Business in Ghana

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Posts Tagged ‘Nigeria’

Outsourced Lying. Critical News, 29th March 2015

Posted by Business in Ghana on March 29, 2015

Sydney Casely-Hayford, sydney@bizghana.com

Thirty-seven years to the day Monday 30th, Ike Kutu Acheampong declared the results of his Union Government concept, which he claimed had been endorsed by the majority of Ghanaians in a general referendum, administered by then Electoral Commissioner Justice Abban, who “disappeared” for a few hours only to resurface amidst rumours he had abandoned his position.

In that giddy period, cowered Ghanaians hung on desperately for a few honest men, and in this instance, a political future hinged to the People’s Movement For Freedom and Justice, Dr. Bilson’s Third Force and the Front for Prevention of Dictatorship.

Justice Abban sought refuge with the Catholic and Methodist priests, Kojo Amissah, Hilary Senoo and Awotwe. Our democracy had been bullied into submission by the Military dictatorship of Kutu and but for the likes of the Association of Recognised Professional Bodies and some determined politicians, the nightmare of a misguided dictator, might have turned Ghana’s history a different direction.

Now we reflect on how excessive opportunity opened to another and even more vile dictator, whose self-fulfilling leadership left us with a looping history, shrouded truths in the cloaks of a revolution.

Kutu’s sole purpose was to win the Union Government idea, where no party will exist in Ghana, all politicking except his, would be banned and government would be in the hands of some so-called high council.

Well, it never happened because of a few stalwarts, but our world was taken over by the lies of Jerry Rawlings and his band of merry brigands, seeking revenge wherever. In the end they shot people without trial, abducted and murdered high court judges and “disappeared” many families with extra-judicial killings, paving the way for an annual ritual of meaningless rhetoric in an equally meaningless revolution. Read the rest of this entry »

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Nigeria 2015: The No Choice Election

Posted by Business in Ghana on March 29, 2015

By Adewale Maja-Pearce

I won’t be voting in this year’s election in Nigeria, the fifth since the return of civilian rule in 1999 following many years of the military. It’s partly my fault; partly the fault of the misnamed Independent National Electoral Commission (misnamed because the chair is appointed directly by the president, as he has repeatedly reminded us), which couldn’t find evidence of my 2011 registration despite the obscene amount spent on laptops.

But no matter; I wouldn’t vote if I could. Neither candidate – still less the parties they represent – will lead this country of embarrassing abundance to the Promised Land. Take the incumbent, Goodluck Jonathan of the People’s Democratic Party (PDP), a Christian from the oil-producing Niger Delta in the south. To say that his performance has been abysmal is acknowledged even by his unsavoury handlers who ceaselessly attempt to counter the widespread notion that their boss is clueless – the adjective most used to describe him – thereby confirming the fact.

It is four years since Boko Haram launched its deadly campaign and yet it is only now that he has seen fit to address it, but only with the assistance of soldiers from neighbouring Chad and Cameroon (along with South African mercenaries), a humiliation for a country whose armed forces were once lauded by the UN for bringing peace to Liberia and Sierra Leone. Read the rest of this entry »

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IMF Might Need Some Answers. GNPC, GNGC, ENI and Due Dilligence

Posted by Business in Ghana on December 14, 2014

By Sydney Casely-Hayford

The news that Ghana’s Parliament approved the deal on the oil and gas project with ENI of Italy could raise important questions related to the Country’s program with the IMF.

There are implications for the budget, even as the price of crude continues to dip below the numbers used to estimate oil revenues to fund the Budget and other sectors, especially social safety nets might be compromised.

Whether subsuming GNGC into GNPC will affect the share of carried and participated interest of GNPC in its contract with ENI and whether there will be an impact on public and publicly guaranteed external debt is a big question.

Parliament already did the unthinkable and passed the $8billion contract with ENI speedily as it does when under pressure from Government to shore immediate cash demands.

