<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/S2RIBSUDWFIIFC7QFNWKKKSNIU-820x547.jpg" alt="" class="wp-image-547511" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/S2RIBSUDWFIIFC7QFNWKKKSNIU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



ABUJA, Oct 28 (Reuters)&nbsp;&#8211;&nbsp;The central bank of Nigeria has signed an agreement with the International Finance Corp to expand local currency financing for Nigerian businesses and cut foreign exchange risks, the agencies said in a statement on Monday.



The IFC, a World Bank Group member, aims to &#8220;significantly scale up&#8221; its financing in Nigeria, targeting over $1 billion in the coming years, the statement said.



The partnership will enable IFC to manage currency risks and increase its investments in Nigeria&#8217;s naira currency across agriculture, housing, infrastructure, energy, small and medium-sized enterprises, and the creative industry.



&#8220;Many of these sectors require local currency financing, and IFC&#8217;s partnership with the (central bank) is a key tool in expanding access,&#8221; the statement said.



(Reporting by Elisha Bala-Gbogbo; Editing by Jan Harvey)

Man counts Nigerian naira notes in a market place ahead of Nigeria’s Presidential elections in Yola

Nigeria signs funding deal with IFC to boost naira currency financing

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-820x547.jpg" alt="" class="wp-image-495905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Nigerian President Bola Tinubu has reshuffled his 45-member cabinet, naming seven new ministers, sacking five and reassigning 10 others to new portfolios, a spokesperson said on Wednesday.



The ministers of finance, defence, national planning and two junior energy ministers all retained their positions.



The reshuffle includes renaming the Ministry of Niger Delta Development to the Ministry of Regional Development, the winding up of the Ministry of Sports, and the merger of the ministries of tourism and arts and culture.



Tinubu&#8217;s lightning reform push after taking office last year had sparked hope that his administration would be an antidote to mounting economic troubles facing Africa&#8217;s top energy producer.



But 16 months on, the key planks of his economic overhaul &#8211; devaluing the naira and slashing petrol and electricity subsidies &#8211; have sent inflation soaring to 32.70%, triggering a cost-of-living crisis.



Presidential spokesperson Bayo Onanuga said in the reshuffle, Tinubu appointed new ministers for humanitarian and poverty reduction, trade and investment, labour, livestock development and junior ministers for foreign affairs, education and housing.



The ministers for education, tourism, women affairs, youth development and the junior housing minister were sacked, Onanuga said.



Tinubu&#8217;s cabinet remains bigger than that of his predecessor Muhammadu Buhari, who had 43 ministers in his second term in office, despite calls by critics to streamline government bureaucracy and trim costs. Under the law, the president must include a member from each of the country&#8217;s 36 states.



Tinubu has yet to appoint his main petroleum minister, though he has two junior ministers in place.



(Reporting by Felix Onuah; Writing by Elisha Bala-Gbogbo; Editing by Bill Berkrot and Hugh Lawson)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria’s Tinubu names seven ministers, sacks five in cabinet reshuffle

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="502" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/QZUAQ2INZBKLHG5LACEZIIRYGE-820x502.jpg" alt="" class="wp-image-544761" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/QZUAQ2INZBKLHG5LACEZIIRYGE-820x502.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/QZUAQ2INZBKLHG5LACEZIIRYGE-300x184.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/QZUAQ2INZBKLHG5LACEZIIRYGE-147x90.jpg 147w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/QZUAQ2INZBKLHG5LACEZIIRYGE-768x470.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/QZUAQ2INZBKLHG5LACEZIIRYGE-1536x940.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/QZUAQ2INZBKLHG5LACEZIIRYGE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILED PHOTO: A 3D printed natural gas pipeline is placed in front of displayed ExxonMobil logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



ABUJA, Oct 21 (Reuters) &#8211; Nigeria has approved the sale of Exxon Mobil Corp&#8217;s onshore assets to Seplat Energy, the chief executive officer of the country&#8217;s upstream regulator said on Monday, more than two years after the $1.28 billion deal was first agreed.



The sale had been under scrutiny as it awaited regulatory approval since it was first announced in February 2022.



President Bola Tinubu said on Oct. 1 the deal would receive ministerial approval in a matter of days after getting clearance from the regulator.



Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe said on Monday at an event in the capital Abuja that the ministerial approval had been granted.



Under the deal, Seplat will own 40% of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal, and 51% of Bonny River natural gas liquids recovery plant previously owned by Mobil Producing Nigeria Unlimited, Exxon&#8217;s local unit.



Oil majors operating in Nigeria &#8211; Africa&#8217;s largest oil exporter &#8211; have been retreating from onshore operations hampered by theft and sabotage, opting to focus future investments on newer and more lucrative deep offshore fields.



