<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/I7GSHMVDBNLKVBLVYGRHKIEEVI.avif" alt="" class="wp-image-571674"/><figcaption class="wp-element-caption">Nigerian President Bola Tinubu looks on as he meets with South African President Cyril Ramaphosa on the day of the 11th Bi-National Commission between the two countries at Tuynhuys, in Cape Town, South Africa, December 3, 2024.REUTERS/Esa Alexander/File Photo</figcaption></figure>



LAGOS, (Reuters) &#8211; Nigeria will establish a national credit guarantee company in May to lend to businesses and individuals, President Bola Tinubu said in an speech on Wednesday.



Tinubu, who took office in May 2023, campaigned on economic reforms including expanding credit access to boost economic growth.



&#8220;To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.



Tinubu said the company would partner with government institutions such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, as well as the private sector and multilateral institutions.



&#8220;This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people,&#8221; Tinubu said.



Eight months ago, Tinubu launched the Nigerian Consumer Credit Corporation, to enhance access to credit to employed Nigerians.



The implementation of the programme was planned in stages, beginning with Federal civil service employees and now the general public.



(Reporting by Isaac Anyaogu; Editing by Kirsten Donovan)

I7GSHMVDBNLKVBLVYGRHKIEEVI

Nigeria to expand credit access to citizens

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/ORANO.avif" alt="" class="wp-image-568252"/><figcaption class="wp-element-caption">The Orano logo is seen on a jacket of an employee on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, June 14, 2022. REUTERS/Sarah Meyssonnier/File Photo</figcaption></figure>



PARIS, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;French nuclear fuels company Orano said on Friday it had started arbitration proceedings against Niger, after Niger&nbsp;withdrew the mining licence of Orano&#8217;s subsidiary Imouraren.



Niger&#8217;s military-led government has stepped up pressure in recent months on foreign investors. A representative for the government did not immediately respond to a request for comment.



Orano said in June that Niger had removed the mining permit for Imouraren, and the following month Canada&#8217;s GoviEx Uranium GXU.V said it too had been stripped of its right to develop a uranium project in Niger.



Earlier this month, Orano said authorities in Niger had seized control of its Somair uranium mine.



Niger accounts for about 4% of global output of uranium, the most widely used fuel for nuclear energy.



Barrick Gold said on Wednesday it would initiate arbitration in its dispute with neighbouring Mali.



(Reporting by Benjamin Mallet and Sudip Kar-Gupta; Writing by Makini Brice; Editing by Susan Fenton)

ORANO

France’s Orano launches arbitration against Niger over mining licence

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/NXWKCDUVZNLTBAFY4YNDDH4KKA.avif" alt="" class="wp-image-567479"/><figcaption class="wp-element-caption">A woman receives a bag of food from the government during the distribution of food items by the government to cushion the high cost of living in Abuja, Nigeria, September 20, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s inflation is expected to fall sharply to around 15% next year from 34.6% in November, helped by lower imports of petroleum products, President Bola Tinubu said on Wednesday.



In his second budget speech since being elected, Tinubu said spending priorities in 2025 would include security, infrastructure and measures to ease a cost-of-living crisis.



He said the 2025 spending plan of 47.90 trillion naira included&nbsp;a budget deficit of 3.89% of gross domestic product, approximately 13.0 trillion naira.



&#8220;The reforms we have instituted are beginning to yield results, no reversals,&#8221; Tinubu said in a televised speech.



Inflation quickened sharply in the second half of last year after Tinubu devalued the naira currency and cut subsidies on petrol to try to lift economic growth and shore up public finances.



These actions intensified the most severe cost-of-living crisis in decades in Africa&#8217;s most populous country.



To combat rising inflation, the central bank has raised interest rates six times this year, totalling an increase of 875 basis points.



Tinubu said foreign exchange reserves stood at around $42 billion against a healthy trade surplus, but that 15.18 trillion naira would be needed in 2025 for debt service.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Christina Fincher and Alex Richardson)

NXWKCDUVZNLTBAFY4YNDDH4KKA

Nigeria inflation to fall to 15% next year, president says in budget speech

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/NIGERIA-INFLATION.avif" alt="" class="wp-image-567461"/><figcaption class="wp-element-caption">A woman stands near the bread stand at Cherries Hypermarket in Abuja, Nigeria March 15, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s inflation is expected to fall sharply to around 15% next year from 34.6% in November, helped by lower imports of petroleum products, President Bola Tinubu said on Wednesday.



In his second budget speech since being elected, Tinubu said spending priorities in 2025 would include security, infrastructure and measures to ease a cost-of-living crisis.



He said the 2025 spending plan of 47.90 trillion naira included&nbsp;a budget deficit of 3.89% of gross domestic product, approximately 13.0 trillion naira.



