Monday 23 October 2017
(Bloomberg 09/28/17)
Ivory Coast President Alassane Ouattara will propose to his counterpart in Ghana that the two neighboring countries and world’s biggest cocoa producers narrow a gap in producer prices to discourage smuggling of beans, according to a person familiar with the matter. Ouattara will call Ghanaian President Nana Akufo-Addo on Thursday before Ivory Coast announces a new minimum price for cocoa purchases on Oct. 1, said the person, who asked not to be identified because he’s not authorized to speak about the matter. Ivory Coast is proposing payments of 750 CFA francs ($1.31) per kilogram for its farmers for the bigger of the two annual harvests that starts next month, compared with 1,100 francs for the...
(Dw-World 09/27/17)
After an international maritime court backed Ghana in a dispute with Ivory Coast over claims to oil fields in the Gulf of Guinea, Ghanaians hope they will profit from the country's oil wealth. Isaac Kaledzi reports. Ghana and neighboring Ivory Coast have been arguing over who owns which oil field in the Gulf of Guinea for years. On Saturday, the Hamburg-based International Tribunal for the Law of the Sea (ITLOS) ruled Ghana did not violate maritime borders by conducting oil exploration in its waters along its boundaries with Ivory Coast. This means oil exploration in Ghana's waters can continue. Since 2011, the country's budget has been considerably supported by oil revenues. "Currently, over four billion dollars have been realized from...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel...
(Voice of America 09/25/17)
African first ladies and activists hailed progress that some governments on the continent are making on gender equality. They met on the sidelines of the United Nations General Assembly in New York. “We used to have 23 percent female representation in parliament but, with the stroke of a pen it went up to 48 percent. So, we managed to double our female representation with that decision,” said Namibia’s first lady Monica Geingos at a roundtable invitation-only event co-hosted by the...
(Bloomberg 09/20/17)
Ghana’s cocoa board pays $27 more for a bag of beans than it’s worth in Ivory Coast. Illicit traders are profiting from the difference. Much of Jamilatu Mohammed’s harvest of cocoa beans is sitting in a storage shed near her dilapidated mud house along Ghana’s western border when it should be on its way to factories of chocolatiers like Nestle SA. The mother of two and other small growers in the world’s no. 2 producer represent the casualties in a...
(Bloomberg 09/19/17)
Kadi Bah saw people starving in the Sahara desert and drowning in the Mediterranean during her failed six-month odyssey to reach Europe. But as soon as the United Nations plane bringing her back home from Libya to Ivory Coast touched down, she was hatching plans to try again. “I’ll be so proud of myself if I can make it to Europe; I’ll tell everybody I managed to leave,” the 23-year-old hairdresser said. “That’s why I keep trying.” At first glance,...
(The Guardian 09/18/17)
Anna Jones says that, through selling its cocoa cheaply, Africa is exporting its wealth overseas; while Sue Banford claims that the soya moratorium in the Amazon has done nothing to halt deforestation. Only the final paragraph in your article on cocoa farming causing deforestation in Ivory Coast (Forests pay price for world’s taste for cocoa, 14 September) mentioned the most fundamental thing – the farmer’s livelihood, or lack of it. The low value of his (or more likely her) crop...
(Bloomberg 09/15/17)
Societe Generale SA, challenged on its home turf by Orange SA’s push into banking, is fighting back with a new mobile lender in Africa. The French lender started YUP, a new app for smartphones, in Senegal and Ivory Coast and plans to begin operating in four other sub-Saharan countries this year and next, the company said on Thursday. The bank aims to double its client base to 2 million in the region within three years. “Telcos have opened the way...
(Bloomberg 09/11/17)
The South African companies that dominate the U.K.’s growing private hospital industry are counting on more people like Katie Corrie. A children’s party entertainer, Corrie opted to use 13,000 pounds ($17,000) of her savings and inheritance to get a hip replacement rather than spend months on a National Health Service waiting list. Britons like her are forking out almost 1 billion pounds a year to cover their own medical expenses, a trend that’s giving at least one industry the scope...