In July the NUPRC approved the sale of onshore assets by Eni&#8217;s local unit to Oando and another from Equinor to new entrant Project Odinmim.



The regulator offered in May faster approvals for pending asset sales by oil majors if they took responsibility for oil spills and compensated impacted communities rather than wait for authorities to apportion liability.



(Reporting by Isaac Anyaogu, Ope Adetayo and Camillus Eboh; Writing by Isaac Anyaogu and Bhargav Acharya;Editing by Alexander Winning and Emelia Sithole-Matarise)

Illustration shows ExxonMobil logo and natural gas pipeline

Nigeria approves Exxon-Seplat deal after more than two years

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-820x615.jpg" alt="" class="wp-image-543315" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People shop at a fresh food market in Oyingbo, Lagos, Nigeria December 17, 2021. Picture taken December 17, 2021. REUTERS/Nneka Chile/File Photo</figcaption></figure>



ABUJA, Oct 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is beginning to reap the benefits of significant policy reforms following a near fiscal crisis in 2020, but must stay the course, the World Bank said on Thursday.



President Bola Tinubu has instituted reforms including ending a decades-old petrol subsidy and devaluing the currency to try to boost output, which has been sluggish for about a decade.



World Bank lead economist for Nigeria Alex Sienaert said that Nigeria&#8217;s fiscal deficit has reduced from 6.2% of Gross Domestic Product (GDP) in the first half of last year to 4.4% in the first half of this year, with the reforms leading to robust growth in service sectors, stability in the oil sector, and improvements in the foreign exchange market.



&#8220;We are seeing a fiscal consolidation underway with the fiscal deficit shrinking and that&#8217;s driven by a combination of expenditure being roughly constant in real terms, and revenues which are surging,&#8221; Sienaert said during a presentation in the capital Abuja.



&#8220;This surge in revenues is largely due to the removal of the implicit forex subsidy that was happening before, which was even larger than the petrol subsidy, which we talk a lot about,&#8221; he said.



The World Bank expects Nigeria&#8217;s economy to grow at 3.3% this year, rising to 3.6% in 2025.



Nigeria&#8217;s fiscal crisis had been mounting following two economic recessions in the last eight years due to a combination of economic mismanagement and policy challenges.



The recent reforms, including a focus on price stability and a unified market-reflective exchange rate by the central bank, have proven critical in stemming an economic downturn, but they have stoked inflation.



&#8220;The ultimate purpose here, of course, is jobs and opportunities,&#8221; Sienaert said.



(Reporting by Elisha Bala-Gbogbo; Editing by Angus MacSwan)

FILE PHOTO: People shop at a fresh food market in Oyingbo, Lagos

Nigeria seeing positive results from fiscal reforms, World Bank says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-820x547.jpg" alt="" class="wp-image-542795" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Jamie Dimon, chairman and CEO of JPMorgan Chase, speaks during the ceremony for placement of the final beam for JPMorgan Chase&#8217;s new global headquarters building at 270 Park Avenue in New York City, U.S., November 20, 2023. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



NEW YORK, Oct 16 (Reuters) &#8211; JPMorgan Chase, the largest U.S. lender, plans to enter Kenya and Ivory Coast this year and grow its footprint in Africa, CEO Jamie Dimon told Reuters.



International markets are a growth area for JPMorgan, which has more than $4.2 trillion in assets and operates in over 100 countries. That compares with Citigroup, which does business in almost 180 countries and has the largest global footprint among U.S. banking giants.



&#8220;We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so,&#8221; Dimon said by phone from New York on Friday before departing on a trip to Africa. The countries and pace of expansion have not previously been reported.



Dimon will hold meetings in Kenya, Nigeria and South Africa on the tour, Reuters reported last month.



&#8220;This will allow us to be on the ground in these countries which gives you a lot more local knowledge and relationships,&#8221; Dimon said.



&#8220;And when you do it, you basically will cover the government, maybe some big government enterprises and the multinationals that are going in there with traditional banking services,&#8221; he added.



In Kenya and Ivory Coast, the bank will focus on commercial and investment banking, treasury services, and possibly some lending, Dimon said. In those two countries, it has no immediate plans to offer asset and wealth management (AWM) services, which are already available in South Africa and Nigeria.



&#8220;We are not doing AWM now but that doesn&#8217;t mean it wouldn’t happen in the next few years,&#8221; Dimon said.



JPMorgan&#8217;s earlier aspirations to enter Ghana and Kenya in the last several year were thwarted by regulators, according to media reports.



On Monday, the Central Bank of Kenya said it authorized JPMorgan to establish a representative office there.



In the past, &#8220;the U.S. government was not very keen on banks expanding into different geographies, as this was just after the financial crisis,&#8221; Dimon said noting the U.S. is now more supportive.



