Saturday 19 August 2017
(Agence Ecofin 08/18/17)
In Ivory Coast, volume of cocoa transported to the ports of Abidjan and San Pedro for the ongoing 2016-17 season stood at 1,925,000 tons at August 13, up more than 33% as compared to last year’s figures (1,444,000 tons). According to Reuters who reported the estimates, 11,000 tons of cocoa were brought to the ports last week. That is close to thrice more than the year before (4,000 tons). The increase in the volumes sustains a trend started some months ago and confirms good outlook for sales, subsequent to the removal of the 5% registration tax usually imposed to exporters upon loading. Let it be recalled that for this season, Cote d’Ivoire is expected to...
(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...
(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...
(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,...
(Reuters (Eng) 08/02/17)
Ivory Coast's prime minister has decided to sack the head of the Coffee and Cocoa Council (CCC) Massandje Toure Litse, owing to a crisis over cocoa contract defaults and other management issues, sources said on Tuesday. Former presidential advisor Yves Kone will be the new CCC managing director, one of the most powerful government positions in the world's leading cocoa producer, a source from the finance ministry and a CCC source confirmed to Reuters. Prime Minister Amadou Gon Coulibaly took the decision on Tuesday and will officially announce it during Wednesday's cabinet meeting, the sources said.
(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...
(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...
(APA 07/21/17)
Une mission conjointe de la Direction du Financement et du Suivi des Politiques Sectorielles (DFSPS) et de la Direction de la Communication et des Relations Publiques (DCRP) du Trésor ivoirien sillonne plusieurs localités d’Abidjan et de l’intérieur du pays en vue de rapprocher les produits d’épargne du Trésor Public des populations à travers une campagne de proximité, a appris APA, jeudi, de source officielle. Selon une note d’information du Trésor transmise à APA, ‘’dix-neuf (19) Circonscriptions Financières (CF), scindées pour...
(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...
(Agence Ecofin 07/18/17)
France has decided to provide Ivory Coast a financing of €2.125 billion (about FCFA1,394 billion) between this year and 2020. This was revealed by Ivoirian Prime Minister Amadou Gon Coulibaly, at the end of a visit by a French delegation, from July 12 to 13. According to the PM, the facility will be used to fund projects in “key sectors in line with the 2016-2020 National Development Plan (PND)”. In details, €725 million (FCFA475.5 billion) will be injected into power,...
(Agence Ecofin 07/18/17)
Africa’s agricultural sector is mainly driven by Ethiopia and Ivory Coast according to report recently released by Consulting firm Havas Horizons. The survey which assessed the opinions of 55 major financial and banking institutions based on the continent, lists the top five leading African nations in terms of agriculture. While 90% of the population surveyed believe the African agriculture is very promising, 43% of them think Ivory Coast and Ethiopia are best prepared to face the various challenges opposing the...
(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,...
(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...

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