Mauritius, Morocco join AfDB Bloomberg African Bond Indices

January 18, 2021 by with 0 comment

The African Development Bank today announced the addition of two new countries – Mauritius and Morocco – to its Bloomberg African Bond Indices (ABABI), marking a steady progress in the Bank’s efforts to deepen the continent’s local currency bond market.

The African Development Bank administers the ABABI, a family of African bond indices launched in February 2015 and calculated by the independent, global index provider Bloomberg.

At the launch, the indices included Egypt, Kenya, Nigeria, and South Africa. Botswana and Namibia joined in October 2015, and Ghana and Zambia in April 2017. Effective 1 January 2021, Mauritius and Morocco have become members of the ABABI, the Bank said.

“This is a positive development as the inclusion of Mauritius and Morocco, two of Africa’s better-rated issuers, will improve the overall credit quality of the ABABI, which now captures close to 90% of the outstanding amount of African sovereign local currency bonds,” said Stefan Nalletamby, Director of the Bank’s Financial Sector Development Department.

Mr. Nalletamby noted that in the current environment, the ABABI indices are a reliable tool for international investors to measure and track African sovereign bond markets. “This will be even more relevant following the COVID-19 crisis as sovereign debt managers, who will need to further diversify their local currency funding instruments, will also need to adjust their strategies, enhance transparency and widen their fixed income investor base, given the increased financing needs of the economies.”

The African Development Bank works to deepen the continent’s local currency bond markets and create an environment where African countries can access long-term financing. By providing transparent and credible benchmark indices, the Bank and Bloomberg provide investors with a tool to better measure and track the performance of Africa’s bond markets.

The Bank has also structured and invested in an exchange traded fund, the African Domestic Bond Fund (ADBF), replicating the index and providing investors with an innovative tool to gain exposure to African local currency fixed income. ADBF is listed in US dollars on the Stock Exchange of Mauritius and managed by Mauritius Commercial Bank Investment Management.

Credit: APO

Safeguard yourself from falling victim to online trading scams – INFINOX

January 16, 2021 by with 0 comment

“The rise of the digital age has resulted in an information overload and often a lot of this information is made up of unqualified opinions and regurgitated statements,” says Jay Mawji, Managing Director of INFINOX, an online trading partner which is now available in Ghana with the aim of empowering traders to trade Forex, shares, commodities and other financial instruments with ease and confidence.

…

Is the Paramount Chief of Banda-Kabrono ‘Abronye’s spokesperson or NPP PRO? – Banda Ahenkro Youth questions

January 15, 2021 by with 0 comment

The youth of Banda-Ahenkro says they are at a loss why the Paramount Chief of Banda-Kabrono, Nana Sah Kwame Siniapem II, will jump to the defense of the Bono Regional Chairman of the New Patriotic Party (NPP), Kwame Baffoe Abronye, whom they have demanded to render unqualified apology to the Chief and people of Banda-Ahenkro after verbally attacking them.

…

Speaker declares NPP as having Majority in Parliament

January 15, 2021 by with 0 comment

The Speaker of Parliament, Rt. Hon. Alban Sumana Kingsford Bagbin, has declared the New Patriotic Party (NPP) Parliamentary Caucus as having the majority side in the House following the declaration by the Independent Fomena MP, Hon. Andrew Amoako Asiamah to associate with the elephant family for purposes of transacting business in Parliament.

…

I want to do business with NPP in Parliament – Fomena MP writes to Speaker

January 14, 2021 by with 0 comment

The Independent Member of Parliament (MP) for Fomena, Andrew Asiamah Amoako, has officially written to the Speaker of Parliament, Rt. Hon. Alban Sumana Kingsford Bagbin, informing him about his decision to associate with the New Patriotic Party (NPP) Caucus for purposes of transacting business in the House.

In his letter dated Wednesday, January 13, 2021, and addressed to the Speaker, Mr. Amoako who is also the 2nd Deputy Speaker of the august House declared that “I, Andrew Asiamah Amoako, an Independent Member of Parliament for Fomena Constituency and now the 2nd Deputy Speaker for same Parliament do hereby declare that, I shall, for purposes of transacting business in the house associate with the NPP Caucus in the Eight Parliament. For the avoidance of doubt, I do hereby, affirm that I shall cooperate and collaborate with the NPP Caucus in the Eight Parliament”.

With his declaration to do business with the NPP Caucus, the elephant family will now form the Majority Caucus with 138 Members against that of 137 Members by the opposition National Democratic Congress (NDC) which will now form the Minority Caucus.

The determination of the Majority and Minority Caucus will be made by the Speaker on Friday, January 15, 2021, when the House reconvenes to after a short break.

Prior to Mr. Asiamah’s written letter, both the NPP and NDC had 137 Members apiece, with one Independent member, making it difficult for each of the sides to declare as having formed the Majority in the House.

On the night of the election of the Speaker, the NDC sat on the Majority side of the House, a move which was resisted by some Members of the NPP MPs, and in the process, causing an uproar in the chamber.

It took the intervention of some senior Members to restore calm in the chamber.

Since then, both NPP and NDC Members have been serving notices to occupying the Majority side when the House reconvenes on Friday.