ACCRA, April 10 (Reuters) – For a decade, Ghana powered
ahead as it started pumping oil, won debt forgiveness, achieved
coveted middle-income status and saw five years of economic
growth above 8 percent that made it the envy of other African
Now it has hit a roadblock and Ghanaian officials are set to
discuss new policy options at annual meetings of the
International Monetary Fund (IMF) and the World Bank in
Washington this week.
ACCRA, April 7 (Reuters) – West Africa needs to lower
tariffs, enable freer movement of goods and services, and deepen
integration of its 15 countries to promote growth, Ghana’s
President John Mahama said at the Reuters Africa summit.
Mahama, who last month took over as chairman of the Economic
Community of West African States (ECOWAS), said colonial
legacies and the structure of the region’s economies make
liberalization difficult, while some states were also afraid of
exposing themselves to greater competition.
ACCRA (Reuters) – The board of Ecobank removed its chief executive, Thierry Tanoh, on Tuesday following months of turmoil at one of the biggest financial institutions in sub-Saharan Africa.
The crisis over corporate governance and leadership that led to Tanoh’s departure is seen as a test case for regulators and has put a spotlight on the integrity of financial institutions on a continent where economies are expanding rapidly.
LOME, March 7 (Reuters) – Pan-African lender Ecobank
will hold a board meeting on Tuesday in the Cameroonian
capital Yaounde two weeks after an injunction blocked a similar
meeting that would have discussed the position of chief
executive Thierry Tanoh.
Ecobank is one of the largest financial institutions in
sub-Saharan Africa with a presence in 35 African countries.
Senior executives are divided over the leadership of Tanoh, an
Ivorian former vice-president of the World Bank’s International
Finance Corporation (IFC).
LOME (Reuters) – Ecobank shareholders passed a governance action plan to address criticism by Nigeria’s securities regulator at an extraordinary general meeting on Monday where the fate of CEO Thierry Tanoh was not on the agenda, a top bank official said.
Tanoh has faced calls to step down in recent days from his top executive team and the bank’s biggest shareholder, Public Investment Corporation of South Africa, but there was no vote on his future at Monday’s meeting as the agenda was set in advance.
LOME, March 3 (Reuters) – Shareholders in pan-African lender
Ecobank met on Monday to vote on proposals to reform its
governance and to form a new board in the face of pressure from
regulators and calls for chief executive Thierry Tanoh to
Ecobank, one of the biggest banks in sub-Saharan
Africa, faced criticism in January from Nigeria’s securities
regulator, which cited an absence of clear vision and strategy,
inadequate transparency in recruiting and conflicts of interest.
ACCRA (Reuters) – Two former directors of Ecobank defended CEO Thierry Tanoh and said he is under pressure to resign because he is dealing with governance problems that allegedly took place before his tenure began at one of the biggest banks in sub-Saharan Africa.
Their views are likely to be advanced to shareholders by the company on Monday at an extraordinary general meeting (EGM) at its headquarters in the Togolese capital Lome to vote on governance reforms.
ACCRA (Reuters) – The main shareholder in Ecobank (ETI.LG: Quote, Profile, Research, Stock Buzz), one of the biggest banks in sub-Saharan Africa, called on Saturday for its Ivorian chief executive Thierry Tanoh to be dismissed immediately.
The South African government-owned Public Investment Corporation’s (PIC) demand was made in a letter to the interim chairman of the bank, which is headquartered in Togo and is listed in Nigeria and Ghana and on the West African regional bourse BRVM.
JOHANNESBURG/ACCRA, Feb 26 (Reuters) – Ecobank’s top
shareholder piled pressure on chief executive Thierry Tanoh on
Wednesday, saying he had failed to bolster the bank’s capital
and stabilize one of sub-Saharan Africa’s largest financial
Daniel Matjila, the chief investment officer of South
Africa’s Public Investment Corporation (PIC), said it supported
reconstituting Ecobank’s board and might back a change of chief
ACCRA, Feb 11 (Reuters) – New measures by Ghana’s government
to stabilize the cedi currency, which has fallen sharply
so far this year, will take time to have an effect and inflation
may rise further in the short term, Finance Minister Seth
Terkper said on Tuesday.
Many economists say the currency’s decline is a leading
indicator of broader fiscal problems in a country that exports
gold, oil and cocoa and has acquired a reputation for strong GDP
growth coupled with stable democracy.