The IMF program is struggling to finality, principally on a few key issues. One, the total value of Government debt is still open to debate and whether the composite debt must include liabilities of certain key parastatals such as VRA, GNPC and TOR must still be of concern. As also the debt of key Municipalities and Metropolitan Assemblies.

Two, the projected revenues are a problem with periodic budgets consistently below target and the payroll envelope is still threatening to engulf revenues.

As Parliament ducked the minority call for a stay in loan approval pending the $700million facility in court re: GNPC, the decision begged the question whether anyone had taken a closer look at ENI on the world scope. Read the rest of this entry »

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World Bank Group Commits US$ 5 Billion to Boost Electricity Generation in Six African Countries

Posted by Business in Ghana on August 6, 2014

WASHINGTON, August 5, 2014 – The World Bank Group today committed $5 billion in new technical and financial support for energy projects in six African countries– Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania_which have partnered with President Obama_s Power Africa initiative. 
Making the announcement on the second day of the 1st US-Africa Summit, World Bank Group President, Dr. Jim Yong Kim, said the new financial commitment was urgently needed to generate more electricity for the people of Africa, 600 million of whom have no access to electricity, despite the fact that Africa possesses some of the world_s largest hydropower, geothermal, wind and solar potential, as well as significant oil and natural gas reserves.

We think that the U.S. Power Africa initiative will play an extremely important role in achieving the goal of providing electricity for Africa. So today I’m very pleased to announce that the World Bank Group, following President Obama’s lead, will partner with Power Africa by committing $5 billion in direct financing, investment guarantees, and advisory services for project preparation in Power Africa’s six initial partner countries, Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania. The U.S. Government and the World Bank Group are working now on specific tasks and milestones which could help to achieve one quarter of Power Africa’s goal of generating 10,000 megawatts of new power in Sub Saharan Africa,_ Kim said. Read the rest of this entry »

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Nigeria Abducted Schoolgirls: RAF Plane Sets Off

Posted by Business in Ghana on May 19, 2014

Taken from the BBC website, this story is too important for Ghana to look askence, hence I am breaching copyright

An RAF spy plane has left the UK to help search for 223 schoolgirls abducted by extremists in Nigeria.

The Sentinel R1 plane, which has a crew of five, took off from RAF Waddington, Lincolnshire, at 09:25 BST on Sunday, the Ministry of Defence said.

Boko Haram Islamic militants took the schoolgirls, who include Christians and Muslims, on 14 April in north-eastern Nigeria, where the group is based.

African leaders meeting in Paris have declared “war” on the group. Read the rest of this entry »

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We’ve Achieved 85% Self-Sufficiency In Rice Production Says Nigeria

Posted by Business in Ghana on May 17, 2014

BY NIYI ODEBODE AND OKECHUKWU NNODIM

Nigeria is currently between 80 and 85 per cent self-sufficient in the production of paddy rice.

The Minister of Agriculture and Rural Development, Dr. Akinwunmi Adesina, who disclosed this at a press conference in Abuja on Friday, said the agricultural policy of the Federal Government had started yielding fruits.

He stated that as part of the transformation agenda of the President Goodluck Jonathan administration, the government was transforming agriculture from a social service into a business.

According to him, the sector will be private-sector driven and investment-focused.

The minister said by 2015, the country would produce 20 million metric tonnes of food.

He stated that the Federal Ministry of Agriculture had been decentralised as part of the transformation agenda.

Adesina said the ministry had offices in 36 states, and six zonal offices.

The minister further said that the administration had ended corruption in fertilizer and seed distribution and noted that seed companies in the country had increased from five in 2011 to 80. Read the rest of this entry »

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Made In Nigeria Nissan Patrol Rolled Out In Lagos

Posted by Business in Ghana on April 28, 2014

VENTURES AFRICA – Six months after Nigeria introduced a new automotive policy – aimed at discouraging the importation of wholly assembled automobiles and encourage local manufacturing – early responder to the policy, Renault-Nissan has rolled out its first production line in the country.