&#8220;The reforms we have instituted are beginning to yield results, no reversals,&#8221; Tinubu said in a televised speech.



Inflation quickened sharply in the second half of last year after Tinubu devalued the naira currency&nbsp;NGN=D1&nbsp;and cut subsidies on petrol to try to lift economic growth and shore up public finances.



These actions intensified the most severe cost-of-living crisis in decades in Africa&#8217;s most populous country.



To combat rising inflation, the central bank has raised interest rates six times this year, totalling an increase of 875 basis points.



Tinubu said foreign exchange reserves stood at around $42 billion against a healthy trade surplus, but that 15.18 trillion naira would be needed in 2025 for debt service.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Christina Fincher and Alex Richardson)

NIGERIA INFLATION

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-820x547.jpg" alt="" class="wp-image-548180" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the newly-commissioned Dangote Petroleum refinery in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, (Reuters) &#8211; Nigeria&#8217;s Dangote Refinery said on Wednesday it has made its first export of petrol to Cameroon, a milestone that could pave way for regional energy integration and help stabilise fuel prices across the region.



The 650,000 barrel refinery built by Nigerian billionaire Aliko Dangote in Lagos aims to compete with European refiners when operating at full capacity and is expected to change trading of refined products in the Atlantic basin.



The company&nbsp;did not provide&nbsp;details&nbsp;of how much was exported.



Cameroon&#8217;s energy firm Neptune Oil said in the statement that both companies were exploring new initiatives to establish a reliable supply chain that will help stabilize fuel prices and opportunities across the region.



Neptune Oil said the petrol supply transaction was executed without intermediaries.



(Reporting by MacDonald Dzirutwe; Writing by Chijioke Ohuocha. Editing by Jane Merriman and Diane Craft)

FILE PHOTO: A view of the newly-commissioned Dangote Petroleum refinery in Ibeju-Lekki, Lagos

Nigeria’s Dangote Refinery makes first petrol export to Cameroon

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="469" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/I7JNEWQ4GVLM3NU76F6XVVSAV4.avif" alt="" class="wp-image-564821"/><figcaption class="wp-element-caption">People walk on the street around Kwame Nkrumah circle in Accra, Ghana, December 2, 2016. Picture taken December 2, 2016. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ACCRA, Dec 11 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s economic growth quickened in the third quarter in a further sign of the west African country&#8217;s ongoing recovery from its worst economic crisis in a generation, statistics agency data showed on Wednesday.



Gross domestic product grew by 7.2% year-on-year in the third quarter of 2024, the most since the second quarter of 2019, the data showed.



The positive economic momentum comes as a new president and government prepare to take office on Jan. 7 after ex-president and main opposition leader John Dramani Mahama won Saturday&#8217;s election.



Growth in the second quarter of 2024 was revised to 7.0% from 6.9%, the agency said.



Ghana&#8217;s industrial sector, largely driven by mining and quarrying, grew by 10.4%, while the services sector expanded by 6.4% and the agricultural sector by 3.2%.



The cocoa sector in the world&#8217;s second biggest producer, however, contracted for the fifth consecutive quarter by 26%, the data showed.



Ghana defaulted on most of its external debt in 2022, leading to a painful restructuring.



Its cedi currency has been strengthening, but high inflation and government debt sustainability remain a concern for investors.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian; Editing by Alex Richardson and Bernadette Baum)

I7JNEWQ4GVLM3NU76F6XVVSAV4

Ghana’s economy grew 7.2% in third quarter in recovery from crisis

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3288" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/DCHRVBQRQ5MELH6UNHHLJO57MY.avif" alt="" class="wp-image-564051"/><figcaption class="wp-element-caption">National Democratic Congress (NDC) presidential candidate and former Ghanaian President John Dramani Mahama salutes supporters during his final election campaign rally in Accra, Ghana December 5, 2024. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



ACCRA, Dec 9 (Reuters)&nbsp;&#8211;&nbsp;John Dramani Mahama, who is returning as Ghana&#8217;s president eight years after losing power, achieved his political comeback on a promise to mend the West African country&#8217;s economy.



His main rival conceded defeat on Sunday after partial results showed Mahama, 66, was on course to win Saturday&#8217;s presidential election and that his National Democratic Congress would win a parliamentary election held the same day.



The eldest son of a wealthy rice trader turned politician, Mahama became Ghana&#8217;s interim leader in 2012 after the sudden death of President John Atta Mills, under whom Mahama served as vice president.



Mahama defeated his main challenger, Akufo-Addo, in an election a few months later &#8211; the first in a series of votes that pitted the two against each other.



