<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-820x547.jpeg" alt="" class="wp-image-587761" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cocoa pods are pictured at a farm in Sinfra, Ivory Coast April 29, 2023.  Luc Gnago | Reuters</figcaption></figure>



Strong rains across Ivory Coast’s central regions are expected to strengthen cocoa trees and improve growing conditions for the April-to-September mid-crop, farmers said on Monday.



Ivory Coast, the world’s top producer of the main ingredient in chocolate, is in the dry season that runs from mid-November to March when rains are scarce.



Farmers had been worried that the hot weather would delay the start of the mid-crop season and tighten bean supply before the country’s central regions received above-average rains last week.



Farmers said they were now happy because the moisture was expected to help young pods to survive. They added that another rain was needed before the end of the month to improve the yield of cocoa trees.



“Trees will do better. Many cocoa trees had become weak due to lack of water,” said Etienne Brou, who farms near the central region of Yamoussoukro, where 18.2 millimetres (mm) of rain fell last week, 11.3 mm above the five-year average.



Similar comments were made in the central region of Bongouanou, where rainfall was above average, and in the west-central region of Daloa, where rains were below average but farmers said the moisture level was sufficient to help cocoa trees.



Farmers from the western region of Soubre and the southern region of Divo, where rains were below average, and farmers from the southern region of Agboville and the eastern region of Abengourou, where rains were above average, said growing conditions remained good with plenty of cherelles turning into small pods.



Farmers in those regions added that if rains became regular from March, the mid-crop would be as abundant as last season.



“If we have good rains from March onwards, we’ll have enough beans for the mid-crop,” said Kouassi Kouame, who farms near Soubre, where 1.2 mm of rain fell last week, 7.2 mm below the average.



The weekly average temperature across Ivory Coast last week ranged from 27.8 to 33.2 degrees Celsius.

107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast

Ivory Coast rains revive cocoa farmers’ hopes for healthy mid-crop

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/6A7M3AO7TJLVNGKEVN2F6TDGYE.avif" alt="" class="wp-image-559324"/><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



DAKAR, (Reuters) &#8211; Senegal hopes for a new International Monetary Fund programme by June, Finance Minister Cheikh Diba said on Thursday, as the government vowed to investigate alleged malfeasance after an audit found that former authorities misreported key data.



The IMF had suspended its existing $1.8 billion credit facility to Senegal pending a review of state finances, which confirmed on Wednesday that the debt and budget deficit were much wider than former President Macky Sall&#8217;s administration had reported.



Speaking at a press conference, Diba said he hoped a new programme with the IMF could be agreed by June with a disbursement soon after.



Justice Minister Ousmane Diagne said at the press conference that in a follow-up on results of the audit, the government would investigate alleged cases of embezzlement of public funds, forgery, and money laundering.



Diagne said the investigations could implicate former ministers and directors of public institutions during the 2019-2024 period, but he declined to give names.



Former President Sall&#8217;s Alliance for the Republic party (APR) rejected Wednesday&#8217;s review of the country&#8217;s finances by the Court of Auditors, saying in a statement on Thursday that the court had itself validated settlement laws for the past budgets in question.



The IMF did not immediately respond to a request for comment. On Wednesday it said it would look at the court&#8217;s report and initiate consultations with the Senegalese authorities to address issues raised.



(Reporting by Bate Felix; Additional reporting by Diadie Ba; Writing by Alessandra Prentice; Editing by Toby Chopra, Leslie Adler and Sandra Maler)

6A7M3AO7TJLVNGKEVN2F6TDGYE

Senegal hopes for new IMF programme by June, says minister

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



ABUJA, Feb 13 (Reuters)&nbsp;&#8211;&nbsp;Nigerian lawmakers approved a budget of 54.99 trillion naira ($36.6 billion) for 2025, exceeding the proposal submitted by President Bola Tinubu, the parliamentary speaker said on Thursday.



Tinubu last week submitted a revised budget estimate of 54.2 trillion naira to the National Assembly due to additional earnings expected from revenue collection, including from the tax authority, customs and other agencies.



But lawmakers raised the amount again before granting their approval. Under Nigerian law, parliament can increase or cut the government&#8217;s spending plans.



The budget will be sent to Tinubu to be signed into law.



Nigeria made a provision of $200 million in the spending plan to fill gaps created by the United States&#8217; suspension of aid to Nigeria&#8217;s health sector.



Tinubu,&nbsp;now in his second year in office, had vowed during his campaign to revive growth in Africa&#8217;s most populous country. But swift reforms &#8211; including ending a petrol subsidy and two currency devaluations &#8211; implemented shortly after he came to power have driven up prices, triggering a cost-of-living crisis.