It is a positive move if U.S. financial institutions expand abroad, and the government should support such endeavors to compete overseas, he said, citing the broad footprint of Chinese companies and saying that U.S. companies should also be in these places.



Major global lenders have adopted differing strategies for individual sub-Saharan markets, targeting the fastest-growing areas while seeking to distinguish themselves from local and regional competitors.



For instance, Standard Chartered has focused on Kenya. Its assets under management in the East African nation grew by a quarter last year to 185.5 billion Kenyan shillings ($1.4 billion), it said.



The expansion may not have a material impact on JPMorgan&#8217;s business in the near term, but it will be beneficial for the company and future leaders in the long run, Dimon said.



JPMorgan is among the top five international private banks by assets under supervision.



In the last five years, about 700 bankers have been involved in expanding into 27 new locations worldwide, generating $2 billion in revenue for its commercial and investment bank, executives told investors in May.



(Reporting by Nupur Anand in New York, additional reporting by Hereward Holland, David Lewis and Duncan Miriri in Nairobi, editing by Lananh Nguyen and Lincoln Feast.)

FILE PHOTO: Jamie Dimon, chairman and CEO of JPMorgan Chase

Jamie Dimon charts JPMorgan expansion plan into Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="585" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5Q76XJF7GNO2PA6LYO2BS7QVVU-820x585.jpg" alt="" class="wp-image-542488" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5Q76XJF7GNO2PA6LYO2BS7QVVU-820x585.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5Q76XJF7GNO2PA6LYO2BS7QVVU-300x214.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5Q76XJF7GNO2PA6LYO2BS7QVVU-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5Q76XJF7GNO2PA6LYO2BS7QVVU-768x548.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5Q76XJF7GNO2PA6LYO2BS7QVVU-1536x1095.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5Q76XJF7GNO2PA6LYO2BS7QVVU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A vendor looks on as she awaits customers at her stall in Mile 12 International Market in Lagos, Nigeria May 13, 2022. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Oct 15 (Reuters) &#8211; Nigeria&#8217;s inflation rate rose in September for the first time in three months, advancing to 32.70% in annual terms from 32.15% in August, the statistics agency said on Tuesday.



Analysts had said the inflation slowdown in July and August could be short-lived, after three petrol price increases since early September that have roiled citizens already grappling with the worst cost-of-living crisis in a generation.



The renewed rise in inflation raises the prospect the central bank could choose to continue with its rate-hiking cycle, after five hikes so far this year.



The Central Bank of Nigeria&#8217;s next rate decision is due to be announced on Nov. 26.



Nigeria&#8217;s petrol price increases are part of President Bola Tinubu&#8217;s government&#8217;s efforts to exit a costly fuel subsidy programme that has strained the public finances of Africa&#8217;s most populous nation.



Other reforms launched by Tinubu to try to lift economic growth and woo investment include devaluing the country&#8217;s naira currency, another strong contributor to inflationary pressures alongside crop damage caused by floods in food-growing regions.



Data from the National Bureau of Statistics on Tuesday showed food inflation rose to 37.77% year on year in September from 37.52% the previous month.



Economists expect the disinflation process to resume in the coming months, potentially allowing the central bank to switch from a hiking to an easing cycle early next year.



(Reporting by Elisha Bala-Gbogbo in Abuja Additional reporting by Shamsuddin Mohd in Bengaluru; Editing by Alexander Winning and Barbara Lewis)

FILE PHOTO: A vendor looks on as she awaits customers at her stall in Mile 12 International Market in Lagos

Nigeria inflation rises for first time in three months

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg" alt="" class="wp-image-523852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Oct 10 (Reuters) &#8211; Nigeria&#8217;s state-owned oil company, NNPC Ltd, has increased petrol prices by over 15%, marking the second hike in less than a month and the exit from a costly subsidy programme that has strained its finances.



At NNPC fuel stations in Lagos the price of gasoline rose to 998 naira per litre ($0.6257) from 858 naira, while in Abuja the price increased to 1,030 naira per litre from 950 naira. Long queues formed as customers came to terms with higher prices.



NNPC, the country&#8217;s sole importer of refined products, can now recover its costs in full, having bought gasoline from the Dangote Oil Refinery at 898 naira per litre.



This is the first time in three decades that Nigeria is selling gasoline at full market prices, relieving the treasury of the heavy cost of subsidies, projected to cost the government at least $3.7 billion this year.



President Bola Tinubu scrapped a costly but popular subsidy on petrol last year when he took office, to cut government expenditure. But he reintroduced subsidy partly after inflation skyrocketed, worsening a cost of living crisis and stoking tension among the population.



By September, NNPC said it faced severe financial strain, admitting it was unable to continue importing fuel after weeks of scarce supplies at its petrol stations.



