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Nov 26, 2013

Exclusive: Ecobank in row over anonymous email, hacking allegations

ACCRA (Reuters) – Pan-African lender Ecobank has sued a top executive who left the company this month, naming him in a civil complaint in Togo as the author of an anonymous email accusing Chief Executive Thierry Tanoh of mismanagement.

The executive, David Lawson, denied to Ecobank that he wrote the email and said he had been unfairly dismissed. He accused Ecobank executives including Tanoh of hacking his phone and email account in a fruitless search for evidence against him. The company denies wrongdoing.

Nov 26, 2013

Ecobank in row over anonymous email, hacking allegations

ACCRA, Nov 26 (Reuters) – Pan-African lender Ecobank has
sued a top executive who left the company this month, naming him
in a civil complaint in Togo as the author of an anonymous email
accusing Chief Executive Thierry Tanoh of mismanagement.

The executive, David Lawson, denied to Ecobank that he wrote
the email and said he had been unfairly dismissed. He accused
Ecobank executives including Tanoh of hacking his phone and
email account in a fruitless search for evidence against him.
The company denies wrongdoing.

Nov 19, 2013

Ghana plans to introduce mining windfall tax bill

ACCRA, Nov 19 (Reuters) – Ghana plans to present a mining
windfall tax bill to parliament, Finance Minister Seth Terkper
said on Tuesday, in a move likely to set up a clash between a
hard-pressed industry and government’s need for increased
revenue.

Ghana is Africa’s number two gold producer and the commodity
accounted for 27 percent of the country’s foreign exchange in
2012 and contributed more than $700 million to state coffers,
according to data from Ghana Chamber of Mines.

Nov 19, 2013

Ghana 2014 budget targets 8 pct GDP growth, 8.5 pct deficit

ACCRA, Nov 19 (Reuters) – Ghana will target economic growth
of 8 percent in 2014 and will seek to trim its budget deficit to
8.5 percent of gross domestic product, Finance Minister Seth
Terkper announced in an annual budget speech to parliament on
Tuesday.

The government of President John Mahama is under pressure to
rein in its budget deficit, which has cast a shadow over an
economy growing rapidly thanks to oil exports in addition to
gold and cocoa production.

Nov 11, 2013

Insight: African tech startups aim to power growing economies

DAKAR (Reuters) – When Abasiama Idaresit started a digital marketing firm in Nigeria’s bustling economic capital three years ago, he quickly learned how brutal life can be in a market where tech startups are in their infancy.

No-one would lend him money to hire staff or pay for office space, so Idaresit spent eight months hustling the streets of Lagos, trying to convince clients his plan to help them develop online campaigns was a winner.

Nov 11, 2013

African tech startups aim to power growing economies

DAKAR, Nov 11 (Reuters) – When Abasiama Idaresit started a
digital marketing firm in Nigeria’s bustling economic capital
three years ago, he quickly learned how brutal life can be in a
market where tech startups are in their infancy.

No-one would lend him money to hire staff or pay for office
space, so Idaresit spent eight months hustling the streets of
Lagos, trying to convince clients his plan to help them develop
online campaigns was a winner.

Oct 30, 2013

Africa’s Ecobank chairman quits over governance allegations

LAGOS/ACCRA, Oct 30 (Reuters) – Pan-African lender Ecobank
announced the departure of chairman Kolapo
Lawson on Wednesday in an attempt to restore confidence after a
series of blows to its reputation.

Ecobank has often been touted as a pan-African success story
due to its strong growth and aggressive expansion strategy,
which have made it attractive to foreign investors. But
allegations of mismanagement have tarnished its image in recent
months.

Oct 25, 2013

Analysis: Gold price drop jolts West Africa from mining dreams

ABIDJAN/ACCRA (Reuters) – This year’s drop in world gold prices has been deeply sobering for West African countries, from established producer Ghana to promising newcomer Ivory Coast, whose prospects of mineral wealth are being snatched away.

As miners’ stock prices plummet and they have to consider suspending or halting new projects, many fear the dream that inspired West Africa’s gold rush may be gone for good and regional economies may be in for an abrupt awakening.

Oct 17, 2013

Fitch downgrades Ghana’s credit rating on spending worries

ACCRA, Oct 17 (Reuters) – Fitch ratings agency downgraded
Ghana’s sovereign rating on Thursday saying the government of
the gold, cocoa and oil producing country wasn’t keeping tight
enough control of its spending.

Ghana is considered one of Africa’s brightest economic
prospects with a stable democracy and an economy expected to
keep growing at 8 percent in 2013.

Sep 29, 2013

Kenya raps U.S. over ‘unfriendly’ travel warning after attack

NAIROBI (Reuters) – Kenya rebuked the United States on Sunday for warning its citizens over travel to the east African country after the September 21 Nairobi mall attack, calling the alert “unfriendly” and asking Washington to lift it.

Interior Minister Joseph Ole Lenku delivered the diplomatic slap when he updated reporters on a government investigation into the assault carried out eight days ago by Islamist militants on the crowded upmarket Westgate centre.