The Nation Newspaper

Tag: African Development Bank

  • Governor of Ghana central bank resigns

    Governor of Ghana central bank resigns

    Governor of Ghana’s central bank, Abdul-Nashiru Issahaku has resigned, sources who asked to be anonymous have revealed.

    According to sources within the central bank, the governor who officially started his four-year term around September last year tendered his resignation on Wednesday citing personal reasons.

    Although the governors of the central bank have been insulated against political risk through an amended Bank of Ghana Act which assures them the security of tenure, speculations have been rife immediately after the December election that the current government would like the governor to leave office so they could appoint a replacement.

    Issahaku was first appointed by former president John Mahama in April 2016 in an acting position when Henry Wampah tendered his resignation six months before the end of his tenure.

    Mahama was defeated at the polls by current president, Nana Akufo-Addo who won the election by 53 per cent.

    Sources within the central bank also named former head of the research department at the bank, Ernest Addison now with the African Development Bank as one of the front-runners to occupy the Bank of Ghana chair.

    The outgoing governor held his last Monetary Policy Committee press briefing on Monday, where he announced a 200 basis point reduction in the bank’s benchmark policy rate from 25.5 per cent to 23.5 per cent.

     

  • KDSG to spend N1.4bn on water rehabilitation

    KDSG to spend N1.4bn on water rehabilitation

    Kaduna State Government says it will spend over N1.4 billion to rehabilitate seven water treatment plants cross the state, to boost water supply.

    The Commissioner for Water Resources, Mr Suleiman Lere disclosed this while addressing journalists on Tuesday in Kaduna on the outcome of the State Executive Council meeting.

    He said the council has approved the immediate commencement of work on the seven water treatment plants.

    Lere said that the project would be conducted in phases, with the first phase involving the plants located in Saminaka, Kafanchan, Manchok and Kagoro.

    “The second phase will be followed by the three plants within Kaduna metropolis.

    “These include the Malali old treatment plant, the Kaduna South plant which has 27 million litres daily capacity and the plant in Kaduna North, also situated at Malali with 150 million litre per day capacity.”

    According to the commissioner, the objective of the project is to restore the treatment plants back to their optimum capacity.

    “Prior to now, I have made pronouncements on the deplorable condition of the plants and the fact that they have not been able to produce optimal quantity of the potable water that they were designed to produce.

    “The essence of the rehabilitation work is to bring them up to their designed capacity, to increase and enhance the quantity of potable water to residents,” he said.

    Lere disclosed that the government had also signed a contract for the supply of operational vehicles for the state water corporation.

    He said that 45 Toyota Hilux vehicles and 203 motorcycles would be supplied at the cost of N800 million.

    According to him, funding for the projects, which also involves supply of heavy duty vehicles, was gotten from African Development Bank.

  • Adesina, Oteh: We had a good economic team, says Jonathan

    Adesina, Oteh: We had a good economic team, says Jonathan

    Former President Goodluck Jonathan has congratulated Dr Akinwumi Adesina and Ms Arunma Oteh, who were recently appointed into top positions in the African Development Bank (AfDB) and the World Bank respectively.

    These appointments Jonathan said serves as testimony to the fact that his administration had a good economic team that managed the affairs of the country.

    Akinwumi who was President Jonathan’s Minister of Agriculture and Rural Development has just assumed duty as the President of the AfDB, while Oteh, who was the Director-General of Securities and Exchange Commission, was appointed as the Treasurer and Vice President of World Bank.

    In separate letters of congratulations to both Adesina and Oteh which Jonathan personally signed, the former President described them as high achievers and Nigeria’s worthy ambassadors.

    On Adesina’s choice as AfDB chief, Jonathan said: ““Given your exemplary record of performance, while serving as the Honourable Minister for Agriculture and Rural Development in my cabinet, I have no doubt that you will deploy your energy and the bank’s resources to ensure that Africa experiences a new era of accelerated development.”

    “You were not only a critical voice in my economic team, you also walked the talk, and earned the praise of our countrymen and women, by ensuring that Nigeria’s quest for self-sufficiency in food production became achievable dream.

    “I am particularly pleased with your emergence as the AfDB boss; a development, I believe, has come as a reward for having served your country meritoriously”, the former President said, adding that “It also attests to the fact that my Administration had a good team that managed the affairs of the country.”

    Similarly, the former President in a letter to Oteh praised the former SEC boss’ profound knowledge of capital markets, describing her as being conversant with the challenges of the economies of emerging markets.

    “I am delighted that you are going to your new job, fresh from the experience of having led the recovery and growth initiatives of the Nigerian Bourse in the wake of the decline, occasioned by recent global economic recession and financial crisis.

    “I am particularly pleased that you are being rewarded and elevated on the world stage, after serving your country meritoriously, at a time I was the President. This is a clear testimony to your capacity, high integrity, and tenacity of purpose. It is also a vindication of the decision of my Administration to stand by you, believing in your
    abilities and competence, even when questions were being raised in some quarters over your choice.

    “I am convinced that the experience you gathered as Director-General of the Securities and Exchange Commission of Nigeria (SEC) gave you deep insights on how to tackle the peculiar challenges of a developing nation. The World Bank can draw from this to ensure that its future partnerships with emerging economies in Africa and other parts of the world are anchored on policies that will lead to sustained growth and development, which is a sine qua non for lifting millions of people in the developing world out of mass poverty, ” Jonathan stated.

  • ‘Nigeria’s external debt hits $9.4b’

    ‘Nigeria’s external debt hits $9.4b’

    Nigeria’s external debt stock profile stood at $9.4 billion on March 31, this year, the Debt Management Office (DMO), information posted on DMO said yesterday.