Inflation is expected to fall sharply to around 15% this year from a three-decade high of 34.80% in January, helped by lower fuel imports, Tinubu said in December.



The government said that spending priorities in 2025 would include bolstering security, investing in infrastructure, and implementing measures to ease the impact of the rising living costs.



The deficit is estimated to be 1.52% of the gross domestic product, or around 13 trillion naira.



(Reporting by Camillus Eboh; Writing by Elisha Bala-Gbogbo; Editing by Alex Richardson and Ros Russell)

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

Nigerian lawmakers pass increased budget of $36.6 billion for 2025

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/7PQPUDNLRFNEHOE2URISJZW7ZY.avif" alt="" class="wp-image-584693"/><figcaption class="wp-element-caption">A view of the Mild Hydrocracking Unit (MHC) at the Dangote Petroleum Refinery in Lagos, Nigeria, July 20, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



LAGOS, Feb 10 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Dangote Oil refinery, Africa&#8217;s largest, could begin operating at full capacity in 30 days, the head of the refinery said on Monday.



The 650,000-barrel-per-day refinery built by Nigerian billionaire Aliko Dangote in Lagos began processing crude into products, including diesel, naphtha and jet fuel, in January last year and started processing petrol in September.



It aims to compete with European refiners when operating at full capacity but had been struggling to secure sufficient crude locally.



Edwin Devakumar, head of the Dangote oil refinery said it was currently operating at 85% capacity and &#8220;we can go 100 percent in 30 days.&#8221;



Last year, the refinery turned to importing crude after it was unable to secure sufficient volumes despite an agreement with the Nigerian government to buy crude in the local naira currency.



It has asked for 550,000 bpd of crude for January-June this year from oil producers in Nigeria, according to the oil regulator, which has also said it would block export permits for oil cargoes from producers who fail to meet their stipulated supply quota to local refineries.



The Dangote Oil Refinery is exploring new markets for its refined products. Founder Aliko Dangote told a group of Nigerian professionals who visited last week that it was sending two cargoes of jet fuel to Saudi Aramco as part of its plans to expand.



&#8220;We are looking at all the markets right now,&#8221; said Devakumar.



(Reporting by Isaac Anyaogu; Editing by Edwina Gibbs)

7PQPUDNLRFNEHOE2URISJZW7ZY

Nigeria’s Dangote Refinery to operate at full capacity in 30 days, executive says

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="720" height="468" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/37FGDAI5XNJEHG5XRZ5GUCM4NU-1.avif" alt="" class="wp-image-582333" style="width:840px;height:auto"/><figcaption class="wp-element-caption">A man rises a Nigeria Labour Congress flag during a protest rally on closure of Nigerian Universities at the National Assembly complex in Abuja, Nigeria July 27, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Feb 4 (Reuters) &#8211; Nigeria&#8217;s largest labour union has suspended a planned nationwide protest against a 50% hike in telecommunications tariffs and will negotiate with the government to resolve the dispute within two weeks, both sides said on Tuesday.



The Nigeria Labour Congress (NLC), representing millions of workers, had slated a Feb. 4 demonstration after rejecting the tariff increase approved last month by the telecoms regulator -the first such rise in over a decade.



Operators have cited surging operational costs linked to inflation nearing 35% and a weakening naira currency as reasons for the tariff rise. The union called the hike &#8220;insensitive&#8221; and threatened a telecoms service boycott or strike unless the government engaged in talks.



The tariff dispute underscores broader tensions over living costs in Africa&#8217;s most populous nation, where President Bola Tinubu&#8217;s economic reforms, including fuel subsidy cuts, power hikes and currency devaluations have worsened financial strain.



Following talks late on Monday, the NLC and government agreed to form a 10-member committee with equal representation to review the hike and to propose solutions by Feb. 17.



&#8220;The outcome of this committee will determine our next line of action in terms of protest, in terms of boycott, and in terms of even withdrawal of services,&#8221; NLC President Joe Ajaero told reporters.



Both sides committed to a &#8220;stay action&#8221; halting further escalation pending the committee’s findings.



(Reporting by Camillus Eboh; Writing by Elisha Bala-Gbogbo; Editing by Bernadette Baum)

37FGDAI5XNJEHG5XRZ5GUCM4NU (1)

Nigeria union suspends planned protest over telecom tariff, enters talks with government

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/BQI34QFZORKWJOBUQ6WWLAU7QQ.avif" alt="" class="wp-image-581953"/><figcaption class="wp-element-caption">People walk past Ghana&#8217;s Ministry of Finance building in Accra, Ghana, December 13, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Feb 3 (Reuters) &#8211; Ghana&#8217;s consumer inflation dipped slightly to 23.5% year-on-year in January from 23.8% in December, the statistics service said on Monday.



