In the battle over the Nile between Egypt, Sudan and Ethiopia, this may be the last chance for diplomacy and conciliation. The Congolese presidency announced on March 30 that Felix Tshisekedi will soon host a round of negotiations between Cairo, Khartoum and Addis Ababa over the Ethiopian Renaissance Dam.
The Ivorian banana industry remains on a positive note despite the crisis, retaining its position as the leading African producer.
Hit hard by the Covid pandemic in 2020, South Africa’s De Beers confirms a solid recovery in its business.
Engaged in a battle to impose more favorable compensation on local cocoa producers, Ivorian authorities must learn from their past failures, believes our columnist Micée Dare.
Despite a sluggish global economy linked to the coronavirus pandemic, South Africa’s agricultural exports reached a record level in 2020.
Marked by uncertainty due to the Covid-19 pandemic, the year 2021 should confirm the yellow metal’s status as a safe haven, according to the World Gold Council (WGC).
Badly hit by the economic crisis caused by the Covid-19 pandemic, several African countries have seen their currencies depreciate over the past year. This unfavorable situation is a reminder, if need be, that the continent’s currencies are often vulnerable to external shocks. However, there are solutions, such as the exchange rate hedges offered by the Dutch development fund TCX, a financial vehicle designed to combat currency volatility in emerging countries. For Ressources, Isabelle Lessedjina, Senior Vice President at TCX, explains the concept of the fund as well as its ambitions for Africa.
Driven by a high price, African gold has never been in greater demand. A favorable situation that nevertheless contributes to reinforcing the illicit trade, denounces the Canadian NGO Impact, active on issues related to the governance of natural resources.
While the IMF estimates a 3 percent drop in the region’s GDP in 2020, not all countries will be equally affected. Commodity exporting countries are among those most affected. A review of the 5 African economies that will lose the most this year.
Once again, in the wake of the coronavirus crisis, African commodity-producing nations are being hit hard by the (declining) volatility of global prices. However, there is no inevitability, as the example of East Asian nations proves.
A traditional partner of the Senegalese peanut industry, ITFC, a subsidiary of the Islamic Development Bank specialized in trade finance, approved on November 17 the awarding of a new grant to Sonacos (Senegal’s national oilseed marketing company).
Launched in 2012 to support the Rwandan authorities’ ambition to make the country of the Thousand Hills a low-carbon and climate-resilient economy by 2050, the Rwanda Green Fund will change its mind. Following the last meeting of the presidential cabinet, held on Wednesday, July 15, Teddy Mugabo was appointed chief executive officer of the institution, better known as FONERWA in Rwanda. Until now head of business development of FONERWA, the new leader will have the task of continuing the efforts made by the previous management to succeed in the challenge of climate transition. This includes providing financial resources for all kinds of initiatives considered « eco-friendly »: community rooftop rainwater harvesting systems, waste management, affordable zero-carbon housing, a 500-kW hydroelectric power plant along the Gaseke River, etc.
Anticipating the growing need for skilled local labour that will arise with the upcoming start of oil exploitation in the country – expected in 2023 – the Ugandan government has released 5.4 million dollars, intended to strengthen training related to the hydrocarbon sectors (oil & gas). Out of this package, 8 billion shillings (US$2.4 million) will be used to launch the Kichwamba Technical College, a public institution of higher learning, which will offer training in welding, metal fabrication, electrical installation and plumbing, among others. The new public educational institution will join the Uganda Petroleum Institute in Kigumba, which has so far been the only state institution producing world-class certified technicians. The authorities have also called on the private sector to join the government’s efforts to rapidly offer further training in these fields.
The latest edition of the World Bank’s Commodity Markets Outlook predicted it: in the wake of the coronavirus health crisis, tea selling prices have plummeted everywhere due to weak global demand. The latest figures from Kenya, the world’s largest exporter of black tea, confirm this. According to data released on 10 July by the Tea Directorate, Kenya’s regulator of the industry, revenue from domestic tea exports fell by 1.3 billion shillings (US$13 million) in the first five months of the year, as the negative impact of the coronavirus crisis resulted in a drop in the average price per kilogram compared to the same period last year (from 238 shillings to 223 shillings). As for the volumes sold, between January and May, the country sold six million kilos less than during the same period in 2019, the Kenyan public agency said.
