🚩 Ghana has cemented its position as the most attractive destination for Foreign Direct Investment (FDI), ahead of neighbouring Nigeria, by attracting FDI commitments to the tune of well over US$ 3.5 billion in 2018. GIPC nearly matched the previous year’s performance, registering US$3.32 billion in commitments and with local counterpart commitments added on, a total of US$3.54 billion. Instructively, the highest single investment registered is for US$1.42 billion and indeed two investments are for over US$1 billion each. Despite this being the highest FDI registered in the 24 year history of the GIPC cynics argued that it was only achieved because of one single investment commitment of over US$2 billion made during the year.
🚩 Databank, Ghana’s leading investment bank, held a Forum dubbed ‘Time with the CEO’ for its clients and the general public on Friday, March 1, 2019, at the new Accra Metropolitan Assembly Office Complex at 5:30 p.m. The program was moderated by Bernard Avle, host of the Citi FM Breakfast Show. Databank launched an initiative called Time with the CEO to give both prospective and existing clients the opportunity to interact with the CEO in a more informal and relaxed setting. During the Forum, the CEO responded to questions that touched on the safety of the industry, the future of Databank as a company, Databank’s products, the impact of banking reforms on the investment industry, as well as people just looking for investment advice.
🚩 Ghana’s Aviation Minister Joseph Kofi Adda has described the interest rate for the loan secured for the construction of the Terminal 3 at Kotoka International Airport as too much. In 2015, Ghana Airports Company Limited m interest rate of Libor plus 8.5%. The loan was approved by a consortium of banks led by Ecobank Capital. The Terminal 3 project at the time was meant to expand the facilities at the Kotoka International Airport to accommodate the gradually increasing number of passengers as well as increasing the number of airlines servicing the airport.
🚩 The Ghana National Gas Company (Ghana Gas) will by the middle of 2019 monetize an essential by-product, known as Isopentane, which would be used for power generation. Currently the pentane gas is flared since the country has not built the capacity to use this particular gas. However, the CEO of Ghana Gas, Dr. Ben Asante revealed at a media briefing that by the middle of this year, Ghana Gas will be using the Isopentane gas produced for power generation. The power production is expected to be undertaken by an independent local power producer.
🚩 It has emerged that Ghana charges the highest amount of levies on imported goods within the Sub-Saharan region. Speaking to Citi FM, President of the Ghana Union of Traders Association (GUTA), Joseph Kwaku Obeng noted this has led to many traders or businessmen travel to neighbouring West African countries to purchase imported goods because it’s cheaper than importing to Ghana.
🚩 Aker Energy has announced the discovery of oil in the Pecan South-1A well, drilled south of the main Pecan field in the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana. The Norwegian company in a statement Monday said it will now drill a sidetrack well to further appraise the volume potential. The Pecan South-1A well was drilled south of the main Pecan field in the DWT/CTP block and encountered oil.
🚩 The Ghana Exim bank says it has instituted stringent application processes to reduce loan defaults. The bank was set up in 2016 to facilitate the country’s international trade by providing financial support to local companies especially SME’s. However, the Bank of Ghana’s Banking sector report for 2018 revealed that local private businesses are the worst culprits in repaying loans taken from banks resulting in high non-performing loans within the banking sector.