During his four-year term, Mahama invested heavily in infrastructure but drew criticism over prolonged power shortages, macroeconomic instability and allegations of political corruption although he was not personally tainted.



Polls before Saturday&#8217;s election had forecast Mahama to win after a spiralling economic and cost-of-living crisis in cocoa, gold and oil-producing Ghana hit the popularity of Akufo-Addo&#8217;s government and increased momentum for a change in leadership.



In an interview with Reuters before the election, Mahama said he would seek to renegotiate terms of a $3 billion International Monetary Fund bailout secured last year to restructure the country&#8217;s debt.



He has also promised to ease business regulations, introduce a 24-hour triple-shift work system, enact tax reforms and invest $10 billion in modernising infrastructure.



&#8220;This election is not just another election. It&#8217;s a defining moment for our nation,&#8221; he told his final campaign rally, urging voters to &#8220;reset the country&#8221;.



<h2 class="wp-block-heading" id="h-thank-you-ghana">&#8216;THANK YOU, GHANA&#8217;</h2>



Mahama went to a private boarding school in Accra and also studied communications in the capital at the University of Ghana in the 1980s before moving to Moscow to study psychology.



He was first elected to parliament in 1996 and served as communications minister from 1998 to 2001. Atta Mills appointed him vice president in 2009.



Mahama failed to secure a second term as president in 2016, when Akufo-Addo defeated him on the back of falling gold, oil and cocoa export prices. Akufo-Addo defeated Mahama again in 2020 on a promise to restore growth.



Celebrating what he called an emphatic win in Saturday&#8217;s election Mahama wrote on X: &#8220;Thank you, Ghana.&#8221;



Mahama was born and raised as a Christian, like the majority of Ghanaians. He is married with five children.



An avid reader and writer, he has published columns in Ghanaian and international newspapers, including an opinion piece on the death of South Africa&#8217;s first black president Nelson Mandela for the New York Times.



In 2012, he wrote a memoir in which he recalled the military coup that ousted Ghana&#8217;s founding president, Kwame Nkrumah, in 1966. Mahama was seven at the time.



(Writing by Sofia Christensen, Editing by Timothy Heritage)

DCHRVBQRQ5MELH6UNHHLJO57MY

John Dramani Mahama returning as Ghana president on pledge to mend economy

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GZ42FNCPGRK2ZE3SBHPBDHACCI.avif" alt="" class="wp-image-563964"/><figcaption class="wp-element-caption">Supporters of Ghana&#8217;s main opposition National Democratic Congress (NDC) party candidate and former President John Dramani Mahama celebrate after his rival Vice President Mahamudu Bawumia conceded defeat day after the presidential and parliamentary election in Ghana, December 8, 2024. REUTERS/Zohra Bensemra</figcaption></figure>



ACCRA, (Reuters) &#8211; Ghana&#8217;s former President John Dramani Mahama has staged a political comeback by winning the West African nation&#8217;s presidential election after his rival Vice President Mahamudu Bawumia conceded defeat on Sunday.



The result of Ghana&#8217;s general election is another blow to a ruling party in a region where voters, hit by economic hardship, high inflation and local currency depreciation, have caused upsets as they seek changes in leadership.



Mahama, 66, who served as Ghana&#8217;s president from 2012 to 2016, framed Bawumia as representing a continuation of the policies that led to Ghana&#8217;s worst economic crisis in a generation.



The world&#8217;s second biggest cocoa grower, and major gold-producing nation, reached a deal with the International Monetary Fund last year for a $3 billion bailout after it defaulted on most of its international debt.



&#8220;I have, this morning, received a congratulatory call from my brother Dr. Bawumia, following my emphatic victory in Saturday’s election. Thank you, Ghana,&#8221; Mahama said in a post on X social media.



Addressing a press conference from his residence, Bawumia said he called Mahama to congratulate him, adding that Mahama&#8217;s National Democratic Congress (NDC) also won the parliamentary election.



&#8220;The data from our own internal collation of the election results indicate that former President John Dramani Mahama has won the presidential election decisively,&#8221; Bawumia said, adding that NDC also won the parliamentary election.



Bawumia said he conceded before the official result to ease tensions.



Before his concession, scuffles had been reported in several local constituency centres where results were still arriving from polling stations.



&#8220;I am making this concession speech before the official announcement by the Electoral Commission to avoid further tension and preserve the peace of our country,&#8221; Bawumia said.



&#8220;It is important that the world investor community continues to believe in the peaceful and democratic character of Ghana,&#8221; he added.



Hundreds of NDC supporters took to the streets of the capital Accra on Sunday to celebrate after Bawumia conceded defeat.



Early results had shown Mahama and the NDC party with a commanding lead. Joy News reported that Mahama was leading with over 53% of the vote to Bawumia&#8217;s 45.16% after provisional results from 68 out of a total 276 constituencies were counted.



