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Investment

World Bank invests $10b in Ghana since 1957

The World Bank has given Ghana almost $10 billion in funding since the country joined the Group in September 1957. Most of the funding has come from the Bank’s facility for the world’s poorest nations – the International Development Association (IDA). About $8 billion of the total funding were grants …

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Dubai-based Abraaj sells stake in Ghana’s HFC Bank

Dubai-based private equity firm, Abraaj Group has sold its stakes in HFC Bank Ghana, the company announced today July 31, 2013. The Group sold the stake to the Republic Bank of Trinidad and Tobago who in December 2012  purchased 8.9% shares in HFC Bank for an amount of $8 million. …

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Ghana’s Eurobond gets Fitch B+ rating

Fitch has rated Ghana’s newly issued $750 million Eurobond B+. The rating is in line with Ghana’s ‘B+’ Long-term foreign currency Issuer Default Rating, on which the Outlook is Negative, Fitch said in an email July 26, 2013. Fitch on February 15, 2013 revised Ghana’s Outlook to Negative, affirming it …

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Japanese investors explore opportunities in Ghana

Dr Omani Boamah, Minister of Communication, has pledged Government’s commitment to deepen relations with Japan. He said the two countries have enjoyed fruitful working relations in the past and expressed the hope that this would continue as Japan has expressed its resolve to support Ghana’s Information and Communication Technology (ICT) …

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Moody’s rates Ghana’s Eurobond B1

Ratings agency, Moody’s today July 26, 2013 assigned a B1 rating to the just issued Ghana Eurobond set to mature in ten years. The Ghana government issued a $750 million bond on the international market at a rate of 7.875% instead of the planned $1 billion. But the government has …

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Ghana allows locals to buy $1b Eurobond

Ghanaian firms can buy some of the $1 billion Eurobond issued by the Ghana government this week. According to government, the bond will be listed on the Ghana Stock Exchange, making it the first Eurobond to be listed on a local stock market in sub-Sahara Africa except South Africa. “This …

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Ghana’s Eurobond over-subscribed by $1.2b

Ghana’s second bid to raise $1 billion from the international capital market to finance key development projects has been over-subscribed by $1.2 billion. The first bond of $750 million was raised in 2007 with a coupon rate of 8.5 per cent and a maturity period of 10 years. This current …

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Ghana approves £1.3b Barclays Africa deal – Absa

Ghana is said to have approved the combined operations between Absa Group and Barclays Plc for the setting up of Barclays Africa Group in a deal worth £1.3 billion. When the deal is completed, Barclays will hold 62.3% of Barclays Africa Group through the issue of 129.5 million ordinary shares …

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Ghana’s Parliament passes new investment Bill

Parliament on Thursday passed the amended Ghana Investment Promotion Centre (GIPC) Bill 2013, revising the country’s investment laws to reflect changing economic dynamics to guarantee optimum business opportunities and incentives for Ghanaian enterprises. The Bill, that seeks to repeal the GIPC Act 1994 (Act 478), generated angst among foreign investors …

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