<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="756" height="426" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/ecowas-3.jpg" alt="" class="wp-image-417686" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/ecowas-3.jpg 756w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/ecowas-3-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/ecowas-3-160x90.jpg 160w" sizes="auto, (max-width: 756px) 100vw, 756px" /><figcaption class="wp-element-caption">Economic Community of West African States (ECOWAS) flag is pictured during an extraordinary summit of ECOWAS to hear reports from recent missions to Mali, Burkina Faso and Guinea following military coups in those countries, in Accra, Ghana March 25, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



NIAMEY/BAMAKO, Jan 28 (Reuters)&nbsp;&#8211;&nbsp;Niger, Mali and Burkina Faso, three West African states led by the military, said on Sunday they are immediately leaving the Economic Community of West African States (ECOWAS), a regional economic bloc that has been urging them to return to democratic rule.



The decision by the three, announced in a simultaneous joint statement on their national television channels, is a blow to the bloc&#8217;s regional integration efforts after it suspended the three following coups.



The move could further weaken ECOWAS which has struggled to contain a democratic retreat in the West Africa region.



In response to the withdrawal ECOWAS said it is yet to receive any formal notification about the withdrawal and declined further comment.



The bloc had previously said it does not recognise the military-led governments, vowing that coups would no longer be tolerated after the military takeovers in Mali, Burkina Faso and Guinea and an attempted coup in Guinea-Bissau.



Since the coups &#8211; and despite sanctions, negotiations and threats of military intervention &#8211; the military leaders have failed to provide a clear timetable for a return to constitutional rule.



Instead, they have hardened their rhetoric against the bloc and accused it of being influenced by external powers. The three have also cut military and other ties with former colonial master France, and turned to Russia for security support.



<h2 class="wp-block-heading" id="h-existential-fight">EXISTENTIAL FIGHT</h2>



The military leaders have argued they want to restore security before organising elections, as the three Sahel nations struggle contain insurgencies linked to al Qaeda and Islamic State.



&#8220;After 49 years, the valiant peoples of Burkina Faso, Mali, and Niger regretfully and with great disappointment observe that the (ECOWAS) organization has drifted from the ideals of its founding fathers and the spirit of Pan-Africanism,&#8221; Colonel Amadou Abdramane, Niger junta spokesman, said in the statement.



&#8220;The organization notably failed to assist these states in their existential fight against terrorism and insecurity,&#8221; Abdramane added.



Bakary Sambe, regional director of the Timbuktu Institute think tank, said there were clear signs that the junta-led states were moving towards a split from the bloc, as they strengthen ties between themselves and created a new alliance.



It is unclear for now how the decision by the landlocked junta states, will impact the 15-member regional bloc where goods and citizens move freely.



According to the bloc&#8217;s treaty, member states wishing to withdraw must give a written one-year notice. It is unclear for now if the three states have done so. The treaty say they must continue to abide by its provisions during the year-long period.



The three are also members of the eight-nation West African Monetary Union (UEMOA) which uses the West Africa CFA franc currency pegged to the Euro.



The monetary union, following decisions by ECOWAS leaders after the coups in Mali and Niger, had cut off their access to the regional financial market, and the regional central bank. It later restored Mali&#8217;s access but Niger remains suspended.



(Reporting by Tiemoko Diallo, Boureima Balima, Felix Onuah and MacDonald Dzirutwe; Writing by Bate Felix; Editing by William Maclean and David Holmes)

ecowas-3

Three West African junta-led states quit ECOWAS regional block

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg" alt="" class="wp-image-449453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-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/File Photo</figcaption></figure>



ABUJA, Jan 24 (Reuters) &#8211; Nigeria&#8217;s central bank aims for inflation to fall to about 21% and will work to strengthen the country&#8217;s undervalued naira currency, Governor Olayemi Cardoso said on Wednesday.



Cardoso faces pressure to raise interest rates when the Central Bank of Nigeria (CBN) holds a rate-setting meeting next month for the first time since he took office in September.



Inflation in December hit 28.92%, its highest level in more than 27 years.



&#8220;Inflationary pressures are expected to decline in 2024 due to the CBN&#8217;s inflation-targeting policy, which aims to rein in inflation to 21.4%,- Cardoso said in a speech, a copy of which the central bank shared by email.



He added that improved agricultural output and the easing of global supply chain pressures would boost consumer confidence and purchasing power.



Nigeria&#8217;s central bank is expected to pursue a more conventional monetary policy approach under Cardoso after years of unorthodox policies pursued by his predecessor, Godwin Emefiele.



In November, Cardoso announced the adoption of an inflation-targeting framework.



President Bola Tinubu made a series of reforms after becoming head of state last year, including scrapping a petrol subsidy and easing currency trading restrictions.



However the country still has a shortage of forex and suffers as a result of a wide gap between the official and parallel market exchange rates.



&#8220;We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term,- Cardoso said. &#8220;This coordinated approach will contribute to a more balanced and stable exchange rate.-



Cardoso said the CBN was trying to improve liquidity in the foreign exchange market, reiterating a pledge to clear outstanding FX obligations after paying at least $2 billion of the estimated $7 billion owed.



(Additional reporting by Camillus Eboh; Editing by Alexander Winning and Barbara Lewis)

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

Nigeria central bank aims for 21% inflation, seeks to support naira

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-820x551.jpg" alt="" class="wp-image-449399" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-1536x1033.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-481660659-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The national flag of the Ivory Coast (Côte d&#8217;Ivoire). (Photo by: Education Images/Universal Images Group via Getty Images)</figcaption></figure>



ABIDJAN/LONDON, Jan 23 (Reuters) &#8211; Ivory Coast successfully raised $2.6 billion through two bonds with respective maturities of nine and 13 years in its first return to the international Eurobonds market after two years of absence, the government said in a statement on Tuesday.



It said the issuance drew interest from more than 400 investors, in a record-breaking operation that generated an order book exceeding $8 billion, representing the highest order level ever recorded by a sovereign in West Africa.



&#8220;This transaction witnessed historic mobilization from major global investors, including existing holders of Ivorian bonds and new benchmark investors,&#8221; the budget and finance ministry said in the statement.



The two new bonds carry respective interest rates of 6.30% and 6.85% upon execution, the statement said.



&#8220;Simultaneously with the bond issuance, a Dollar-Euro currency hedge operation covering the entire issued amount was executed, resulting in an average interest rate of 6.61%,&#8221; it added.



Many Sub-Saharan African economies were hit hard by COVID-19, the fallout from Russia&#8217;s war in Ukraine and rising global interest rates, which made foreign currency debt prohibitively expensive for most from early 2022 and locked them effectively out of international capital markets.



Ivory Coast&#8217;s finance ministry said in the statement that the funds will primarily be used to repurchase and refinance the country&#8217;s existing Eurobonds, as well as international bank loans.



