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Ivory Coast Is Selling Africa’s Biggest Euro-Currency Bond

Ivory Coast Is Selling Africa’s Biggest Euro-Currency Bond

Ivory Coast is selling 1.7 billion euros ($2.1 billion) of bonds Thursday in the biggest issuance of debt in the common currency from an African government, according to a person familiar with the matter. The West African nation is offering 850 euros of 12-year notes paying 5.25 percent and a similar amount of 30-year securities […]

IMF Extends Kenya’s $1.5 Billion Standby Loan for Six Months

IMF Extends Kenya’s $1.5 Billion Standby Loan for Six Months

The International Monetary Fund approved Kenya’s request for a six-month extension to a $1.5-billion standby facility to allow the nation time to complete reviews of the lender-supported program. The government requested an extension to the facility in order to complete the delayed reviews, before embarking on talks about a new potential program. The current agreement […]

Ghana May Struggle to Repay Lenders’ $1.3 Billion Cocoa Loan

Ghana May Struggle to Repay Lenders’ $1.3 Billion Cocoa Loan

Ghana Cocoa Board may struggle to fully pay back loans of $1.3 billion as this season’s harvest will likely be smaller than first anticipated, according to the head of the industry regulator. The world’s second-biggest grower signed for the loans with lenders such as Credit Agricole SA and Natixis SA prior to the start of […]

S.Africa Gold Miners’ Silicosis Lawsuit Settlement Expected Within 6 Weeks

S.Africa Gold Miners’ Silicosis Lawsuit Settlement Expected Within 6 Weeks

South African gold producers will likely reach a settlement within six weeks in a lawsuit over a fatal lung disease that companies have set aside 5 billion rand ($420 million) in provisions for, a lawyer and industry group said on Sunday. “I am confident we will finalise the settlement within six weeks,” Richard Spoor, the […]

Nigeria’s Own Fannie Mae Sets Out to Double Mortgage Loans

Nigeria’s Own Fannie Mae Sets Out to Double Mortgage Loans

After suffering through an economic contraction that restrained demand for housing loans in Africa’s most-populous country, Nigeria’s state-backed mortgage guarantor is anticipating that a return to growth will help double its nascent asset base. Set up four years ago to mimic the U.S.’s Fannie Mae, Nigeria Mortgage Refinance Co., or NMRC, seeks to deepen the […]

Biggest Ghana Mining Union Plans Protests Over Gold Fields Jobs

Biggest Ghana Mining Union Plans Protests Over Gold Fields Jobs

Ghana’s largest mineworkers’ union plans protests and strikes throughout operations in the country if the government allows Gold Fields Ltd.’s local unit to dismiss more than 2,000 staff as it starts the process of hiring a contractor to operate its biggest mine in the West African nation.  Gold Fields is committing “acts of corporate greed […]

Vanilla Production in Uganda Surges as Farmers Battle Thieves

Vanilla Production in Uganda Surges as Farmers Battle Thieves

Uganda, the world’s fourth-biggest vanilla exporter, is boosting output to benefit from prices for the flavoring that’s more valuable than silver and have forced growers to hire armed guards to deter thieves. The landlocked East African nation will produce about 100 metric tons this year, with potential to double that in future, according to Aust […]

IMF Says Ghana Needs More Revenue, Fewer Spend Cuts for Goal

IMF Says Ghana Needs More Revenue, Fewer Spend Cuts for Goal

Ghana needs to improve revenue collection and can’t keep reducing spending on capital items to achieve its fiscal targets, the International Monetary Fund said. That’s one of the recommendations made by the Washington-based lender during a review of the nation’s $1 billion extended credit-facility program, country representative Natalia Koliadina said. Under the plan that started in […]

Nigeria’s Sticky Inflation Threatens to Frustrate Rate-Cut Hopes

Nigeria’s Sticky Inflation Threatens to Frustrate Rate-Cut Hopes

Godwin Emefiele Photographer: Chris J. Ratcliffe/Bloomberg Nigeria’s long-awaited interest rate-cutting cycle risks being short-lived, if it starts at all.  Governor Godwin Emefiele said last month the Central Bank of Nigeria may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits. But with fuel costs surging and government spending […]

May Calls Scottish, Welsh Leaders to Discuss Brexit

May Calls Scottish, Welsh Leaders to Discuss Brexit

U.K. Prime Minister Theresa May spoke to First Minister of Scotland Nicola Sturgeon and First Minister of Wales Carwyn Jones after setting out her Brexit priorities and plans for trade relations in a London speech. May told the leaders late Friday the U.K. would seek “customs arrangements that would lead to as frictionless trade as […]