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Andrea Ayemoba's Blog (80)

Statement at the Conclusion of an IMF Staff Mission to Togo

An International Monetary Fund (IMF) mission led by Montfort Mlachila visited Togo during October 22-30, 2012, to review recent economic developments, the draft supplementary budget for 2012, and the draft 2013 budget. It also analyzed preparatory documents for the creation of a revenue authority.

The mission met with Prime Minister Kwessi Séléaodji Ahoomey-Zunu, Minister…


Added by Andrea Ayemoba on November 2, 2012 at 3:40pm — No Comments

Strengthening Fiscal Discipline and Advancing Transparency and Accountability in Liberia

The Government of Liberia, the World Bank and other international development partners yesterday launched the US$28.55m Integrated Public Financial Management Reform Project (IPFMRP) to assist Liberia to expand and deepen the scope of reforms relevant for advancing accountability, transparency and reduction of corruption in public institutions. 

This project, which was ratified…


Added by Andrea Ayemoba on October 23, 2012 at 2:49pm — No Comments

Cloud-Based Core Banking Becomes a Reality in Kenya

Temenos, the market leading provider of banking software, has announced that Fountain Credit Services, a new Microfinance Institution (MFI) in Kenya, has launched on TEMENOS T24 for Microfinancing, hosted in the cloud. In doing so, Fountain becomes the first institution in Kenya to adopt cloud-based banking services. By running in the cloud, Fountain has…


Added by Andrea Ayemoba on October 22, 2012 at 2:42pm — No Comments

Standard Chartered Discloses Investment and Expansion Plans at Africa Investor Day

Standard Chartered recently updated investors at its inaugural Africa Investor Day on the Group’s aspirations for the region. The Group will invest over $100m on 110 new branches in Kenya, Ghana and Nigeria alongside five other core markets over the next three years, as well as making substantial hires across both the Wholesale and…


Added by Andrea Ayemoba on October 22, 2012 at 2:38pm — No Comments

GTBank Declares N63Billion Profit at Q3

Guaranty Trust Bank Plc. -the highest-priced equity in the banking sub-sector of the Nigerian Stock Exchange - Thursday  reported a profit after tax of N63 billion for the third quarter (Q3) ended September 31, 2012.

Details of the result released on the floor of the NSE, showed that the bank posted gross earnings of N45.64 billion in Q3, up by 22 per cent…


Added by Andrea Ayemoba on October 19, 2012 at 2:54pm — No Comments

Burkina Faso: World Bank grant to support regional “center of excellence” serving engineering students from 36 countries

The World Bank’s Board has approved a grant of US$10 million to improve existing training facilities and house more students at the International Institute of Water and Environmental Engineering (2iE) in Ouagadougou, Burkina Faso.

As many as 2,500 students will now be enrolled at 2iE by 2015, up from just 650 in 2009. The…


Added by Andrea Ayemoba on October 19, 2012 at 2:53pm — No Comments

World Bank Group Partners with Korean Private Businesses to Invest in Emerging Markets

In partnership with KoFC (Korea Finance Corporation), IFC and MIGA on Tuesday hosted the Korea–World Bank Group Private Sector Seminar in Seoul to discuss opportunities to strengthen their partnership when making sustainable and profitable private sector investments in emerging markets. The forum discussed ways of bringing innovative private sector solutions, including financing,…


Added by Andrea Ayemoba on October 18, 2012 at 2:14pm — No Comments

GTBank’s Online channels receive International Certification

The integrity of Guaranty Trust Bank’s alternative banking channels received a boost recently with the Bank’s receipt of the Payment Card Industry Data Security Standard certification (PCIDSS).

PCIDSS certification is a worldwide security standard maintained by the Payment Card Industry Security Standards Council (PCISSC) to detail acceptable technical and…


Added by Andrea Ayemoba on October 18, 2012 at 1:57pm — No Comments

AfDB Joins Development Partners in Support of Agricultural Cooperatives on World Food Day 2012

The African Development Bank joins its development partners and member countries today in celebrating World Food Day 2012.