The price increase has sparked criticism from labour unions to manufacturers, who warn that it will worsen the cost-of-living crisis.



Gasoline prices are a particularly sensitive issue in Nigeria, where millions of households and small businesses rely on generators powered by fuel due to the country’s creaking national electricity grid.



Last week, Nigeria began selling crude oil to the Dangote Refinery in naira, with the understanding that the refinery would fully meet the country’s fuel needs. This month, NNPC is supplying the refinery with 13 cargoes of crude oil.



Edwin Devakumar, head of the Dangote Refinery, said the facility now has the capacity to meet all of Nigeria&#8217;s needs.



Industry insiders say that with gasoline now being sold at market rates, NNPC will no longer be the sole buyer of products from the Dangote Refinery.



&#8220;We have applied to buy directly from the Dangote Refinery, but this hasn’t been finalised yet. For now, we are still buying through NNPC,&#8221; said Billy Gillis-Harry, head of a local fuel traders association.



($1 = 1,595.0000 naira)



(Reporting by Isaac Anyaogu, Editing by Louise Heavens)

XTUYFFOIU5I5JMOASXHMTVFSTI

Nigeria’s NNPC raises fuel prices as it ditches costly subsidies

<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/NUF6JEUE6JNDPJY5TZYOOXTLIY-820x547.jpg" alt="" class="wp-image-539465" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An illegal artisanal miner searches for gold in an excavated pit at the Prestea-Huni Valley Municipal District in the Western Region, Ghana August 17, 2024. REUTERS/Francis Kokoroko</figcaption></figure>



PRESTEA-HUNI VALLEY, Ghana, Oct 7 (Reuters)&nbsp;&#8211;&nbsp;At an unlicensed gold mine in Ghana, men in t-shirts, shorts and rubber boots wade through pools of muddy water laced with mercury, pull out rocks with bare hands and operate a rickety sluice as they search for the precious ore.



The ramshackle mine is part of a booming business that is generating livelihoods and informal revenue streams for Ghana&#8217;s economy, even as it harms miners&#8217; health, pollutes waterways, destroys forests and cocoa farms, and fuels crime.



&#8220;It&#8217;s risky but I just want to survive,&#8221; said one of the men at the wildcat site visited by Reuters in the Prestea-Huni Valley district in western Ghana.



The 24-year-old accounting student, who asked not to be named because he was involved in illegal activities, said he had been skipping classes to prospect for gold because he needed the money, having lost his father as a teenager.



There was no professional protective equipment at the mine. Men wore flimsy plastic shopping bags on their heads. One had swimming goggles and another a rice bag covering his torso.



The unlicensed gold mining industry, known in Ghana as &#8220;galamsey&#8221;, has grown at a breakneck pace this year as global gold prices have risen by almost 30%, enticing new entrants.



Small-scale mines produced 1.2 million ounces of gold in the first seven months of this year, more than in the whole of 2023, according to data from Ghana&#8217;s mining sector regulator.



About 40% of Ghana&#8217;s total gold output comes from small mines, as opposed to concessions operated by multi-national firms. Some 70-80% of the small mines are unlicensed.



<h2 class="wp-block-heading" id="h-poisoned-profits">POISONED PROFITS</h2>



Martin Ayisi, head of Ghana&#8217;s Minerals Commission, the mining industry regulator, said most galamsey gold was smuggled out of the country and was therefore not contributing to national gold export revenues.



For Ayisi, the rise in gold prices is good for Ghana, helping it recover from a severe economic crisis in 2022 that required a $3-billion IMF bailout.



&#8220;We should be able to get a lot of money and probably exit the IMF programme earlier,&#8221; he said, forecasting national gold export revenues would more than double to $10 billion this year.



But industry experts say the lines between legal mining and galamsey are blurred, and gold from informal mines represents a larger proportion of revenues than the authorities acknowledge.



The dangers of galamsey, however, are not in dispute.



Dozens of miners have been killed in collapsing pits in recent years, according to news reports and human rights groups, while hospitals and health centres report high numbers of early deaths from pulmonary diseases of miners and residents of towns and villages near mines.



These are caused by inhaling dust that contains heavy metals such as lead, as well as poisonous fumes from the mercury and nitric acid the miners use to leach gold out of sediment.



The chemicals are then dumped on the ground or in rivers. Ghana&#8217;s water authority says mercury and heavy metals from mining have contaminated about 65% of water sources.



Meanwhile, thousands of hectares (acres) of cocoa plantations and virgin forest have been destroyed by illegal miners, according to data from Global Forest Watch, an online monitoring platform.



Protesters have taken to the streets in Accra in recent weeks to criticise President Nana Akufo-Addo&#8217;s government over what they saw as its failure to tackle these problems. &#8220;Leaders, you&#8217;ve failed us!&#8221; read some of the placards.



