| Africatime
Sunday 30 April 2017
(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 between June and July 2017. Before that, there will be a roadshow in London and in the U.S. to meet investors and banks involved in the operation, Bloomberg indicates. In a phone interview, Bruno Koné,...
(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 the 1.6 percent we had in 2016, the lowest in a decade, but it is still below population growth in Africa,” said Albert Zeufack, Africa region chief economist at World Bank. Sub-Saharan Africa is projected to grow at a moderate...
(Agence Ecofin 04/28/17)
Cote d’Ivoire secured a FCFA196 billion (more than $325 million) loan from World Bank’s arm, the International Development Association (IDA). The facility comes with an interest rate of 3% and a 25-year maturity period. Secured during the World Bank/IMF Spring Meetings, the loan will be used to rehabilitate and extend the national transport and power distribution network. Part of it will also serve to rapidly connect to the grid homes across the 10 regional capitals and rural areas in the...
(Agence Ecofin 04/28/17)
Moroccan lender Attijariwafa Bank will help Cote d’Ivoire establish two investment funds which aim to finance its tourism sector. This was revealed by Ivoirian minister of tourism, Siandou Fofana, during a meeting of the Club Afrique Development held on April 20, 2017. The first of the two funds is a "private investment fund dedicated to tourism and hospitality". According to M. Fofana, the fund will focus on boosting financing in toursim industry while bringing together private actors who share a...
(Bloomberg 04/27/17)
Ivory Coast plans to sell at least $1 billion in Eurobonds by the end of July to raise funds for infrastructure projects, the country’s first issuance of international debt since 2015, according to two people with knowledge of the plans. The government is negotiating to sell bonds with 10-year maturity and the sale will probably happen in June or July, according to the people, who asked not to be identified because a public announcement hasn’t been made. The West African...
(Business Day Ghana 04/27/17)
There are currently 960 million mobile subscriptions across Africa – an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa. The 2017 edition of the African Mobile Trends Paper is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study takes a look at the how the market has democratised mobile internet...
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will...
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start...
(AFP (eng) 04/18/17)
The International Monetary Fund on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. "Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016," the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating drought had affected...
(Xinhuanet 04/18/17)
Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund (UNFPA) Regional Director Dr Julitta Onabanjo told Xinhua in Nairobi that remittances are important source of income for many African families. "The diaspora therefore complements government efforts to lift many families out of poverty," Onabanjo said on the sidelines of the First Africa-China Conference on Population and Development. Onabanjo said that Africans in the diaspora also bring back...
(Reuters (Eng) 04/13/17)
Ivory Coast and Ghana, the world’s top cocoa producers, will deepen collaboration in order to coordinate their production strategies to tackle price volatility, the heads of the two country’s marketing boards said on Wednesday. The two countries plan to hold regular meetings and are establishing a technical committee to discuss how best to manage production and ensure sustainability, they said following a meeting in Ivory Coast’s commercial capital, Abidjan. The two west African countries have been liaising on the front...
(Bloomberg 04/07/17)
Heineken NV’s latest quest to seize a greater share of emerging markets has the brewer on a collision course with Groupe Castel in one of Africa’s fastest-growing economies. Officially opened on Wednesday, the Brassivoire brewery is the product of a joint venture with CFAO SA and cost 150 million euros ($160 million) to build. Located 24 kilometers (15 miles) north of the commercial capital, Abidjan, the facility is already producing Ivoire lager, a brand the world’s second-largest brewer is using...
(Reuters (Eng) 04/07/17)
Access to off-grid solar energy in rural areas of Africa goes beyond lighting up homes - it also enables people to connect to the wider world and boosts their economic prospects, said the head of one of the continent's biggest solar companies. Azuri Technologies' entry level solar system - for which customers pay a one-off installation fee, then use scratch cards or mobile phone payments to top up on a weekly or monthly basis - provides eight hours of lighting...
(Bloomberg 04/04/17)
The scores of giant potholes that scar the roads from commercial capital Abidjan to Daloa in the heart of Ivory Coast’s cocoa belt have become deep, muddy puddles, filled by heavy tropical showers. While drivers making the tortuous journey from the Atlantic coast into the hot interior have reason to curse the wet weather, for farmers in the world’s largest cocoa producer the rains mean the prospect of another record crop. "We’ve got beneficial rains this season," said Abdoulaye Baro,...
(Financial Times 04/04/17)
Countries should develop policies to attract labour-intensive production leaving China. China’s initial wave of investments in Africa focused on natural resource extraction. Their demand for metals and energy was so large that it actually boosted global commodity prices overall, which in turn accelerated growth across the African continent. These times of China propping up global commodity prices are now over, as it has built up excess capacity in many sectors and now faces slow investment growth. This lower demand has...
(Bloomberg 04/03/17)
Ivory Coast’s cocoa regulator pointed to speculators and prospects for a glut as the reason for a slump in futures that forced the nation to cut the price it pays farmers. There was something it didn’t blame: Itself. Le Conseil du Cafe-Cacao also said a volatile pound and defaults by local exporters contributed to a plunge in international futures. But there’s frustration that the CCC’s slow response to the crisis gave speculators more reason to short prices, on expectations that...
(Bloomberg 03/31/17)
Ivory Coast cut the price paid to cocoa farmers by 36 percent, a blow to growers in the world’s top producer who have benefited from increases each year since the country reformed the industry in 2012. Farmers will get 700 CFA francs ($1.14) a kilogram for the smaller of two annual harvests that starts next month, said Bruno Kone, a spokesman for the government in Abidjan. That’s down from 1,100 CFA francs for the main crop. The decision comes at...
(Bloomberg 03/30/17)
Ivory Coast is considering reducing its cocoa-export tax as the world’s top producer seeks to ship out a record crop, a person familiar with the matter said. The government may reduce the levy from the current rate of 22 percent, according to the person, who asked not to be identified because the information is private. Budget Minister Abdourahmane Cisse didn’t answer calls seeking comment, while a government spokesman said the state is doing all it can to ensure a smooth...
(Bloomberg 03/28/17)
Ivory Coast’s government said it is seeking more assistance from the International Monetary Fund to support the nation’s 2017 budget after cocoa prices slumped, hurting the finances of the world’s biggest grower. “With cocoa prices falling, we have some new budget constraints,” government spokesman Bruno Kone said by phone from the commercial capital, Abidjan, on Sunday. Ivory Coast will issue the request as representatives of the IMF visits the West African nation until the first week of April for a...
(Agence Ecofin 03/24/17)
In Cote d’Ivoire, each day, about 17 billion CFA francs pass through Mobile Money. This was revealed by René Tano, executive of BICICI, subsidiary of BNP Paribas, during the 5th edition of the currency and e-payment forum taking place in Casablanca, Morocco. Citing the regulatory organ of telecommunications in Cote d’Ivoire (ARTCI), Tano said the sum mentioned takes into account all transactions (transfers, deposits, bills payment) of Orange, MTN and Moov which are the three telecom companies operating in the...

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