<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/AUSW6HXCHFMV3AF2XXI6W5XBPA-820x462.jpg" alt="" class="wp-image-421094" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/AUSW6HXCHFMV3AF2XXI6W5XBPA-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/AUSW6HXCHFMV3AF2XXI6W5XBPA-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/AUSW6HXCHFMV3AF2XXI6W5XBPA-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/AUSW6HXCHFMV3AF2XXI6W5XBPA-768x433.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/AUSW6HXCHFMV3AF2XXI6W5XBPA-1536x866.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/AUSW6HXCHFMV3AF2XXI6W5XBPA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Coffee producers sift through dried beans at Mozambique&#8217;s Mount Gorongosa, in Sofala Province of central Mozambique, October 21, 2022. REUTERS/ Emidio Jozine</figcaption></figure>



MOUNT GORONGOSA, Mozambique, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;Park warden Pedro Muagura sees hope for the future as he picks a ripe handful of cherry red coffee beans from a more resistant variety of coffee trees introduced to communities farming around Mozambique&#8217;s Gorongosa National Park.



The prospect of a more reliable harvest from the crop, which thrives in the shade of indigenous trees, has given people living around Gorongosa a longer-term incentive to protect a rainforest that has lost more than 100 hectares of tree cover per year over the past four decades.



Gorongosa is still recovering from a civil war that killed about 1 million people between 1977 and 1992.



The park, once considered one of Africa&#8217;s finest, became a conflict site and lost almost all of its wildlife.



Population growth and urbanisation in surrounding communities undermined restoration efforts as remaining animals were poached and forests cut down for firewood, agriculture and housing.



&#8220;We realised that if we keep talking as a park, keep talking that we need to do reforestation without having immediate tangible benefits &#8230; (progress) was very slow,&#8221; Muagura said.



Gorongosa Park&#8217;s sustainable development department has been studying coffee tree varieties from around the world that are resistant to pests, disease, drought and prolonged rainy seasons. It planted up the variety Muagura was looking at in 2020.



Weather patterns have grown increasingly erratic in Mozambique, where climate shocks including repeated cyclones have offset livelihoods in one of the world&#8217;s poorest countries.



&#8220;Sometimes (there is a) very long rainy season, sometimes very short,&#8221; Muagura said. &#8220;We want to try to have species which can cope.&#8221;



Last year, communities around Gorongosa planted more than 260,000 coffee trees and 20,000 indigenous trees.



The park now has 815,000 coffee trees planted over 243 hectares of land.



More than 800 small-scale farmers, 40% of who are women, pick the green coffee, dry the beans and sell them.



&#8220;I have gained a lot. I am able to send my children to school, and even though sometimes we experience drought with coffee we are always harvesting and having money,&#8221; said Fatiansa Pauline, who is now permanently employed by the coffee project.



(Reporting by Sisipho Skweyiya and Emidio Jozine; Writing by Sofia Christensen; Editing by Alison Williams)

Trees and tech help to reverse Gorongosa park’s nature losses

Climate-resistant coffee trees could save Mozambique rainforest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1241890022-820x553.jpg" alt="" class="wp-image-421028" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1241890022-820x553.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1241890022-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1241890022-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1241890022-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1241890022-1536x1036.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1241890022-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>HONG KONG, CHINA &#8211; 2022/07/13: Pedestrians walk past the British multinational banking and financial services company Standard Chartered branch in Hong Kong. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



KAMPALA, Nov 3 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s lawmakers have approved a request by the government to allow it to borrow $464 million from Standard Chartered Bank&nbsp;STAN.L&nbsp;and other international lenders to help finance infrastructure development, parliament said on Thursday.



&#8220;The House has approved a request to borrow to $464.13 million from Standard Chartered Bank and other finance institutions,&#8221; parliament said in a Tweet.



The money was a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31X4TI&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">syndicated loan</a>&nbsp;put together by Standard Chartered and two Middle East lenders, Abu Dhabi Fund for Economic Development and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIIE).



The borrowing is likely to stoke fresh worries about Uganda&#8217;s ability to repay its rapidly expanding debt. As a percentage of gross domestic product, its public debt is now just shy of 50%, according to finance ministry data.



The finance ministry has previously said it accepted the credit offer from Standard Chartered and its partners because it was better than bids from competitor lenders or borrowing from the local debt market.



Uganda&#8217;s total public debt ballooned to $21 billion at the end of December last year from about $18 billion in the previous period, according to finance ministry data.



(Reporting by Elias Biryabarema in Kampala; Editing by Hereward Holland and Matthew Lewis)

Pedestrians walk past the British multinational banking and

Ugandan lawmakers sign off on $464 million infrastructure loan

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-820x547.jpg" alt="" class="wp-image-420995" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242149589-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>NAIROBI, KENYA &#8211; 2022/07/27: A Kenya Airways plane seen parked at the parking bay of the Jomo Kenyatta International Airport in Nairobi. (Photo by John Ochieng/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



NAIROBI, Nov 3 (Reuters)&nbsp;&#8211;&nbsp;Scheduled Kenya Airways flights were taking off as planned on Thursday morning, hours after the expiry of a strike notice by the pilots union, an airline source and the union told Reuters.