&#8220;Galamsey has to stop. We want to live long. We don&#8217;t want to fall sick. We don&#8217;t want to go to the hospital,&#8221; said Aboubacar Sadekh, who was taking part in a march on Sept. 22, draped in a Ghanaian flag.



The government denies that it is failing to act on galamsey. When he came to power in 2017, Akufo-Addo pledged to take action on the issue, and during his time in office the government has launched crackdowns, deploying soldiers to arrest illegal miners. In some cases, mining equipment was seized and destroyed.



<h2 class="wp-block-heading" id="h-organised-crime">ORGANISED CRIME</h2>



Opinion polls suggest galamsey is one of the top five issues for voters ahead of a Dec. 7 general election.



The main candidates to replace outgoing Akufo-Addo as president, Vice President Mahamudu Bawumia and former President John Mahama, have pledged to formalise galamsey, for example by funding a state agency to explore for gold and map areas for locals to mine.



But successive governments have been promising for years to tackle the problem without making much headway, partly because powerful people are benefitting from the industry, experts say.



Chris Aston, head of a British-backed programme aimed at regulating small-scale gold mining in Ghana, said artisanal miners were vulnerable to organised crime gangs, who provide them with funding for equipment up-front, unlike other lenders.



&#8220;Miner pre-financing is one way that organised crime groups can penetrate the gold supply chain,&#8221; he said. Funders then &#8220;require miners to sell the gold they mine back to them at a subsidised rate&#8221;.



Emmanuel Kwesi Anning, a security consultant based in Accra, said galamsey was fuelling an increase in gun-trafficking because those overseeing illegal mines sought armed protection against rivals or thieves.



He also said politicians and traditional rulers in some areas were taking a cut of galamsey profits, further entrenching the problem.



&#8220;It has become an elite consensus that they&#8217;ll not touch this business.&#8221;



Ghana&#8217;s information minister did not respond to requests for comments on the allegations of organised crime involvement, gun running and corruption.



A top official in the National Security Ministry, who did not wish to be named because they were not authorised to speak about the issue in public, said authorities were working to address the links between illegal mining, money laundering and gun trafficking.



(Reporting by Maxwell Akalaare Adombila; Editing by Estelle Shirbon and Frances Kerry)

Ghana’s wildcat gold mining booms, poisoning people and nature

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-820x547.jpg" alt="" class="wp-image-474646" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Central Bank of Nigeria&#8217;s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank is set to automate foreign currency trades from December, ditching a nearly decade-old over-the-counter trading system in a bid to enhance transparency and remove market distortions.



The Central Bank of Nigeria (CBN), seeking to boost liquidity in its currency markets, announced that the new system would &#8220;facilitate a market-driven exchange rate accessible to the public&#8221;. It also released new guidelines for players in the foreign exchange market.



&#8220;This development is expected to reduce speculative activities, eliminate market distortions and give the CBN improved oversight,&#8221; the bank said in a circular dated Oct. 2.



The CBN said a two-week test run would be carried out in November, without specifying the exact dates.



The transition comes against the backdrop of currency controls put in place by Nigeria in 2017 during the height of its economic crisis, when the CBN introduced multiple exchange rate regimes, including an over-the-counter trading system that masked weaknesses in the naira currency.



Lenders could only trade buy or sell orders from a customer under the old system, which restricted dollar supply and harmed the economy. With the new system, the CBN said it would publish real-time prices and buy/sell orders data.



LSEG data showed the naira at 1,634 to the dollar at 1240 GMT on Friday. The unit has hit record lows on both the official and parallel markets since the currency market was liberalised last year.



(Reporting by Chijioke Ohuocha; editing by Elisha Bala-Gbogbo and Mark Heinrich)

Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja

Nigeria’s central bank to automate FX trades from December

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg" alt="" class="wp-image-493882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas</figcaption></figure>



Oct 4 (Reuters)&nbsp;&#8211;&nbsp;International Monetary Fund staff and officials in Ghana have reached an agreement on their third review of the West African country&#8217;s $3 billion IMF loan programme, the fund said on Friday.



The West African gold and cocoa producer is nearing completion of a debt-restructuring process under the G20&#8217;s Common Framework initiative, after it defaulted on most of its $30 billion international debt in 2022.



&#8220;Ghana has made remarkable progress on its public debt restructuring,&#8221; the fund said in a statement, adding that the performance of the programme was &#8220;generally satisfactory.&#8221;



More than 90% of Ghana&#8217;s bondholders have approved an overhaul of $13 billion worth of Eurobonds, the government said on Thursday, following a deal with bilateral creditors in June.



