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☆ Al Qaeda Closes In on a Stalwart U.S. Ally in Africa
▼ + stars: | 2023-03-26 | by ( Michael M. Phillips | Photographs Diana Zeyneb Alhindawi For The Wall Street Journal | ) www.wsj.com time to read: 1 min

BAWKU, Ghana—The good news according to Salifu Bashru , an elder of the Mamprusi people, is that if al Qaeda militants attack, they’ll probably kill his rivals from the Kusasi community first. The bitter, 65-year dispute between Mamprusi and Kusasi over which ethnic group rules this small northern Ghanaian city has turned deadly in recent months, with neighbors exchanging machine-gun fire and each side vowing never to let the other get its way.

☆ In Ghana, Kamala Harris 'excited about the future of Africa'
▼ + stars: | 2023-03-26 | by ( ) www.cnbc.com time to read: +5 min

U.S. Vice President, Kamala Harris, arrives at the Kotoka International Airport as she begins her trip to Ghana, Tanzania and Zambia, in Accra, Ghana, March 26, 2023. Vice President Kamala Harris was greeted by schoolchildren, dancers and drummers as she arrived Sunday in Ghana for the start of a weeklong visit to Africa intended to deepen U.S. relationships amid global competition over the continent's future. "What an honor it is to be here in Ghana and on the continent of Africa," Harris said. Harris is the highest-profile member of President Joe Biden's administration to visit Africa this year. In the evening, they will attend a state banquet with the Ghanaian president and first lady.

☆ How this 26-year-old went from running bitcoin trading desks in Taco Bells to creating the largest crypto exchange in Africa
▼ + stars: | 2023-03-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +28 min

Yellow Card CEO Chris Maurice just before meeting with the Securities and Exchange Commission in Accra, Ghana. Chris MauriceFrom there, Yellow Card users can send or receive digital cash in eligible markets. Zoom In Icon Arrows pointing outwards Yellow Card CEO Chris Maurice in Accra, Ghana loading cash onto his Mobile Money account, MoMo. Yellow Card has facilitated $1.75 billion in transactions since launching in 2019 and has about 220 employees – mostly in Africa. A resident checks his phone outside a mobile money kiosk in the Kibera district of Nairobi, Kenya, on Monday, Aug. 1, 2022.

☆ Gold Fields, AngloGold rule out merger after Ghana joint-venture deal
▼ + stars: | 2023-03-16 | by ( Nelson Banya | ) www.reuters.com time to read: +3 min

The South Africa-headquartered AngloGold and Gold Fields are among the five biggest gold producing companies by output in the world, with operations in Africa, Australia and South America. Gold Fields' Preece, who last month said the company was no longer pursuing big M&A deals after its failed bid for Canada's Yamana Gold (YRI.TO) said on the conference call "collaboration is easier". Gold Fields and AngloGold would own 60% and 30% of the joint operation, respectively, with the Ghanaian government holding 10%, Calderon said. "The proposed joint venture would create the largest gold mine in Africa and one of the largest in the world. Apart from Tarkwa, Gold Fields has two other mines in Ghana, Damang and the 45%-owned Asanko.

☆ Ghana's finance ministry: debt talks with China 'cordial and fruitful'
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

ACCRA, March 2 (Reuters) - Ghana's finance ministry said on Thursday that a Chinese delegation had ended a three-day visit to discuss Ghana's request for the restructuring of the $1.9 billion debt it owes China. The ministry said in a statement that the Chinese delegation came to Accra ahead of an upcoming Ghanaian mission to China and that discussions had been "highly cordial and fruitful". External debt was $29.2 billion at the end of November 2022, according to central bank data. China's official bilateral loans involving Ghana account for less than 5% of the West African country's total debt, the Chinese foreign ministry said on Thursday. ($1 = 12.5000 Ghanian cedi)Reporting by Christian Akorlie; Writing by Anait Miridzhanian; Editing by Estelle ShirbonOur Standards: The Thomson Reuters Trust Principles.

☆ Female-owned farms and companies are growing Ghana's taste for coffee
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +3 min

As the women worked, Tamakloe walked among them with a device to test the coffee beans' moisture content. Today, Bean Masters coffee is mostly sold in bulk to high-end restaurants and hotels. But Tamakloe aims to expand her production of retail-sized bags this year to make Bean Masters available to all kinds of consumers. At Kozo, an Afro-Asian fusion restaurant in Accra, Tamakloe and the staff sipped espressos made with Bean Masters coffee. The owner visited Pagniw's farm with Tamakloe in 2021, and has exclusively stocked Bean Masters ever since.