Government statistician Samuel Kobina Annim told a news conference that the latest&nbsp;decline&nbsp;was&nbsp;driven by a slowdown in non-food inflation.



&#8220;Although rate of inflation has slowed down by 0.3 percentage points, the figure of 23.5% is the second highest in the last nine months,&#8221; Annim said,&nbsp;adding that food prices continued to rise.



The west African country is emerging from its worst economic crisis in a generation, with turmoil in the vital cocoa and gold industries.



However, its inflation remains well above Bank of Ghana&#8217;s 8% target with a margin of error of 2 percentage points either side.



The central bank said last week that it would take longer for inflation to return within the 6%-10% range.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian; Editing by Bate Felix)

BQI34QFZORKWJOBUQ6WWLAU7QQ

Ghana consumer inflation slows to 23.5% year-on-year in January

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3253" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/37FGDAI5XNJEHG5XRZ5GUCM4NU.avif" alt="" class="wp-image-580498"/><figcaption class="wp-element-caption">A man rises a Nigeria Labour Congress flag during a protest rally on closure of Nigerian Universities at the National Assembly complex in Abuja, Nigeria July 27, 2022. REUTERS/Afolabi Sotunde </figcaption></figure>



ABUJA, Jan 30 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s main labour union has rejected a government-approved 50% hike in telecommunications tariffs and announced plans for a nationwide protest on Feb. 4.



The telecoms regulator last week approved the increase in mobile tariffs, the first such hike in more than a decade, bowing to pressure from operators struggling with surging costs amid high inflation and currency devaluation.



In a meeting of the Nigeria Labour Congress (NLC) late on Wednesday, union leaders called the increase &#8220;insensitive, unjustifiable, and a direct assault&#8221; on citizens already grappling with the worst cost-of-living crisis in a generation caused by reforms instituted by President Bola Tinubu.



&#8220;The rally will serve as a warning on the dangers of imposing such an unfair increase on a struggling population, NLC President Joe Ajaero said in a statement, citing high food costs and hikes in the prices of petrol and electricity.



The union demanded the immediate suspension of the tariff adjustment and called for dialogue between the government, the regulator and union leaders.



Ajaero threatened a nationwide boycott of telecommunications services and a possible strike if authorities refused to engage in dialogue.



The NLC, representing millions of workers, has repeatedly clashed with the government over economic reforms which it says exacerbate poverty, but officials argue the measures are necessary to stabilise the economy.



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

37FGDAI5XNJEHG5XRZ5GUCM4NU

Nigeria union rejects telecom tariff hike, plans nationwide protest

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



ACCRA, Jan 27 (Reuters) &#8211; Ghana&#8217;s central bank kept its main interest rate at 27.00% for the second meeting in a row on Monday, after inflation rose last month.



The West African gold and cocoa producer, which defaulted on most of its external borrowing in December 2022, is emerging from its worst economic crisis in a generation, helped by a $3 billion loan programme from the International Monetary Fund.



Bank of Ghana Governor Ernest Addison told reporters that the inflation profile remained elevated, &#8220;largely driven by food prices movement especially in the last quarter of the year.&#8221;



Ghana&#8217;s consumer inflation rose in December to 23.8% in annual terms, the highest rate in eight months. It remains well above the central bank&#8217;s 8% target with a margin of error of 2 percentage points either side.



(Reporting by Christian Akorlie; Writing by Anait Miridzhanian; Editing by Alexander Winning)

VFKU2JNBTBIDVNPMOMLDRAUIO4

Ghana central bank holds policy rate for second meeting in a row

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/IOK54TH7FJKRLMOMWWYDBQD7VM.avif" alt="" class="wp-image-575384"/><figcaption class="wp-element-caption">People shop at Cherries Hypermarket in Abuja, Nigeria March 15, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Jan 15 (Reuters) &#8211; Nigeria&#8217;s inflation rate rose for the fourth straight month in December, advancing to 34.80% in annual terms from 34.60% in November, data from the statistics agency showed on Wednesday.



The agency said in a report that the uptick in December was due to increased demand associated with the festive period. Food and non-alcoholic beverages contributed the most to price pressures.



Inflation rose sharply after President Bola Tinubu devalued the naira currency and cut subsidies in 2023 to try to lift economic growth and shore up public finances.