&#8220;The authorities are committed to pursuing good-faith efforts to reach an agreement with other commercial external creditors,&#8221; the IMF said.



Once the staff-level agreement is approved by the IMF&#8217;s executive board, Ghana will have access to $360 million in financing, the fund said.



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



Ghana&#8217;s debt restructuring is expected to reduce its debt stock by $4.7 billion and provide cash flow relief worth a total of $4.4 billion during the period of the IMF programme, the government said in June.



&#8220;Economic growth in the first half of 2024 was much higher than initially envisaged,&#8221; said the IMF.



Ghana&#8217;s economy grew at the fastest pace in five years in the second quarter, government data showed, and policymakers have started to lower interest rates on signs that inflation is easing.



(Reporting by Alessandra Prentice and Duncan Miriri; Editing by Mark Potter and Hugh Lawson)

IMF logo is seen outside the headquarters building in Washington

IMF and Ghana reach staff-level deal on $3 bln loan programme review

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-820x539.jpg" alt="" class="wp-image-428505" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows Nigeria&#8217;s Central Bank headquarters in Abuja, Nigeria November 22, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;Nigerian private sector activity expanded for the second straight month in September as new orders rose, especially for chemical and pharmaceutical products, results of a central bank business survey showed on Friday.



The central bank&#8217;s purchasing managers index (PMI) of private-sector activity rose to 50.5 points from 50.2 points in August, above the 50 point line that denotes increases in activity.



The PMIs are one set of indicators the central bank&#8217;s monetary policy committee considers when it sets interest rates.



President Bola Tinubu&#8217;s reforms to the currency market and cutting of petrol and electricity subsidies have stoked inflation, eroding Nigerians&#8217; purchasing power.



The PMI report said 23 out of 36 sub-sectors reported growth in September, with cement posting the highest rise, while transportation and warehousing reported the biggest decline.



Non-metallic mineral products, petroleum and coal products were among the sectors that remained unchanged.



The central bank has hiked interest rates five times this year to tackle inflation, but analysts say this has raised the cost of borrowing for businesses with a negative impact on economic activity.



(Reporting by Chijioke Ohuocha, Editing by MacDonald Dzirutwe and Barbara Lewis)

FILE PHOTO: A view shows Nigeria’s Central Bank headquarters in Abuja

Nigeria’s private sector gets boost from new orders in September

<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/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-820x547.jpg" alt="" class="wp-image-537989" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk in front of closed shops as traders lock up their stores in protest of Ghana&#8217;s worsening economic conditions in Accra, Ghana October 19, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



NAIROBI/LONDON, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s investors have signed off on its proposal to restructure $13 billion worth of international bonds, the government said on Thursday, paving the way for the country to emerge from a painful 2022 debt default.



More than 90% of bondholders voted in favour of the plan, the government said in a regulatory news statement, calling it a &#8220;pivotal milestone&#8221;, adding that the new bonds would be issued as part of the debt restructuring on or around Oct. 9.



&#8220;Our economy has turned a corner,&#8221; Ghana&#8217;s President Nana Akufo-Addo said in a separate statement. &#8220;This will allow Ghana to stabilise our finances and focus all our efforts on continuing the implementation of the ambitious reform program to improve the well-being of the Ghanaian people.&#8221;



Ghana&#8217;s near completion of the debt restructuring process leaves Ethiopia as the only other country on the continent that is still working to overhaul its debt.



Ghana has secured investor approval of its bonds restructuring after data showed its economy expanded at the fastest pace in five years in the second quarter of this year. Inflation has also been falling, allowing policymakers to cut its benchmark interest rate last month, the first easing since January.



The West African gold and cocoa producer defaulted on most of its $30 billion of international debt in 2022, as the strain of the COVID-19 pandemic, war in Ukraine and higher global interest rates tipped it into crisis.



It secured an agreement in principle with two bondholder groups in June, paving the way for the exchange offer and consent solicitation.



The existing defaulted bonds will be swapped for a number of new instruments &#8211; including so-called &#8220;disco&#8221; bonds and a par bond option capped at $1.6 billion.



Ghana is restructuring its debt under the G20 Common Framework, which has seen Zambia and Chad also reach agreements.



Investors welcomed the results of the consent solicitation and bonds exchange.



&#8220;The overwhelming support from regional and international bondholders shows strong support of the Ghana&#8217;s economic reform programme,&#8221; said Samuel Sule, financial adviser to the regional bondholders group.