☆ We're having loyal Costco shoppers share their grocery lists with us. Here are their favorite things to buy there.
▼ + stars: | 2023-02-21 | by ( Business Insider | ) www.businessinsider.com time to read: +36 min

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☆ Body of Ghana soccer player Atsu arrives home in Accra
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

[1/4] The body of late Ghanaian soccer player, Christian Atsu Twasam, 31, who died in the earthquake in Turkey, arrives at the Kotoka International Airport in Accra, Ghana. REUTERS/Francis KokorokoACCRA, Feb 20 (Reuters) - The body of Ghana winger Christian Atsu was flown home to Accra on Sunday evening, the day after he was found dead under a collapsed building in southern Turkey. Atsu had been missing since the Feb. 6 earthquake following the collapse of an apartment building in Hatay. "We hoped against hope, every day that passed, we prayed and prayed. "We would like to express our deepest condolences to his wife and children, the family, loved ones and the football community," the Ghana Football Association said on Saturday.

☆ Ghanaian Soccer Star Christian Atsu Found Dead After Turkey Earthquake
▼ + stars: | 2023-02-18 | by ( Gabriele Steinhauser | ) www.wsj.com time to read: 1 min

Atsu previously played for Newcastle United. His body will be sent back to Ghana. Christian Atsu’s body has been found in the rubble of a building that collapsed in Turkey’s earthquakes, the Ghanaian soccer player’s agent and club said Saturday. “It is with the heaviest of hearts that I have to announce to all well wishers that sadly Christian Atsu’s body was recovered this morning,” Nana Sechere, the player’s agent, said in a message on Twitter.

☆ Ghanaian footballer Atsu's body found under rubble in Turkey quake, agent says
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: 1 min

ANKARA, Feb 18 (Reuters) - Ghanaian footballer Christian Atsu has been found dead under the building where he lived in southern Turkey after last week's massive earthquake, the ex-Chelsea winger's Turkish agent said. "Atsu's lifeless body was found under the rubble," Murat Uzunmehmet told reporters in Hatay, where the athlete's body was found. "Currently, more items are still being taken out. Atsu had been scheduled to fly out of southern Turkey hours before the quake, but Hatayspor's manager said on Friday the Ghanaian opted to stay with the club after scoring the game-winning goal in a Feb. 5 Super Lig match. Reporting by Ece Toksabay; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Turkey rages at shoddy construction after 'earthquake-proof' homes topple
▼ + stars: | 2023-02-17 | by ( Ali Kucukgocmen | ) www.reuters.com time to read: +6 min

[1/5] A cat stands on a destroyed street, in the aftermath of the deadly earthquake, in Antakya, Turkey February 17, 2023. It was said to be earthquake safe, but you can see the result," said 47-year-old jeweller Hamza Alpaslan. Turkey's Urbanisation Ministry estimates 84,700 buildings have collapsed or are severely damaged. The Urbanisation Ministry said documents would be moved to the ministry archive in the city and were stored digitally. BUILDING AMNESTYSector officials have said some 50% of the total 20 million buildings in Turkey contravene building codes.

☆ MTN commits to $1 bln Ghana investment after government scraps tax claim
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

The investment comes on the heels of the Ghana Revenue Authority exempting the company's bill for back taxes earlier this month after the incident sparked a diplomatic reaction by the South African foreign minister. The tax claim was initially issued after the revenue authority audited the company for the years 2014 to 2018 and inferred that it under declared its revenue by about 30% during the period. MTN Chief Executive Officer Ralph Mupita said the company was committed to investing in Ghana despite short-term headwinds. That said we are focused on the medium and long term and we are seeing growth," he said in a statement. MTN intends to invest the amount in 5G technology which it believes would spur faster growth across sectors, he said.

☆ Ghana says domestic debt swap closed with over 80% participation
▼ + stars: | 2023-02-14 | by ( Christian Akorlie | ) www.reuters.com time to read: +2 min

ACCRA, Feb 14 (Reuters) - The Ghanaian finance ministry said its domestic debt exchange programme (DDEP) had closed on Tuesday with more than 80% participation of eligible bonds, taking it a step closer to securing a $3 billion International Monetary Fund bailout. Ghana is fighting its way out of a generational economic crisis by hiking interest rates at record speed, cutting spending, and restructuring debt to secure IMF funds. "Attention will now turn to the eurobonds, where restructuring talks are at a much earlier stage, and which could be even more complicated," Culverhouse said. Ghana became early this year the fourth nation to apply to the common framework platform, an initiative of Group of 20 major economies launched in 2020 to streamline debt restructuring efforts for poorer countries. Its bilateral lenders are discussing the formation of an official creditor committee, a first step needed to engage in debt relief talks, sources told Reuters on Monday.