KALPA, a union that represents more than 400 pilots at the carrier&nbsp;KQNA.NR, issued a notice that was set to trigger a strike at midnight on Wednesday,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31Y5QM&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">drawing the wrath</a>&nbsp;of the airline&#8217;s management and board.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31Y5QM&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The pilots did not immediately start the strike, said Muriithi Nyaga, the general secretary of the union.



&#8220;We are still negotiating,&#8221; he told Reuters, adding that they were set to talk with government officials. The Kenyan government owns close to half of the airline.



If the strike had gone ahead, it would affect thousands of passengers and cost the airline 300 million shillings ($2.47 million) a day, Kenya Airways said this week.



($1 = 121.3500 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by George Obulutsa and Tomasz Janowski)

A Kenya Airways plane seen parked at the parking bay of the

Kenya Airways flights proceed as scheduled, pilots say in talks

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND.jpeg" alt="" class="wp-image-409992" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND-140x80.jpeg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021.
David Paul Morris | Bloomberg | Getty Images</figcaption></figure>



ABU DHABI/KAMPALA, Nov 2 (Reuters)&nbsp;&#8211;&nbsp;Uganda aims to start commercially pumping its oil reserves in April 2025, with China being considered as a potential source of funds to develop an export pipeline, Uganda&#8217;s energy minister said on Tuesday.



Although Ugandan officials have previously mentioned 2025 as the year for commencement of production, it is the first time they are being specific on the month.



&#8220;I hope that by April 2025 we shall see the first oil,&#8221; Ruth Nankabirwa Ssentamu said at a conference in Abu Dhabi.



Uganda and Tanzania are also confident they will secure funding for a planned crude export pipeline, she said, adding Tanzania president, Samia Suluhu Hassan was expected to travel to China soon &#8220;in search for, you know, the completion of the mobilisation of resources. And I know that we will get money.&#8221;



&#8220;China is always ready,&#8221; she said when asked if the money would come from China. &#8220;China is always ready and I want to encourage Europe, I want to encourage America to (also)&#8230; invest in Uganda.&#8221;



In February TotalEnergies&nbsp;TTEF.PA&nbsp;and its partner China National Offshore Oil Corporation&nbsp;0883.HK&nbsp;reached a final&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2UC0I5&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">investment decision</a>&nbsp;to develop Uganda&#8217;s oil fields in the country&#8217;s west.



Uganda&#8217;s President Yoweri Museveni has criticised the&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30Y2TF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">European Union parliament</a>&nbsp;after it passed a resolution urging TotalEnergies to delay development of the pipeline by a year to explore an alternative route or alternative renewable energy projects.



(Reporting by Alex Lawler; Writing by Elias Biryabarema Editing by Hereward Holland and James Macharia Chege)

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Uganda says first oil in April 2025, eyes China for pipeline funding

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/A52ZVG2EGRIMLHKQMSGX33WHYI-820x576.jpg" alt="" class="wp-image-420970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/A52ZVG2EGRIMLHKQMSGX33WHYI-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/A52ZVG2EGRIMLHKQMSGX33WHYI-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/A52ZVG2EGRIMLHKQMSGX33WHYI-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/A52ZVG2EGRIMLHKQMSGX33WHYI-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/A52ZVG2EGRIMLHKQMSGX33WHYI.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Reuters</figcaption></figure>



NAIROBI, Nov 2 (Reuters)&nbsp;&#8211;&nbsp;A power outage has hit parts of the Kenyan capital Nairobi,&nbsp;central and&nbsp;coast regions due to a system disturbance,&nbsp;the country&#8217;s sole electricity distributor&nbsp;Kenya Power&nbsp;KPLC.NR&nbsp;said on Wednesday.



The company, which buys the bulk of its power from Kenya Electricity Generating Company&nbsp;KEGN.NR, did not give more details on what led to the outage but said it was working to restore electricity to the affected areas.



&#8220;We are working &#8230; to restore the power supply as soon as possible,&#8221; it said in a statement, adding the disruption started at&nbsp;1109 local time (0809 GMT).



In January, Kenya experienced a nationwide blackout after a high voltage transmission line connecting&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2TR0L5&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">the capital broke</a>.



Later that month, three senior managers Kenya Power were charged with sabotage and&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2U41GY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">negligence over the outage</a>.



