Ghana Cedi Emerges Best Performing Currency Against US Dollar

By Professor Maurice Okoli Over the past few years, African Union, the continental organization, has made intra-African trade its newest flagship and has created the Intra-African Trade Fair (IATF), which provides a unique and valuable platform for potential investors to support the continent’s transformation through industrialisation and export development, for businesses to access adequate trade and market information, and operate in an integrated single African market of over 1.4 billion people with a combined gross domestic product of over $3.5 trillion under the African Continental Free Trade Area (AfCFTA). Organized by the African Export-Import Bank (Afreximbank), in collaboration with the

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) has called on African countries to prioritise the development of public and private export trading companies (ETCs) in order to position the continent’s small and medium enterprises (SMEs) to participate effectively in global trade. This was a core message in an address to the Africa International Exhibition on the sidelines of the United Nations General Assembly in New York by Mrs Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade Bank, speaking on behalf of Bank President Mr Benedict Oramah. She said that SMEs participating directly in global trade face stiff competition from

By Adedapo Adesanya Prices of food in the globe remained unchanged in September 2023, according to measuring indices by the United Nations’ Food and Agriculture Organisation (FAO). The FAO Food Price Index (FFPI) averaged 121.5 points in the month under review, almost unchanged from its value in August, as declines in the price indices of vegetable oils, dairy and meat had offset increases in the sugar and cereal price indices. At this level, the index stood 14.6 points (10.7 per cent) below its corresponding level a year ago and 38.3 points (24.0 per cent) from the all-time high reached in

By Kestér Kenn Klomegâh It all began in March 2023 with an ear-deafening applause during the inter-parliamentary conference under the theme ‘Russia-Africa in a Multipolar World’ that was held in Moscow. Russian President Vladimir Putin offered what was then referred to as ‘no-cost deliveries’ of grains to six African countries. This unique promise was consolidated and renewed during the second Russia-Africa summit held in St. Petersburg. Russian media, with its highest public-oriented reports and propaganda narratives, keeps on informing its public that Russia feeds Africa and its 1.4 population. Under the auspices of the State Duma of the Russian Federal

By Modupe Gbadeyanka The Chief Financial Officer (CFO) of Seplat Petroleum Development Company Plc, Mr Roger Brown, will from August 1, 2020, be the new Chief Executive Officer (CEO) of the energy firm. A statement from the company said Mr Brown will take charge of day-to-day activities of Seplat upon the retirement of the present CEO, Mr Austin Avuru, who steps down on July 31, 2020, For a decade, Mr Avuru piloted affairs of the company, making it a strong organisation, with the deployment of agile systems, processes and stakeholder relationships that allowed the firm to grow rapidly from  a

By Adedapo Adesanya Following the expiration of the tenure of the Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, President Muhammadu Buhari has nominated Muhammad Nami as the new chief taxman for the second leg of his administration. However, the appointment of Mr Nami is subject to confirmation of the Senate. On Monday, the President also approved a new board for the FIRS, which is also subject to confirmation of the upper chamber of the National Assembly. The board consists of members representing each of the six geopolitical zones and statutory representatives from a select number of

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.03 per cent on Monday after losing its upward trajectory to profit-taking last Friday. Renewed bargain-hunting helped the marginal growth reported by the local bourse yesterday. Also, the cross deals in cement stocks, especially BUA Cement, Lafarge Africa, and Dangote Cement, by big investors, strengthened the stock exchange during the session. At the close of business, the All-Share Index (ASI) increased by 15.16 points to 59,016.12 points from 59,000.96 points, as the market capitalisation inflated by N8 billion to N32.134 trillion from N32.126 trillion. The market breadth index was positive

By Modupe Gbadeyanka Speaker of the House of Representatives, Mr Femi Gbajabiamila, has said when the parliament resumes next year, the presidential decline of assent to the Electoral Act (Repeal and Re-Enactment) Bill, 2021 would be discussed. Mr Gbajabiamila said this on Tuesday when the lower chamber of the National Assembly held its last plenary for 2021. President Muhammadu Buhari had refused to sign the electoral bill into law, citing the cost of conducting direct primary elections, security challenges and possible manipulation of electoral processes by political actors as reasons. After reading a letter from Mr Buhari on why he

By Aduragbemi Omiyale A start-up recycler, Westman Recycle, has emerged as the winner of the business ideas pitch, which took place at the Circular Economy Innovation Partnership (CEIP) training programme. Rite Foods Limited sponsored the event and saw eight recycling companies participating in the three-month exercise’s final presentation ceremony on Tuesday, March 28, 2023. The market leader in the food and beverage sector of the Nigerian economy said it threw its weight behind the programme as part of its eco-friendly initiative. The scheme aims to upgrade start-up recyclers’ knowledge on how to use modern technology and creativity in mopping plastics

By Adedapo Adesanya Nigeria’s Minister of the Marine and Blue Economy, Mr Adegboyega Oyetola, has bemoaned foreign dominance of the fishing industry, assuring that under his watch, it will no longer be business as usual. He also promised to tackle illegal, unreported, and unregulated (IUU) fishing in the country, noting that Nigeria has an untapped blue economy potential at a stunning $296 billion, and the ministry will serve as a dependable source of alternative revenue – away from oil. The Minister, during a working visit to the Nigerian Maritime Administration and Safety Agency (NIMASA) headquarters in Lagos, assured that the

By Adedapo Adesanya Nigeria’s leading sports marketing and management company, Integral, has secured the exclusive rights to broadcast the Olympic Games Tokyo 2020 on free-to-air television. As a result, the company will once again work with the Nigerian Television Authority (NTA) Network to deliver all content on its free-to-air-platform This sub-license deal comes from Infront, a Wanda Sports Group company and the International Olympics Committee (IOC) exclusive rights holder for free-to-air distribution rights in Sub-Saharan Africa. The deal is in addition to Integral’s existing Premier League sub-license free-to-air media rights agreement on NTA. The exclusive package includes TV broadcasts of

By Dipo Olowookere South Africa’s Nedbank booked a $293 million write-down on the value of its stake in sub-Saharan lender Ecobank Transnational Incorporation (ETI) on Tuesday and reported its slowest growth in annual profit since 2009. However, the South African lender said in a statement that Ecobank remained vital to its expansion elsewhere on the African continent, where Ecobank has operations in nearly 40 countries outside its home market even though the write-down reduces Ecobank’s value on Nedbank’s books to 4 billion rand ($308 million) from 7.8 billion rand. “It’s obvious that we would be disappointed with the performance of