&#8220;Through the proactive management of its public debt, Ivory Coast is providing flexibility and liquidity to the entire region,&#8221; the statement said.



The world&#8217;s largest cocoa producer, which operates within the West Africa Economic and Monetary Union (WAEMU) whose currency is pegged to the euro, had focussed on issuing bonds denominated in euros to reduce its currency exposure.



(Reporting by Loucoumane Coulibaly in Abidjan and Karin Strohecker in London; Writing by Bate Felix; Editing by Mark Potter and Sandra Maler)

The national flag of the Ivory Coast

Ivory Coast says it raised $2.6 bln in oversubscribed Eurobonds issuance

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-820x547.jpg" alt="" class="wp-image-449241" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/EJIV7ODDIFMVTNGCINZUL2IS5Y-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of the African Development Bank Group Akinwumi Adesina welcomes U.S. Secretary of State Antony Blinken at the AfricaRice Headquarters in Abidjan, Ivory Coast on January 23, 2024. ANDREW CABALLERO-REYNOLDS/Pool via REUTERS</figcaption></figure>



ABIDJAN, Jan 23 (Reuters)&nbsp;&#8211;&nbsp;U.S. Secretary of State Antony Blinken on Tuesday pledged $45 million in additional financing to help fight conflict and bring stability to coastal West Africa, where insecurity linked to jihadist insurgencies has increased in recent years.



Blinken is on the second stop of a four-nation tour of Africa taking him to Cape Verde, Ivory Coast, Nigeria and Angola from Jan. 21-26.



The purpose of the trip is to discuss U.S.-African partnerships over trade, climate, infrastructure, health, security and other issues. It follows a summit in Washington with African leaders in December 2022.



Security challenges in West Africa, the fallout of a coup in Niger last year and Russia&#8217;s growing influence in the region are among key topics during Blinken&#8217;s trip.



He arrived in Ivory Coast&#8217;s financial capital Abidjan on Monday evening and met President Alassane Ouattara on Tuesday morning, after which he announced the extra financing at a joint press briefing.



Ivory Coast is one of several coastal West African countries impacted in recent years by Islamist insurgencies that took root in Mali in 2012 and spread across the Sahel region despite costly, internationally backed military efforts to contain it.



&#8220;We spent a lot of time discussing mutual security challenges,&#8221; Blinken said. &#8220;We appreciate Ivory Coast&#8217;s leadership in the fight against extremism and violence.&#8221;



The funding will supplement $300 million the U.S. has already invested in coastal West Africa over the past two years.



&#8220;We have increased military training by 15 times and are investing in civil protection in Ivory Coast,&#8221; Blinken added.



Ouattara said security in the region remained a challenge.



&#8220;That is why we do appreciate the USA for their support in the area of intelligence and the fight against terrorism,&#8221; he said.



The U.S. faced a setback in its fight against militants in the Sahel when military officers toppled Niger&#8217;s President Mohamed Bazoum, a key ally, in July last year.



The coup in Niger was one of a series of military takeovers or attempted power grabs that occurred in West and Central Africa over the past three years.



The instability has raised concern, particularly as juntas have cut ties with traditional Western allies such as the European Union and France, which withdrew thousands of troops from the Sahel last year.



Blinken met Akinwumi Adesina, president of the African Development Bank, at a sub-regional rice research institute in the afternoon. He is scheduled to fly to Nigeria in the evening.



(Reporting by Loucoumane Coulibaly; Writing by Sofia Christensen; Editing by Bate Felix and Nick Macfie)

U.S. Secretary of State Antony Blinken visits Ivory Coast

Blinken pledges $45 mln to boost coastal West Africa security

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/gettyimages-1427031682-612x612-1.jpg" alt="" class="wp-image-448410" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/gettyimages-1427031682-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/gettyimages-1427031682-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/gettyimages-1427031682-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">ACCRA, GHANA &#8211; SEPTEMBER 24: Gyakie performs on stage during Global Citizen Festival 2022: Accra on September 24, 2022 in Accra, Ghana. (Photo by Andrew Esiebo/Getty Images for Global Citizen)</figcaption></figure>



In West Africa’s musical landscape, each passing year unveils new artists as they mix tradition and innovation, infusing their rhythmic creations with cultural influences. As their melodies echo through local communities, the global stage becomes attuned to the diverse sounds emanating from the region.



CNBC Africa shines a spotlight on these emerging stars, illustrating how their artistic expressions not only captivate regional audiences but also reverberate across international borders, contributing to the global mosaic of musical diversity.



Spyro: Making The Cut In Nigeria’s Music Scene



Oludipe Oluwasanmi David, popularly known as Spyro, is a Nigerian singer and songwriter who recently won the Headies award for Best Collaboration.



With an October 1 birth date – coinciding with Nigeria&#8217;s Independence Day – Spyro’s name is gaining currency. His breakout hit, Who is your Guy?, which released in November 2022 and later remixed with Tiwa Savage in March, propelled him into the limelight. Following this success, he continued to captivate audiences with Only Fine Girl and its December remix featuring Simi.



Stepping into the new year, he unveiled his latest offering, No Gree for Anybody, produced by Mr. Soul.



Black Sherif: From Ghana&#8217;s Konongo To International Acclaim



Black Sherif, born Sherif Kwaku Frimpong in Konongo, Ghana, has attracted a global audience with his blend of highlife, reggae, and UK drill-infused hip-hop.



He surprised his fans with a new song on his 22nd birthday. The song titled after his birthday January 9 is a reflection of his life, his struggles, and the pressures he has faced as a young artist.



Sherif&#8217;s early exposure to diverse influences and cultures served as the foundation for his musical identity. The Ashanti Region of Ghana not only shaped his upbringing but also laid the groundwork for a musical journey that would extend far beyond its borders.



After completing his high school education at Kumasi Academy, where his passion for music and dance thrived, Sherif entered the music scene in 2019 with the release of Cry For Me. However, it was his breakout single, Money, followed by First Sermon, and Second Sermon, released in 2020 and 2021, that garnered attention. The remix of Second Sermon featuring his West African counterpart, Damini &#8216;Burna Boy&#8217; Ogulu from Nigeria, further elevated his profile.



March 2022 marked a pivotal moment in Sherif&#8217;s career with the release of Kwaku The Traveller, a single that ascended to the top of both Ghanaian and Nigerian charts. This success paved the way for his debut album, The Villain I Never Was, launched on October 5, 2022. Bolstered by hit singles like 45 and Soja, the album received critical acclaim, earning Sherif accolades such as Best New Artist and Best Hip Hop Song at the 2022 Ghana Music Awards. He clinched the title of Best West African Artist at the Headies Awards last year.&nbsp;



The Therapist: In Sierra Leone, From TikTok Stardom To Musical Triumph



Sierra Leone-born TikToker Jacob Evangelista, popularly known as The Therapist, transitioned from creating short dance moves on TikTok to making waves in the music industry.