(Reporting by George Obulutsa; Editing by James Macharia Chege)

A52ZVG2EGRIMLHKQMSGX33WHYI

Power outage hits parts of Kenyan capital, two other regions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1244135566-820x547.jpg" alt="" class="wp-image-420782" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1244135566-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1244135566-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1244135566-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1244135566-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1244135566-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1244135566-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>TOPSHOT &#8211; A man waves an Ethiopian flag as he join others gathering in Addis Ababa, Ethiopia, on October 22, 2022 during a demonstration in support of Ethiopia armed forces. &#8211; Tigray&#8217;s rebel authorities said Friday they would attend talks next week aimed at ending war in Ethiopia, as Prime Minister Abiy Ahmed vowed fighting &#8220;will end and peace will prevail&#8221;. The government has also said it would participate in negotiations in South Africa on Monday being organised by the African Union, as diplomatic pressure mounts for a settlement to almost two years of bloodshed. (Photo by Amanuel Sileshi / AFP) (Photo by AMANUEL SILESHI/AFP via Getty Images)</figcaption></figure>



JOHANNESBURG, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;The first formal peace talks aimed at ending two years of war between the Ethiopian army and forces from the country&#8217;s northern region of Tigray started in South Africa on Tuesday and will end on Sunday, the South African government said.



At stake is an opportunity to end a conflict that has killed thousands, displaced millions and left hundreds of thousands on the brink of famine in Africa&#8217;s second most populous nation, destabilising the wider Horn of Africa region.



The talks, mediated by the African Union, begin as the government has been making significant gains on the battlefield, capturing several large towns in Tigray over the past week.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N31J0JP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The government offensive, conducted jointly with allied troops from neighbouring Eritrea, has raised fears of further harm to civilians, leading African, U.S. and European leaders and even Pope Francis to call for a ceasefire and urgent talks.



South Africa &#8220;hopes the talks will proceed constructively and result in a successful outcome that leads to lasting peace for all the people of our dear sister country Ethiopia,&#8221; said Vincent Magwenya, spokesman for South African President Cyril Ramaphosa.



The African Union mediation team is led by former Nigerian president Olusegun Obasanjo, supported by former Kenyan president Uhuru Kenyatta and former deputy president of South Africa Phumzile Mlambo-Ngcuka.



The conflict stems from grievances dating back to a period during which the Tigray People&#8217;s Liberation Front (TPLF), a rebel movement-turned-political party, dominated Ethiopia&#8217;s ruling coalition.



Since that coalition lost power at the national level in 2018, the TPLF, still powerful in its northern stronghold, fell out with the federal government led by Prime Minister Abiy Ahmed.



The government has accused the TPLF of seeking to restore its national dominance, which it denies, while the TPLF has accused the Abiy government of oppressing Tigrayans and over-centralising power, which it denies.



The Tigrayan delegation has said its focus at the talks in South Africa would be on an immediate cessation of hostilities, unfettered access to Tigray for humanitarian aid, and the withdrawal of Eritrean forces.



The government has said it views the talks as an opportunity to resolve the conflict and &#8220;consolidate the improvement of the situation on the ground&#8221;, apparently a reference to its military advances in Tigray.



The war has compounded other serious problems in Ethiopia including a drought, the worst in four decades, that has caused a food crisis and damaged the economy.



(Reporting by Anait Miridzhanian and Bhargav Acharya; Writing by Estelle Shirbon; Editing by Bernadette Baum)

TOPSHOT-ETHIOPIA-UNREST-DEMO

Ethiopia peace talks start in South Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/UG2CJXXF5ZMAJAPHQ5UYZO7IRY.jpg" alt="" class="wp-image-420746" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/UG2CJXXF5ZMAJAPHQ5UYZO7IRY.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/UG2CJXXF5ZMAJAPHQ5UYZO7IRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/UG2CJXXF5ZMAJAPHQ5UYZO7IRY-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>Addis Ababa police officers holding the Ethiopian national flags, in Addis Ababa, Ethiopia, June 19, 2021. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;An Ethiopian government delegation and rival Tigray forces were due to meet in South Africa for the first formal peace talks since war broke out two years ago.



The talks will take place as Ethiopian forces and their allies make significant battlefield gains in the northern Tigray region, where they have captured&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31J1ML&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">several large towns</a>&nbsp;in the past week.



The war is rooted in a power struggle between the federal government and Tigray authorities, who led the country&#8217;s ruling coalition until Abiy Ahmed became prime minister in 2018.



The conflict has killed thousands, displaced millions and left hundreds of thousands on the brink of famine.



Ethiopia&#8217;s government said in a statement its delegation had left for South Africa to participate in the talks, which are being mediated by the African Union.



&#8220;The Government of Ethiopia views the talks as an opportunity to peacefully resolve the conflict and consolidate the improvement of the situation on the ground,&#8221; it said.



Kindeya Gebrehiwot, a spokesman for the Tigray forces, said the Tigrayan delegation had already arrived.



He said on Twitter the focus of the talks would be on immediate cessation of hostilities, unfettered humanitarian access, and the withdrawal of Eritrean forces, who have fought alongside Ethiopian federal troops during the conflict.



The Tigray delegation is being led by one of its top generals, Tsadkan Gebretensae, and spokesman Getachew Reda, an official familiar with the talks told Reuters.



The delegation arrived on Sunday on a U.S. military aircraft, accompanied by the U.S. special envoy to the Horn of Africa, the official said.



Both sides had committed to the talks in South Africa earlier this month, but they were delayed for&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AN6N2X401A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">logistical reasons</a>.