The official World Food Day theme, announced each spring by the Food and Agriculture Organization of the United Nations (FAO), gives focus to World Food Day observances and raises awareness and understanding of approaches to…


Added by Andrea Ayemoba on October 17, 2012 at 3:15pm — No Comments

IMF MD, Christine Lagarde, Welcomes Pledges from Algeria and Brunei Darussalam to Boost Fund Resources

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement in Tokyo:

“I warmly welcome commitments by the authorities of Algeria and Brunei Darussalam to contribute additional financing to the IMF. They are joining a concerted action among important creditors to ensure the Fund has sufficient resources to tackle…


Added by Andrea Ayemoba on October 15, 2012 at 12:56pm — No Comments

Niger’s Kandadji Program to Boost Regional Economic Growth, Agriculture, and Electricity in The Sahel

As part of its long-term solution to recurring drought, and chronic food and power shortages in Africa’s Sahel region, the World Bank’s Board of Executive Directors have approved US$203 million for the “Niger Basin Water Resources Development and Sustainable Ecosystems Management Program (APL 2A),” which will contribute to the funding of the Kandadji Program to increase food production,…


Added by Andrea Ayemoba on October 12, 2012 at 2:51pm — No Comments

IMF Outlook for Sub-Saharan Africa: “Maintaining Growth in an Uncertain World”

The International Monetary Fund (IMF) today released the October 2012 Regional Economic Outlook: Sub-Saharan Africa. Ms. Antoinette Monsio Sayeh, Director of the IMF's African Department, commented on the report's main findings:

“Economic conditions in sub-Saharan Africa have remained generally robust against the backdrop of a sluggish global economy. Most low-income…


Added by Andrea Ayemoba on October 12, 2012 at 2:47pm — No Comments

IMF Concludes ECF Review Mission to Côte d’Ivoire

An International Monetary Fund (IMF) mission led by Mr. Michel Lazare, Assistant Director in the IMF’s African Department, visited Abidjan during September 19–October 3, 2012 to conduct discussions for the second review of a program supported by the Extended Credit Facility (ECF), which was approved by the IMF Executive Board on November 4, 2011 in the amount of SDR 390.24 million (about US$616 million). The…


Added by Andrea Ayemoba on October 4, 2012 at 2:03pm — No Comments

Donors Welcome the African Development Fund (ADF-12) Implementation

The Mid-Term Review of the African Development Fund (ADF-12) implementation concluded in Praia, Cape Verde on September 14 with donors and stakeholders encouraging the African Development Bank (AfDB) to continue working to achieve results in its development projects and institutional reforms.

The meeting was…


Added by Andrea Ayemoba on September 25, 2012 at 6:20pm — No Comments

AfDB Injects USD7m Equity into Pan African Housing Fund to Increase Access to Housing in African Cities

The Board of Directors of the African Development Bank (AfDB) has approved on 6 September 2012 a USD 7 million equity investment in the Pan African Housing Fund (PAHF), a private equity fund targeting the lower-middle and middle-middle class residential housing market in Africa. This contribution will allow PAHF to help grow the capacity of local developers to deliver housing development…


Added by Andrea Ayemoba on September 18, 2012 at 5:50pm — No Comments

African Financial Markets Initiative: “Building sustainable local currency bond markets for the future”

In today’s multifaceted economies, African economies will largely depend on sustainable local currency bond markets to function efficiently. With this need, local currency bond market development has taken center stage as a key focal aspect of economic growth.

Taking place on 22-24 October 2012 in Tunis, the first African Financial Markets Initiative (AFMI) conference on…


Added by Andrea Ayemoba on September 12, 2012 at 4:02pm — No Comments

AfDB opens dialogue on its first Human Capital Development Strategy

A multi-stakeholder consultation on the African Development Bank’s first Human Capital Development Strategy concluded yesterday with over 80 participants from the 7 IGAD member states – Djibouti, Ethiopia, Kenya, Somalia, South Sudan, Sudan and Uganda.

Participants stressed the need for producing manpower with relevant skills, competence and flexibility to meet the needs of…


Added by Andrea Ayemoba on September 12, 2012 at 4:01pm — No Comments

GTBank Half Year Profits Top N53 billion

The management of Guaranty Trust Bank communicated its earnings to the stock exchange today, announcing H1 Profit before Tax of N53.63 billion, an increase of 63% from the N33 billion reported over the similar period in 2011.

The company also declared a 25kobo interim dividend which is equal to a total payout of N7.4 billion to its ordinary shareholders. The company’s Gross…


Added by Andrea Ayemoba on September 3, 2012 at 5:13pm — No Comments

Frequency Asked Question on Currency Restructuring

What is the purpose of CBN (Central Bank of Nigeria)?

The CBN Act of 2007 charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government.


What is the role of CBN with respect to Banknotes and coins?

The Bank is charged with the…


Added by Andrea Ayemoba on September 3, 2012 at 5:08pm — No Comments

AfDB Provides US $1-Million Grant for Rehabilitation of Social Infrastructure in Madagascar

The African Development Bank Group, UNICEF and the Government of Madagascar signed a US $1-million grant agreement to fund rehabilitation of social infrastructure in the country following the devastating cyclones Giovanna and Irina, which hit the country in February. The signing took place on August 23 in Brickaville, about 250 km east of Antananarivo.

The AfDB’s…


Added by Andrea Ayemoba on August 30, 2012 at 2:54pm — No Comments

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