Matthew's Feed
Apr 22, 2015

Billions at risk for Ghana, oil firms from ocean boundary ruling

DAKAR/ACCRA (Reuters) – Ghana’s decision to seek arbitration in a dispute with Ivory Coast over an oil-rich basin in the Atlantic could prove costly for the country and a consortium led by Tullow if a court halts development there.

The International Tribunal for the Law of the Sea will rule on Saturday on Ivory Coast’s February request for a moratorium on activity in the basin. The decision is part of legal proceedings on a maritime border dispute sought by Ghana’s President John Dramani Mahama in September.

Apr 15, 2015

Two Ghanaians in court over six tonne cocaine bust

ACCRA (Reuters) – Two Ghanaian businessmen appeared in court in Accra on Wednesday accused of conspiring to import nearly 6 tonnes of cocaine from Bolivia, one of the biggest recorded cocaine seizures linked to West Africa.

Authorities in Bolivia seized the drugs in March but senior state attorney Rebecca Adjalo told an Accra circuit court the plan had been for the drugs to transit through Ghana’s Tema port and continue to the country’s northern neighbor Burkina Faso.

Apr 10, 2015

Ghana oil refinery breakdown a symbol of economic woes

ACCRA, April 10 (Reuters) – When it opened in 1963, Ghana’s
oil refinery symbolised pride and hope for the first African
country to escape colonial rule. Now the plant stands idle in a
sign of the economic shadow that has crept over one of the
continent’s brightest stars.

The discovery of oil in Ghana in 2007, added to its gold and
cocoa wealth and its other major asset, stable democracy, gave
it a chance to start catching up with oil giant Nigeria and
regional West African economic powerhouse Ivory Coast.

Mar 20, 2015

Ghana seeks bridge financing of up to $1 bln in H1 2015

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.

Feb 26, 2015

Ghana clinches three-year IMF funding deal worth $940 million

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.

Feb 12, 2015

Browse, click, pay: African retail finds growing outlet online

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.

Feb 5, 2015

IMF says its concerns about Ecobank have been addressed

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.

Feb 5, 2015

Boko Haram kill more than 100 in Cameroon – local leader

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.

Feb 3, 2015

Togo court awards former Ecobank CEO Tanoh $11.6 mln

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

Jan 25, 2015

Ecobank to comply with Ivorian order in defamation case

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.