His debut single, Nack, released on March 17, 2022, under the management of Cribs International, quickly became a sensation.



Speaking about his new venture into music, Evangelista shared with Vanguard, &#8220;The song is just about what happens in society. No matter what challenges life brings to our door, we all still find time to &#8216;Nack.&#8217; To &#8216;Nack&#8217; means to have a good time, to defuse the stress and pressure of life. &#8216;Nack&#8217; is a feel-good tune with a lot of rhythmic vibes to get the listeners dancing. No bad energy at all.&#8221;



Produced by Masterkraft, the Amapiano beat of Nack seems to have wowed audiences, propelling the song to the Top 10 trending list within a week of its release. It also held a position among the Top five video-contributing songs on TikTok.



Gyakie: A Ghanaian&#8217;s Musical Journey



Gyakie, born Jackline Acheampong, has emerged as a promising figure in the Afrobeats scene, attracting audiences worldwide with her tunes.



From her early beginnings in a family of musicians to claiming her space on international music charts, August 2020 marked a turning point in Gyakie&#8217;s career with the release of her five-track EP, Seed. The standout track, Forever, became a sensation, dominating airwaves in Ghana, Kenya, and Nigeria. The song climbed the charts, reaching top positions on Billboard&#8217;s Top Triller Global and Shazams Top 200 charts.



Raised in Kumasi, Ghana, Gyakie followed in the career footsteps of her father, Nana Acheampong. By the age of eight, she was already accompanying her father in the studio, laying the foundation for a career that would later extend beyond borders.



Reportedly influenced by the likes of Nigerian-French musician Bukola &#8216;Asa&#8217; Elemide and Ghanaian musician Omar Sterling of R2Bees, Gyakie released her debut single, Love is Pretty, in February 2019, setting the tone for her sound. This was followed by Never Like This.



Gyakie collaborated with Nigerian singer Stanley &#8216;Omah Lay&#8217; Didia on the remix of Forever in March 2021, further expanding her fan base.



Building on her momentum, Gyakie released another EP, MY DIARY, on July 22, 2022.



She has attracted multiple awards, including Best New Artist, Best AfroBeats/AfroPop Song of the Year, and EP of the Year at the Vodafone Ghana Music Awards.



Nissi: The Nigerian Shaping Arts And Innovation



Since her debut in 2016 with Criminal, Nissi Ogulu has crafted a musical identity, drawing inspiration from jazz, soul, RnB, and funk.



Hailing from the notable Ogulu family, where her brother, Damini, popularly known as Burna Boy is already a globally acclaimed artist, Nissi is also emerging as a force.



Her influences trace back to her grandfather, Benson Idonije, and her parents, reflective in her pandemic-era EP, Ignite, to her latest release, Unboxed.



She explained to The Guardian Nigeria, &#8220;My relationship with my grandfather who was a music critic exposed me to a lot of classic types of music such as Blues, Jazz, and so on. I listened to a lot of music from Afro B back in the day, Brenda Fassi, Nina Simone, Etta James, and a lot of others. So I had all those influences. And of course, I found my own. I think I pick up music from different places. And they inspire me in different ways even subconsciously, when I don’t know it’s an inspiration it somehow translates. So I would say I just have a very open mind when it comes to music and the types of music that I listen to.&#8221;



In Unboxed, Nissi unveils a kaleidoscope of sonic layers, weaving jazz, soul, and RnB. Infused with pan-Africanism honoring her heritage, the album explores themes of empowerment, love, and self-discovery. She has collaborated with other Nigerian artists like Teni Apata and Fireboy DML.



Nissi&#8217;s artistic exploits extend beyond the realm of music, from designing cars to executive production of African-themed animations, and global solo art exhibitions.

gettyimages-1427031682-612×612

Fusing Tradition And Talent:West Africa’sEmerging Musicians And Sounds

<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 class="wp-element-caption">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>



LONDON/ACCRA, Jan 15 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund (IMF) executive board is due to meet on Friday to consider the first review of Ghana&#8217;s $3 billion rescue loan programme, a spokesperson said by email on Monday.



Board sign off of the review would unlock a $600 million disbursement. Such approvals are usually seen as a formality once a meeting date has been agreed.



Reuters earlier reported the meeting date, according to three sources familiar with the matter, after the cocoa, gold and oil producing country reached an agreement to restructure $5.4 billion of official creditor debt.



Ghana struck the&nbsp;deal with its bilateral lenders, including China and France, late last week, a key step to unlocking the second tranche of IMF funding.



Ghana&#8217;s finance ministry did not immediately reply to a request for comment.



The West African country defaulted on most external debt in December 2022 after servicing costs soared.



It also needs to reach a relief deal with private holders of about $13 billion in international bonds.



The bonds rose almost 1 cent on the dollar on Monday, with the 2042 maturity up the most, climbing 0.85 cents to 43.12&nbsp;cents, its highest level since early November.&nbsp;XS2325747637=TE



&#8220;Recently, China encouraged all parties to overcome technical difficulties and narrow differences, and finally led all parties to reach a basic consensus on Ghana&#8217;s debt settlement plan&#8230; on January 8,&#8221; Chinese Foreign Ministry spokesperson Mao Ning said on Monday.



Some members of the Official Creditor Committee, which is co-chaired by China and France, are still &#8220;going through their internal procedures,&#8221; she told reporters at a regular news briefing.



Ghana is aiming to restructure $20 billion of external debt, which totalled about $30 billion at the end of 2022, under the Common Framework, a debt restructuring process set up by the G20 countries during the COVID-19 pandemic. It has targeted cutting $10.5 billion from payments due between 2023-2026.



The IMF second tranche payout, once signed off, should also trigger $550 million in additional World Bank funding, Ghana&#8217;s finance ministry said on Friday.



(Reporting by Jorgelina do Rosario and Maxwell Akalaare Adombila, Additional reporting by Liz Lee in Beijing and Marc Jones in London, Writing and additional reporting by Rachel Savage, Editing by Karin Strohecker, Andrew Cawthorne, Bernadette Baum and Sharon Singleton)

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

IMF board to review Ghana $600 mln loan payout on Friday

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/CICDPMVJQVK6ZMQC2XL5J5YS4Q-820x547.jpg" alt="" class="wp-image-446745" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/CICDPMVJQVK6ZMQC2XL5J5YS4Q-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/CICDPMVJQVK6ZMQC2XL5J5YS4Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/CICDPMVJQVK6ZMQC2XL5J5YS4Q-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/CICDPMVJQVK6ZMQC2XL5J5YS4Q-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/CICDPMVJQVK6ZMQC2XL5J5YS4Q-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/CICDPMVJQVK6ZMQC2XL5J5YS4Q.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman sells spices at a market in Kaduna, Nigeria. April 30, 2021. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Jan 15 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s inflation rate rose to its highest in more than 27 years in December as food prices surged, exacerbating a cost-of-living crisis and piling more pressure on the central bank to raise interest rates.



