ACCRA, March 20 (Reuters) – Ghana will seek bridge finance
of between $300 million and $1 billion in the first half of this
year to redeem maturing domestic debt, according to a memo to
parliament signed by Finance Minister Seth Terkper.
The debt finance plan emerged as Moody’s downgraded Ghana’s
sovereign rating and put the West African country on a negative
outlook to reflect its increasing debt burden, large fiscal
imbalances and a sharp weakening of the cedi currency.
ACCRA, Feb 26 (Reuters) – Ghana and the International
Monetary Fund (IMF) reached agreement on Thursday on a
three-year funding deal they hope will restore fiscal stability
to an economy hailed until recently as an African star.
The deal was clinched after months of talks prompted by the
failure of President John Mahama’s government to hit a series of
targets on inflation, the budget deficit and growth and a steep
fall in the West African nation’s currency.
KAMPALA/ACCRA (Reuters) – Young Ghanaian entrepreneur Nana Tamakloe could hardly have a simpler business plan. When people order clothes from his website, he buys the items from stalls and shops in Accra, ships them with DHL and gets paid online.
His suppliers love him as a regular customer and don’t care that he doubles their prices to cover his costs.
ACCRA (Reuters) – The International Monetary Fund said in a report that poor governance and rushed growth at pan-African lender Ecobank (EBG.GH: Quote, Profile, Research) pose serious concerns, but it said in an email on Thursday the concerns it referred to have been addressed.
The Fund made its comments about Ecobank, one of the largest financial institutions in sub-Saharan Africa, in a 98-page report issued on Wednesday about pan-African banks. Ecobank has a presence in 36 African countries and assets of $23 billion.
YAOUNDE/ACCRA (Reuters) – Boko Haram fighters have killed more than 100 people in the north Cameroon town of Fotokol, murdering residents inside their homes and a mosque, a local civic leader said on Wednesday.
The massacre comes amid a major regional offensive against the Islamic group, which has kidnapped hundreds and killed thousands in neighbouring northern Nigeria and has mounted increasingly bloody cross-border raids.
ACCRA, Feb 3 (Reuters) – A court in Togo awarded Thierry Tanoh, the former
chief executive of pan-African lender Ecobank , $11.6 million
on Tuesday after he filed a wrongful dismissal suit following the bank’s
decision to fire him last March.
The labour court ruling represents a sharp legal setback for Ecobank, one of
the biggest financial institutions in sub-Saharan Africa, whose presence in 36
countries has enabled it to take advantage of rapid economic growth on the
ACCRA, Jan 25 (Reuters) – Pan-African lender Ecobank will
comply with an order by a court in Ivory Coast to publish in
international media a judgment in a defamation case brought by
its former chief executive even as it appeals against the
ruling, a bank spokesman said on Sunday.
Ecobank must publish the commercial court’s ruling on former
CEO Thierry Tanoh’s case in “all news media and internet sites”
or face a fine of $400,000 a day, according to the judgement
issued on Jan. 15.
ACCRA, Jan 16 (Reuters) – West African leaders will seek
authority next week from the African Union to create a
multi-national force to fight Nigeria’s Boko Haram Islamist
insurgents, Ghanaian President John Mahama told Reuters on
Any such force would represent the most robust international
response yet to the militants who have killed thousands over the
last year in their campaign for an Islamic caliphate and have
also launched cross border attacks into Niger and Cameroon.
ACCRA, Jan 16 (Reuters) – As the boss of one of Ghana’s
busiest restaurants, Afua Asante has a lot on her plate, from
managing a team of 40 to ensuring each dish is cooked just so.
This week she has an extra headache: her palm wine supplier may
be trying to cheat her.
Asante sources the wine from the town of Adawso in eastern
Ghana, several hours drive from Accra, but it ferments quickly
and the customers who order it by the calabash will not take
kindly to wine that’s not fresh.
ACCRA, Dec 24 (Reuters) – Medical detective work will be the
next big phase in the fight against Ebola when the United
Nations deploys hundreds of health workers to identify chains of
infection as the virus passes from person to person, top U.N.
health workers said.
The health teams will travel to each district and region of
Guinea, Sierra Leone and Liberia, the three countries at the
centre of the epidemic, to trace who each infected person has