New Insurance Commissioner for Ghana

New Insurance Commissioner for Ghana

New Insurance Commissioner for Ghana

Ghana’s president has appointed Justice Yaw Ofori as the Commissioner of the National Insurance Commission (NIC). He takes over from Lydia Lariba Bawa. Mr Ofori, before his appointment, was the director of the Ghana Insurance College. He is a Fellow of the Insurance Institute of Ghana and the Chartered Insurance Professional Insurance Institute of Canada. He assumes duty with a…

Gas development boost in west Africa

Gas development boost in west Africa

Gas development boost in west Africa

Equatorial Guinea’s Ministry of Mines and Hydrocarbons has signed a memorandum of understanding (MoU) with the government of Burkina Faso, to supply the west African country with liquefied natural gas (LNG) and build critical infrastructure to import, store and transport gas. The initial three-year agreement compels both sides to negotiate and sign a LNG sales and purchase agreement and a…

Risk managers need to keep eye on Ghana banks

Risk managers need to keep eye on Ghana banks

Risk managers need to keep eye on Ghana banks

Risk managers have been warned that more than 25 banks in Ghana are facing challenges in meeting new capital requirements announced by the Bank of Ghana (BoG), as their current capital is less than 50% of the GHS400m quoted by the central bank. A credit risk consultant and banker, Emmanuel Akrong, told the Citi Breakfast Show that even though all…

New mobile money system launches in west Africa

New mobile money system launches in west Africa

New mobile money system launches in west Africa

A possible rival for M-Pesa has been launched in west Africa, with plans to roll the system out across the continent. French banking group Société Générale has completed the launch of YUP in Ivory Coast and Senegal, with plans to launch in Ghana later this year and then in Cameroon, Burkina Faso, Togo and Guinea in 2018. It hopes to…

Ivory Coast joins ATI

Ivory Coast joins ATI

Ivory Coast joins ATI

Ivory Coast has become the latest member of the African Trade Insurance Agency (ATI). Ivorian minister Adama Koné said: “Ivory Coast’s membership will help to extend ATI activities, including in the strategy of the Ivorian government to attract more investments and diversify our economy through the increase in trade and investment.” ATI is a pan-African and multilateral investment guarantee agency.…

West Africa targets growth from forgotten sector

West Africa targets growth from forgotten sector

West Africa targets growth from forgotten sector

Mining is not the first choice of revenue generation in many African states, particularly in west Africa, in the age of oil and gas. But with oil prices hovering between $40-$50, leading to a cash crunch and even recession, mining is gradually attracting much-needed attention to plug the revenue gap, as Prince Cookey reports According to Wikipedia, Africa has the…

Chad to receive World Bank boost

Chad to receive World Bank boost

Chad to receive World Bank boost

The World Bank Group has pledged $1.1billion, or nearly CFAF600bn, in a bid to help Chad deal with the consequences of the drop in oil prices as well as increasing security risks. The money will be spread over the next three years to help Chad implement its National Development Plan. “The country needs to address the challenges raised by the…

Technology set to drive west African economies

Technology set to drive west African economies

Technology set to drive west African economies

Greater use of the internet, moves towards e-commerce and a cashless society are all part of plans to drive economies across west Africa. Nigeria is in pole position to take advantage of the African region’s e-commerce potential, projected to reach $50–$75 billion within the next 5-10 years, according to latest research by the Economist Intelligence Unit (EIU). Meanwhile, in Ghana…

African agriculture must become a business

African agriculture must become a business

African agriculture must become a business

Agriculture needs to become a business, not a way of life, if Africa is to reap the potential from the sector, according to the president of the African Development Bank (AfDB). Akinwumi Adesina is championing the transformation of the rural economies of African countries as the fastest way to lift millions of people out of poverty. Speaking on a visit…

Guinea mine embroiled in bribery scandal

Guinea mine embroiled in bribery scandal

Guinea mine embroiled in bribery scandal

The UK’s Serious Fraud Office has announced an investigation into “suspected corruption in relation to the conduct of business in Guinea by the Rio Tinto group, its employees and others associated with it”. Last year, global mining giant Rio Tinto had reported itself to the UK regulator after allegedly discovering payments of $10.5m to a contractor, relating to an iron ore project in…

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