Central Africa |

Cameroon Seeks to Improve Cocoa Bean Quality After Declines

YAOUNDE (Capital Markets in Africa) – Cameroon is taking steps to encourage farmers to grow better quality cocoa after a deterioration in last year’s crop resulted in lower prices for the country’s beans. About 90 percent of Cameroon’s cocoa exports in the season through July were classed as Grade 2, the second of three quality ratings for beans, according to Trade Minister Luc Magloire Atangana Mbarga. That compared with 97 percent previously and meant that Cameroonian…

XSML invests in Monishop, Congo-Kinshasa

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KINSHASA (Capital Markets in Africa) – XSML, the fund manager active in Central & East Africa, announced its investment in Monishop sarl (Monishop), a well-known supermarket in Kinshasa, DRC. Since inception Monishop has grown to become the leading supermarket in Kinshasa in terms of product offering and overall store experience, with bank, fast-food and pharmacy facilities on the same premises. The investment supports Monishop to build a new large supermarket in the center of Kinshasa. Monishop…

Cameroon considers two-year IMF aid programme to drive growth

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YAOUNDE (Capital Markets in Africa) – Cameroon and the International Monetary Fund are considering a two-year aid programme for the Central African country to deliver sustained and inclusive economic growth. Leaders of the Central African bloc (CEMAC) agreed in December to engage with the IMF to find ways to overcome macroeconomic instability caused in part by lower global commodity prices, the IMF said in a statement. Cameroon, which produces oil, cocoa, and coffee and is the…

AFC makes maiden $205m mining investment in Guinea-Conakry

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LAGOS (Capital Markets in Africa) – An international consortium including Africa Finance Corporation (AFC) is set to invest in Alufer Mining Limited to fund the development of Guinea-Conakry’s high grade bauxite reserves. The US$205 million deal will be one of the largest foreign investments in the country since the 2014 Ebola crisis. Once complete, the project will increase production levels in line with global demand, which at present outpaces supply. Currently, there is a greater…

Cameroon’s Economy to Grow by 6% in 2017 Says Finance Minister

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YAOUNDE (Capital Markets in Africa) – Cameroon’s economy is set to expand 6 percent this year even as it imposes new taxes to compensate for a decline in government revenue from oil, Finance Minister Alamine Ousmane Mey said. The central African nation last month approved the introduction of 24 taxes that apply to a wide range of goods and services, including second-hand car imports and exports of timber, Mey said in a Jan. 3 interview…

Nigerian Banks’ Foreign Currency Liquidity Still Tight — Fitch Ratings

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LAGOS, Nigeria, Capital Markets in Africa — Cutting reserve requirements will not add liquidity to the Nigerian banking system because it releases no additional foreign currency (FC), says Fitch Ratings. Substantial government-related FC deposits are exempt from reserve requirements and have already been withdrawn from the system after the government ordered all public-sector deposits to be moved from commercial banks into the centralised Treasury Single Account (TSA) earlier this month. Nigeria’s Monetary Committee reduced mandatory…

African economies grew by 3.9% GDP in 2014 amid global and regional shocks

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Abidjan Cote D’Ivoire (Capital Markets in Africa) — African economies registered 3.9% average GDP growth in 2014 compared to the 3.7% in 2013. This reflects resilience to global and regional shocks which affected the continent last year, according to the African Development Bank Group’s Annual Report, which was released Wednesday, May 27 in Abidjan. According to the report, despite the negative impacts of low commodity prices, the Ebola epidemic in West Africa as well as…

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