(Reporting by Nairobi Newsroom; Editing by Alexander Winning)

UG2CJXXF5ZMAJAPHQ5UYZO7IRY

Ethiopia government, Tigray forces to meet for first peace talks since conflict began

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3206470630_fa29d3d824_b-820x545.jpg" alt="" class="wp-image-420695" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3206470630_fa29d3d824_b-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3206470630_fa29d3d824_b-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3206470630_fa29d3d824_b-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3206470630_fa29d3d824_b-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3206470630_fa29d3d824_b.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Flickr</figcaption></figure>



CAPE TOWN, Oct 21 (Reuters)&nbsp;&#8211;&nbsp;Mozambique expects to ship its first liquefied natural gas (LNG) exports to Europe from the Eni-operated Coral Sul floating plant later this month or early November, petroleum regulator INP said on Friday in a supply boost for the energy-starved region.



BP&#8217;s&nbsp;BP.L&nbsp;LNG tanker, British Sponsor, has already arrived offshore northern Mozambique, said Welligence Energy Analytics in a note, with all of Coral Sul&#8217;s annual gas output of 3.4 million tonnes contracted to BP for 20 years on a free-on-board basis.



&#8220;Regarding the LNG export, it will be for European markets since BP is committed to take the gas resources to Europe,&#8221; said the National Petroleum Institute (INP) in an emailed response to Reuters.



The new LNG cargoes will help alleviate a tight global LNG market and gas shortages in Europe as winter looms following Moscow&#8217;s February invasion of Ukraine and Russia&#8217;s later decision to curb gas pipeline supplies into major European Union economies.



As part of its exploration activity offshore Mozambique, Eni discovered Coral South gas field in 2012 and took its final investment decision in 2017, pledging to start producing gas using a floating LNG plant after five years.



Thanks to a fast-track strategy led by CEO Claudio Descalzi, Eni has been able to stick to its original schedule despite the pandemic and supply chain issues.



The exports from Mozambique, which neighbours South Africa, will help transform its economy as billions of dollars pour into the country to develop massive offshore gas fields in its deepwater Rovuma basin.



But a sustained violent insurgency inland with links to Islamic State has scared off investors, as French oil major TotalEnergies last year declared force majeure on its $20 billion LNG project amid rising attacks in the north of Cabo Delgado province.



The five-year old conflict has claimed more than 4,000 lives and displaced around one million people said the World Bank, which expects economic growth to accelerate in the medium term, averaging 5.7% between 2022 and 2024, as LNG production starts.



In January, TotalEnergies CEO Patrick Pouyanne said on a visit to Mozambique that he hoped to restart its Afungi project this year, although INP said the company&#8217;s return would likely be next year, depending on security assessments.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UB5G5&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;We are satisfied with the improvement of stability in Cabo Delgado Province &#8230; We are expecting Total to return by next year,&#8221; INP said on Friday.



The regulator said ExxonMobil, which had indicated it would only resume a final investment decision on its own LNG project in Area 4 of the Rovuma basin once Total had lifted its force majeure, was also seen returning to its project early in 2023.



&#8220;This also means that we won&#8217;t have stranded resources in Rovuma Basin at the same time that we know that natural gas is playing an important role as an energy for transition,&#8221; it said.



INP will launch a new oil and gas licensing round next year with details still to be worked out. The winners of the current 6th bidding auction is on track to be announced on Dec. 30, it added.



(Reporting by Wendell Roelf; additional reporting by Francesca Landini in Milan; Editing by Mark Potter)

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Mozambique’s first LNG exports to Europe seen by early November

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/oil.jpeg" alt="" class="wp-image-413529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/oil.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/oil-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/oil-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /></figure>



CAPE TOWN, Oct 20 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s national oil company (UNOC) expects to secure the funding for a $5 billion crude pipeline that the European Union is opposed to, by early next year, UNOC&#8217;s chief executive told Reuters on Thursday.



In February, TotalEnergies&nbsp;TTEF.PA&nbsp;and its partner China National Offshore Oil Corporation&nbsp;0883.HK&nbsp;signed a final investment decision with Uganda and Tanzania to kick-start investments worth more than $10 billion to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31B292&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">produce and export</a>&nbsp;Uganda&#8217;s crude.



Part of that investment will involve&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30Y2TF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">a $5 billion pipeline</a>, criticized by the EU which has passed a parliamentary resolution seeking to delay the project, that will help ship landlocked Uganda&#8217;s crude to world markets via a port on Tanzania&#8217;s Indian Ocean coast.



The EU resolution warns that the pipeline and associated infrastructure would displace about 100,000 people, jeopardise water resources and endanger protected marine areas in Tanzania.



&#8220;We haven&#8217;t yet attained financial close for EACOP but anticipate this will be attained by Q1 2023. The cost of the project is about $5 billion,&#8221; Proscovia Nabbanja, chief executive of UNOC said on the sidelines of an African energy conference in Cape Town.



She said the project is financed at a debt-to-equity ratio of 60/40 and UNOC&#8217;s share of the funding stood at around $308 million, which the ministry of finance has committed to pay.