&#8220;The government can now, accordingly, focus on implementation and execution of programme including promoting economic growth and fiscal consolidation.&#8221;



(Reporting by Anait Miridzhanian, Duncan Miriri and Karin Strohecker; Editing by Toby Chopra and David Evans)

Ghana traders close shops to protest worsening economy

Ghana says bondholders have signed off on $13 bln debt overhaul

<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/MJMRAJTMFBIZJOSATPFJNDJSTQ-820x547.jpg" alt="" class="wp-image-537074" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Souvenir luggage tags are displayed at a Barrick Gold Corp at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren</figcaption></figure>



Sept 30 (Reuters) &#8211; Barrick Gold Corp and the Mali government have decided to find a resolution to existing claims and disputes over the Loulo and Gounkoto gold mines in the West African country, the company said on Monday.



The statement from the world&#8217;s second largest miner comes two days after the Malian government arrested four Barrick employees. The two parties have been negotiating a new mining contract that proposes to give Mali&#8217;s military-led authorities greater control over its resources. Mali is one of Africa&#8217;s biggest gold producers.



Barrick said the details&nbsp;of the agreement&nbsp;will be made public once terms of the settlement have been&nbsp;finalized.



Shares of Barrick were trading down by 2% on the Toronto Stock Exchange at 2:16 p.m ET (1816 GMT).



“The current negotiations have proved challenging but we’re encouraged by the government’s recognition of the importance of securing the long-term viability of the Loulo-Gounkoto complex as a substantial contributor to the Malian economy,&#8221; Barrick&#8217;s CEO, Mark Bristow, said in a statement.



The Mali government was not immediately available for comment.



In July Barrick said it had invested over $10 billion in the Malian economy over the past 29 years.



(Reporting by Felix Njini and Felix Bate; writing by Divya Rajagopal; editing by Jonathan Oatis and Leslie Adler)

Souvenir luggage tags are displayed at a Barrick Gold Corp at the PDAC annual conference in Toronto

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

<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/BIBGA53T4FPYJGRCIAXJPZCW74-820x547.jpg" alt="" class="wp-image-536804" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Farmers break cocoa pods at a cocoa farm in Soubre, Ivory Coast January 6, 2021. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ABIDJAN, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Most of Ivory Coast&#8217;s main cocoa regions received below-average rainfall last week but farmers on Monday said it was sufficient to boost development of the next October-to-March main crop.



The world&#8217;s top cocoa producer is in its rainy season, which runs from April to mid-November.



Most farmers said they were waiting for a new farmgate price to be set on Monday before selling their stocks of beans.



In the western region of Soubre and in southern region of Divo, where rains were above average last week, but also in the southern region of Agboville and in the eastern region of Abengourou, where rains were below average, farmers said more pods were ready to be harvested next month than in the same period last season.



However, farmers also voiced fears that heavy rainfall in October could damage bean quality.



&#8220;The plantations now need plenty of sunshine and average rainfall, otherwise there will be crop losses,&#8221; said Salame Kone, who farms near Soubre, where 33.3 millimetres (mm) fell last week, 12.9 mm above the five-year average.



In the west-central region of Daloa and in the central regions of Bongouanou and Yamoussoukro, where rains were below average last week, farmers said main crop harvesting would be significant in October and gradually increase until December.



&#8220;There are more and more workers on the plantations for harvesting because there&#8217;s so much cocoa,&#8221; said Albert N’Zue, who farms near Daloa, where 27.8 mm of rain fell last week, 1.8 mm below the five-year average.



Average temperatures across Ivory Coast ranged from 24.7 to 26.6 degrees Celsius.



($1 = 585.2200 CFA francs)



(Reporting by Loucoumane Coulibaly, Editing by Anait Miridzhanian and David Goodman)

FILE PHOTO: Farmers break cocoa pods at a cocoa farm in Soubre, Ivory Coast

Below-average rain sufficient for Ivory Coast cocoa crop, farmers say

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg" alt="" class="wp-image-536675" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Quareebullahi Ajenifuja, 12, and Joy Adeniji, 12, take notes together during class at Ilorin Grammar school, in Ilorin, Kwara state, Nigeria, March 26, 2021. REUTERS/Temilade Adelaj</figcaption></figure>



LAGOS, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday.



The World Bank is the largest lender to Nigeria, with more than $15 billion in loans at the end of March, data from the Debt Management Office showed.



The bank said in a statement that the money would help increase availability and effectiveness of financing for basic education and primary healthcare service delivery.



&#8220;The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,&#8221; the bank said.



Nigeria is among countries with the highest number of out of school children mainly due to insecurity, especially in the north of the country where a long-running Islamist insurgency and armed kidnapping gangs have caused havoc.



The World Bank said part of the money would be used to improve dam safety to protect people from floods.



Nigeria faces frequent flooding and this year up to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KT0SF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">a million people were affected</a>&nbsp;after a dam in northeastern Borno state burst.



More floods are expected in Nigeria after authorities in&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KO1PZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Cameroon started releasing water from a large dam</a>&nbsp;to prevent it from overflowing.