Consumer inflation rose for the 12th straight month in December to 28.92% year on year from November&#8217;s 28.20%, the National Bureau of Statistics said on Monday.



Inflation in Africa&#8217;s biggest economy and most populous nation has not climbed this high since mid-1996.



The food inflation rate, which accounts for the bulk of Nigeria&#8217;s inflation basket, rose to 33.93% in December from 32.84% a month earlier.



The statistics office said prices rose for a broad range of food items including bread and cereals, oil, fish, meat, fruit and eggs.



Analysts say higher fuel prices and a weaker naira currency&nbsp;NGN=&nbsp;have also stoked price pressures.



David Omojomolo, Africa economist at Capital Economics, said &#8220;inflationary pressures are only likely to build from here,&#8221; citing second-round effects from the removal of a fuel subsidy last year and naira weakness.



He predicted that inflation would breach 30% by the end of the first quarter and said it was unlikely to peak until the middle of 2024.



President Bola Tinubu last May embarked on Nigeria&#8217;s boldest reforms in decades by scrapping a costly but popular fuel subsidy and devaluing the currency to try to revive economic growth. But growth is yet to pick up while inflation has worsened.



Central Bank of Nigeria (CBN) Governor Olayemi Cardoso is yet to hold a rate-setting meeting since taking office in September.



&#8220;At the next meeting, we think that the CBN will need to raise rates by 400 basis points, to 22.75%, to show that it is taking the inflation fight more seriously,&#8221; Capital Economics&#8217; Omojomolo said in a research note.



&#8220;There&#8217;s a clear risk, though, the CBN underwhelms again. Doing so would undermine much of the momentum and optimism around the policy shift that President Tinubu started last year.&#8221;



(Reporting by Chijioke Ohuocha; Additional reporting by MacDonald Dzirutwe in Lagos; Editing by Alexander Winning and Hugh Lawson)

CICDPMVJQVK6ZMQC2XL5J5YS4Q

Nigeria’s inflation rises to more than 27-year high in December

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/I7JNEWQ4GVLM3NU76F6XVVSAV4-1-820x534.jpg" alt="" class="wp-image-445713" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/I7JNEWQ4GVLM3NU76F6XVVSAV4-1-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/I7JNEWQ4GVLM3NU76F6XVVSAV4-1-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/I7JNEWQ4GVLM3NU76F6XVVSAV4-1-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/I7JNEWQ4GVLM3NU76F6XVVSAV4-1-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/I7JNEWQ4GVLM3NU76F6XVVSAV4-1-1536x1001.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/I7JNEWQ4GVLM3NU76F6XVVSAV4-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People walk on the street around Kwame Nkrumah circle in Accra, Ghana, December 2, 2016. Picture taken December 2, 2016. REUTERS/Luc Gnago</figcaption></figure>



ACCRA/LONDON, Jan 12 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s official creditors have agreed to restructure debts that were extended to the country up until December 2022, two sources told Reuters, with Accra closing in on a key step required to advance its restructuring.



A deal between Ghana and its official creditors would pave the way for the Executive Board of the International Monetary Fund (IMF) to approve the disbursement of $600 million under its $3 billion bailout programme.



Discussions over the &#8220;cut-off date&#8221; &#8211; the date after which new loans signed with bilateral creditors will not be restructured &#8211; had recently emerged as a stumbling block to an agreement.



Bilateral lenders, including China and France who co-chair the Official Creditor Committee (OCC), hold around a quarter of Ghana&#8217;s $20 billion external debt earmarked for restructuring.



Some creditors were said to prefer Dec. 31, 2022, as a cut-off date, with Ghana having defaulted earlier that month, while others had pushed for March 24, 2020, when the Group of 20 introduced its debt service suspension initiative (DSSI) to help the world&#8217;s poorest countries cope with the fallout of the COVID crisis. Ghana did not participate in the DSSI.



Ghana&#8217;s finance ministry declined to comment. China&#8217;s central bank, finance ministry and the Export-Import Bank of China did not immediately respond to requests for comment.



Ghana still needs to formally accept the proposal.



One of the sources said the OCC plan foresaw no reduction to principal and interest rates overall, but that Ghana would not pay either for the next four years with payments set to resume thereafter.



Following their meeting on Monday, official creditors had shared the term sheet of their proposal with Ghana, according to media reports and sources.



Speaking about a possible deal with official creditors, Finance Minister Ken Ofori-Atta told Bloomberg he hoped to finish reviewing the draft term sheet by Friday and that &#8220;in terms of the broad framework, all parties are in agreement&#8221;, which he said would allow the IMF to sign off on the disbursement.



(Reporting by Maxwell Akalaare Adombila in Accra and Jorgelina do Rosario in London, additional reporting by Christian Akorlie in Accra and Joe Cash in Beijing, writing by Karin Strohecker, editing by Elisa Martinuzzi and Alex Richardson)

People walk on the street around Kwame Nkrumah circle in Accra

Ghana official creditors agree on restructuring date, key step to deal – sources

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="810" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62.jpg" alt="" class="wp-image-423481" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62.jpg 810w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-768x512.jpg 768w" sizes="auto, (max-width: 810px) 100vw, 810px" /><figcaption class="wp-element-caption">FILE PHOTO: A person holds a new 1000 naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Jan 8 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank has paid nearly $2 billion in outstanding foreign exchange forwards in the last three months in a bid to clear a backlog of dollars, a spokesperson has said, but forex shortages continue to hobble the country&#8217;s naira currency.



Africa&#8217;s biggest economy has nearly $7 billion in forex forwards that have matured, a major concern for investors, but the Central Bank of Nigeria (CBN) has promised to pay up to boost confidence in the foreign exchange market.



&#8220;In the past three months, the CBN has also redeemed outstanding forward liabilities amounting to almost USD 2 billion,&#8221; acting spokesperson Hakama Sadi Ali said in a statement late on Sunday.



&#8220;This underscores the Bank&#8217;s commitment to the resolution of pending obligations and a functional foreign exchange market.&#8221;



Nigeria&#8217;s foreign currency shortages have been worsened by declining oil production, which is the country&#8217;s largest export, accounting for more than 90% of dollar inflows.



Ali said the CBN had recently paid $61.64 million to foreign airlines, who sold tickets in the local naira currency but have not been able to get their money out of the country.



Foreign airlines were owed more than $700 million at the end of November.



&#8220;These payments signify the CBN&#8217;s ongoing efforts to settle all remaining valid forward transactions, with the aim of alleviating the current pressure on the country&#8217;s exchange rate,&#8221; Ali said.