It started to ease in July last year as the impact of the naira devaluation began to fade, before a series of petrol price increases again spurred inflationary pressures, exacerbating the worst cost of living crisis in decades in Africa&#8217;s most populous nation.



Food inflation was 39.84% year-on-year in December, compared with 39.93% the previous month, due to price rises for items such as yam, sweet potatoes, beer, corn, rice and fish, the National Bureau of Statistics said.



The central bank hiked interest rates six times last year to try to get inflation under control.



Nigeria&#8217;s government expects inflation to fall to 15% this year, helped by lower imports of petroleum products, Tinubu said during a budget speech in December.



(Reporting by Chijioke Ohuocha and Mohd Shamsuddin. Editing by Alexander Winning and Mark Potter)

IOK54TH7FJKRLMOMWWYDBQD7VM

Nigerian inflation rises for fourth straight month in December

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="510" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/XRLACNHRABPBTGGTHZVRWOCVEE.jpg" alt="" class="wp-image-573980" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/XRLACNHRABPBTGGTHZVRWOCVEE.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/XRLACNHRABPBTGGTHZVRWOCVEE-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/XRLACNHRABPBTGGTHZVRWOCVEE-128x90.jpg 128w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Nigeria&#8217;s former Minister of Petroleum Diezani Alison-Madueke addresses delegates at the opening of the Nigeira Oil &amp; Gas 2014 conference in Abuja, File. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Jan 10 (Reuters)&nbsp;&#8211;&nbsp;Nigeria and the United States signed an agreement on Friday to repatriate about $52.88 million in assets forfeited by former Nigerian oil minister Diezani Alison-Madueke and her associates.



The agreement opens the way for the first repatriation to Nigeria of assets outside the West African country linked to Alison-Madueke.



Nigerian Justice Minister Lateef Fagbemi said the agreement with the U.S. enables &#8220;the repatriation of approximately $52.88 million arising from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates.&#8221;



The agreement follows a 2017 civil complaint filed by the U.S. Justice Department aimed at recovering about $144 million in assets allegedly obtained through bribes to the former minister.



The lawsuit alleged that two Nigerian businessmen conspired with others to pay bribes to Alison-Madueke, who oversaw the country&#8217;s state-owned oil firm NNPC Ltd.



Alison-Madueke, whose whereabouts are unclear but was last known to be in Britain, has previously denied corruption charges against her.



She was minister under former president Goodluck Jonathan from 2010 until May 2015.



The funds will be used to support rural electrification projects through the World Bank, with $50 million allocated to increasing access to renewable energy, Fagbemi said.



The remaining $2.88 million will be disbursed as a grant by Nigeria to the International Institute for Justice to support counter-terrorism capacity across Africa, he said.



In Oct. 2022 a Nigerian court ordered a final seizure of two properties and cars owned by Alison-Madueke.



(Writing by Elisha Bala-Gbogbo and MacDonald Dzirutwe, Editing by William Maclean)

FILE PHOTO: Nigeria’s Minister of Petroleum Diezani Alison-Madueke addresses delegates at the opening of the Nigeira Oil & Gas 2014 conference in Abuja

US to return $52.88 mln in assets forfeited by ex-Nigerian oil minister

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="628" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GFFKBSSER5LL7JUFKFZRKRAD64-1.avif" alt="" class="wp-image-573905"/><figcaption class="wp-element-caption">Ghana&#8217;s President-elect John Dramani Mahama speaks during the swearing-in ceremony for his second term at the Black Star Square in Accra, Ghana January 7, 2025. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Jan 9 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s new government could seek extra funding from the International Monetary Fund during its current, three-year programme with the lender in order to cushion the economy, finance minister designate Cassiel Ato Forson said on Thursday.



President John Dramani Mahama, who was sworn into office this week after beating the ruling party candidate in December&#8217;s election, picked the former minority leader in parliament to serve in the key post of finance minister.



&#8220;We are committed to work with the IMF, but we also want to ensure that we can raise financing; additional finance, working with IMF and other domestic, international partners,&#8221; Forson, told reporters, ahead of a meeting with an IMF team that is currently visiting Accra.



&#8220;The reliance on Treasury bills and others has not been very helpful,&#8221; said Forson, who also served as a deputy finance minister before.



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



Forson, a 46-year old chartered accountant who holds a Masters degree in taxation from Oxford and a doctorate in finance from a local university, said the new administration would also cut public spending to help lower inflation further.



&#8220;There is a lot of wastage in the system and we will cut them,&#8221; he said, adding that the move will also help the government to restart domestic bond issuance by mid-year.