(Reporting by MacDonald Dzirutwe, editing by Ed Osmond)

FILE PHOTO: Two children take notes during class in Kwara state, Nigeria. March 2021.

World Bank approves $1.57 billion loan for Nigeria

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg" alt="" class="wp-image-491240" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><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</figcaption></figure>



ACCRA, Sept 27 (Reuters) &#8211; Ghana&#8217;s central bank on Friday slashed its main interest rate by 200 basis points to 27%, its first rate cut since January, as inflation continues to ease while economic recovery remains robust according to the governor.



Bank of Ghana Governor Ernest Addison told a news conference that economic trends suggest the disinflation process is on course, and price rises will continue to ease towards the short-term range target of 13% to 17% for the year.



&#8220;Such a strong signalling of the monetary policy rate by reducing it by 200 basis points tells you that the central bank is quite satisfied with the progress of recovery of this economy,&#8221; Addison said, adding that all economic indicators including growth, inflation and reserves are improving.



Bank of Ghana&#8217;s decision comes as central banks in major advanced economies have begun the much-anticipated policy easing cycle amid declining inflation rates, Addison added.



Economists polled by Reuters had forecast in July that Ghana&#8217;s interest rate would fall by 200 basis points by the end of the year.



&#8220;This easing of policy is understandable, given that the recent falls in inflation had caused real interest rates to rise, something that this cut will partially reverse,&#8221; said Leslie Dwinght-Mensah, economist and research fellow at Accra-based Institute for Fiscal Studies



He added that the strong rate of economic activity, which official data recently revealed, also gave the central bank the comfort to take this step.



&#8220;The Bank of Ghana also expressed confidence in fiscal policy being on track. This is unlikely therefore to pose a hurdle to November easing, should inflation continue to be well-behaved,&#8221; said Razia Khan, chief economist for Africa and the Middle East at Standard Chartered.



Ghana&#8217;s consumer inflation slowed to 20.4% year-on-year in August from 20.9% in July, but it remains well above the central bank&#8217;s medium-term target of 8% with a margin of error of 2 percentage points either side.



Growth recovered significantly to 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors as the gold, cocoa, and oil-producing nation continues to emerge from its worst economic crisis in a generation.



The governor announced that Ghana was set to launch a gold coin sale to attract more liquidity and offer more instruments to financial markets and investors who see gold as a safe haven.



The coin, which will be available for purchase through commercial banks, will be launched in two weeks, he added.



Ghana invited holders of roughly $13 billion of its international bonds to swap their holdings for new instruments after reaching a preliminary debt restructuring agreement with two bondholder groups.



Bondholders have until Sept. 30 to accept the offer.



(Reporting by Maxwell Akalaare Adombila; Writing by Anait Miridzhanian; Editing by Bate Felix and Andrew Cawthorne)

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Ghana central bank slashes key rate as inflation outlook improves

<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/LT2OJQDRHNOTNLDH6UAPLOQ7NU-820x547.jpg" alt="" class="wp-image-532934" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ghana&#8217;s former president and current main opposition National Democratic Congress (NDC) party presidential candidate John Dramani Mahama, 65, gestures as he and his wife Lordina Mahama attend a political campaign launch ahead of December polls, in Tamale, Ghana, July 27, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s Vice President Mahamudu Bawumia and ex-president John Dramani Mahama are among 13 candidates approved for the 2024 presidential poll, the electoral commission said on Friday.



Voters in the West African gold- and cocoa-producing nation head to the polls on Dec. 7 to elect a successor to President Nana Akufo-Addo, who will step down in January after serving the constitutionally mandated eight years.



Former president Mahama, 65, represents the main opposition National Democratic Congress (NDC) party and Bawumia, a 60-year-old economist and former central banker, was picked by Akufo-Addo&#8217;s ruling New Patriotic Party as its candidate.



No party has won more than two consecutive terms in government in Ghana&#8217;s democratic history.



The commission said it had also accepted the candidacies of Alan John Kwadwo Kyerematen, a former trade and industry minister who resigned from the ruling party to stand as an independent, Nana Kwame Bediako, a businessman competing for the first time for the top job, and Nana Akosua Frimpomaa, one of two women in the race.



On Tuesday, Mahama&#8217;s NDC party held nationwide protests against alleged irregularities, saying the electoral commission had illegally transferred voters to different voting stations without their knowledge.



The electoral commission said it would review a petition submitted by the party at the end of the demonstrations and provide a response in the coming days.



The allegations dent the electoral authority&#8217;s image when public confidence is low.



A July survey by pan-African research group Afrobarometer showed trust in Ghana&#8217;s electoral commission at an historic low since confidence polls started in 1999.



(Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Anait Miridzhanian;Editing by Ros Russell and Barbara Lewis)

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