President Bola Tinubu has promised to boost foreign currency inflows into Nigeria by attracting new investment, ramping up oil production and reforming the foreign exchange market.



(Reporting by Camillus Eboh; Writing by MacDonald Dzirutwe; Editing by Jacqueline Wong)

download-62

Nigeria central bank pays nearly $2 billion towards FX backlog

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/The-Obudu-Mountain-Resort-is-in-Southern-Nigeria_-image-supplied-800x800.jpg" alt="" class="wp-image-443202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/The-Obudu-Mountain-Resort-is-in-Southern-Nigeria_-image-supplied-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/The-Obudu-Mountain-Resort-is-in-Southern-Nigeria_-image-supplied-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/The-Obudu-Mountain-Resort-is-in-Southern-Nigeria_-image-supplied-90x90.jpg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/The-Obudu-Mountain-Resort-is-in-Southern-Nigeria_-image-supplied-768x768.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/The-Obudu-Mountain-Resort-is-in-Southern-Nigeria_-image-supplied.jpg 1080w" sizes="auto, (max-width: 800px) 100vw, 800px" /></figure>



Embarking on a journey through West Africa unveils narratives intertwined with threads of history and cultural diversity.



West Africa bears a historical legacy evident in countries marked by reminders of the transatlantic slave trade. Cobblestone streets and colonial architecture serve as storytellers, whispering tales of a bygone era and offering visitors an educational journey through time. This depth adds layers to the present, creating a link where each tale connects to a significant chapter in the region&#8217;s past.



In this exploration, CNBC Africa profiles some of the notable destinations that illuminate the charm and significance of West Africa.



<h2 class="wp-block-heading" id="h-discovering-ghana-s-natural-gem-kakum-national-park">Discovering Ghana&#8217;s Natural Gem: Kakum National Park</h2>



Situated approximately a four-hour drive from Ghana&#8217;s capital, Accra, Kakum National Park, within the Assin Attandanso Reserve, offers a blend of scenery and wildlife experiences, making it one of the country&#8217;s most sought-after attractions.



&#8220;The park’s best-known feature is undoubtedly its seven suspension bridges which form a 333-meter long canopy walkway, suspended up to 27 meters above the forest floor from trees that are over 300 years old,&#8221; says the Ministry of Tourism.



These bridges provide an adventurous experience, offering panoramic views of the lush surroundings from trees that have stood for centuries.



&#8220;The canopy walk is only one of Kakum’s many delights. There are a variety of trails and guided walks that allow visitors to experience the solitude of the rainforest. It’s also a premier site for bird watchers, with over 300 species including eight species of global conservation concern. Mammals include forest elephant, leopard, bongo, bushbuck and many primates, but game viewing is difficult. Also, more than 600 butterfly species have been recorded,&#8221; adds the Ministry.



The park also comes alive at night with wildlife sightings, guided by professional guides.



To cater to families, the management has added a children&#8217;s park with a mini canopy walkway, swings, and play areas.



Other activities include guided forest walks to learn about medicinal plants, evening drumming and dancing by local cultural groups, and an evening concert by the local Nyamebekyere Kukyekukyeku Orchestra, which performs with bamboo wind instruments.



As the rainforest can surprise with rain at any time, tourists are advised to come prepared with a raincoat and sturdy shoes.



For those seeking an immersive stay, Kakum offers treehouse accommodations.



Tourists can recharge at the cafes in the visitor center, offering basic food, snacks, and fresh juices. Before departure, tourists can browse the gift shop, capturing the essence of Kakum to take home.



<h2 class="wp-block-heading" id="h-elevated-escapes-in-nigeria-obudu-mountain-resort">Elevated Escapes In Nigeria: Obudu Mountain Resort</h2>



In Southern Nigeria lies the Obudu Mountain Resort, also known as Obudu Cattle Ranch, situated on the Obudu Plateau near the Cameroon border in the northeastern part of Cross River State. Offering a blend of adventure and tranquility, it has gained popularity due to its picturesque views, rich vegetation, and temperate climate. The plateau is known to a habitat of rare species of birds.



Opened in 1951 by M. McCaughley, the resort features a winding intestinal road that provides zig-zag views, leading to spots such as Angel’s View — a V-shaped valley between the helipad and Presidential Villa. Another attraction is the Becheve Nature Reserve, a conservation forest with diverse flora and fauna, and the Grotto, a modified mini waterfall with a deep pool.



The resort boasts a canopy walkway, a 100-meter swinging bridge above the forest, and the option to reach the resort at 1,576 meters above sea level via an 11-kilometer winding road or a six-minute cable car ride.



For fitness enthusiasts, there is a gym to aid physical fitness. An in-house restaurant provides a three-course à-la-carte dinner with local wine or beer.



Additionally, there is a spa service where body and mind find balance.



The resort is also known for hosting the annual Obudu Ranch International Mountain Race, hailed the &#8216;World’s Richest Mountain Race&#8217;, in late November, with reportedly the largest total prize money available of any mountain race.



<h2 class="wp-block-heading" id="h-a-living-archive-of-human-resilience-in-senegal-island-of-goree">A Living Archive Of Human Resilience In Senegal: Island Of Goreé</h2>



In the heart of the Atlantic Ocean, just 3.5 kilometer off the Senegalese coast, lies a 28-hectare expanse known as Gorée Island. The United Nations Educational, Scientific and Cultural Organization&#8217;s (UNESCO) designation of this small island as a World Heritage Site in 1978 is not merely a recognition of architectural remnants; it&#8217;s a testament to an unparalleled human experience etched in the annals of history.



&#8220;The Island of Goree was designated a historic site in 1944, with safeguarding measures in 1951 (under the colonial era). It was subsequently inscribed on the national heritage list in 1975 (Order No. 012771 of 17 November 1975) and on the World Heritage List in 1978,&#8221; says UNESCO.



Gorée&#8217;s haunting past as the largest slave-trading center from the 15th to the 19th century is vividly echoed in the stark contrast between the grim slave-quarters and the elegant houses of the traders.



&#8220;This &#8216;memory island&#8217; is the symbol of the slave trade with its cortege of suffering, tears, and death.&#8221; The echoes of suffering reverberate through the tangible elements — the Castle, a rocky plateau with fortifications; the Relais de l’Espadon, former residence of the French governor. These are not just structures; they are storytellers narrating the history of Gorée.



Today, Gorée stands as a living archive, a pilgrimage destination for the African diaspora. The island&#8217;s insularity, bolstered by a natural buffer zone provided by the vast Atlantic, preserves its physical integrity.



<h2 class="wp-block-heading" id="h-liberia-s-largest-protected-rainforest-sapo-national-park">Liberia&#8217;s Largest Protected Rainforest: Sapo National Park</h2>



Sapo National Park, located in Sinoe County, Liberia, stands as the country&#8217;s largest protected rainforest area and holds the distinction of being the first national park.



