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Apr
28
2021
By The African Mirror
Ivory Coast to boost local firms’ share in cocoa exports

Ivory Coast to boost local firms’ share in cocoa exports

BUSINESS
ANGE ABOA IVORY Coast will soon require 20% of cocoa purchases by multinational companies to be fulfilled by local firms in order to reduce foreign influence on the world's largest cocoa-exporting economy, four sources have told Reuters. President Alassane Ouattara is today expected to sign an order to enforce a 2012 law under which Ivorian cocoa exporters are meant to handle at least 20% of national cocoa output. The policy has gone largely unenforced until now. Every year the six major international players have used their greater financial muscle to buy and export all of the cocoa available, while local…
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Apr
27
2021
By The African Mirror
Mozambique battles to save $20-billion gas project

Mozambique battles to save $20-billion gas project

BUSINESS
SUDIP KAR-GUPTA FRENCH energy group Total will resume construction at its liquefied natural gas project in northern Mozambique when the security situation is guaranteed, the chairman of Mozambique's National Petroleum Institute has said. Carlos Zacarias was speaking after Total declared force majeure on the $20 billion project, following an insurgent attack on the nearby coastal town of Palma. He added that Mozambican authorities were working to restore "normal security conditions" so activities at the Total site could resume very soon and that Total had not completely abandoned the project. Total declared force majeure on its $20 billion liquefied natural gas…
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Jun
06
2021
By The African Mirror
World Bank pauses Mali payments

World Bank pauses Mali payments

BUSINESS
THE World Bank has announced that it had temporarily paused payments to operations in Mali following a military coup, while the man expected to become the new prime minister warned sanctions would only complicate the country's crisis. The Bank's actions add to pressure on Mali's military leadership after chief security ally France announced on Thursday it was suspending joint operations with Malian troops in order to press for a return to civilian rule. The military's overthrow of Mali's transitional president last week, its second coup in nine months, has drawn international condemnation and raised fears the political crisis will weaken…
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May
29
2021
By The African Mirror
IMF agrees three-year $1.5 billion extended credit facility for Congo

IMF agrees three-year $1.5 billion extended credit facility for Congo

BUSINESS
THE International Monetary Fund has made a staff-level agreement for a three-year $1.5 billion extended credit facility with the Democratic Republic of Congo to help the country recover from the coronavirus pandemic. The agreement requires approval from IMF management and by the IMF Executive Board. Despite an almost 10% expansion of Congo's extractive sector last year, the economy is estimated to have grown by only 1.7%, and is projected to expand by 4.9 percent in 2021, the IMF said in a statement. Congo is the world's largest producer of cobalt. Congo's battle with COVID-19 badly dented public finances, with inflation…
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Jun
02
2021
By The African Mirror
World Bank chief says $12 bln in vaccine funds available, need to speed supplies

World Bank chief says $12 bln in vaccine funds available, need to speed supplies

BUSINESS
THE World Bank now has $12 billion in COVID-19 vaccine financing available and will have approved vaccination financing operations in over 50 countries by the end of June, the development lender's president, David Malpass, said on Tuesday. Malpass told a joint news conference with the World Health Organization, the International Monetary Fund and the World Trade Organization that it was "vital that we speed up the supply chain for vaccine distribution," including shortening the manufacturing time, approvals and allocations of doses that have already been produced.
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May
27
2021
By The African Mirror
Congo earthquake disrupts tin ore exports

Congo earthquake disrupts tin ore exports

BUSINESS
PRATIMA DESAI and HELEN REID AN earthquake in Goma, a city in Democratic Republic of Congo near the border with Rwanda, is delaying exports of tin ore from mineral-rich North Kivu province, two sources with direct knowledge have told Reuters. This is likely to exacerbate shortages of the soldering metal, prices of which last week touched 10-year highs at $30,650 a tonne. The sources said tin ore producers have been unable to obtain the permits they need to export the material because government offices in Goma, North Kivu's capital city, are shut due to the earthquake, which destroyed several buildings…
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May
26
2021
By The African Mirror
IMF to approve $1.6-billion for Egypt

IMF to approve $1.6-billion for Egypt

BUSINESS
THE International Monetary Fund expects to provide an additional $1.6 billion in financing to Egypt after its executive board approves the funding in coming weeks. The IMF said its staff reached an agreement with Egyptian authorities about the additional funding after a second and final review of Egypt's economic program and a $5.2 billion 12-month stand-by arrangement. "Egypt's economy has shown resilience, with the impact of the COVID-19 crisis mitigated by the authorities' swift, and balanced policy response," the IMF said in a statement. It said Egypt's fiscal and monetary policies should continue to support the economic recovery, and called…
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May
21
2021
By The African Mirror
COVID-hit Namibia makes second bid to auction off fisheries quota

COVID-hit Namibia makes second bid to auction off fisheries quota

BUSINESS
NAMIBIA’S government will have a second go at auctioning off part of its horse mackerel fish quota to raise money for its coronavirus-hit coffers after the first sale flopped, a prospectus showed yesterday. The ministries of finance and fisheries were inviting bids for a June 18 auction of the 87,500 metric tonne quota of the country's horse mackerel fisheries normally reserved for state-owned Fishcor, the paper said. "The purpose of the auction is to raise revenue for government expenditure," finance ministry spokesman Tonateni Shidhudhu said. Namibia's first auction staged in August last year was a disappointment after bidders stumped up…
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May
20
2021
By The African Mirror
France, African leaders push to redirect $100 bln in IMF SDR reserves by October

France, African leaders push to redirect $100 bln in IMF SDR reserves by October

BUSINESS
JOHN IRISH FRENCH President Emmanuel Macron said a summit in Paris on Africa financing had agreed to work towards persuading rich nations by October to reallocate $100 billion in IMF special drawing rights monetary reserves to African states. Impoverished African economies must not be left behind in the post-pandemic economic recovery and a substantial financial package is needed to provide much-needed economic stimulus, African and European leaders concluded at a summit in Paris. In the immediate term, that meant accelerating the COVID-19 vaccine rollout and creating the fiscal breathing room for African nations, which will face a spending shortfall of…
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