☆ Ghanaian player Atsu's partner appeals for equipment to help rescue in Turkey
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

Feb 10 (Reuters) - Claire Rupio, partner of soccer player Christian Atsu who remains missing after two devastating earthquakes struck Turkey and Syria on Monday, has called for equipment to be sent to the collapsed building where the Hatayspor winger was living. Atsu, was reported to have been rescued from the rubble with injuries and transported to hospital after the quakes. However, Hatayspor director Volkan Demirel told Reuters on Wednesday the Ghanaian player was still missing. "The situation remains the same, Christian Atsu has still not been found. Atsu, 31, joined Hatayspor in September of last year after nearly a decade at English clubs Chelsea and Newcastle United.

☆ 19,000 dead: 'Disaster of the Century' as thousands are still missing in Turkey and Syria's horrific earthquake
▼ + stars: | 2023-02-09 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

The devastating earthquake in Syria and Turkey has killed 19,000 people with thousands more still missing. Turkish President Recep Tayyip Erdogan said: "We can call it the disaster of the century." And thousands are reportedly still missing under rubble and collapsed buildings. In a brief press conference Thursday, Turkish President Recep Tayyip Erdogan said: "We can call it the disaster of the century" and said the devastation spans 10 provinces. Rescuers and civilians look for survivors under the rubble of collapsed buildings in Kahramanmaras, Turkey.

☆ Former Newcastle winger Atsu missing after Turkey earthquake
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

ACCRA, Feb 6 (Reuters) - Ghana international winger Christian Atsu is among those missing after the collapse of an apartment building in Hatay, Turkey, following Monday's huge earthquake. Hatayspor vice president Mustafa Ozat told Turkish TV station Play Spor: "Christian Atsu and (club sporting director) Taner Savut are still under the rubble." Atsu, 31, played in the Premier League for Newcastle United and Everton, on loan from Chelsea, but joined Hatayspor in September. Newcastle, who Atsu helped to promotion from the Championship in the 2016/17, tweeted they were "praying for some positive news". "We pray for Ghana International Christian Atsu and victims of the earthquake in Turkey and Syria," the Ghana Football Association tweeted.

"I would like to call on all creditors to join the efforts as swiftly as possible," Christian Lindner said in a news conference with his Ghanaian counterpart Ken Ofori-Atta. In January, Reuters reported exclusively that Ghana had requested a bilateral debt restructuring under the Common Framework, a platform set up by the Group of 20 major economies during the COVID-19 pandemic to bring China and other newer creditor nations into existing debt relief processes. Western leaders have repeatedly criticised China for delaying developing country debt restructurings, which it disputes. "Germany is being true partners" in helping Ghana through the debt restructuring process in "an accelerated way," Ofori-Atta told reporters. "Ghana needs to return as fast as possible to the international financial markets.

☆ Top U.S., Chinese and Russian officials tour Africa as global charm offensive gathers pace
▼ + stars: | 2023-01-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +12 min

Janet Yellen, US Treasury secretary, during a news conference with Enoch Godongwana, South Africa's finance minister, at the National Treasury in Pretoria, South Africa, on Thursday, Jan. 26, 2023. Yellen met with South African officials including President Cyril Ramaphosa last week, just days after the country's Foreign Minister Naledi Pandor stood alongside Lavrov and vowed to strengthen bilateral relations between Pretoria and Moscow. South Africa was one of 17 African nations to abstain from the U.N. vote in March to condemn Russia's war of aggression. As such, many African nations desire a strong relationship with both the U.S. and China, and U.S. diplomacy will be more effective when not framed as an "us-or-them" proposition. What's more, the BRI projects were "largely uncoordinated and unplanned," he said, with competing Chinese lenders offering credit to African nations, challenging the notion of a coherent centralized "debt trap" policy from Beijing.

☆ FTX recruited customers in Africa by signaling that crypto would protect them from soaring inflation, report says
▼ + stars: | 2023-01-20 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

FTX promoted itself in Africa by signaling crypto would shield people's money from inflation, according to the Wall Street Journal. Many African currencies plummeted last year as the Federal Reserve's interest-rate hikes pushed the dollar higher. FTX also ran glamorous events for young Nigerians and offered all new customers a $5 sign-up bonus, the WSJ reported. African currencies like the Nigerian naira, the Ghanaian cedi, and the Malawian kwacha plunged against the dollar last year as the Federal Reserve's aggressive monetary tightening fueled capital outflows from developing markets. Before 2022, crypto bulls had long pitched digital currencies as a potential hedge against inflation in the developing world.

