Friday 18 August 2017
(Reuters (Eng) 08/14/17)
YAOUNDE (Reuters) - Cameroon has halved its levy on cocoa exports to boost revenues for farmers and exporters hit by a dive in global prices over the past year, the trade minister told Reuters. Bumper crops around the world have sent prices lower this season and in some parts of Cameroon the price that farmers receive has halved. A prolonged dry season has also impacted the quality of some beans, farmers have said. "The government has decided to reduce the cocoa export charge rate by 50 percent, from 150 CFA francs ($0.27) to 75 CFA francs per kilogram, as from August 1 2017," said Luc Magloire Mbarga Atangana in an interview on Friday. The dip...
(Reuters (Eng) 08/10/17)
A British explorer for mineral resources in Africa will on Thursday become the first venture of its kind to be listed on London's AIM market for growing companies, its CEO said. Following the recovery of the mining sector from a commodity price crash in 2015-16, a handful of new companies have listed. But smaller exploration companies known as project generators, which find assets but sell them on or agree joint ventures to develop them, have generally preferred the Canadian or Australian exchanges. "We will be the only listed project-generator business that has a focus on Africa," Steven Poulton, chief executive of Altus Strategies, told Reuters. Poulton had told Reuters in May he planned to list the company's shares. The aim...
(APA 08/09/17)
APA - Douala (Cameroon) - Illegal trade, fraud, smuggling and counterfeiting cause a huge deficit in Cameroon’s economy, incurring an annual loss estimated at around CFA150 billion, according to figures published on Tuesday by the group GICAM. This situation is putting the entire Cameroonian economy in bad shape as both the public treasury and companies lose substantial sums of money. In view of this, employers are calling on all economic players to be involved in improving the business environment, given that “illegal trade poses a threat to the development of local businesses.
(APA 08/09/17)
APA-Douala (Cameroon) - The construction of an industrial and refrigerated slaughterhouse in Cameroon’s northern town of Ngaoundere will require an investment of five billion CFA francs, the Ministry of Livestock, Fisheries and Animal Industry (MINEPIA) said on Tuesday. The construction of the facility, which is part of the government’s 2015 Triennial Contingency Plan (PLANUT), is expected to effectively meet the demand in a region considered as the country’s main livestock provider. With a capacity of 1400 square meters, the infrastructure...
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal...
(APA 08/03/17)
The new Executive Secretary of the United Nations Economic Commission for Africa (UNECA), Vera Songwe, on Thursday officially took office and is set to meet with Ethiopian Prime Minister Hailemariam Desalegn, among other dignitaries in Addis Ababa. According to a statement circulated by UNECA in Addis Ababa, the Cameroonian economist and banking executive is the first woman to ever serve in the office. Ms. Songwe, who arrived in Addis Ababa Wednesday night, was appointed earlier this year by United Nations Secretary General António Guterres, and takes over from former Executive Secretary Carlos Lopes. Ms. Songwe will also meet with Foreign Minister Workneh Gebeyehu and other high-level officials, including
(APA 08/03/17)
More than 56 billion CFA francs have been invested to fund an agro-pastoral vocational training (AFOP) programme, with the financial backing of the French Development Agency (AFD), as part of a debt reduction and development contract (C2D), reliable sources told APA on Thursday. Implemented since 2008, this programme, whose main objective is to enhance the agro-pastoral and fisheries trades, has allowed the training of nearly 5,000 young people in several fields, including as farmers, master fishermen, training center instructors, agro-pastoral...
(Xinhuanet 08/03/17)
The new Executive Secretary of the United Nations Economic Commission for Africa (ECA), Vera Songwe, officially took office Thursday, the Commission said. Songwe, who arrived in Ethiopia's capital Addis Ababa Wednesday night, was appointed earlier this year by the UN Secretary General, Antonio Guterres, and takes over from former Executive Secretary, Carlos Lopes. The Cameroonian economist and banking executive is the first woman to ever serve the post. She is set to meet with Ethiopian Prime Minister Hailemariam Desalegn, among...
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year,...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys...
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands...
(APA 07/31/17)
APA - Douala (Cameroon) - Funds put at the disposal of municipalities by the Cameroonian government as part of its decentralization policy amount to CFA400 billion, the Ministry of Territorial Administration and Devolution (MINATD) disclosed on Monday. It made the disclosure on the occasion of a forum held as part of the 6th Exhibition of Government Action (SAGO). It said the monies cover the last seven years after the government decided to allocate them to municipalities since 2010, a date...
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15...
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with...
(Reuters (Eng) 07/26/17)
Sitting in front of his mud house in Pangar, a forest village in Cameroon’s East region, Mokuine Anatole sharpens his machete in the early morning sunlight, ready for a day’s hunting. But the planned expedition won’t take place on the land around his village, as it used to. Just 2km away, the formerly fresh air smells of gasoline, and the silence of the surrounding forest is broken by the honking and rumbling of cars and bulldozers. The forest along the...
(Reuters (Eng) 07/20/17)
JOHANNESBURG (Reuters) - Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops last year. Poor business confidence in South Africa and foreign exchange restrictions in Nigeria have also hampered growth. "We expect that African monetary policy is entering a widespread...
(Bloomberg 07/19/17)
Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. “We will use Safaricom to enter other markets where neither Vodacom nor Safaricom are,” Chief Executive Officer Shameel Joosub said in an interview at the wireless carrier’s annual general meeting in Johannesburg on Tuesday. The two businesses have a combined 30...
(Reuters (Eng) 07/17/17)
YAOUNDE - The chic evening clutch-bags, dainty sandals and leather smartphone accessories on display in a showroom in an upscale district of Cameroon’s capital, Yaoundé, would not look out of place at the smartest dinner parties. But their creators come from an entirely different world - forced from their homes to escape suicide bombings, theft and killings by Islamist militant group Boko Haram. Their craft work is supported by a new social enterprise - IDP Goods – set up by...
(Xinhuanet 07/17/17)
Africa is making progress towards the establishment of a trade zone by Oct. 30 that will cover approximately half of the continent's member states. The Common Market for the Eastern and Southern Africa (COMESA) Director of Trade and Customs, Francis Mangeni, said in a commentary published in the Star Newspaper on Monday that so far 19 of the 26 countries involved have signed the agreement. "Three outstanding annexes had meant the tripartite agreement was not complete and this was advanced...
(Bloomberg 07/10/17)
Many cell phone companies are rethinking their headlong rush into the continent. Only Orange is staying the course. Back when African countries were auctioning off mobile licenses by the boatload to serve the region’s young, tech-savvy population, investing in the continent’s fast-growing economies seemed like a no-brainer. Some of the world’s biggest wireless carriers rushed in. Now they’re wondering if they made a mistake. Increasing government and regulatory scrutiny, as well as a lack of expansion opportunities in sub-Saharan Africa,...

Pages