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Jan 17, 2014

Ecobank under pressure as Africa tightens bank scrutiny

ACCRA, Jan 17 (Reuters) – Ecobank’s response to criticism of
its corporate governance by Nigeria’s financial watchdog will be
seen as a test case for the African banking industry, closely
watched by potential investors tracking the region’s fast growth
and heady returns.

Growth in sub-Saharan Africa is rising and is projected at 6
percent this year according to International Monetary Fund
figures, yet only an estimated 20 percent of the adult
population has a bank account, the lowest in the world.

Dec 7, 2013

Ghanaian president stands by fiscal plans after rating outlook dips

ACCRA, Dec 6 (Reuters) – Ghana stands by its fiscal
consolidation plan after Standard & Poor’s and Moody’s revised
their outlook on the country’s sovereign credit rating to
negative from stable, President John Mahama said on Friday.

Ghana is considered one of Africa’s most dynamic economies
because of its stable democracy and rapid growth powered by
exports of gold, cocoa and oil.

Dec 4, 2013

Ghana parliament ratifies oil exploration deal

ACCRA, Dec 4 (Reuters) – Ghana’s parliament ratified an oil
exploration deal on Wednesday with a subsidiary of private oil
firm AGM Gibraltar after an influential think tank stirred
debate by saying the pact did not serve the country’s interests.

The deal, enabling exploration in the offshore South
Deepwater Tano block, is the latest step in the expansion of the
fast-growing West African state’s petroleum sector, adding to
revenues from gold and cocoa.

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.