    The figure showed a decrease of about $300 million  from the $9.7 billion that the country owed at December 31 last year.

    According to information on DPR website, the highest debt is owed the World Bank Group. International Development Association  $5.6billion and International Fund for Agricultural Development, $89.4million

    It further stated that Nigeria owes African Development Bank (AfDB) $200 million and the African Development Fund (ADF), $513.7 million. The ADF debt was incurred through the AfDB Group.

    Nigeria also owes Arab Bank Economic Development for Africa $4.4 million, while its debts to European Development Fund and Islamic Development Bank are $75.1 million and $19.6 million respectively.

    The record also showed that the country’s indebtedness through bilateral agreement to Exim Bank of China and French Development Agency are $1.2 billion and $140.2 million respectively.

    It further stated that Nigeria’s external debt stock through government’s issuance of Eurobond stood is $1.5 billion.

  • IFC, AfDB plan $2.5b Naira bonds

    IFC, AfDB plan $2.5b Naira bonds

    -Fed Govt to float Diaspora, depository bonds

    The International Finance Corporation (IFC) and African Development Bank (AfDB) have started arrangements to issue Naira-denominated bonds worth $2.5 billion, about N400 billion, in landmark bond issues that will further redefine the Nigerian domestic debt market.
    Securities and Exchange Commission (SEC) Sunday  confirmed the bond issuance plans by the two multilateral financial institutions. The Debt Management Office (DMO) also confirmed plans by the Federal Government to raise funds from remittances of Nigerians in Diaspora and other investors through the issuance of Diaspora bond and Global Depository Notes (GDN) bond.
    Director General, Securities and Exchange Commission (SEC), Ms Arunma Oteh, who spoke at a two-day training workshop organized by the Capital Market Correspondents Association of Nigeria (CAMCAN)  in Badagry, Lagos State, said both the IFC and AfDB were interested in raising medium term note (MTN) bonds.
    According to her, IFC has already approached the apex capital market regulator for a medium term note (MTN) programme for a naira-denominated bond worth about $1 billion while the AfDB has also filed for similar instrument of about $1.5 billion.
    Oteh, whose address was presented by her communication adviser, Mr. Obi Adindu, said the new issues by the multilateral bodies will not have any lifespan of a shelf programme, indicating that they can continuously raise the funds as long as they want.
    She noted that allowing shelf registration for bonds is an important step in spurring activity from issuers pointing out that the Commission had started with an initial lifespan of two years for shelf programmes but recently the board of the SEC did away with the time limitation implying that shelf programme can now enjoy an unlimited lifespan.
    “The Nigerian bond market is certainly on the verge of a revolution buoyed an improved, competitive and conducive environment that attracts issuers and investors alike. The yield curve of the FGN bonds which has been extended to 20 years provides a good benchmark for issuers of all stripes to leverage the bond market to attract capital, both foreign and local. The market will continue to attract significant amounts of capital internationally since the FGN bond attracted inclusion into the emerging markets indices of Barclays and JP Morgan,” Oteh said.
    She outlined that since 2010, State Governments have issued bonds worth over N421 billion and the amount of corporate bonds raised from 2010 to date is more than two and half times all the bonds issued by corporations from 1960 to 2009 in nominal terms.
    The DMO also  confirmed the plan by the Federal Government to raise new funds from the international market through the issuance of Diaspora Bond and FGN Bonds in Global Depository Notes (GDN).
    It should be recalled that the Federal Government had in 2011 made its debut in the international capital market with $500 million 10-year 6.75 per cent Sovereign Eurobond. Nigeria returned to the international capital market in July 2013 and successfully raised $1.0 billion in two tranches.
    Director General, Debt Management Office (DMO), Dr Abraham Nwankwo, said government had sourced N544.06 billion through domestic bond issues to finance about 61 per cent of 2013’s fiscal deficit of N887 billion.
    Nwankwo, who was represented by Head, Policy, Strategy & Risk Management, Mr Joe Ugoala, noted the gradual decline in fiscal deficit financing from N1.36 trillion in 2010 to N852 trillion in 2011 and N744.44 trillion in 2012.
    He added that four banks including Guaranty Trust Bank, First Bank of Nigeria, Access Bank and Fidelity Bank have also raised $1.85 billion, about N287 billion, between January 2011 and November 2013.
  • Nigeria, others for AfDB regional workshop in Ghana

    Nigeria, others for AfDB regional workshop in Ghana

    All roads lead to Accra, Ghana, from Monday, November 4th-Wednesday, November 6th as the African Development Bank (AfDB) hosts a regional workshop for stakeholders on its disclosure and access to information policy, accountability and transparency efforts.

    Tagged: ‘Ensuring Effective Disclosure and Access to Information, Accountability and Transparency processes in Bank financed Projects’, the forum, will bring together various stakeholders from West Africa.

    According to the organisers, the sensitisation and information sharing initiative is part of the Bank’s ongoing efforts to promote transparency and good governance in its partnerships and activities with stakeholders.

    Besides, the workshop will highlight AfDB’s undertakings in these areas by engaging stakeholders on the Bank’s new Disclosure and Access to Information (DAI) policy as well as on the work of the Integrity and Anti-Corruption Department (IACD) and the Compliance Review and Mediation Unit (CRMU).

    The regional workshop will be attended by representatives from various ministries and specialised government bodies, drawn from Benin, Burkina Faso, Cape-Verde, Côte d’Ivoire, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Gambia and Togo.