27
MAY
2015

GHANA NEWS UPDATE – 27 MAY 2015

Trade unions and business groups have expressed anger at the Bank of Ghana’s (“BoG”) decision to raise its benchmark interest rate by 1 percent, to 22 percent, and the government’s decision to increase fuel prices by 9 percent. Local businesses have been quick to criticise...
26
MAY
2015

KENYA NEWS UPDATE – 26 MAY 2015

The International Monetary Fund (“IMF”) in a new report focusing on sub-Saharan Africa said that Kenya’s GDP growth is expected to reach 7.2 percent next year, the highest levels since 2007. This is on the back of increased foreign direct investment and an improved balance of...
20
MAY
2015

NIGERIA NEWS UPDATE – 20 MAY 2015

Nigeria’s real GDP grew by 3.96 percent year on year in the first quarter of 2015, down from 6.21 percent in the corresponding quarter of 2014.The National Bureau of Statistics’ (NBS) Nigerian Gross Domestic Product Report Quarter One 2015  showed that the slowdown in...
19
MAY
2015

TANZANIA NEWS UPDATE – 19 MAY 2015

There has been an influx of refugees seeking protection in western Tanzania from the political unrest in Burundi. Over 50,000 Burundian refugees fled to neighbouring countries in one month alone, according to the United Nations High Commission for Refugees (“UNHCR”). On 6 May the...
14
MAY
2015

GHANA NEWS UPDATE – 14 MAY 2015

The Bank of Ghana’s (“BoG”) Monetary Policy Committee (“MPC”) has raised interest rates at the end of its two day meeting (13-15 May). The Committee raised the Monetary Policy Rate (“MPR”) by 1 percent to 22 percent amid pressures on inflation and the cedi. The upward revision in...
12
MAY
2015

KENYA NEWS UPDATE – 12 MAY 2015

In a senior level reshuffle of state corporations, President Kenyatta has appointed 302 new executives to 79 parastatal organisations. The appointments come after the government undertook an appraisal of all entities looking at capacity, staffing and management practices. AML...
08
MAY
2015

EVENT: Honorary International Investor Council (HIIC)

Abuja and global, 2015 An exclusive roundtable event bringing together the President and Ministers with business leaders from both Nigeria and from around the world, usually held twice a year. Membership of the HIIC is by the Nigerian President’s invitation and includes the heads...
07
MAY
2015

BARONESS CHALKER MEETS THE GOVERNOR OF THE STATE OF OSUN – 7 MAY 2015

On 17 April, Baroness Chalker met with the Governor of the State of Osun, Ogbeni Rauf Adesoji Aregbesola. During the meeting, Baroness Chalker and Governor Aregbesola discussed economic development and foreign direct investment in Osun State and Nigeria.  
06
MAY
2015

NIGERIA NEWS UPDATE – 6 MAY 2015

Nigeria has borrowed from international lenders to pay salaries as weak fiscal buffers confront the incoming government. AML has reported in our previous newsletters the difficult fiscal situation in Nigeria. Despite the oil price rebounding at an all year high US$68 per/barrel,...
06
MAY
2015

TANZANIA NEWS UPDATE – 6 MAY 2015

The Bank of Tanzania (“BOT”) said in its latest monthly economic report that the country’s current account deficit shrank by 11.4 percent in the year to February, helped by lower oil prices and an improved performance by the tourism and manufacturing sectors. The deficit narrowed...