Nabbanja said due diligence has been conducted and there was a lot of appetite from lenders to invest in the project. She did not divulge who the potential lenders might be.



&#8220;All the interventions have been put in place to make sure we curb emissions, the IFC standards and Equator Principles have been adapted and the due diligence that was done by the lenders, the appetite still does exist to secure the $3 billion debt component&#8221;, she said.



(Reporting by Wendell Roelf; Editing by Elaine Hardcastle)

Uganda expects to secure $5 bln oil pipeline funding early 2023

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-820x547.jpg" alt="" class="wp-image-419784" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Kenya&#8217;s President-elect William Ruto speaks after the Supreme Court upheld his win in Nairobi, Kenya September 5, 2022. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Oct 18 (Reuters)&nbsp;&#8211;&nbsp;Kenya plans to use cheaper loans from agencies such as the World Bank to allow it to retire expensive domestic loans and create funds for much-needed spending on items like food, the nominee to the post of finance minister said on Tuesday.



President William Ruto, who was sworn into office last month, is facing serious economic challenges like drought and a surge in prices of basic commodities, at a time when the East African nation is spending a huge share of government revenue on servicing debt.



&#8220;We may need concessionary borrowing which will help us to retire some of the very expensive domestic debt,&#8221; Njuguna Ndung&#8217;u, who is Ruto&#8217;s nominee to the post of finance minister, told a parliamentary panel vetting his appointment for approval.



Concessionary debt is normally provided by lenders like the World Bank and the African Development Bank. Ndung&#8217;u, who served as the central banker between 2007-2015, did not give details of the amounts they will borrow on concessionary terms.



Total public debt stands at almost 70% of gross domestic product, after years of a debt-fuelled infrastructure expansion drive.



Once the government cuts the high cost of servicing domestic debt, it will secure room to provide food to the poor, and start to &#8220;signal&#8221; fiscal consolidation, he said.



If his nomination is approved, Ndung&#8217;u will be sworn into office in the next two weeks. Parliament is controlled by Ruto&#8217;s coalition so it is likely to approve his appointment, along with 21 other cabinet nominees who are also being grilled this week.



Ndung&#8217;u said the economic situation was &#8220;terrifying&#8221; but added that the government has no choice but to press ahead with other plans, including development of the local financial market, even as it deals with the debt and high costs of living crisis.



The government plans to sell shares of 5-10 mature public companies on the Nairobi bourse in the next 12 months, Ruto said last week.



(Reporting by Duncan Miriri; Editing by Alexandra Hudson)

Kenya’s top court to deliver verdict on disputed presidential election

Kenya’s proposed finance minister says to re-profile debt load

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F3NO4VQL3NKS7HZC62IQ66OCFY-820x547.jpg" alt="" class="wp-image-420571" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F3NO4VQL3NKS7HZC62IQ66OCFY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F3NO4VQL3NKS7HZC62IQ66OCFY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F3NO4VQL3NKS7HZC62IQ66OCFY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F3NO4VQL3NKS7HZC62IQ66OCFY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/F3NO4VQL3NKS7HZC62IQ66OCFY.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A security guard wearing a protective mask stands outside the headquarters of the International Monetary Fund during the group&#8217;s Annual Meetings in Washington, U.S., October 12, 2022. REUTERS/James Lawler Duggan</figcaption></figure>



WASHINGTON, Oct 17 (Reuters)&nbsp;&#8211;&nbsp;International Monetary Fund staff on Monday reached a staff-level agreement with Somalia that will allow the release of about $10 million to the East African country, once approved by the board, the head of the IMF mission told Reuters.



IMF mission chief Laura Jaramillo said the deal came after an in-person review of Somalia&#8217;s Extended Credit Facility in Nairobi, Kenya. She praised authorities for sticking to economic reforms despite a prolonged drought, the impact of Russia&#8217;s war in Ukraine and continued security concerns.



The IMF&#8217;s board is expected to review the staff-level agreement in early December, Jaramillo said.



If Somalia continues to make steady progress on reforms, it could reach the completion point of the Heavily Indebted Poor Countries (HIPC) global debt forgiveness process by late 2023, which would allow Somalia to pare its debt to around $550 million from $5.2 billion, Jaramillo said.



&#8220;That would be a tremendous milestone,&#8221; she said, noting it would reduce Somalia&#8217;s debt to around 7% of gross domestic product from around 90% now.



It would also open up new sources of financing for Somalia, a big help as the country works to implement development programs and promote growth and employment. One pillar of the country&#8217;s economic reforms would be to improve domestic revenue, including through enhancing collection of sales taxes.



The IMF said Somalia still needed continued and immediate support from international partners given the current severe food crisis, but also needed to work on building longer-term resilience to climate shocks.



Somalia&#8217;s outlook remained clouded, with GDP growth for 2022 projected at 1.9%, down from 2.9% in 2021, and inflation projected to reach 9% from 4.6% in 2021, the IMF said.



Near-term risks were elevated, including a worsening of the food crisis that already has 4.3 million people facing acute food insecurity, if healthy rains do not resume in 2022 or if commodity prices rise further, it said.



