GHANA:
Increase of Cocoa Production, an Optical Illusion?: "In Ghana, the good figures for cocoa production 2016/2017 hide an important traffic of bean at the level of the Ivorian border. This is what several exporters of brown gold interrogated by Reuters. According to these actors, this contraband, fueled by the gap in producers prices in force ($1,914 per ton of cocoa on the Ghana side versus $1,203 for Ivory Coast), has already led to an influx of about 70,000-80,000 tons of Ivorian beans in Ghana since the beginning of April. If this elapsed stock is already significant in the measure where it accounts for about 10% of the Ghanaian cocoa volume of 2015/2016, certain experts believe that it should increase during the current interim harvest and reach 120,000-140,000 tons at the end of the 2016/2017 season..."
ZIMBABWE:
Zimbabwe Will Allocate 478 Million Dollars to Finance Agricultural Activities in the Hot and Humid Season 2017/2018: "The Zimbabwean government and Sakunda Holdings company have signed a 478 million Dollar agreement with the banking groups CBZ bank, Barclays, and Ecobank to finance the agricultural activities of the hot and humid season 2017/2018, reports Reuters. The production of maize and soybeans is mainly targeted. In this context, the executive should start between July and September the distribution of seeds, fertilizer, and chemicals to farmers as a prelude to the planting period beginning in November. This initiative confirms the commitment of the Zimbabwean authorities in favor of improving the country's food security..."
DR CONGO:
The Central Bank Raises Its Key Policy Rate by 6 Percentage Points to 20% to Stabilize the Congolese Franc: "This Monday, the Central Bank of the Democratic Republic of Congo announced in a statement that it raised its key policy rate from 14 to 20% to stabilize the Congolese franc, which has become too volatile. "In order to cope with this growing trend of the Congolese franc exchange rate and to reduce the pace of increase in domestic prices, the Central Bank of Congo has once again strengthened its monetary policy," said the statement. The economy of the DR Congo, the main copper producer in Africa, has been strongly affected by the global decline in commodity prices over the past two years, which reduced currencies revenues against a domestic market that demands more and more. In 2016, the Congolese franc had lost half of its value against the dollar due to lower tax revenues from foreign investors and a widening of public deficit. At the beginning of June, one dollar was trading against between 995 francs and 1,000 Congolese francs among forex traders in the streets of Kinshasa. The volatility of exchange rate of local currency has kept inflation that reached an almost unsustainable level..."
CAMEROON:
IMF Approves a Three-Year Loan Agreement of 390 Billion CFA Francs in Favor of Cameroon: "The Board of Directors of the International Monetary Fund (IMF) approved on June 26, 2017, a loan agreement amounting to 390.4 billion CFA Francs (666 million Dollars) in favor of Cameroon. This loan, which is part of the IMF's extended credit facility, will be spread over a period of 3 years, including a first immediate disbursement of just over 100 billion CFA Francs (171 million Dollars), as part of a program aiming at restoring fiscal sustainability and unlock private sector growth, learned officially. "Having shown resilience because of its biggest diversification, the Cameroonian economy is currently facing a deceleration of its growth, a decrease in tax and external revenues and a growing public debt," declared the Deputy Managing Director of the IMF, Mitsuhiro Furusawa, commenting on the decision of the Board of Directors of this Bretton Woods institution..."
BURKINA FASO:
West African Resources Announces 15 Million Canadian Dollars Funding for Its Project Sanbrado: "The double-rated company West African Resources (concluded an agreement to raise 15 million Canadian Dollars (11,331,231 US Dollars)) which will be used to advance the development of the Sanbrado gold project in Burkina Faso. The agreement was signed with Sprott Capital Partners that will act as main underwriter for the purchase of 46.8 million common shares at a unit price of 0.32 Canadian Dollars for fundraising. According to the announced terms, subscribers will have the right to acquire 7 million additional shares for 2.25 million Canadian Dollars, bringing the total raised to 17.25 million Canadian Dollars (approximately 13,030,915 US Dollars). The total proceeds will be used to advance exploration drilling in Sanbrado, carry out an update of project resources, and review its feasibility study, as well as for other general purposes of working capital requirements..."
GUINEA:
The Oil Well Fatala-1 Will Be Drilled at the End of July: "In Guinea, Hyperdynamics announced that its wholly-owned subsidiary, SCS Corp, and its partner SAPETRO are preparing to launch, by the end of July, the drilling works of the Fatala-1 well off the coast of Conakry. The drilling platform Pacific Scirocco arrives in Guinean waters on June 27. According to SCS, the operational team is ready and the contracts with the transport services by helicopters and support vessels have been concluded. Otherwise, drill pipes were stored at the port of Conakry to be loaded on board the Pacific Scirocco. On the other hand, Schlumberger mobilizes the associated equipment in the framework of the MSA (Master Service Agreement) signed with Hyperdynamics to provide integrated project management services. The contract was signed with Hyperdynamics last January 4. As for the ROV (Remotely Operated Vehicle) used to perform the shelling of the well, it was loaded on a ship from the port of Aberdeen, Norway, and should arrive at the port of Conakry between the July 10 and 14..."
Crédit : IMPERIUM MEDIA
