Africa Financial Services 

Ghana Cocoa Board, African Development Bank and financial partners celebrate first $200 million disbursement of loan to boost cocoa productivity in Ghana

Ghana Cocoa Board (COCOBOD) and lenders have welcomed the first disbursement of $200 million of a syndicated loan facility to boost cocoa productivity in the world’s second-largest producer. The occasion was marked by a ceremony held in Accra, Ghana on Tuesday 23 June, followed online by hundreds of observers across the globe. In attendance were COCOBOD and government representatives and participating lenders, which included development finance institutions: the African Development Bank (https://www.AfDB.org/), the Japan International Cooperation Agency (JICA), the Development Bank of Southern Africa and Cassa Depositi e Prestiti Spa.…

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Africa Covid19 Financial Services 

Nigeria likely to go into severe recession due to COVID-19, Oil price crash

The World Bank made this known in a statement in Abuja on Thursday as part of its latest Nigeria Development Update (NDU). The bank said the report indicated that Nigeria in Times of COVID-19: Laying Foundations for a Strong Recovery, estimated that the country’s economy would likely contract by 3.2 per cent in 2020. It stated that this projection assumed that the spread of COVID-19 in Nigeria would be contained by the third quarter of 2020. It however noted that If the spread of the virus became more severe, the…

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Africa Financial Services 

MONEY, PEOPLE & POWER: The 10 bank CEOs who control 80% of Uganda’s banking sector – CEO East Africa

1. Anne Juuko Chief Executive, Stanbic Bank 2019 Asset Value: UGX6.6 trillion Market Share: 20.2 per cent Industry Rank: 1 Stanbic Bank has maintained the top spot in the banking sector ever since the acquisition of a majority stake (80per cent) in Uganda Commercial Bank (UCB) back in 2001. Getting to the top spot was the easy bit – despite the politics around the acquisition. Remaining at the top, ahead of the chasing pack is where all credit is due to the bank shareholders and management that have given the…

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Africa Financial Services 

“Hushpuppi cannot be extradited to Nigeria, he laundered money for two politicians” – Kemi Olunloyo reveals

Kemi Olunloyo has called out TheNation newspaper for allegedly spreading fake news about Hushpuppi’s extradition to Nigeria. Taking to Instagram, Dr. Kemi wrote; “Wellness us when a leading newspaper is Transparent. News is suppressed in Nigeria. I was the first to break this story to you and will not stop with the details. 🇳🇬 @thenationnewspaper STOP SPREADING #FakeNews. U couldn’t even report Abba Kyari’s death when it actually happened. HushPuppi cannot be EXTRADITED to Nigeria. He’s not a Nigerian citizen anymore. Ramoni Igbalode is facing charges for unemployment fraud for…

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Africa Financial Services 

Malawi: Minister of Finance to Unveil 2020/21 Budget on Friday

Minister of Finance, Economic Planning and Development, Joseph Mwanamvekha is expected to present the 2020/2021 Budget Statement on Friday. According to a communiqué from the Ministry of Finance, Mwanamvekha will start presenting the budget statement at exactly 9:30 in the morning at the New Parliament building in Lilongwe. The Ministry has urged members of the general public and all concerned stakeholders to follow the budget statement presentation through radios, televisions and online broadcasting. Malawi president Professor Peter Mutharika Officially opened the 2020/2021 budget session of Parliament on Friday last week…

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