(Reporting by Andrea Shalal in Washington; Editing by Matthew Lewis)

F3NO4VQL3NKS7HZC62IQ66OCFY

IMF reaches staff agreement with Somalia, eyes debt forgiveness in late 2023

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg" alt="" class="wp-image-420118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The new economic measures laid out by the U.K. government “will likely increase inequality”, according to a spokesperson from the International Monetary Fund.
Yuri Gripas | Reuters</figcaption></figure>



ACCRA, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s finance ministry has formed a five-member committee with the Bank of Ghana to lead discussions with the financial services industry concerning an International Monetary Fund (IMF) programme, it said in a statement on Tuesday.



The goal of the committee is to &#8220;ensure orderliness and confidence in the government&#8217;s ongoing negotiations with the IMF,&#8221; the statement said.



A similar engagement will be undertaken with external bondholders, it added.



An IMF team visited Ghana last week for talks about a potential loan programme after the West African country requested support. It said discussions were constructive but that more work was needed on a debt-sustainability analysis.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3184P0&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Christian Akorlie; Writing by Nellie Peyton; Editing by Estelle Shirbon)

107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico

Ghana finance ministry, central bank form committee for talks on IMF programme

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3K3NVNLH6RKVLH3MJ6MSQ7DGRI-820x547.jpg" alt="" class="wp-image-420429" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3K3NVNLH6RKVLH3MJ6MSQ7DGRI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3K3NVNLH6RKVLH3MJ6MSQ7DGRI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3K3NVNLH6RKVLH3MJ6MSQ7DGRI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3K3NVNLH6RKVLH3MJ6MSQ7DGRI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/3K3NVNLH6RKVLH3MJ6MSQ7DGRI.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The International Monetary Fund Managing Director, Kristalina Georgieva, speaks at a conference in Riyadh, Saudi Arabia, October 3, 2022. REUTERS/Ahmed Yosri</figcaption></figure>



WASHINGTON, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;International Monetary Fund Managing Director Kristalina Georgieva on Monday said she hoped debt restructuring efforts for Zambia and Chad could be completed by the end of the year, which would pave the way for more countries to seek help.



Georgieva,&nbsp;speaking with&nbsp;civil society groups&nbsp;at the start of the annual IMF and World Bank meetings, said&nbsp;a Group of 20&nbsp;initiative launched in late 2020 had been&nbsp;slow to become operational, but she was upbeat about the cases of Chad and Zambia, who together with Ethiopia were the first to request help.



Georgieva said the IMF was pressing for more predictability and timely resolution of requests for help under the G20 Common Framework. It was also critical to expand the framework to include middle-income countries, she said.



The IMF was also working on how to include collective action clauses in debt contracts being signed today that would allow immediate suspension of debt service payments if a country experienced a climate shock, she said.



IMF and World Bank officials have repeatedly singled out China, the biggest creditor to many African countries, and private sector creditors for dragging their feet on reducing countries&#8217; debt burdens.



The&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3183N3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Zambian government</a>&nbsp;on Friday told investors it hoped it would agree debt relief terms with official creditors by the end of the year or early 2023.



Zambia was the first African country to default during the COVID-19 era as it struggled with debt that reached 133% of GDP at the end of 2021. The IMF estimates that Zambia needs $8.4 billion of &#8220;cash debt relief&#8221; &#8211; cutting both interest payments and loan repayments &#8211; from 2022 to 2025.



The fund in late August approved a $1.3 billion, three-year loan to Zambia, a crucial step in the southern African country&#8217;s quest to restructure its debts.



<a href="https://www.reutersconnect.com/all?search=all%3AL1N31B0LR&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Chad&#8217;s creditors</a>&nbsp;are close to reaching a debt relief agreement, a French Finance Ministry source said on Monday.



(Reporting by Andrea Shalal; Editing by Andrea Ricci)

3K3NVNLH6RKVLH3MJ6MSQ7DGRI

IMF chief Georgieva aims to complete Zambia, Chad debt restructuring by year-end

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="501" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/CUS4P52NF5KXTNK7JQTWJ64Z3Q.jpg" alt="" class="wp-image-420382" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/CUS4P52NF5KXTNK7JQTWJ64Z3Q.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/CUS4P52NF5KXTNK7JQTWJ64Z3Q-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/CUS4P52NF5KXTNK7JQTWJ64Z3Q-131x90.jpg 131w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>Safaricom Ethiopia employees walk past a billboard during the Safaricom ceremony to officially launch its operations in Ethiopia, in Addis Ababa, Ethiopia, October 6, 2022. REUTERS/Tiksa Negeri</figcaption></figure>



NAIROBI, Oct 7 (Reuters)&nbsp;&#8211;&nbsp;Shares of Kenyan telecoms operator Safaricom&nbsp;SCOM.NR&nbsp;surged more than 9% on Friday after it secured a mobile financial services licence in Ethiopia, market participants said.