In a news conference on Sunday before Bawumia conceded, Sammy Gyamfi, national spokesperson for the NDC, said provisional internally collated results by party agents from 38,896 out of the total 40,976 polling stations showed Mahama was leading with around 56%.



He said the party appeared on track to win around 185 out of 276 seats in Parliament.



(Reporting by Maxwell Akalaare Adombila, Christian Akorlie and Bate Felix Writing by Bate Felix; Editing by Kirsten Donovan and Christina Fincher)

GZ42FNCPGRK2ZE3SBHPBDHACCI

Ghana’s former President Mahama wins election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-820x547.jpg" alt="" class="wp-image-562966" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian President Bola Ahmed Tinubu listens to French President Emmanuel Macron (not seen) as he delivers a statement to the press after a meeting at the Elysee Palace in Paris as part of his a two-day state visit to France, November 28, 2024. REUTERS/Sarah Meyssonnier/Pool/File Photo</figcaption></figure>



ABUJA, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Senate has passed a bill seeking to make it a crime to export large quantities of unprocessed corn in an effort to alleviate hunger in the West African nation, documents seen by Reuters on Friday showed.



Africa&#8217;s most populous country is grappling with its worst cost-of-living crisis in a generation.



Economic hardship has worsened since President Bola Tinubu started austerity reforms, including devaluing the country&#8217;s naira currency and ending a decades-old petrol subsidy, fuelling inflation.



The weak Nigerian currency has spurred informal exports of corn, rice and sorghum to neighbouring countries due to the exchange rate differential with the West African CFA franc.



Corn is a staple in Nigeria that is also used for animal feed, drinks and processed flour.



The United States Department of Agriculture (USDA) forecasts a rise in Nigeria&#8217;s 2024/25 corn exports to 75,000 metric tons from its 2023/24 estimate of 50,000 metric tons.



The Senate bill, which will need the president&#8217;s assent to become law, will make it illegal to export unprocessed corn from a minimum of 1 metric ton.



Violators would pay the value of the corn in fines or face a one-year prison sentence.



A joint report by Nigeria&#8217;s government and the United Nations said in November that more than 30 million people are expected to be food insecure next year, a one-third jump from this year.



The USDA estimates that Nigeria consumes about 12 million metric tons of corn a year, importing roughly 100,000 metric tons.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Alexander Winning and Barbara Lewis)

FILE PHOTO: French President Macron meets Nigerian President Bola Tinubu in Paris

Nigeria’s Senate seeks to criminalise corn exports to tackle hunger

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1775386539-820x547.jpg" alt="" class="wp-image-561978" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1775386539-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1775386539-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1775386539-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1775386539-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1775386539-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1775386539-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ACCRA, GHANA &#8211; NOVEMBER 04: A man takes a photo of a banner with the picture of Mahamudu Bawumia ahead of the declaration of the winner of the presidential primaries on November 4, 2023 in Accra, Ghana. Mahamudu Bawumia, the vice president of Ghana, beat three rivals to secure the ruling party’s candidacy (Photo by Ernest Ankomah/Getty Images)</figcaption></figure>



ACCRA, Dec 4 (Reuters)&nbsp;&#8211;&nbsp;Public frustration over Ghana&#8217;s economic travails, including high prices and a dearth of jobs, has dominated the run-up to Saturday&#8217;s general election, which will likely test the nation&#8217;s longstanding democratic credentials.



Support for outgoing President Nana Akufo-Addo and his ruling New Patriotic Party (NPP) party has sunk in his second term amid the West African nation&#8217;s worst economic crisis in a generation, along with cost-of-living protests and turmoil in its vital cocoa and gold industries.



Indeed, the clamour for change has tipped the presidential and legislative race firmly in favour of opposition leader John Dramani Mahama and his National Democratic Congress party, polls show, though voter patience with the political process is running low.



&#8220;The country is ruined. I will vote but I don&#8217;t think it will change anything,&#8221; said 18-year-old high school graduate Emmanuel Kwaku Jr, who will be casting his ballot for the first time.



An October survey by pan-African research group Afrobarometer found 82% of Ghanaians felt the country was headed in the wrong direction and less than half expected change for the better in the next year.



&#8220;We have the trappings of democracy: we do the elections every four years, yet the dividends &#8230; are low,&#8221; said Abena Tekyiwaa Manuh, senior fellow of the Accra-based Centre for Democratic Governance (CDD). &#8220;That&#8217;s dangerous.&#8221;



Ghana&#8217;s commitment to two-term limits for presidents and largely peaceful transfers of powers have increasingly made it an outlier in a region swept by coups and constitutional shenanigans in recent years.