☆ MTN Ghana hit with bill of $773 mln for back taxes
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Jan 13 (Reuters) - The Ghanaian subsidy of South African mobile operator MTN Group (MTNJ.J) has received a bill for back taxes of around $773 million, including penalties and interest charges, the parent company said on Friday. The Ghana Revenue Authority issued MTN Ghana (MTNGH.GH) with the bill after auditing it for the years 2014 to 2018 and inferring that the company under declared its revenue by about 30% during the period, MTN said in a statement. The carrier, which has a presence in 19 countries in Africa and the Middle East, said it disputes the "accuracy and basis" of the assessment and that it would fight it. "MTN Ghana believes that the taxes due have been paid during the period under assessment and has resolved to defend MTN Ghana's position on the Assessment," the company said. Reporting by Bhargav Acharya; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Francis KokorokoLONDON/ACCRA, Jan 10 (Reuters) - Ghana requested on Tuesday to restructure its bilateral debt under the common framework platform supported by the Group of 20 major economies, a source familiar with the situation told Reuters. Ghana's debt restructuring under the common framework aims to include non-Paris club members, such as China in debt relief talks. Reuters reported first on Thursday that Ghana was seeking debt treatment under the G20 programme. Some bondholders said Ghana opting to go down the common framework route put the prospect of a swift resolution further out of reach. "With the common framework and the poor track record on the timeline for that, it just makes things more uncertain," said Anders Faergemann, portfolio managers at PineBridge Investments.

☆ Ghana announces external debt payment suspension, slipping into default
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

ACCRA, Dec 19 (Reuters) - Ghana's finance ministry said on Monday it was suspending debt service payments on certain categories of external debt including Eurobonds, commercial loans and most bilateral debt, amid the worst economic crisis in a generation. Ghana had already announced a domestic debt exchange programme and on Tuesday said it had reached a $3 billion staff-level agreement with the International Monetary Fund. Public debt stood at GHS467.4 billion ($55 billion) in September, according to the most recent central bank figures, 42% of which was domestic. The government "stands ready to engage in discussions with all of its external creditors to make Ghana's debt sustainable", the finance ministry said in the statement. Ghana's external bonds, which are trading at a deeply distressed level of 31-37 cents in the dollar, slipped with the 2051 bond losing 0.4 cents, Tradeweb data showed.

☆ Burkina Faso summons Ghanaian ambassador over Wagner allegations
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +3 min

OUAGADOUGOU, Dec 16 (Reuters) - Burkina Faso summoned the Ghanaian ambassador on Friday morning for "explanations" after Ghana's president alleged that Burkina Faso had hired the Russian mercenary group Wagner, Burkina Faso's foreign ministry said. Burkina Faso has now entered into an arrangement to go along with Mali in employing the Wagner forces there," Akufo-Addo said, adding that it was a distressing development for Ghana. Akufo-Addo also alleged that Burkina Faso had offered Wagner a mine as payment. In a statement issued after the meeting with the ambassador, Burkina Faso's foreign ministry said it had "expressed disapproval" about the statements made by the Ghanaian president. Burkina Faso also recalled its ambassador from Ghana for a meeting, the spokesperson said.

☆ Payments company Wise suspends Ghana cedi transfers amid volatility
▼ + stars: | 2022-12-16 | by ( Cooper Inveen | ) www.reuters.com time to read: +2 min

ACCRA, Dec 16 (Reuters) - Cross-border payments company Wise (WISEa.L) has suspended transfers in Ghana's cedi currency after a rapid appreciation against the dollar this week made it costlier to move money to the West African country, a Wise spokesperson told Reuters on Friday. Ghana, once considered a rising star among emerging market economies, is today facing a generational debt crisis. A spokesperson for London-based Wise said that cedi functions, which were suspended Thursday, would be restored "as soon as the situation has stabilised" and that only a small number of transfers were affected. "That said... we’ve seen the central bank buy dollars from the open market to shore up its reserves," Akoto said. Reporting by Cooper Inveen; Additional reporting by Rodrigo Campos; Editing by Louise Heavens and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

The cedi has lost more than 50% of its value this year , pushing up the cost of Ghana's external debt. Interest payments alone absorb between 70 and 100% of the government's revenuesHOW BIG IS GHANA'S DEBT? Ghana's public debt was 467.4 billion cedis ($37.4 billion) in September, of which 42% was domestic debt, according to the most recent central bank figures released last month. Ghana's debt-to-GDPWHO OWNS GHANA'S DEBT? The fund is yet to comment on Ghana's debt sustainability or domestic bond exchange plans.

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