According to the Ministry of Information, Culture, and Tourism, the park boasts &#8220;centuries-old trees within whose branches over seven different species of primates, like the endangered Diana monkey, the Upper Guinea Red Colobus and Western Chimpanzee, find sanctuary.&#8221;



As the second-largest primary tropical rainforest in West Africa, enveloping over 90% of its expanse, the Sapo National Park supports one of the country&#8217;s most diverse floral ecosystems. This includes many endemic species, notably hosting the largest pygmy hippopotamus populations in Liberia.



The park is home to a plethora of bird species, featuring rare gems like the White-breasted Guineafowl and White-necked Rockfowl. With a total of 590 different species, including the African Fish Eagle, Great Blue Turaco, Specklethroated Otter, bee-eaters, kingfishers, rollers, and sunbirds, Sapo offers a haven for bird enthusiasts.



For avid botanists, the park presents opportunity for exploration in the ecosystem. New plant species continue to be discovered within the sanctuary of Sapo. Expert rangers accompany visitors, sharing their knowledge about local plant life and revealing some of their medicinal uses.



<h2 class="wp-block-heading" id="h-benin-s-time-capsule-the-royal-palaces-of-abomey">Benin&#8217;s Time Capsule: The Royal Palaces Of Abomey</h2>



In the heart of Benin lies a silent testament to a bygone era – the Royal Palaces of Abomey. From 1625 to 1900, 12 monarchs ruled over the Kingdom of Abomey, leaving behind an architectural marvel that echoes tales of power, culture, and resistance.



&#8220;The kingdom shall always be made greater,&#8221; declared Wegbaja, the founder of Dahomey, setting the stage for a legacy etched in cob walls and vibrant bas-reliefs. Within the 47-hectare expanse, 12 palaces stand as sentinels of history, each a meticulous blend of Aja-Fon culture and strategic design.



Through the labyrinth of courtyards, portals, and fortifications, the air resonates with the stories of kings who shaped the destiny of the western coast of Africa. The palaces, once vibrant hubs of governance and craftsmanship, now house the Historical Museum of Abomey, preserving the spirit of independence and resistance against colonial forces.



UNESCO recognizes the Royal Palaces of Abomey for their cultural and historical significance. They are not mere structures; they are living witnesses to a glorious past that unfolded from the 17th to the 20th century. The property&#8217;s integrity stands safeguarded by a defined buffer zone, ensuring the continuity of this architectural legacy.



Authenticity is not lost amidst the ages; it thrives in the continuous functionality of the palaces. Traditional ceremonies and rehabilitation work resonate with the echoes of the past, sustaining the authenticity of sacred places like Djexo (hut that houses the spirit of the king) and Adoxo (tomb of the king).

West Africa Unbound: The Top Travel Destinations Across The Region

<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 class="wp-element-caption">The International Monetary Fund logo is seen at IMF headquarters in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



JOHANNESBURG/ACCRA/LONDON, Jan 4 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s official creditors are scheduled to meet on Monday to discuss restructuring some $5.4 billion in loans to the country, three sources told Reuters, a key step needed to secure its next tranche of funding from the International Monetary Fund.



The bilateral lenders, including the governments of China and France who co-chair the Official Creditor Committee (OCC), hold around a quarter of Ghana&#8217;s $20 billion external debt earmarked for restructuring.



The meeting is again expected to focus on an agreement about a &#8220;cut-off date&#8221; &#8211; the date after which new loans from bilateral creditors will not be restructured, the sources with knowledge of the matter said. Defining this date has emerged as a stumbling block for Ghana in its debt rework.



Some creditors are said to prefer Dec. 31, 2022, as a cut-off date with Ghana having defaulted earlier that month, according to sources. However, others pushed for March 24, 2020, because that was when the Group of 20 introduced its debt service suspension initiative (DSSI) to help the world&#8217;s poorest countries cope with the fallout of the COVID crisis. Ghana did not participate in the DSSI.



In preparation for the Jan. 8 OCC meeting, the Paris Club of major creditor nations, which does not count China among its permanent members, will convene on Friday, two sources said.



The Paris Club this week shared a technical note with other bilateral creditors and multilateral lenders on Ghana, one of the sources said, adding that the group of rich nations is proposing December 2022 as the cut-off date, one source with direct knowledge said.



&#8220;Ghana is still about cut-off date, but creditors haven&#8217;t agreed yet,&#8221; the source said. &#8220;If the cut-off date is agreed, that means an agreement on debt restructuring is close.&#8221;



A spokesperson for the Paris Club declined to comment on meetings that have not yet taken place. Ghana&#8217;s finance ministry did not immediately respond to a request for comment.



The West African country, which produces gold, cocoa, and oil, needs to come to an agreement on a debt restructuring with its official creditors to secure the IMF executive board&#8217;s approval for the next $600 million payout from a $3 billion rescue loan.



This is because the Washington-based lender needs financing assurances that debt relief is being provided by bilateral creditors in accordance with the IMF programme.



Ghana, where a deep economic crisis has seen inflation and the government&#8217;s debt servicing costs spiral, asked a year ago for a bilateral debt restructuring under the Common Framework, a process set up during the COVID-19 pandemic by the G20 leading economies.



It is also in talks with overseas bondholders to restructure its more than $13 billion in international debt. Holders of the bonds include major global asset managers such as BlackRock, PIMCO, Vontobel, AllianceBernstein and Neuberger Berman.



(Reporting by Rachel Savage, Maxwell Akalaare Adombila and Jorgelina do Rosario; Writing by Karin Strohecker; Editing by Dhara Ranasinghe, Hugh Lawson and Alison Williams)

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

Ghana official creditors to meet Monday, mull debt restructuring terms -sources

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="810" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62.jpg" alt="" class="wp-image-423481" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62.jpg 810w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-768x512.jpg 768w" sizes="auto, (max-width: 810px) 100vw, 810px" /><figcaption class="wp-element-caption">FILE PHOTO: A person holds a new 1000 naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Dec 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s foreign exchange reserves dipped to a six-year low of $32.87 billion at the end of December, data showed on Friday, as the central bank sold dollars to try to prop up the ailing naira currency.



A backlog of unsettled forwards, undelivered promises of dollar inflows and a two-decade peak in inflation have translated into a tumultuous year for the naira, which has lost over 50% of its value to become the third worst-performing global currency in 2023, said Kyle Chapman, FX markets analyst at London-based Ballinger &amp; Co.



This prompted the Central Bank of Nigeria (CBN) to run down its foreign exchange reserves, which peaked at $47.63 billion in June 2018, to defend the naira. The dollar reserve of Africa&#8217;s biggest economy in December dwindled to a level last seen in September 2017, when it stood at $32.16 billion.