But whoever wins the election will be under pressure to deliver on campaign promises to improve the livelihoods of citizens, or the largely youthful population could begin to wonder if democracy is overrated, said Manuh and two western diplomats.



&#8220;We see a lot of anger among the youth, a sense of hopelessness but also a sense of change. If that doesn’t happen at the elections, what will happen?&#8221; asked one of the diplomats, speaking on condition of anonymity.



&#8220;There is growing concern Ghana’s peace and democracy is fragile.&#8221;



<h2 class="wp-block-heading" id="h-a-tricky-phase">A &#8216;TRICKY PHASE&#8217;</h2>



Twelve candidates are vying for the presidency, with Mahama and the ruling party&#8217;s Vice President Mahamudu Bawumia seen as the main contenders.



Both have vowed to turn the page on economic instability since 2020 that saw inflation soar above 50%, the International Monetary Fund wade in with a $3 billion bailout, and a mass restructuring of Ghana&#8217;s debts.



Polls open for the 18.7 million registered voters at 0700 GMT and close at 1700, with legislative results due by early on Monday and presidential results by Tuesday, although trends often allow the outcome to be called early.



The vote results period &#8220;is going to be a tricky phase&#8221; as tensions may rise due to low trust in institutions, including the electoral commission, said Jonas Claes, elections lead for the EU delegation in Ghana.



Mahama and his party have repeatedly questioned the commission&#8217;s ability to deliver credible elections, alleging voter roll irregularities and other issues.



Bawumia and the ruling NPP say the allegations show Mahama is preparing to reject the results if they do not go his way.



&#8220;I don&#8217;t think widespread violence is to be expected, but it&#8217;s difficult to be 100% sure,&#8221; Claes said.



(Writing by Alessandra Prentice; Editing by Bernadette Baum)

Ghana’s Ruling Political Party Holds Presidential Primaries

Discontent runs high as Ghana readies to vote on Saturday

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



ACCRA, Dec 2 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund (IMF) has approved the third review of Ghana&#8217;s $3 billion lending programme, unlocking an immediate disbursement of about $360 million, the&nbsp;IMF said Monday.



&#8220;Ghana&#8217;s performance under the IMF-supported program has been generally satisfactory. All quantitative performance criteria and indicative targets for the third review were met,&#8221; the IMF said in a statement.



The&nbsp;country&#8217;s finance minister, Mohammed Amin Adam,&nbsp;earlier on Monday told Reuters the review had been approved.



The West African gold and cocoa producer has been recovering from the impact of its 2022 debt default and is set to hold a presidential and parliamentary election on Dec. 7.



&#8220;With three successful IMF reviews in a row, it shows the determination of the government to turn the economy to winning ways. We have demonstrated uncharacteristic discipline in fiscal management,&#8221; Amin told Reuters.



&#8220;We appreciate the enormous work we still have to do, and we will do everything for the benefit of our people,&#8221; he added.



The IMF board approved Ghana&#8217;s current lending programme in May of last year, and the arrangement expires in 2026.



Ghana&#8217;s debt restructuring is expected to lower its debt owed to bondholders by $4.7 billion and provide cash flow relief worth $4.4 billion during the period of the IMF programme.



(Reporting by Maxwell Akalaare Adombila; writing by Anait Miridzhanian and Duncan Miriri; editing by Mark Heinrich and Deepa Babington)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

IMF approves third review of Ghana’s $3 billion programme

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/47PRCOI25FKKNHQMNP6BLNRXJQ.avif" alt="" class="wp-image-561163"/><figcaption class="wp-element-caption">People at the Agbogbloshie market look on, as supporters of Ghana&#8217;s main opposition party, the National Democratic Congress (NDC), gather in Accra, Ghana, November 28, 2024. REUTERS/Francis Kokoroko </figcaption></figure>



DABALA, Ghana, Dec 2 (Reuters)&nbsp;&#8211;&nbsp;After serving in Ghana&#8217;s police force for over three decades, pensioner Emmanuel Amey-Wemegah had a clear retirement plan: invest part of his pension benefits in government bonds, complete the construction of his house, and buy a car.



All was going according to plan until Jan. 6, 2023, when he received a call from his bank that Ghana was restructuring bonds he held.



&#8220;I started sweating,&#8221; said Amey-Wemegah, 63, recalling the uncertainty and fear that gripped him and other bondholders.



The retired chief inspector is one of thousands of Ghanaian private, corporate and foreign investors whose investments in government securities were restructured in 2023 for Ghana to obtain a three-year, $3 billion International Monetary Fund (IMF) bailout to deal with its worst economic crisis in a generation.



