Ghana creates power ministry in bid to solve electricity crisis

ACCRA (Reuters) – Ghana’s President John Mahama created a ministry of power on Saturday in a fresh bid to resolve a long-standing electricity crisis that has slowed economic growth and frustrated citizens with frequent power cuts.

Kwabena Donkor, the chairman of parliament’s energy committee, will head the new ministry, according to a statement from the presidency. Donkor, a former deputy energy minister, was not immediately available for comment.

Power production was previously overseen by the energy ministry, which was also responsible for managing Ghana’s upstream oil and gas sector.

The West African state generates much of its power from three hydro-electric dams that do not produce enough energy to satisfy an economy projected to grow at 6.9 percent this year. Read More….

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Microsoft 4Afrika Initiative

301885_2660848378732_1781619730_1646373_778185903_n-600x318Microsoft, fated as ‘Software Giant” is a multinational company commonly known for its expertise in computer technology that develops, manufactures, licenses and supports a diverse range of software products are looking forward to boost its ventures partnership programme in Africa. A programme was launched in June with an endeavor to offer tools, resources, expertise through partnerships around the world. Ventures partnership programme, an integrated global effort for expansion in Africa is one element of the Microsoft 4Afrika Initiative which was launched recently to initiate services in key sectors viz. agriculture, education and healthcare. Mr. Amrote Abdella, Director, 4Afrika Venture Capital and Startup programs articulated, “Through the 4Afrika initiative, we are deeply committed to fostering African innovation and to fueling Africa’s economic growth and competitiveness and we are very proud to see Microsoft Ventures extend its reach into the African continent”. He added, “We strongly believe that with the right support, African startups hold tremendous potential to impact both their local economies and the world’s perception of African-led innovation and entrepreneurship”.

To begin with, 88mph, a private seed fund with active work places in Nairobi and Cape Town was the first African accelerator to enter in partnership with Microsoft Ventures. The institution key intent is to offer initially set up web or mobile companies with a funding up to $100K through a 3-month startup accelerator programme.  Microsoft in collaboration with 88mph is expected to present startups with mentorship, technology guidance, seed funding, joint selling opportunities and many more to explore. Mr. Nikolai Barnwell, Director, 88mph, Nairobi appreciated Microsoft  in a statement, “Microsoft is a company that deeply understands the value of the ecosystem, and we believe that by working together, 88mph and Microsoft can offer a world class launch pad to African startups looking to achieve true scale”.

Real Estate Unite

CONNECT WITH LEADING REAL ESTATE PROFESSIONALS AT REAL ESTATE UNITE 2013 SUMMIT | OCTOBER 17-18, LAGOS, NIGERIA 

 

3INVEST is offering stakeholders in the built industry another unrivalled opportunity to build momentum. Real Estate Unite Conference, Exhibition and Awards provide a platform that opens up the immeasurable potential in the Nigerian real estate sector for economic growth.

 

As Nigeria’s real estate potentials emerge, Real Estate Unite 2013 plans to attract investors seeking opportunity to invest in Nigeria, unite industry players and elevate the standards and practice through its Awards of excellence.

 

With market intelligence, quality content and a vibrant combination of keynote addresses, panel discussions, presentations and media involvement, Real Estate Unite 2013 will encapsulate cutting-edge issues, strategic solutions, investment strategies and pertinent case studies in urbanisation infrastructure and housing development. Real Estate Unite remains the undisputed platform to learn about real estate investment in Nigeria and Africa at large.\

 

Some of our confirmed speakers are from leading institutions like: AMCON, ARM Properties, Diamond Bank, UPDC, ACTIS, Laurus Dev. Partners, AM Facilities, Resilient Africa, W-Hospitality Group, etc.

Ghana to restructure capital market to spur growth

Ghana is ready to restructure its capital market to spur economic growth, Finance Minister Seth Terkper said here.

The restructuring is necessary for the West African country to meet international standards in its securities market regulations, Seth Terkper told Ghana’s first-ever capital market conference.

Ghana’s Securities and Exchange Commission (SEC) will review the legislation that impedes a well-functioning securities market, Xinhua quoted Terkper as saying.

The finance minister stressed the importance of government efforts to give more financing options to businesses, as banks could only offer short-term credit at very high costs.

“A developed and well-regulated capital market that is linked to various sectors of the economy as a provider of long-term capital is a sine qua non to achieving the government’s vision of shared growth and sustainable development,” he said.

Ghana is also launching an alternative market to list smaller businesses.

“This new securities market is intended to fill the gap in the securities market with the aim of serving the needs of small- and medium- sized enterprises to have access to capital,” SEC chief Adu Anane Antwi told the conference.

The finance minister also noted that a commodities exchange will be established to connect Ghana’s agriculture sector to the capital markets.

In drafting the legal and regulatory framework of the exchange, the government is making sure that an efficient regime will be set up to boost the agriculture sector’s entire value chain, Terkper said.