&#8220;The naira&#8217;s downwards momentum is likely to continue through much of 2024, and its ultimate trajectory will depend on whether the CBN&#8217;s rhetoric transforms into concrete policy moves that drive up the flow of U.S dollars into Nigeria and shore up trust in the official market,&#8221; Chapman said.



The naira last week touched a low of 1,248 naira on official market and sold for 845 naira on Friday.



It was quoted at 1,210 naira on the parallel market while on the forwards market the naira sold for 1,037.50 to dollar for one-month settlement&nbsp;NGNNDFOR=.



CBN Governor Olayemi Cardoso has said he would allow market forces to determine exchange rates while setting clear, transparent and harmonised rules governing market operations.



&#8220;If the CBN&#8217;s promised measures materialise and (President Bola) Tinubu&#8217;s government enacts structural changes to increase oil production or to drive foreign investment, there is plenty of opportunity for the naira to lift from its record lows,&#8221; Chapman said.



&#8220;But a quick fix is unlikely, and further depreciation will come to counteract supply and demand imbalances.&#8221;



(Reporting by Chijioke Ohuocha; Editing by Nick Macfie)

Nigeria’s FX reserves dip to six-year low as naira falls

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-820x461.jpg" alt="" class="wp-image-400703" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-3.jpg 2000w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An OPEC branded flag sits on a table ahead of the 169th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Thursday, June 2, 2016. Saudi Arabia is ready to consider a surprise deal with fellow OPEC members, attempting to mend divisions that had grown so wide many dubbed the group as good as dead. Photographer: Akos Stiller/Bloomberg via Getty Images</figcaption></figure>



LUANDA/LONDON, Dec 21 (Reuters) &#8211; Angola is leaving the Organization of the Petroleum Exporting Countries (OPEC) because membership is not serving its interests, oil minister Diamantino Azevedo said on Thursday.



Angola, which joined OPEC in 2007, produces about 1.1 million barrels of oil per day, compared with 28 million bpd for the whole group.



Confirming an earlier report by local news agency ANGOP, Azevedo told public television the decision to leave was because OPEC membership was not serving Angola&#8217;s interests, but did not give further details.



Oil prices extended losses on the news, with Brent prices down over $1 to $78.50 a barrel by 1250 GMT.



Angola&#8217;s exit is a setback for OPEC and its allies, just as the group tries to get members to cut output to support prices.



Last month, Azevedo&#8217;s office protested a decision by OPEC to cut its production quota for 2024. Bloomberg also quoted Angola&#8217;s OPEC Governor Estevao Pedro as saying the country was unhappy with its 2024 target and did not plan to stick to it.



Disagreements over African output quotas had earlier helped delay a meeting of the wider OPEC+ oil producer group. (Reporting by Miguel Gomes in Luanda, Ahmad Ghaddar and Alex Lawler in London; writing by Bhargav Acharya and Nellie Peyton; Editing by Alexander Winning, Jason Neely and Catherine Evans)

The 169th Organization Of Petroleum Exporting Countries (OPEC) Conference

Angola says it is leaving OPEC

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg" alt="" class="wp-image-425798" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-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>



LONDON, Dec 21 (Reuters) &#8211; An $11 billion damages bill against Nigeria for a collapsed gas processing project which was procured by bribery has been thrown out by London&#8217;s High Court.



The West African country was on the hook for the sum – representing around a third of its foreign exchange reserves – after a little-known British Virgin Islands-based company took Nigeria to arbitration over the deal.



But the High Court ruled in October that the contract was procured by Process &amp; Industrial Developments (P&amp;ID) paying bribes to a Nigerian oil ministry official.



Judge Robin Knowles also found that P&amp;ID failed to disclose the bribery when it later took Nigeria to arbitration.



He said in a further ruling on Thursday that the damages award should be thrown out immediately, rejecting P&amp;ID&#8217;s argument that the case should be sent back to arbitration.



P&amp;ID was also refused permission to appeal against the ruling, though the company can apply directly to the Court of Appeal. (Reporting by Sam Tobin; Editing by Kate Holton

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

Nigeria’s $11 bln damages bill for collapsed gas deal thrown out by London court

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-820x575.jpg" alt="" class="wp-image-438747" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-1536x1077.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-votes-in-extended-chaotic-election-as-opposition-seeks-rerun-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Democratic Republic of the Congo&#8217;s President Felix Tshisekedi casts his ballot at a polling station during the presidential election, in Kinshasa, the Democratic Republic of Congo December 20, 2023. REUTERS/Zohra Bensemra</figcaption></figure>



KINSHASA, Dec 21 (Reuters) &#8211; The Democratic Republic of Congo voted on Thursday on the second day of a chaotic and in parts violent general election after authorities extended opening hours for polling stations that failed to open the previous day.



The elections across Africa&#8217;s second-largest country were disrupted on Wednesday by delays in delivering election kits and malfunctioning equipment. People also struggled to find their names on registers, while violence caused chaos in other places.



The decision by the election commission, known as CENI, to extend the vote was rejected by five presidential candidates who have called for a rerun.



At stake is not just the legitimacy of the next administration. Congolese election disputes often spark violent unrest with potentially far-reaching consequences. Congo is the world&#8217;s third-largest copper producer, and the top producer of cobalt, a battery component needed for the green transition.



Early on Thursday in Kabare in Congo&#8217;s restive eastern region, 21-year-old Jean Claude Irenge Kalumuna was among the first residents to cast his vote.



&#8220;It makes me happy because yesterday I left here angry,&#8221; Kalumuna said. &#8220;I condemn this way of operating by the CENI with all this disorder, which proves that they were not ready, but they led people to believe that everything was ready.&#8221;



At a school in the capital Kinshasa, Reuters reporters saw voting taking place in one classroom, while vote-counting from Wednesday was under way in another.



Throughout Wednesday, observers warned about delays and failures to open polling stations and other issues, including malfunctioning electronic voting systems.



Speaking to reporters on Wednesday, CENI president Denis Kadima acknowledged that many polling stations had opened late and some not at all.



He said that around 70% of voters had been able to vote and that the delays would not affect the credibility of the process.



Five opposition candidates, including top challengers Martin Fayulu and Nobel Laureate Denis Mukwege, said the commission had no constitutional or legal right to extend the vote.



They demanded &#8220;the reorganisation of these failed elections by a differently structured CENI&#8221; and at a date agreed by all stakeholders in a joint statement late on Wednesday.



Congo&#8217;s former ruling coalition, the Common Front for Congo of former president Joseph Kabila, called the elections a &#8220;parody&#8221; that had brought shame on the country.



It said that half the polling stations had not opened on Wednesday and two-thirds of those that did faced problems.



&#8220;What we witnessed today was a genuine shipwreck of the electoral process,&#8221; the coalition said in a statement late on Wednesday. It asked its members to stand by for further instructions on actions to be taken.