As over 18 million Ghanaians prepare to vote in a presidential election on Dec. 7, Amey-Wemegah&#8217;s plight reflects the economic anxiety gripping many in the West African country &#8211; the world&#8217;s number two cocoa producer. Jobs, education, and infrastructure are also key issues.



During the current authorities&#8217; tenure, Ghana&#8217;s economy buckled under the impact of the COVID-19 pandemic, the war in Ukraine, higher global interest rates and years of excessive borrowing.



Public debt rose from 63% of GDP in 2019 to 92.7% in 2022, the cedi currency suffered rapid depreciation, while inflation peaked above 54%, hitting consumers and forcing businesses to reduce operations.



The government&#8217;s mountain of domestic debt meant that there was no alternative to an IMF deal without restructuring local holdings, something experts said was unprecedented in Africa.



A domestic debt restructuring launched in December 2022 required holders to exchange old bonds for new ones with lower yields and longer maturities.



&#8220;Some of us didn&#8217;t realize exactly what the consequences were,&#8221; Amey-Wemegah told Reuters in his Dabala home in southeastern Ghana, where citations for his meritorious service decorate the walls.



&#8220;They stole our money. I was sad and devastated,&#8221; he said, describing how the restructuring squeezed his income.



He cannot afford to fuel or service his car, and now prioritises spending on his medications.



Businesses have also struggled. An Accra-based start-up consultancy firm which requested anonymity, said its 2 million Ghanaian cedis ($130,718) has been held up in the restructuring, straining liquidity and forcing it to cut jobs.



<h2 class="wp-block-heading" id="h-frustration-with-ruling-party">FRUSTRATION WITH RULING PARTY</h2>



The election is set to be a contest between Vice-President Mahamudu Bawumia, representing the ruling New Patriotic Party, and former President John Dramani Mahama of the main opposition National Democratic Congress.



Mussa Dankwa of Accra-based Global InfoAnalytics said polls show most Ghanaians are struggling with a cost-of-living crisis, making it a key influence on the election.



Voters like Amey-Wemegah and the owner of the consultancy said their challenges with the debt restructuring would inform who they vote for.



&#8220;We&#8217;ve gone to the IMF 17 times,&#8221; said Amey-Wemegah, referring to Ghana&#8217;s fund-assisted bailouts since independence in 1957. &#8220;None of those past governments introduced haircuts. Why is it that this government decided to introduce it. Why?&#8221;



Others, like rice-miller Julius Kwadzo Ameku, are dissatisfied with the authorities&#8217; economic performance more broadly.



Ameku, whose firm operates in southeastern Volta region, said the ruling party&#8217;s initiatives to boost agricultural production had failed and he hoped opposition leader Mahama would usher in positive change.



&#8220;All we need is proper irrigation and flexible loans or grants. The gold, oil and others won&#8217;t take us anywhere,&#8221; he said.



($1 = 15.3000 Ghanaian cedi)



(Editing by Bate Felix and Angus MacSwan)

47PRCOI25FKKNHQMNP6BLNRXJQ

Ghana’s economic crisis looms over impending elections

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1800" height="1200" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/VFKU2JNBTBIDVNPMOMLDRAUIO4.avif" alt="" class="wp-image-560171"/><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Nov 29 (Reuters) &#8211; Ghana&#8217;s central bank kept its main interest rate GHCBIR=ECI at 27.00% on Friday, as food price increases drove consumer inflationGHCPIY=ECI higher for the second month in a row.



While inflation has eased considerably over the year, the pace of deceleration showed some sluggishness since the last monetary policy committee meeting, the central bank said.



&#8220;Inflation projections show a slightly elevated profile driven by high and unstable food prices,&#8221; the bank said in a statement.



Year-on-year inflation in the West African economy, which is set to hold a general election on Dec. 7, edged up to 22.1% in October from 21.5% in the previous month.



The bank said it now expected inflation to reach its medium-term target of 6% to 10% in the fourth quarter of 2025, shifting forward from an earlier forecast that it would reach that goal in the third quarter.



Ghana, which is the world&#8217;s second largest cocoa producer, defaulted on most of its $30 billion external debt in 2022 after years of overstretched borrowing.



It is now close to fully emerging from the default after a long debt restructuring process.



President Nana Akufo-Addo&#8217;s government secured a 3-year, $3 billion bailout from the International Monetary Fund in 2023 and is now on the final lap of a painful process required for the money to be disbursed.



Commercial banks have accumulated enough capital buffers to withstand the effects of the external debt restructuring, the central bank said on Friday.