The company said on Friday that it had become the first major vehicle manufacturer to build a car in Nigeria after the government announced the new policy – although Innoson Motor Company (IVM), in 2012, was the first to produce made in Nigeria cars at its Nnewi plant.

The first vehicle to be made by the Renault-Nissan in Nigeria, a black Nissan Patrol, rolled off the production line at its Lagos assembly plant, marking the start of a new era in the West African country’s automotive industry, a statement by Nissan’s country representatives, Stallion Motors indicated

The roll out of the Nissan Patrol followed an agreement signed by Renault-Nissan last year on local assembly with regional conglomerate, Stallion Group. According to Nissan, plans on production of two other models, the Almera and NP300 have reached an advanced stage, with early May a focus for the first release and August projected for mass production. Read the rest of this entry »

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Exclusive: Nigeria favors local firms in $40 billion oil contract awards

Posted by Business in Ghana on April 23, 2014

By Emma Farge and Tim Cocks, Reuters

DAKAR/LAGOS (Reuters) – Nigeria has awarded most of its long-term oil contracts worth an estimated $40 billion a year to local companies, according to a confidential list seen by Reuters, meaning global traders need to partner with them to access crude from Africa’s top producer.

Global commodity traders, refiners and Nigerian dealers jockey at an annual tender for access to the OPEC member’s prized crude oil, which is easy to refine and produces more high-value fuels.

The contracts cover around 340 million barrels of oil, worth close to $40 billion annually based on current Brent prices, and run for a year, though they can be renewed. They were allocated to just 28 companies, versus around 50 in 2012, the last time they were awarded.

In a break with tradition, no contracts were given directly to global trading houses Glencore Xstrata (GLEN.L: QuoteProfileResearchStock Buzz), Vitol VITOLV.UL, Trafigura TRAFGF.UL or Gunvor, with only Switzerland’s Mercuria winning a contract, according to a list that four industry sources verified as accurate. Read the rest of this entry »

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Waking Up from the Pipe Dream Part 2

Posted by Business in Ghana on March 30, 2014

By Charles Wereko-Brobby (Dr), Chief Policy Analyst, Ghana Institute for Public Policy Options (GIPPO),  tarzan@eyetarzan.org

The Government of Nigeria and NGas have made it clear that it does not respect the sanctity of the Gas Supply Agreement that underpins the supply of natural gas to Ghana, Benin & Togo. So much for ECOWAS Economic cooperation and integration!

Add this to Nigeria’s continuing bar of our industrial products and we might as well bury ECOWAS and stop the waste of half-yearly summits that have failed to deliver a single tangible outcome of regional integration for almost 40 years of the Lagos Plan of Action.

Instead of begging Nigeria to get some “soppy” supply, let us absorb the reality and wake up from the West African Pipe dream and take bold and decisive steps that ensure a reliable and ample supply of our own gas resources to fuel our power plants

The key to getting it right lies with our full understanding of the key implications of the betrayal that has been visited on Ghana, and to respond appropriately and fulsomely! Read the rest of this entry »

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Africa is Hooked on Growth

Posted by Business in Ghana on January 2, 2013

By Sebastian Mallaby

A few years into sub-Saharan Africa’s renaissance, there were the natural doubts. Economists had competed for so long to explain the region’s growth tragedy that good news was a shock. But now, more than a decade into the revival, the good news has grown better. The lesson is that sound policies can make a difference even in the least promising of settings. Defeatists everywhere, cheer up.

Even before the recent flurry of encouragement, Africa’s turnround was breathtaking. Between 1980 and 2000, the continent had experienced negative economic development: output per person had fallen by a 10th in purchasing power terms. Then, just as the Aids pandemic was thought to represent the final straw for Africa, its fortunes changed dramatically. According to the World Bank’s development indicators, gross domestic product per person has risen every year since 2000, delivering a cumulative gain of more than a third. Read the rest of this entry »

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