Ivory Coast May Legalize Cocoa Farming in Some Protected Forests

Ivory Coast May Legalize Cocoa Farming in Some Protected Forests

ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s top cocoa producer, plans to legalize farming on almost 5 million acres of protected reserves to help balance the rebuilding of forests with an output of its most important export. The government wants to reclassify protected forests that have been destroyed by more than three-quarters because of unauthorized farming — most of it cocoa — into “protected agroforest” areas, according to a Forestry Ministry document obtained by…

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Ivory Coast Targets First Direct Flight to U.S. by Early 2018

Ivory Coast Targets First Direct Flight to U.S. by Early 2018

ABIDJAN (Capital Markets in Africa) – Ivory Coast is in talks with three African airlines to operate the first direct route to the U.S. by early 2018 as the West African nation seeks to attract more investors to its fast-growing economy. The most advanced discussions are with Ethiopian Airlines Enterprise, which is due to send a delegation to Ivory Coast before the end of the month, Transport Minister Amadou Kone said in an interview. Africa’s largest…

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Ivory Coast Cocoa Farmers See Bumper Crop After Slow Start

Ivory Coast Cocoa Farmers See Bumper Crop After Slow Start

ABIDJAN (Capital Markets in Africa) – This year’s cocoa harvest in top producer Ivory Coast may be starting slowly, but farmers say volumes will catch up in a few months and are forecasting another big crop to follow last season’s record. Heavy rains in June and July caused flowers to fall off trees and while farmers have started reaping some pods, there are a lot fewer than this time last year, said Salam Pelega, the head…

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Dreams of Europe Life Spur Perilous Journey From West Africa

Dreams of Europe Life Spur Perilous Journey From West Africa

LAGOS (Capital Markets in Africa) – Kadi Bah saw people starving in the Sahara desert and drowning in the Mediterranean during her failed six-month odyssey to reach Europe. But as soon as the United Nations plane bringing her back home from Libya to Ivory Coast touched down, she was hatching plans to try again. “I’ll be so proud of myself if I can make it to Europe; I’ll tell everybody I managed to leave,” the…

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Ecobank’s Ivory Coast Unit Is Said to Plan IPO to Fund Expansion

Ecobank’s Ivory Coast Unit Is Said to Plan IPO to Fund Expansion

ABIDJAN (Capital Markets in Africa) – Ecobank Transnational Inc.’s Ivory Coast unit plans to raise 45 billion CFA francs ($79 million) in an initial public offering on West Africa’s regional stock exchange, according to two people familiar with the matter. The share sale will begin by October, pending approval by the regulator, Regional Council for Public Savings and Financial Markets, the people said, asking not to be identified because the information hasn’t been made public. The listing…

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Ivory Coast Said to Attract Almost $10 Billion in Eurobond Bids

Ivory Coast Said to Attract Almost $10 Billion in Eurobond Bids

ABIDJAN (Capital Markets in Africa) – Ivory Coast attracted almost $10 billion in bids for its Eurobond auction on Thursday in a sale that came less than a month after a four-day mutiny by soldiers, according to a person familiar with the matter. The West African nation received about $4.8 billion in orders for the dollar portion of its debt sale and a further 4.4 billion euros ($4.9 billion) for the second tranche by the…

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Mutinies `Humiliated’ Ivory Coast, Parliament Speaker Says

Mutinies `Humiliated’ Ivory Coast, Parliament Speaker Says

ABIDJAN (Capital Markets in Africa) – A series of mutinies by soldiers in Ivory Coast demanding payments for supporting President Alassane Ouattara humiliated the West African nation, according to National Assembly Speaker Guillaume Soro, who once commanded the troops as a former rebel leader. “I can only note that we are despised,” Soro, 45, said in an interview Sunday at his residence in Abidjan, the commercial capital. “It’s a humiliation for us — the state, the president, myself…

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