Friday 23 June 2017
(AFP (eng) 06/12/17)
German Chancellor Angela Merkel will on Monday meet African leaders in Berlin on initiatives aiming to reduce the poverty and conflict driving a mass migrant influx to Europe. The idea is to team up African nations willing to reform with private investors who would bring business and jobs to a continent where instability or graft often scare off foreign companies. Merkel is hosting the initiative as part of Germany's presidency of the Group of 20 powerful economies, whose leaders meet in the northern port of Hamburg a month later. Invited to Berlin are Egyptian President Abdel Fattah al-Sisi and the leaders of Ghana, Ivory Coast...
(Graphic Online 06/06/17)
The Ghana Cocoa Board (COCOBOD) is to collaborate with its counterpart in Cote d’Ivoire, the Café-Cacao Conseil, to manage the trading of cocoa on the international market. The collaboration is to help regulate the quantity of cocoa beans that is sent to the market by both countries, in a bid to cushion farmers against falling global prices. The Chief Executive Officer of COCOBOD, Mr Joseph Boahen Aidoo, explained that although local farmers would be supported to increase their production, the two countries would manage the stock to be able to influence prices on the world market.
(Fraternité Matin 06/06/17)
La pose de la première pierre d’un «Projet régional d'énergie électrique» a eu lieu ce dimanche 04 juin 2017, à Monrovia (Liberia), indique une note officielle de la Présidence de Côte d’Ivoire. Cette cérémonie s’est déroulée en présence du Président Ouattara, en marge du 51e Sommet ordinaire de la CEDEAO. Ce «Projet régional d'énergie électrique» regroupe la Côte d'Ivoire, le Liberia, la Sierra Leone et la Guinée, indique-t-on au niveau de CEDEAO, sans plus de détails. Par ailleurs, le Chef...
(Agence Ecofin 06/01/17)
(Ecofin Agency) - Swiss food industry leader, Nestlé, opened yesterday in the industrial zone of Yopougon in Abidjan, a new distribution center for its products, Agence ivoirienne de presse (AIP) reports. Inaugurated by Jean Claude Brou, Cote d’Ivoire’s Minister of Industry and Mines, in the presence of John Miller, Nestlé’s Regional Director for Sub-Saharan Africa, the site covers a total area of ​​28,991m2 of which 5,600m2 are allocated to the storage of about 11,560 pallets. Construction works took two years...
(Bloomberg 06/01/17)
If you thought Ivory Coast’s record cocoa crop was enough to keep the bear run going, you may need to rethink. Cocoa futures almost halved from July to April on expectations that a bumper crop in top producer Ivory Coast would add to a global glut. But prices have since rebounded 15 percent, with the July contract surging by a record on Tuesday. And there are other signs the recovery may continue. With processing margins at the highest in more...
(Agence Ecofin 05/31/17)
In Côte d'Ivoire, cocoa farmers sell the kilogram of beans for 500 CFA francs (FCFA), a level which is fairly below the minimum price set at 700 CFA francs for the interim campaign, reports Reuters. Among reasons for this is buyers’ economic fragility as exporters face difficulties in the market given global fall of the commodity’s prices. Indeed, since exporters do not buy the crop forehand, buyers pay out of their pocket and this stresses them, according to Reuters. "Since...
(Reuters (Eng) 05/22/17)
Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population. That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine Allard, in an official IMF blog post and podcast. Allard co-authored...
(AFP (eng) 05/19/17)
Following a string of mutinies, plummeting cocoa prices, depressed growth and social unrest, Ivory Coast's economic "miracle" has taken a battering and runs the risk of turning into a mirage. Crippled by a decade-long conflict that began in 2002, the world's top cocoa producer has made a spectacular comeback since President Alassane Ouattara took office in 2011. Despite being reelected two years ago, Ouattara faces mounting woes that are threatening his authority, his credibility -- and his efforts to lockdown...
(Graphic Online 05/19/17)
History of gold mining in large quantities in Ghana began in the 15th Century when Portuguese traders encountered gold in the country’s soil along the coast. The country derives its name, Gold Coast, from the abundance of gold in the land. Until 1981, known gold deposits in the country were limited to the southern belt. In 1981, the discovery of gold in the country from the coastal parts right to the northern sectors dramatically changed the landscape of Ghana’s gold...
(Reuters (Eng) 05/19/17)
When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt crises if local currencies devalue and make dollar debt repayments more expensive. Aside from South Africa and Nigeria, governments have not yet done enough to...
