the cost of imports.
However, it added the outlook for full-year profits had improved.

 

 

GLOBAL MARKETS

Sterling stole centre stage in Asia on Wednesday amid speculation Britain’s surprise decision to call a snap election could ultimately deliver a more market-friendly outcome in its divorce from the European Union.

 

WORLD OIL PRICES

Oil prices dipped on Wednesday as bloated U.S. supplies weighed on markets while a fall in Saudi crude exports was offset by rising production in the country.

 

 

EMERGING MARKETS

SOUTH AFRICA MARKETS

South African stocks slid on Tuesday, dragged down by resources companies, while the rand firmed slightly amid lingering political uncertainty.

 

NIGERIA BANKS

Ecobank, which operates in nearly 40 African countries, said on Tuesday a recession in Nigeria and a strong U.S. dollar led to a loss for 2016, sending its shares 5 percent lower.

 

ZIMBABWE MINING

Zimbabwe’s mining industry needs to be “reorganised” so that it contributes more towards the African country’s economy, President Robert Mugabe said on Tuesday.

 

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