The West African gold and cocoa producer defaulted on most of its external debt in 2022, leading to a painful restructuring which is at its tail end.



Mahama&#8217;s government would conclude the process by striking a deal with its non-Eurobond commercial creditors, Forson said.



<h2 class="wp-block-heading" id="h-revisiting-imf-deal">REVISITING IMF DEAL</h2>



The new president, who previously occupied the office in 2012-17, had pledged to renegotiate the terms of Ghana&#8217;s bailout deal with the IMF during the campaign.



But market participants have taken the view he had limited room for manoeuvre and was unlikely to abandon the current IMF programme in spite of that campaign rhetoric.



His promise mirrored those of other reformist candidates elected into office in emerging markets last year, including Sri Lanka&#8217;s Anura Kumara Dissanayake, who rode on a promise of reconsidering the terms of an IMF programme and debt restructuring.



Mahama has pledged to swiftly assemble a government able to rapidly address growing discontent by boosting the economy and creating jobs.



He also picked John Abdulai Jinapor to serve as energy minister and Dominic Akuritinga Ayine to the post of attorney general and justice minister, the presidency said on Thursday.



The new government has inherited an economy emerging from its worst crisis in a generation.



Ministerial nominees have to be approved by Parliament, where Mahama&#8217;s National Democratic Congress (NDC) party holds a two-thirds majority.



Forson pledged to overhaul the management of the crucial cocoa sector, which has been facing challenges in recent years.



&#8220;We need to look at the issues of funding, diseased crops and production very well. The whole sector needs an overhaul,&#8221; he said.



Forson was charged in connection with the loss of public funds through an ambulance supply deal when he was deputy finance minister, before being acquitted by the courts.



(Additional rewriting by Christian Akorlie; Writing by Portia Crowe and Duncan Miriri; Editing by Karin Strohecker and Alex Richardson)

GFFKBSSER5LL7JUFKFZRKRAD64

Ghana could seek more IMF funding, incoming finance minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GFFKBSSER5LL7JUFKFZRKRAD64.avif" alt="" class="wp-image-573655"/><figcaption class="wp-element-caption">Ghana&#8217;s President-elect John Dramani Mahama speaks during the swearing-in ceremony for his second term at the Black Star Square in Accra, Ghana January 7, 2025. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Jan 9 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s new President John Dramani Mahama has named leader of Parliament Cassiel Ato Forson as finance minister, as he seeks to assemble a government able to rapidly address growing discontent by boosting the economy and creating jobs.



Mahama, who was sworn in on Tuesday after winning an election in December, named John Abdulai Jinapor as energy minister and Dominic Akuritinga Ayine as attorney general and justice minister, a presidency statement said on Thursday.



The new government has inherited an economy emerging from its worst crisis in a generation.



Mahama, who served a first term in office from 2012 to 2017, has pledged to prioritise economic recovery and stability, improve the business and investment climate and fight graft.



On the campaign trail, he pledged to nominate all cabinet ministers within his first 14 days in office, and to keep cabinet the lean.



Ministerial nominees have to be approved by Parliament, where Mahama&#8217;s National Democratic Congress (NDC) party holds a two-thirds majority.



Forson, a 46-year old chartered accountant and lawmaker representing the Ajumako-Enyan-Essiam constituency in Ghana&#8217;s Central Region, served as deputy finance minister during Mahama&#8217;s first term.



After Mahama and the NDC were voted out of power in late 2016, Forson led the party&#8217;s finance and economic team in Parliament, and in January 2023 was made the leader of the opposition in parliament.



He holds a PhD in finance from Ghana&#8217;s Kwame Nkrumah University of Science and Technology (KNUST) and a Master of Science in taxation from the University of Oxford.



(Additional rerting by Christian Akorlie; Writing by Portia Crowe; Editing by Alison Williams, Frances Kerry, William Maclean)

Ghana’s president names Cassiel Ato Forson as finance minister

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/AXGKYDH4PFJ6TDMBPUR33LNVXM.avif" alt="" class="wp-image-573364"/><figcaption class="wp-element-caption">A general view of the Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. Picture taken March 26, 2022. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Jan 8 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s consumer inflation&nbsp;GHCPIY=ECI&nbsp;rose for a fourth month in a row in December, to 23.8% year on year from 23.0% in November, the statistics service said on Wednesday.



Government statistician Samuel Kobina Annim told a news conference that the latest increase was driven by higher food prices.



&#8220;The rate of inflation&#8230; is the third highest in the last 13 months and highest in the last eight months,&#8221; Annim said.



The West African gold and cocoa producer has been struggling to emerge from its worst economic crisis in a generation.