(Bloomberg 05/18/17)
Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd. The company said Wednesday it will seek to list businesses including clothing retailer Pepkor and furniture chain JD Group Ltd. on the Johannesburg Stock Exchange, about 18 months after moving its primary listing to Frankfurt from the South African commercial hub. The new business could be worth as much...
(Bloomberg 05/16/17)
Cocoa rose, extending last week’s surge in prices, following a failure of talks between army commanders and mutinous soldiers over the weekend in Ivory Coast, the world’s biggest producer. The beans jumped as much as 4.4 percent in London and also gained in New York trading after Ivory Coast’s military was said to have given soldiers an ultimatum on Sunday to drop their pay demands and end a revolt. Special forces will take action against the soldiers should the talks...
(Bloomberg 05/16/17)
When the impoverished West African nation of Niger imposed a ban on donkey exports last year, a small community of traders just over the border in Nigeria was devastated. “Before the ban, you could see thousands of donkeys here,” said Mohammed Sani, a 45-year-old trader in the Nigerian town of Jibiya, as he wiped the sweat off his brow. “Now look at them: there’s no more than 50, crippling the business.” Donkeys are being slaughtered at an alarming pace to...
(Reuters (Eng) 05/06/17)
Ivory Coast and Ghana will work together to improve the organization and sale of their cocoa, Presidents Alassane Ouattara and Nana Akufo-Addo said on Friday at the end of a summit. The West African neighbors, the world's two biggest cocoa producers, will also improve coordination between their cocoa sector regulators, the presidents said in a statement after meeting in Ivory Coast's economic capital Abidjan. Cocoa is vital to the economies of both countries and Ivory Coast has already slashed its 2017 budget due to plummeting global cocoa prices. The two countries are also seeking African Development Bank funding to develop industries to add value to their cocoa with products such as cocoa paste
(Voice of America 05/05/17)
As Africa grapples with a severe drought, and famine threatens millions of people, experts at the World Economic Forum on Africa this week in the South African city of Durban say food security needs to be a major part of discussions on advancing the continent economically. The annual World Economic Forum in Switzerland is usually a high-powered event, but at this week’s Africa meeting of the international organization, the continent’s big players are welcoming the humble farmer, now known as...
(Xinhuanet 05/04/17)
The World Economic Forum (WEF) Africa Competitiveness Report 2017 released in Durban Thursday called for urgent policy reforms if the continent intends to create more jobs for its growing young population. According to the report issued at the 27th WEF on Africa, fewer than one-quarter of the 450 million new jobs required in the next 20 years will be created if current policies remain unchanged. The report called for structural reforms in the economies to create more jobs for the...
(Reuters (Eng) 05/03/17)
Hot weather and insufficient rainfall last week in top grower Ivory Coast's eastern cocoa regions are feeding concerns of a poor April-to-September mid-crop harvest there, farmers said on Tuesday. In the eastern region of Abengourou, known for the high quality of its beans, farmers were frustrated. "It's hot and it's not raining. When it rains it's not much," said Lambert Yao, who farms in the outskirts of Abengourou. "The mid-crop is lost for us, because there isn't much on the...
(Bloomberg 05/02/17)
Saudi Aramco is seeking to boost its fuel-trading volume by more than a third as the world’s biggest crude exporter expands its capacity to refine oil to grab a bigger share of growing markets in Asia and Africa. Aramco, as Saudi Arabian Oil Co. is known, is building refineries in the kingdom and in Asia to help it increase sales and purchases of gasoline, diesel and other products to more than 2 million barrels a day, said Ibrahim Al-Buainain, chief...
(Agence Ecofin 04/28/17)
After selling two Eurobonds in 2014 ($750 million) and 2015 ($1 billion), the Ivoirian government plans to issue another $1 billion bond denominated in foreign currency, Bloomberg reported on April 26 citing sources close to the case. The new issuance on the international debt market, the first since 2015, will help the government finance various infrastructure projects. Though the government is yet to release an official communiqué in this regard, the Eurobond which matures over 10 years, should be issued...
(AfricaNews 04/28/17)
Sub-Saharan Africa’s growth is showing signs of recovery this year after a tumultuous period in 2016. The World Bank estimates that GDP growth will rise to 2.6 percent in 2017 compared to 1.3 percent last year and rise further to 3.2 percent in 2018 and 3.5 percent a year later. “Sub-Saharan Africa is projected to grow at a moderate rate of 2.6 percent in 2017, and somewhat improve towards three percent in 2018. This timid recovery is certainly better than...

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