Ethiopia&#8217;s Finance Minister Ahmed Shide said on Thursday his country had given Safaricom the licence in one of Africa&#8217;s largest telecoms markets as the company formally switched on the first privately-operated network in the country.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3171JI&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;It (licence) will bring the break-even period forward by approximately two years,&#8221; said Lisa Kimathi, an investment analyst at Standard Investment Bank.



It would have taken Safaricom, whose partners include South Africa&#8217;s Vodacom&nbsp;VODJ.J&nbsp;and Britain&#8217;s Vodafone&nbsp;VOD.L, five years to break even without a mobile money licence, but now it could take three years, Kimathi said.



Safaricom&#8217;s main competitor, the state-run Ethio Telecom, launched a mobile phone-based financial service called Telebirr last year, to boost growth by offering cashless transactions.



Telebirr is now used by millions of subscribers but Kimathi said Safaricom&#8217;s M-Pesa financial services platform could seize the lead.



M-Pesa was among the world&#8217;s first mobile transfer services in 2007. It has since evolved to a fully fledged financial service offering payments services, savings and credit in several African nations.



Safaricom executives said they also see huge opportunities in Ethiopia to provide internet access.



Ethiopia&#8217;s telecoms industry is considered the big prize in Prime Minister Abiy Ahmed&#8217;s push to liberalise the economy after he took over in 2018, thanks to a large population of 110 million.



Abiy&#8217;s efforts to attract investment have, however, been damaged by a war in the northern region of Tigray, which has killed thousands and displaced millions.



(Reporting by Duncan Miriri; editing by Jason Neely, James Macharia Chege and Louise Heavens)

Safaricom Ethiopia employees walk past a billboard during the Safaricom ceremony to officially launch its operations in Ethiopia, in Addis Ababa

Safaricom surges after securing Ethiopia mobile financial services licence

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1243716259-820x547.jpg" alt="" class="wp-image-420329" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1243716259-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1243716259-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1243716259-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1243716259-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1243716259-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1243716259-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>People gather during a protest at the Headquarters of African Union in Addis Ababa, Ethiopia, on October 04, 2022. &#8211; Tigrayan residents in Addis Ababa attended a rally organized by the office of the mayor of Addis Ababa to protest against the renewal of the hostilities. Fighting erupted between government forces and Tigrayan rebels in northern Ethiopia, shattering a five-month truce and dealing a blow to peace efforts. (Photo by Amanuel Sileshi / AFP) (Photo by AMANUEL SILESHI/AFP via Getty Images)</figcaption></figure>



NAIROBI, Oct 5 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia&#8217;s government has accepted an invitation by the African Union to participate in peace talks aimed at ending a two-year conflict with rival Tigray forces, the prime minister&#8217;s national security adviser said on Wednesday.



Tigray forces have has yet to respond to the invitation for talks this weekend in South Africa, which would be the first formal negotiations between the two sides since the outbreak of war in November 2020, two diplomatic sources said.



The conflict&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3090ZV&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">has killed thousands</a>&nbsp;of civilians and uprooted millions. Both sides had previously said&nbsp;they&nbsp;were&nbsp;prepared to participate in AU-mediated talks&nbsp;but intense fighting has continued to rage across Tigray.



The Ethiopian government &#8220;has accepted this invitation which is in line with our principled position regarding the peaceful resolution of the conflict and the need to have talks without preconditions,&#8221; Redwan Hussein, the national security adviser to Prime Minister Abiy Ahmed, said on Twitter.



AU Commission Chair Moussa Faki also invited Debretsion Gebremichael, who leads Tigray&#8217;s ruling political party, to the talks in a letter seen by Reuters.



The letter was dated Oct. 1, but Getachew Reda, a spokesman for Debretsion&#8217;s Tigray People&#8217;s Liberation Front (TPLF), said on Tuesday that he was not aware of any imminent talks.



Getachew did not immediately respond to a request for comment on Wednesday about the Ethiopian government accepting the AU invitation.



The TPLF&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30I0DY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">said last month</a>it was&nbsp;ready for a ceasefire and would accept an AU-led peace process after previously raising objections to AU proposals.



Olusegun Obasanjo, the AU High Representative for the Horn of Africa, will lead the negotiations with support from former Kenyan President Uhuru Kenyatta and former South African deputy president Phumzile Mlambo-Ngcuka, according to the AU letter.



No formal talks between the two sides were held during a five-month ceasefire between March and August. Fighting resumed on Aug. 24.



Prime Minister Abiy&#8217;s government accuses the TPLF, which dominated Ethiopia&#8217;s ruling coalition until Abiy came to power in 2018, of trying to reassert Tigrayan dominance over Ethiopia.



The TPLF accuses Abiy of over-centralising power and oppressing Tigrayans. Both dismiss each other&#8217;s accusations.