The stakes: to understand, through data assessed for the first time, how the phenomenon of illegal fishing destabilizes the country and the sub-region, and the need to put in place strong enough maritime regulations to counter this phenomenon.e en place une réglementation maritime suffisamment forte pour pallier ce phénomène Estimated at USD 300 million according…
The second largest copper producer on the African continent, Zambia continues to perform well despite the coronvairus health crisis. On Thursday 9 July, the Ministry of Mines announced that the country’s copper production reached 342,734 tonnes in the first five months of this year, an increase of 3.85% compared to the same period in 2019 (330,024 tonnes). Better still, according to the Zambian authorities, copper production is expected to continue to grow in the third and fourth quarters, due to higher prices linked to factors such as the growing production of electric vehicles, which depend on copper. This optimistic projection, if realised, will further reinforce the strategic importance of copper in the Zambian economy: revenues from ore mining account for 70% of the country’s export earnings.
The stakes: For Australian Sundance Resources, to finally start operating the Mbalam-Nabeba project. Historic operator of the Mbalam-Nabeba mining project, Australian Sundance is giving its Chinese partner AustSino one last chance to reach a final agreement. For Australian Sundance Resources, which has been piloting the Mbalam-Nabeba iron ore mining project on the Cameroon-Congo Brazzaville border…
Stake : For Benin, to support the cotton sector, a key sector of the national economy, at all costs. In contrast to other producing nations in the sub-region, Benin has decided to keep the price per kilo of cotton unchanged for the 2020/2021 campaign. The country thus confirms its strong support for the country’s very…
Stake: to identify the impact of Covid-19 on the well-being of the farmers and particularly their children, as well as the solutions to be provided to prevent the worsening of an already precarious situation. Between 17 March and 15 May 2020, the International Cocoa Initiative (ICI) Foundation analysed data from 263 cocoa-producing communities (1,443 households…
Launched in Kigali in November 2018 as the first African hub of the Chinese e-merchant Alibaba, the eWTP platform (for « Electronic World Trade Platform ») has succeeded in significantly increasing exports from the country of the Thousand Hills, particularly to the Middle Kingdom. According to information made public by the Chinese e-commerce giant, sales of Rwandan products in China, via eWTP, increased by 124% in 2019. Rwandan coffee and chilli pepper are the most popular items among Asian consumers. Organised in May by Alibaba, a recent sale of roasted Rwandan coffee resulted in the sale of around 1.5 tonnes of goods in one minute!
Stake: For Egypt, to increase its gold production capacity in a favourable economic context. A modest gold producer, Egypt could soon see its industry strengthened. The Egyptian Minister of Petroleum and Mining Resources, Tarek El-Molla, announced on Tuesday 30 June the discovery of a major deposit in the south-east of the country. According to the…
Estimated at $25 billion, the mega-project for the construction of the Mozambique LNG liquefaction and gas export terminal, led by France’s Total, has received new financial support. According to the Reuters news agency, which reported the information on Monday 29 June, the British export credit agency UK Export Finance (UKEF) would thus be ready to participate in the financing of the project, a source close to the dossier indicated. As for the possible amount granted, the funds committed to the operation could be « around 800 million dollars », the source said. Contacted by Reuters to confirm (or deny) this intention, a spokeswoman for the British agency said that « UKEF cannot comment on speculation on potential transactions for reasons of commercial confidentiality ».
Determined to make the most of the national cocoa, which is still too often sold in its raw state, the Ivorian authorities have undertaken a series of projects to strengthen the country’s processing and storage capacities: the construction of two new cocoa grinding plants and around ten warehouses has been approved by the Ministry of Economy and Finance. As for the financing of these facilities, according to sources reported by the weekly Jeune Afrique, it should be made possible by means of a loan « of about 330 million euros » from Chinese operators, already active in the Ivorian cocoa industry. The best known of these is the Chinese state-owned company China Light Industry Design Co Ltd, which had already signed a similar agreement in December with the Coffee-Cocoa Council for the construction of cocoa processing plants and storage warehouses in Abidjan and San Pedro.
The Australian junior FAR announced on 24 June to the authorities of the Sydney Stock Exchange, where it is listed, that it was defaulting on its financial commitments on the Senegalese offshore oil project of Sangomar, in which it is a 15% shareholder, alongside its compatriot Woodside (35%), the Scottish company Cairn Energy (40%) and the Senegalese public agency Petrosen (10%). According to the press release, the default follows a call for funds issued in May 2020 by Woodside for the month of June 2020 and a delay in the payment of 100 million dollars of FAR, which had one month to settle this call for funds, in accordance with its obligations. The company has six months to pay its debts. Beyond that period, FAR will be forced to relinquish its participation in the project without compensation.
Stake: for Harmony Gold, the call to the market allows it to complete its financial round. Officially announced in February, Harmony Gold’s acquisition of AngloGold’s last South African gold assets for $300 million was to be partly financed by raising funds on the markets. This has now been done. In a press release issued on…