President John Dramani Mahama, who was sworn in for a second term on Tuesday, has pledged to tackle inflation and currency depreciation to mitigate Ghana&#8217;s cost-of-living crisis.



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

AXGKYDH4PFJ6TDMBPUR33LNVXM

Ghana inflation rises for fourth straight month in December

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="433" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/KAXVEG334FMHJCVIWZPNP6IK54.avif" alt="" class="wp-image-573106"/><figcaption class="wp-element-caption">Ghanaian President John Dramani Mahama (L) takes the oath during his inauguration ceremony at the Independence Square in Accra January 7, 2013. REUTERS/Stringer/File Photo</figcaption></figure>



ACCRA, Jan 7 (Reuters)&nbsp;&#8211;&nbsp;John Dramani Mahama&nbsp;was sworn&nbsp;in for a second term as Ghana&#8217;s president on Tuesday&nbsp;at a ceremony in the capital Accra, pledging to overcome public discontent by boosting the economy and creating much-needed jobs.



The opposition leader, 66, won the Dec. 7 presidential election by a wide margin to stage a political comeback in the West African nation, the world&#8217;s number-two cocoa producer.



He replaces Nana Akufo-Addo, who steps down after serving two terms, continuing Ghana&#8217;s democratic tradition in a region gripped elsewhere by military coups and jihadist insurgencies.



Over 20 presidents and heads of state from around the world attended the rite in Accra&#8217;s independence square, the scene of Ghanaian presidential inaugurations since Kwame Nkrumah was sworn in over six decades ago.



&#8220;We are a people battered by economic crises and hardships. But there&#8217;s hope on the horizon,&#8221; Mahama said in a speech to cheers from thousands of boisterous supporters.



Following the COVID-19 pandemic, a cost-of-living crisis, an ongoing bailout from the International Monetary Fund and a sovereign debt default, Ghana&#8217;s economy is again growing.



But Mahama&nbsp;is under&nbsp;pressure to deliver quickly on campaign promises to curb high youth unemployment and root out entrenched corruption &#8211; issues that have&nbsp;fuelled&nbsp;distrust in Ghana&#8217;s political system.



&#8220;The average Ghanaian is growing impatient with our democracy,&#8221; Godfred Bokpin, a finance professor at the University of Ghana, told Reuters.



&#8220;People have done their part by voting but they&#8217;re asking: what have they gotten from this democracy?&#8221;



POWER CRISIS AND HUNGER



In his speech, Mahama said his new economic model would be anchored in agriculture and agribusiness, and would provide jobs for young people, stimulate local industry and attract foreign investment.



Analysts and supporters of Mahama’s National Democratic Congress (NDC) party see his two-thirds majority in parliament as a strong mandate to take tough decisions and implement credible policies to improve livelihoods and regain investor confidence.



But a looming power crisis will pose an early challenge with preliminary estimates showing arrears to service providers in excess of $2.5 billion. The worsening outlook threatens to curtail output and hamper the nascent economic recovery.



&#8220;The outgoing government kept the system running by bandaging open sores,&#8221; said Bright Simons of Accra-based IMANI think tank. &#8220;They left the festering wounds for him.&#8221;



Other issues requiring immediate attention are high inflation and exchange rate challenges that are squeezing the incomes of ordinary Ghanaians.



Inflation rose for the third month in a row in November to 23.0%, boosted by surges in food prices.



&#8220;We can talk about the skyscrapers and complex things but the reality is that the average Ghanaian is hungry. You must prioritise food production,&#8221; Bokpin said.



(Reporting by Maxwell Akalaare Adombila; Writing by Anait Miridzhanian; Editing by Angus MacSwan)

KAXVEG334FMHJCVIWZPNP6IK54

Ghana’s Mahama returns as president, vowing to boost economy

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/WE2S7SNCPBNJDOXCFH4LZLIIVY.avif" alt="" class="wp-image-573042"/><figcaption class="wp-element-caption">Sun-dried cocoa beans inside a warehouse in Assin Foso, Ghana, November 20, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Jan 7 (Reuters)&nbsp;&#8211;&nbsp;Cocoa purchases in Ghana slumped in December due to election-related payment delays from the state marketing board and squeezed exporter financing, farmers and buyers told Reuters, voicing concern that the delays could fuel smuggling.



Cocoa prices have hit record highs over the past year because of poor crops in the world&#8217;s two biggest producers, Ivory Coast and Ghana. While West Africa has seen some rebound this 2024/25 crop season, markets still expect potential supply disruptions.