(Reporting by Giulia Paravicini; Editing by Clarence Fernandez, John Stonestreet and Toby Chopra)

ETHIOPIA-TIGRAY-UNREST

Ethiopia accepts African Union invitation to peace talks

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GRWCSJKK3NKH7M3COMPN5L5GGU.jpg" alt="" class="wp-image-420130" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GRWCSJKK3NKH7M3COMPN5L5GGU.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GRWCSJKK3NKH7M3COMPN5L5GGU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GRWCSJKK3NKH7M3COMPN5L5GGU-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>The International Monetary Fund logo is seen at IMF headquarters in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



ACCRA, Sept 28 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s negotiations with the International Monetary Fund over a rescue package will be fast-tracked, the country&#8217;s Finance Minister Ken Ofori-Atta said on Wednesday.



Ghana began talks with the Fund on Monday&nbsp;for an IMF-supported lending programme in a bid to reduce economic hardship that spurred street protests.



&#8220;Negotiations will be fast-tracked to ensure the key aspects of the programme are reflected in the 2023 annual budget statement in November 2022,&#8221; Ofori-Atta said at a news briefing.



The IMF staff team is discussing policies and reforms with officials in Ghana after the West African country requested a loan from the Fund in July.



The IMF mission is scheduled to last until Oct. 7 and will include a full assessment of the sustainability of Ghana&#8217;s debt burden. If that debt is deemed unsustainable, the Fund will be unable to provide support without some sort of restructuring.



Reports that the government may be considering a plan to restructure it&#8217;s local currency debt gained steam last week, prompting credit ratings agency Fitch to downgrade Ghana to &#8220;CC&#8221; from &#8220;CCC&#8221;.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AFWN30U1AR&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



A Fitch senior director said domestic debt restructuring would be &#8220;highly unusual&#8221;, and warned it could spell disaster for local financial institutions. A brief from Oxford Economics on Monday said it would risk sending Ghana into a recession.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30S47A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Ofori-Atta said on Wednesday that government had not come to any agreement with the Fund on the parameters of debt operations, but that a committee would be formed in the coming days to engage financial sector stakeholders on how to proceed.



&#8220;We welcome all contributions to this great public debate, but we must be careful to build and not to tear down our nation,&#8221; he said.



(Reporting by Bate Felix and Sofia Christensen; Writing by Sofia Christensen and Cooper Inveen; Editing by Estelle Shirbon and Jon Boyle)

FILE PHOTO: The International Monetary Fund logo is seen at IMF headquarters in Washington

Ghana negotiations with IMF to be fast-tracked : finance minister

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-820x549.jpg" alt="" class="wp-image-403037" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b.jpg 1023w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Flickr</figcaption></figure>



KAMPALA, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;Uganda will hold its third oil block licensing round next year, its energy minister said on Tuesday, as it seeks to develop its petroleum sector in a bid to expand its economy.



Uganda discovered crude oil reserves in the Albertine rift basin near the border with Democratic Republic of Congo in 2006 and has previously held two licensing rounds but a large portion of the basin remains unexplored.



Government geologists estimate the country&#8217;s confirmed reserves at 6.5 billion barrels of oil, of which 2.2 billion is recoverable.



&#8220;As part of the strategies to exploit the oil and gas resources in a sustainable manner the country is announcing the third licensing round in 2023,&#8221; Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu told an oil and gas conference in the capital Kampala.



In February TotalEnergies&nbsp;TTEF.PA&nbsp;and its partner China National Offshore Oil Corporation&nbsp;0883.HK&nbsp;signed a final investment decision (FID) with Uganda and Tanzania to kick-start investments worth more than $10 billion to produce and export Uganda&#8217;s crude.



Part of that investment will involve a $3.5 billion pipeline that will help ship landlocked Uganda&#8217;s crude to the world markets via a port on Tanzania&#8217;s Indian Ocean coast.



At the same conference, Uganda&#8217;s President Yoweri Museveni criticised the European Union parliament after it&nbsp;<a href="https://www.europarl.europa.eu/doceo/document/TA-9-2022-0321_EN.html" target="_blank" rel="noreferrer noopener">passed a resolution</a>&nbsp;this month urging TotalEnergies to delay development of the pipeline by a year to explore an alternative route or alternative renewable energy projects.



Museveni said the European Parliament&#8217;s move was &#8220;a wrong battleground for them. We don&#8217;t take kindly to arrogance.&#8221;



&#8220;So the plan will be implemented according to the schedule.&#8221;



&#8220;You&#8217;re lecturing me what to do in Uganda?,&#8221; he said. &#8220;Some of these people are insufferable.&#8221;



The EU resolution warns that the pipeline and associated infrastructure would displace about 100,000 people, jeopardise water resources and endanger protected marine areas in Tanzania.



Museveni had&nbsp;<a href="https://twitter.com/KagutaMuseveni/status/1570827102999687174" target="_blank" rel="noreferrer noopener">previously warned</a>&nbsp;TotalEnergies, that if it heeded the EU resolution, Uganda would find another partner to develop the project.



The EU did not immediately respond to a request for comment.



TotalEnergies said in a statement the company would ensure the project achieves &#8220;sustainable development including the environment and respect for human rights.&#8221;



(Reporting by Elias Biryabarema; Writing by George Obulutsa; Editing by James Macharia Chege and David Evans)

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