Friday 23 June 2017
(AFP (eng) 06/15/17)
France's Alliance Miniere Responsable (AMR) signed a deal Wednesday with a Franco-Asian consortium to exploit bauxite in a western Guinean city that was recently the target of deadly protests against mining firms. Societe Miniere de Boke (SMB), a joint French-Chinese-Singaporean venture, has been operating in the city of Boke since 2014, and completed the deal with AMR at a Conakry hotel, an AFP journalist present said. Guinea is the world's leading producer of bauxite, a mineral used to make aluminium. Pollution caused by bauxite mining and a lack of electricity and clean water for the local population led to April protests that killed one and injured dozens in Boke. The death of a Guinean struck...
(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...
(Reuters (Eng) 05/24/17)
Ex-Rio Tinto Speaking at a leadership forum in Brisbane, Walsh sought to address $10.5 million payments Rio Tinto made to a political advisor in Guinea, which he labeled the "elephant in the room", the Australian Financial Review reported on its website. "Some of you no doubt may be asking 'How can this chap lecture us about leadership when he has been caught up in some investigation around mining rights in Guinea, West Africa'," Walsh said. A transcript of the speech...
(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...
(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)
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...
(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...
(Bloomberg 05/04/17)
A Guinea-born former Wall Street banker was convicted of laundering $8.5 million in bribes that he took while a government minister in the West African country, where claims of corruption and disputes over mineral rights involve some of the biggest mining companies in the world. Mahmoud Thiam was accused in the U.S. of taking illegal payments to help China International Fund Ltd. win exclusive rights to mine Guinea’s iron, gold, diamonds and bauxite deposits and then laundering the money into...
(Reuters (Eng) 05/04/17)
West African countries have detained seven Chinese ships for fishing illegally and the boats' owners could be subject to millions of dollars in fines, environmental group Greenpeace and government officials said. Inspectors from Guinea, Sierra Leone and Guinea-Bissau boarded the ships off their coasts that they found to be violating regulations on catching protected fish and using nets with small holes to facilitate bigger hauls. The arrests came after a two-month regional patrol on a Greenpeace ship, the Esperanza, that...
(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...
(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...
(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...
(Reuters (Eng) 04/26/17)
Riots have paralyzed a major bauxite mining hub in Guinea, Africa's top producer, as residents erected barricades and burned tires to protest against high pollution levels and power cuts, government and company officials said on Tuesday. The unrest broke out on Monday night in the city of Boke, home to mining companies Societe Miniere de Boke (SMB) and Companie Bauxite de Guinee (CBG) which each export around 15 million tonnes of the aluminum ore annually. "It's a problem with electricity...
(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) 04/15/17)
Mining company BSG Resources (BSGR) on Friday filed a lawsuit in federal court in New York accusing financier George Soros of scuttling an iron ore deal in Guinea, claiming $10 billion in damages. BSGR, which is controlled by Israeli billionaire businessman Beny Steinmetz, accused Soros and his controlled entities of manipulating the government of Guinea and elected officials and other misconduct to strip BSGR of mining contracts in Guinea in 2014. Israeli authorities put Steinmetz under house arrest on Dec. 19 after accusations that he paid tens of millions of dollars to senior public officials in Guinea to advance his businesses. He was released in January without being charged.
(AFP (eng) 04/12/17)
Guinea has seized a haul of shark fins and carcasses from Chinese ships fishing illegally off the coast of the west African country and fined the owners. The seizure was part of a push launched in February to crack down on illegal fishing in West African waters, aided by the environmental campaign group Greenpeace. "Three ships were boarded and searched, two for having shark fins on board," Demba Guisse, the director of Guinea's national fishing monitoring body, told AFP late...

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