Ghana&#8217;s marketing board Cocobod switched from a three-decade-old marketing model to a new system this season where global traders and buyers are largely responsible for financing and bringing in much of the cocoa crop. They are then reimbursed when Cocobod pays for the beans.



However, sources at licensed cocoa buyers (LBCs) said the Dec. 7 election, which was won by opposition candidate and former president John Dramani Mahama, had disrupted the new system due to uncertainty surrounding the outcome and the potential for poll-related unrest.



Mahama has pledged to reform the country&#8217;s cocoa sector.



One LBC management executive told Reuters that his company had throttled back financing for purchases and said payments from Cocobod had been delayed during the election period and banks had also been hesitant to release funding.



Sources interviewed for this story asked not to be named as they were not authorised to speak publicly on the matter.



Cocobod denied that the election or transition period impacted its payments.



&#8220;We agree that in some instances there are operational challenges, and sometimes the buyers pay farmers a maximum of a week later. But there&#8217;s no general issue of nonpayment or pay delays,&#8221; said Fiifi Boafo, Cocobod&#8217;s head of public affairs.



BEANS PILING UP ON SOME PLANTATIONS



Ghana does not publish cocoa purchase data. However, another source from a major buyer said his firm&#8217;s purchases were down about 20% in December compared to the previous month, adding that the election was a factor but the company had also exhausted the financing it had raised.



The payment delays and funding crunch are being felt hardest in remote rural areas, said a district officer for a leading LBC, who said he had been sourcing cocoa from farmers with promises of future payment.



&#8220;It&#8217;s been two weeks since my purchasing clerks credited about 2,000 bags of cocoa beans to me, but I still don&#8217;t have the money to pay,&#8221; he said, explaining he was awaiting financing from his head office.



Ghanaian cocoa production has rebounded from last season&#8217;s disastrous harvest, but some farmers are now struggling to sell their produce.



One farmer, who asked not to be named due to concerns over potential retribution from buyers and Cocobod, said he couldn&#8217;t find a buyer for his 12 bags of beans, adding: &#8220;It made the Christmas sour.&#8221;



With beans piling up on plantations and a growing discrepancy between Ghana&#8217;s official farmgate price and much higher global spot prices, buyers told Reuters that a spike in illegal smuggling of beans out of Ghana was likely inevitable.



The country lost more than a third of last season&#8217;s output to smuggling, most of it via neighbouring Togo, where sales are unregulated.



(Reporting by Maxwell Akalaare Adombila; Editing by Joe Bavier and Emelia Sithole-Matarise)

WE2S7SNCPBNJDOXCFH4LZLIIVY

Ghana cocoa purchases slump as election delays payments, financing 

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/HN5HXC2VO5KTJGF2LIADJSUSWE.avif" alt="" class="wp-image-572708"/><figcaption class="wp-element-caption">Foreign Minister of the People&#8217;s Republic of China Wang Yi addresses the &#8220;Summit of the Future&#8221; in the General Assembly hall at United Nations headquarters in New York City, U.S., September 23, 2024. REUTERS/David Dee Delgado/File Photo</figcaption></figure>



BEIJING, Jan 6 (Reuters)&nbsp;&#8211;&nbsp;China&#8217;s top diplomat began his annual New Year tour of Africa on Sunday, maintaining a 35-year-long tradition, to quietly advance Beijing&#8217;s already sizeable influence across the resource-rich continent as Europe&#8217;s presence wanes and America&#8217;s wavers.



While global capitals and investors brace for the return of U.S. President-elect Donald Trump to the White House, and wars in Ukraine and the Middle East and domestic politics keep German and French ministers occupied, Foreign Minister Wang Yi being in Namibia, the Republic of Congo, Chad and Nigeria highlights the consistency of China&#8217;s engagement with Africa, analysts say.



Wang&#8217;s visit through to Saturday also comes as the world&#8217;s No.2 economy ramps up its financial support for the debt-laden continent and looks to strike more critical minerals deals and find markets to absorb its exports.



&#8220;The decision on which countries to go to each year rarely follows any external logic,&#8221; said Eric Orlander, co-founder of the China-Global South Project. &#8220;(But) it resonates in Africa as a reminder of China&#8217;s consistent commitment to the continent, in contrast to the approaches of the U.S., United Kingdom and European Union.&#8221;



Mao Ning, Chinese foreign ministry spokesperson, announced the visit at a news conference on Friday, saying it aimed to deepen practical cooperation across the board for sustained and substantive growth of China-Africa relations.