The International Monetary Fund&#8217;s executive board is set to meet on Dec. 2 to approve the third review of Ghana&#8217;s $3 billion programme, which will unlock a $360 million loan tranche.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian and Duncan Miriri; Editing by Kevin Liffey, William Maclean)

VFKU2JNBTBIDVNPMOMLDRAUIO4

Ghana central bank holds policy rate on inflation concerns

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WM23DAP7ZZIDHDPYXPH2BB7XJM.jpg" alt="" class="wp-image-560111" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WM23DAP7ZZIDHDPYXPH2BB7XJM.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WM23DAP7ZZIDHDPYXPH2BB7XJM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WM23DAP7ZZIDHDPYXPH2BB7XJM-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



ABUJA, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria and France have signed two agreements to boost infrastructure development and food security while Nigerian lenders Zenith Bank&nbsp;ZENITHB.LG&nbsp;and United Bank for Africa (UBA)&nbsp;UBA.LG&nbsp;expanded their operations into France.



Nigeria&#8217;s presidential spokesperson Bayo Onanuga said on Friday that the deals, signed the previous day during President Bola Tinubu&#8217;s state visit to Paris, included a 300 million euro investment plan to support critical infrastructure, healthcare, transportation, agriculture, renewable energy and human capital development across Nigeria.



Nigeria&#8217;s finance minister Wale Edun and French economy minister Antoine Armand signed a letter of intent to facilitate the investments. Both nations also pledged to streamline trade and investment processes, Onanuga said in a statement.



&#8220;The two countries committed to forge a strategic relationship in project implementation and enhance mutual trade and cross border services by removing fiscal barriers while protecting labour rights,&#8221; a joint statement said.



In addition to the government-level agreements, Zenith Bank opened its doors in Paris, while UBA is set to follow after agreeing with the French authorities to commence operations in Paris, Onanuga said.



(Writing by Elisha Bala-Gbogbo; Editing by Kirsten Donovan)

WM23DAP7ZZIDHDPYXPH2BB7XJM

Nigeria and France sign infrastructure and finance deals

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/E2JS3NOVJZMKXHK7BDJKFLCEHI.avif" alt="" class="wp-image-560074"/><figcaption class="wp-element-caption">Supporters attend the campaign launch event of Ghana&#8217;s Vice President and presidential candidate from the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia ahead of the 2024 presidential election in Accra, Ghana, February 7, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;Ghanaians are set to vote on Dec. 7 for a new president to replace Nana Akufo-Addo, who has served the maximum two terms.



Former president John Dramani Mahama of the opposition National Democratic Congress party is seen as the main challenger to Vice President Mahamudu Bawumia, from Akufo-Addo&#8217;s ruling New Patriotic Party.



Ten&nbsp;other candidates are running. Among them, independent candidates Nana Kwame Bediako and Alan Kyerematen, who are expected to take votes from the two main candidates.



<h2 class="wp-block-heading" id="h-john-dramani-mahama">JOHN DRAMANI MAHAMA</h2>



Former president Mahama, 66, is seen by polls as favourite to win the election given a severe economic crisis that has made the current government unpopular.



While vice president in 2012, Mahama became interim leader after the sudden death of president John Atta Mills. A few months later, Mahama won his own mandate in a presidential election.



During his term, he invested heavily in infrastructure but drew criticism over power shortages, macroeconomic instability and allegations of political corruption, though he was not personally tainted.



He suffered back-to-back election defeats to Akufo-Addo in 2016 and 2020.



Mahama told Reuters in an interview that if he wins a new term in office he will seek to renegotiate terms of a $3 billion International Monetary Fund bailout, which was secured last year to restructure the west African country&#8217;s debt.



<h2 class="wp-block-heading" id="h-mahamudu-bawumia">MAHAMUDU BAWUMIA</h2>



Vice President Mahamudu Bawumia, 61, was chosen by the ruling New Patriotic Party (NPP) as its flag-bearer in the election.



He is the first Muslim to lead a major party in Ghana since 1992 and also the first person outside the dominant Akan-speaking ethnic group to lead the NPP.



The 61-year-old economist and former central banker assumed office as vice president in 2017 after Akufo-Addo&#8217;s victory in the 2016 election.



Bawumia became the face of economic policy throughout Akufo-Addo&#8217;s presidency as Ghana battled its worst economic crisis in a generation.



He has promised to simplify the tax system, halve the number of ministers, and cut public spending by 3% of GDP if elected.



<h2 class="wp-block-heading" id="h-alan-kyerematen">ALAN KYEREMATEN</h2>



Alan John Kwadwo Kyerematen, 69, is a former trade minister who served under Akufo-Addo from 2017 to 2023.



He was put forward by Ghana in 2012 as the candidate to succeed Pascal Lamy as head of the World Trade Organization (WTO), but he lost the race.



A prominent member of the ruling New Patriotic Party (NPP), Kyerematen was highly tipped to win the party&#8217;s primary and succeed Akufo-Addo.



