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Published 6th September 2013

Vol 54 No 18


Ghana

The Court lowers the curtain

President Mahama congratulates the judges and the people of Ghana
President Mahama congratulates the judges and the people of Ghana

Image: Flagstaff House Communications Bureau

The judges’ finding for President Mahama raises as many questions as it solves but the focus will shift quickly to economic matters

The final act lasted just 20 minutes. That is how long Justice William Atuguba, Chairman of the nine-member Supreme Court panel, spent on 29 August on delivering the judges’ ruling in favour of President John Mahama. It followed more than eight months of argument over the legitimacy of last December’s elections (AC Vol 54 No 15, The vote on trial & How the parties judge the judges).


Opposition turns to tax and graft

Image courtesy of Panos Pictures

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After the 29 August Supreme Court judgement, the political theatre will shift to economic policy and accountability issues. Oppositionists accuse the National Democratic Congress government of relying too...


Economic tests looming

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There are only two-and-a-half years before the next election cycle. It may not be long enough to improve the fiscal position

Finance and Economic Planning Minister Seth Tekper has a tricky message for Ghanaians. The National Democratic Congress (NDC) has been in charge of the economy for nearly five...



BLUE LINES
THE INSIDE VIEW

For a society so wedded to capitalism, Nigerians are notoriously ambivalent about their business leaders. Many assume that no giant of industry gets to the summit without shady deals with government and politicians. Others harbour a respect, oscillating between grudging and fulsome, for operators who persevere and launch commercial empires.

Now a new breed of business titan is emerging, a colleague in Lagos insists: ‘We have gone...

For a society so wedded to capitalism, Nigerians are notoriously ambivalent about their business leaders. Many assume that no giant of industry gets to the summit without shady deals with government and politicians. Others harbour a respect, oscillating between grudging and fulsome, for operators who persevere and launch commercial empires.

Now a new breed of business titan is emerging, a colleague in Lagos insists: ‘We have gone from robber barons through cut-throat corporatism to philanthro-capitalism without passing Go.’ He points to the boom in United States-style foundations financed by billionaires such as Aliko Dangote, General Theophilus Danjuma and Tony Elemelu, along with a new enthusiasm for longer-term productive projects.

Most spectacular is Dangote’s project to build Africa’s biggest oil refinery and fertiliser plant in south-west Nigeria. Announcing on 4 September that he had brought in US$3.3 billion in syndicated loans from local and international banks, Dangote said his company would contribute $3 bn. in equity and was raising the remaining $3 bn. from other investors. The project is scheduled for 2016, after which Nigeria would no longer need to import petroleum products or fertiliser, he says. Having persuaded the Central Bank to lend about a third of billion dollars at a discounted rate, Dangote must be confident that the government will end the subsidy system that makes importing fuel so lucrative.

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