As China&#8217;s economy slows, Africa offers a much-needed avenue for its state-owned infrastructure firms struggling for projects as indebted local governments hold off on spending, and a market for its electric vehicles and solar panels, areas where the U.S. and EU say it has over-capacity.



Africa&#8217;s 50-plus votes at the United Nations could also help advance Beijing&#8217;s efforts to reshape multilateral institutions and reinterpret global norms so that they are more in line with its interests, particularly on issues such as human rights.



While current U.S. President Joe Biden&#8217;s December trip to Angola was his only visit to sub-Saharan Africa in his presidency, China puts Africa at the front of its diplomatic calendar.



&#8220;China has become central to Africa&#8217;s policy, as an actor and an inspiration,&#8221; said Hannah Ryder, founder of Development Reimagined, an African-owned consultancy, referring to how candidates vying to chair the African Union Commission have talked up Beijing&#8217;s ability to improve Africa&#8217;s manufacturing capabilities and China&#8217;s track record in mass education ahead of February&#8217;s election. The commission is the secretariat of the 55-nation African Union.



<h2 class="wp-block-heading" id="h-security-issues">SECURITY ISSUES</h2>



Wang&#8217;s decision to visit the Republic of Congo, which this year takes over as co-chair of the Forum on China-Africa Cooperation(FOCAC) that sets the agenda for China-Africa relations, also points to China&#8217;s commitment to implementing the outcomes of last year&#8217;s summit, Ryder said, where China pledged $51 billion in fresh financial assistance.



Beijing is also beginning to make its presence felt on pressing regional security issues, analysts say, which partly explains why Wang will travel to Chad.



France last month began the withdrawal of its military from the Central African country, after its government unexpectedly ended a defence cooperation pact that had made it a key Western ally in the fight against Islamic militants in the region.



&#8220;China has been a reliable and stable partner for the new military juntas in the Sahel and West Africa,&#8221; Orland said.



&#8220;For the French and U.S., who see a dilution of Western power in the region, China&#8217;s presence is seen as &#8216;controversial,&#8217; but it&#8217;s a very different view from African perspectives.&#8221;



(Reporting by Joe Cash; Editing by Raju Gopalakrishnan)

HN5HXC2VO5KTJGF2LIADJSUSWE

China’s top diplomat heads to Africa as West’s attention dwindles

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



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



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



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



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



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



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



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



(Reporting by Isaac Anyaogu; Editing by Kirsten Donovan)

West Africa

Ivory Coast rains revive cocoa farmers’ hopes for healthy mid-crop

Senegal hopes for new IMF programme by June, says minister

Nigerian lawmakers pass increased budget of $36.6 billion for 2025

Nigeria’s Dangote Refinery to operate at full capacity in 30 days, executive says

Nigeria union suspends planned protest over telecom tariff, enters talks with government

Ghana consumer inflation slows to 23.5% year-on-year in January

Nigeria union rejects telecom tariff hike, plans nationwide protest

Ghana central bank holds policy rate for second meeting in a row

Nigerian inflation rises for fourth straight month in December

US to return $52.88 mln in assets forfeited by ex-Nigerian oil minister

Ghana could seek more IMF funding, incoming finance minister says

Ghana’s president names Cassiel Ato Forson as finance minister

Ghana inflation rises for fourth straight month in December

Ghana’s Mahama returns as president, vowing to boost economy

Ghana cocoa purchases slump as election delays payments, financing

China’s top diplomat heads to Africa as West’s attention dwindles

Nigeria to expand credit access to citizens

News Tips

Advertise With Us

West Africa

Ivory Coast rains revive cocoa farmers’ hopes for healthy mid-crop

Senegal hopes for new IMF programme by June, says minister

Nigerian lawmakers pass increased budget of $36.6 billion for 2025

Nigeria’s Dangote Refinery to operate at full capacity in 30 days, executive says

Nigeria union suspends planned protest over telecom tariff, enters talks with government

Ghana consumer inflation slows to 23.5% year-on-year in January

Nigeria union rejects telecom tariff hike, plans nationwide protest

Ghana central bank holds policy rate for second meeting in a row

Nigerian inflation rises for fourth straight month in December

US to return $52.88 mln in assets forfeited by ex-Nigerian oil minister

Ghana could seek more IMF funding, incoming finance minister says

Ghana’s president names Cassiel Ato Forson as finance minister

Ghana inflation rises for fourth straight month in December

Ghana’s Mahama returns as president, vowing to boost economy

Ghana cocoa purchases slump as election delays payments, financing

China’s top diplomat heads to Africa as West’s attention dwindles

Nigeria to expand credit access to citizens

News Tips

Advertise With Us

Newsletters