But he resigned from the party after coming third in the first stage of the primaries, saying his contributions were not appreciated, and applied to run as an independent candidate.



<h2 class="wp-block-heading" id="h-nana-kwame-bediako">NANA KWAME BEDIAKO</h2>



Bediako started his election campaign as a mystery candidate, hanging billboards across Ghana that showed a masked face and a promise to empower youth.



The 44-year-old businessman, working in infrastructure development, has contributed to the creation of over 700 homes and&nbsp;employs&nbsp;over 3,000 people, according to his website.



The independent candidate&#8217;s election promises include plans to create industries in all of Ghana&#8217;s regions.&nbsp;He has pledged to govern with only 12 cabinet ministers.



Two years ago, Bediako shot into the limelight when his neighbours complained the businessman was keeping tigers at home.



(Reporting by Christian Akorlie and Anait Miridzhanian; Editing by Bate Felix and Daren Butler)

E2JS3NOVJZMKXHK7BDJKFLCEHI

Who are the main candidates in Ghana’s presidential election?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-820x547.jpg" alt="" class="wp-image-558935" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman walks past the Central Bank building after the monthly Monetary Policy Committee meeting in Abuja, Nigeria May 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Nov 26 (Reuters) &#8211; Nigeria&#8217;s central bank raised its benchmark lending rate by 25 basis points to 27.50% on Tuesday, citing renewed inflationary pressures in Africa&#8217;s most populous nation.



The decision by the bank&#8217;s Monetary Policy Committee is the sixth consecutive&nbsp;rate hike&nbsp;this year.



Inflation rose for the second straight month to 33.88% in annual terms in October as Nigerian citizens grapple with the worst cost-of-living crisis in decades.



Central Bank of Nigeria Governor Olayemi Cardoso said food and energy prices were key contributors to the uptick in inflation.



&#8220;Members therefore agreed unanimously to remain focused in addressing price developments,&#8221; he told a news conference.



Cardoso said the central bank was committed to the &#8220;war&#8221; against inflation and said the bank thought results of its policy tightening would be more visible in the first quarter of 2025.



(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha in Abuja; Additional reporting by MacDonald Dzirutwe in Lagos, Bate Felix in Dakar and Bhargav Acharya in Johannesburg; Editing by Alexander Winning)

A woman walks past the Central Bank building after the monthly Monetary Policy Committee meeting in Abuja

Nigeria’s central bank delivers sixth rate hike this year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4289" height="3038" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AM5FI7LQQFOIHG3KJQXN7SQ64I.avif" alt="" class="wp-image-558526"/><figcaption class="wp-element-caption">A general view of Karu district in Abuja, Nigeria June 25, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Nov 25 (Reuters) &#8211; Nigeria&#8217;s economy grew 3.46% year-on-year in the third quarter of 2024, quicker than in the first two quarters of the year, statistics agency data showed on Monday.



Gross domestic product (GDP) growth was driven mainly by the services sector, which contributed more than 50% to aggregate output in the July-September period.



Despite the pickup in growth, from 3.19% in the second quarter and 2.98% in the first, it was still short of the 6% target set by President Bola Tinubu when he took office last year in Africa&#8217;s most populous nation and top oil producer.



Tinubu&#8217;s lightning reform push in the first weeks of his administration sparked hope that he could finally unleash the full potential of Africa&#8217;s sluggish economic giant.



But 18 months on, the key planks of his economic overhaul &#8211; devaluing the naira and scrapping subsidies &#8211; have triggered the worst cost-of-living crisis in a generation and are yet to translate into much faster growth.



The National Bureau of Statistics said the services sector grew 5.19% in the third quarter, contributing 53.58% to aggregate GDP.



Nigeria&#8217;s dominant oil sector, which accounts for the bulk of government revenue and foreign exchange reserves, expanded 5.17%, with average daily oil output of 1.47 million barrels per day (bpd), up slightly from 1.41 million bpd in the second quarter.



Growth in agriculture slowed to 1.14% from 1.41% in the second quarter, while industries grew 2.18%, versus 3.53% in April-June.



The International Monetary Fund forecasts Nigeria&#8217;s economy will grow 2.9% in 2024 and 3.2% next year.



(Reporting by Elisha Bala-Gbogbo; Editing by Alexander Winning and Alex Richardson)

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West Africa

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Discontent runs high as Ghana readies to vote on Saturday

IMF approves third review of Ghana’s $3 billion programme

Ghana’s economic crisis looms over impending elections

Ghana central bank holds policy rate on inflation concerns

Nigeria and France sign infrastructure and finance deals

Who are the main candidates in Ghana’s presidential election?

Nigeria’s central bank delivers sixth rate hike this year

Nigeria growth picks up in third quarter, fuelled by services

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