VENTURES AFRICA – Construction work at the $750 million Atuabo gas processing plant in the Western Region of Ghana has stalled due to lack of funds to pay contractors working on the project. According to report, state-owned Ghana National Gas Company (Ghana Gas), reportedly owes Chinese construction company, Sinopec, more than $400 million, resulting in [...]

VENTURES AFRICA – In an effort to reinforce its businesses in Africa, Indian telecoms giant, Bharti Airtel, on Wednesday said it is poised to inject $125 million in Gabon. India’s biggest telecommunications firm in terms of client numbers said with this money it will extend “third-generation and fourth-generation telecommunications networks” in Gabon. Manoj Kohli, the [...]

VENTURES AFRICA — Nigeria’s president Dr Goodluck Jonathan has flagged off the construction of General Electric’s $1 billion engineering service, manufacturing and assembly facility in Calabar, capital city of Cross River state. The ground breaking ceremony is a follow-up to the Memorandum of Understanding (MoU) between Nigeria and GE signed on the 31st of January [...]

VENTURES AFRICA – Ghana is drafting a law under which 30 percent of foreign investments must be ceded to Ghanaians under the revised Ghana Investment Promotion Center (GIPC) Bill currently before parliament. The Chairman of the country’s parliamentary Trade and Industry Committee, Alhaji Amadu Sorogo disclosed this. The revised GIPC bill partly seeks to empower [...]