Ghana punches its financial weight, opens up for projects ahead of oil
Last October’s $750m Eurobond, the first such issue in sub-Saharan Africa outside South Africa, was heavily oversubscribed; so was a $200m five-year bond for Ghana Telecommunications, raised only three weeks later. These issues came little more than three years after Ghana had graduated, in July 2004, under the Heavily Indebted Poor Countries debt forgiveness initiative. Since the heady days of those Q4 07 issues the sub-prime crisis has kicked in, with signs that even apparently “immune” emerging markets could now face problems raising funds. But Ghana’s financial sector transformation continues to attract an impressive roster of bankers and investors excited at a range of prospects, including potential gas-fired independent power projects (IPPs) and the opportunities opened up by the nascent oil industry. Indeed, while swathes of the financial world scratch around for credit, Ghana may have to beware the siren songs of ever more bankers who are looking to win business in West Africa. more
Issue 141 • 20 June, 2008
UN atlas records environmental crisis in glorious technicolor
The United Nations Environment Programme (UNEP) has produced an atlas of ‘before and after’ satellite images documenting environmental change in Africa. Some of the changes, like the shrinking of Lake Chad, now one tenth of its size 40 years ago, and falling water levels in Lake Victoria, are already well recorded, while others, like the disappearance of glaciers in Uganda’s Rwenzori Mountains vital to the region’s water supply, are less widely known. Africa, Atlas of Our Changing Environment looks at the issues affecting each country, and an uncomfortably large number of these involve the negative effects of large dams, followed by the depredations of the oil and forestry industries. more
Issue 140 • 6 June, 2008
Devon’s EG deal highlights GEPetrol’s advance in the islands
Devon Energy’s 3 June announcement confirming the completion of a $2.2bn deal for the sale of its assets in Equatorial Guinea represents a watershed for both parties, allowing the Oklahoma-based vendor to refocus its international E&P operations and the Malabo authorities to consolidate in the development of their domestic energy industry. This places Equatorial Guinea, for all its oft-repeated faults, well ahead of its southern neighbour São Tomé e Príncipe, which also excited much IOC interest earlier this decade. STP has just lost its latest prime minister, while plans to develop its hydrocarbons potential continue to move only slowly, pending a really significant find in the offshore. more
Issue 139 • 23 May, 2008
‘Humble’ Eskom is on the mend, but assailed by yet more bad news
There is a steady flow of positive news coming from Eskom, as the South African power giant seeks to restore its reputation after several very bad months. Key decisions on a new conventional nuclear power plant are expected within weeks (and possibly awarded to either Areva or Westinghouse by end-year), most major contracts have now been awarded for the massive new Medupi coal-fired plant, and within two months another 500MW of capacity will have been added to the 1,600MW already up and running from three return-to-service (RTS) coal-fired plants where work continues. more
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