(Bloomberg 09/07/17)
The ruling alliance that steered Ivory Coast to become sub-Saharan Africa’s fastest-growing economy is at risk of falling apart as the main partners are bitterly divided over who will succeed President Alassane Ouattara when he steps down in 2020. Top officials of the Rally of Houphouetists for Democracy and Peace, a coalition known by its acronym RHDP, are jockeying for positions as each party claims the right to appoint a preferred presidential candidate. After six years of relative stability, succession politicking may grow increasingly disruptive. Presidential elections in Ivory Coast have often fueled tension since the death of the first post-independence ruler Felix Houphouet-Boigny in 1993 and two out of four votes have turned
(Bloomberg 09/07/17)
African Rainbow Minerals Ltd., the miner chaired by South Africa’s richest black businessman, will pay a record dividend this year as rising iron-ore and manganese prices boosted earnings at its ferrous unit. ARM will pay investors 6.50 rand a share, almost triple that of the previous year, and its 11th consecutive dividend, the Johannesburg-based company said in a statement Thursday. The company benefited from a 45 percent increase in prices received for exported iron ore and 93 percent more for...
(Bloomberg 09/06/17)
Ivory Coast is considering cutting taxes on buying and and exporting of cocoa to allow for an increase in the minimum price paid to farmers in the upcoming season, according to a person familiar with the matter. The world’s biggest producer of cocoa is unlikely to raise the minimum price that it allows merchants to pay from the current 700 CFA francs ($1.27) per kilogram unless the tax cuts are implemented, said the person, who asked not to be identified...
(Bloomberg 09/05/17)
A surge in agriculture has helped lift Africa’s biggest economies out of their slumps, but the recovery may be weak. Gross domestic product in Nigeria, the continent’s largest crude producer, advanced for the first time in six quarters in the three months ended June from a year earlier, growing 0.55 percent, the statistics agency said. In South Africa, GDP expanded 2.5 percent from the previous quarter, ending the second recession in almost a decade. Both economies had agriculture largely to...
(Bloomberg 09/04/17)
The worst may be over for Africa’s two largest economies as they likely emerged from a slump in the second quarter. Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic product probably grew from a year earlier, and came out of its worst slump in a quarter of a century. South Africa and Nigeria together account for almost half of...
(Bloomberg 08/30/17)
One Thousand & One Voices LLC, a private-equity fund started by the great-grandson of the founder of Coors Brewing Co., said it bought a producer of sushi-quality trout that is the largest such facility in Africa. SanLei’s operations are on the Katse Dam in Lesotho, an enclave surrounded by South Africa, 1K1V, as the fund is known, said in an emailed statement Tuesday. The company didn’t disclose the value of the transaction. SanLei has secured a marketing and distribution agreement...
(Bloomberg 08/24/17)
Every African nation that’s sold dollar debt now has at least one junk rating, but it would be hard to tell by looking at the bond market. The average yield on sovereign Eurobonds in Africa has hovered near the lowest level in two years this month, according to a Standard Bank Group Ltd. index, even after Moody’s Investors Service cut Namibia to below investment grade on Aug. 11. The world’s biggest producer of marine diamonds had been the continent’s only...
(Bloomberg 08/22/17)
China’s Sinohydro Corp. may build three additional hydroelectric plants in Ivory Coast after completing what will be the nation’s biggest dam by October, according to a government official. The combined capacity of the three plants may be as much as 500 megawatts, adding to the 275 megawatts that will be supplied by the Soubre dam once it’s completed, said Brahima Dosso, the director of the Soubre project at CI-Energies, a state-owned company that oversees investments in the energy sector. The...
(Bloomberg 08/21/17)
GreenWish Partners, a renewable energy company run by a former Morgan Stanley executive, is planning to invest $800 million on solar-powered telecommunications towers across Africa. The project could fuel economic growth by providing power for essential services. Sub-Saharan Africa has the lowest rates of energy access in the world and is home to about half of the world’s 1.2 billion people without reliable electricity, according to the International Energy Agency. The problem extends to businesses as well as households, cutting...
(Bloomberg 08/14/17)
The U.S. will probably maintain its current levels of aid to Africa despite President Donald Trump’s proposals to slash funding, according to Bill Gates, the world’s richest man. Trump said in May his government would no longer allocate funding for family planning, a move that has the potential to undermine aid programs in the poorest countries in the world. However, with Congress in control of the budget, it’s unlikely that all cuts proposed by the Trump administration will go ahead...
(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...

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