The tumult of election day followed a campaign marred by political violence and repeated warnings from the opposition and observers about a lack of transparency. Their concerns included issues with the voter list and illegible ID cards.



For months, the electoral commission rejected the opposition&#8217;s allegations of mismanagement and fraud. It insisted it could deliver a free and fair vote as promised, even as critics flagged irregularities they said would jeopardise the legitimacy of the results.



(Reporting by Crispin Kyala, Ange Kasongo, Sonia Rolley and Christophe Van Der Perre Writing by Bate Felix Editing by Nellie Peyton and Nick Macfie)

Congo holds presidential election  in Kinshasa

Congo votes in extended, chaotic election as opposition seeks rerun

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="477" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Ghanas-third-quarter-economic-growth-slows-to-2.0.jpg" alt="" class="wp-image-438378" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Ghanas-third-quarter-economic-growth-slows-to-2.0.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Ghanas-third-quarter-economic-growth-slows-to-2.0-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Ghanas-third-quarter-economic-growth-slows-to-2.0-137x90.jpg 137w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">A general view of Adabraka in Accra, Ghana, File. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ACCRA, Dec 20 (Reuters) &#8211; Ghana&#8217;s economic growth slowed to 2.0% year-on-year in the third quarter of 2023 from 3.2% in the previous quarter, driven by a decline in the industrial sector, its statistics agency said on Wednesday.



The West African country is grappling with its worst economic crisis in a generation, with a sharply weaker cedi currency and double-digit price rises for consumers .



Contributing to the third-quarter slowdown were contractions in sub-sectors of industry such as mining and construction, the statistics agency said. Agriculture made a positive contribution, even though cocoa farming is having an unusually bad season.



Meanwhile producer inflation slowed to 2.0% year-on-year in November from a revised 9.7% in October, the statistics office said separately on Wednesday.



Consumer inflation also slowed last month, to 26.4% from 35.2% in October.



Ghana is negotiating a debt restructuring deal with its official creditors. It hopes to reach a deal soon to secure the next $600 million from the International Monetary Fund under a $3 billion rescue package. (Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Nellie Peyton; Editing by Alexander Winning and Alex Richardson)

FILE PHOTO: A general view of Adabraka in Accra

Ghana’s third-quarter economic growth slows to 2.0%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="524" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-820x524.jpg" alt="" class="wp-image-438354" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-820x524.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-1536x981.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Congo-holds-presidential-election-opposition-alleging-fraud-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People shop at a public market, ahead of the parliamentary and presidential elections that are scheduled for December 20, in Kinshasa, the Democratic Republic of Congo December 19, 2023. REUTERS/Zohra Bensemra</figcaption></figure>



KINSHASA/GOMA, Democratic Republic of Congo, Dec 20 (Reuters) &#8211; Democratic Republic of Congo was holding presidential and legislative elections on Wednesday after a chaotic campaign marred by opposition allegations of fraud, electoral violence, and logistical setbacks that could prevent many from voting.



At stake is not just the legitimacy of the next administration. Congolese election disputes often spark violent unrest with potentially far-reaching consequences. Congo is the world&#8217;s third largest copper producer, and the top producer of cobalt, a battery component needed for the green transition.



Delays were reported in several towns in Congo&#8217;s rebel-plagued east and in the capital Kinshasa, voting materials had not arrived at polling stations and voter lists were not published.



In the eastern cities of Goma and Beni, some people struggled to find their names on voter lists, which were only made available at their polling stations on Wednesday morning, according to Reuters witnesses.



&#8220;The last (election) wasn&#8217;t like this. We could find our names following an alphabetical order. But this time trying to verify your name is a headache for some of us who did not study. If we don&#8217;t get any help, we&#8217;ll go home,&#8221; resident Kahindo Katsotyo said.



In Bunia, also in eastern Congo, security forces fired warning shots to disperse protesters after a voting centre was vandalised and kits destroyed, a Reuters reporter said.



A provincial election commission official told journalists that people displaced by violence in the region had protested because they wanted to vote in their home towns.



For months, Congo&#8217;s national election commission has insisted it would deliver a free and fair vote as promised across Africa&#8217;s second-largest country, even as independent observers and critics flag irregularities they say will jeopardise the legitimacy of the results.



About 44 million Congolese are registered to take part in the voting, which also includes regional ballots.



As voting day neared, the authorities sought extra helicopters, raising concerns about the commission&#8217;s ability to open polling stations in areas otherwise unreachable due to bad roads or a lack of security.



Full provisional results are expected by Dec. 31.



ELECTORAL TRANSPARENCY



President Felix Tshisekedi is competing against 18 opposition challengers in the hope of a second term running the mineral-rich yet poverty-stricken nation.



&#8220;I have asked you to give me strength to continue the work that we have started,&#8221; Tshisekedi said in his final rally on Monday, promising to expand a free education policy if elected.



Opposition candidates have wooed voters with pledges to bring stability, peace, and the economic development they say was absent from Tshisekedi&#8217;s first term.



They and religious and civil society electoral observers have sounded the alarm about electoral transparency, highlighting issues including the voter list and illegible ID cards.



&#8220;It is evident that the greatest electoral fraud of the century is taking place,&#8221; Nobel Laureate and opposition candidate Denis Mukwege said on Monday. The election commission has repeatedly rejected the opposition&#8217;s allegations of fraud.



The election will be decided in a single round, requiring a simple majority of the vote to win. The final run-up to the vote has been particularly fraught.



Two parliamentary candidates were killed in separate incidents on Dec. 15 &#8211; part of a spate of election-related violence condemned by human rights groups and the European Union.



Ahead of election day in Kinshasa, some locals were not convinced their vote would count. &#8220;Every time we vote, we are disappointed, but if I had to vote, it would be for a change,&#8221; said 43-year-old Lucie Mpiana, who is unemployed.



Polls are due to close at 1600 GMT.



(Additional reporting by Sonia Rolley, Yassin Kombi, Fiston Mahamba, Erikas Mwisi Kambale and Crispin Kyala; Writing by Alessandra Prentice and Bate Felix; Editing by Sandra Male, Gerry Doyle, Sofia Christensen and Alison Williams)

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West Africa

Three West African junta-led states quit ECOWAS regional block

Nigeria central bank aims for 21% inflation, seeks to support naira

Ivory Coast says it raised $2.6 bln in oversubscribed Eurobonds issuance

Blinken pledges $45 mln to boost coastal West Africa security

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Ghana official creditors to meet Monday, mull debt restructuring terms -sources

Nigeria’s FX reserves dip to six-year low as naira falls

Angola says it is leaving OPEC

Nigeria’s $11 bln damages bill for collapsed gas deal thrown out by London court

Congo votes in extended, chaotic election as opposition seeks rerun

Ghana’s third-quarter economic growth slows to 2.0%

Congo holds presidential election, opposition alleging fraud

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