GHANA:
The Central Bank of Ghana Reduced Its Key Rate to 21%: The Monetary Policy Committee (MPC) of the Central Bank of Ghana announced on Monday its decision to reduce its key rate by 150 basis points to 21% compared to the previous rate of 22.5%. The Governor of the Bank of Ghana, Ernest Addison, stated that the decision was based on the positive outlook for the country's economy. "The process of disinflation is still ongoing, and this trend is expected to continue until the end of the third quarter. In view of these considerations, the Committee decided to reduce the key rate by 150 basis points to 21%," the governor announced..."
CAMEROON:
The Government of Cameroon's Plan to Improve the Banking Sector as Part of the Program with IMF: "In Cameroon, the government has embarked on a process of reorganization of banks, confirmed a senior official of the Ministry of Finance, responding to a question from Ecofin Agency, on measures taken in favor of the financial sector, as part of the economic reform program with the International Monetary Fund. "Faced with the various challenges you have raised, we are actually working within the framework of this plan (economic program ed.) to improve the framework of banking activities to enable this sector to participate fully in the recovery of our economy," reveals Gilbert Didier Edoa, the Secretary General of the Ministry of Finance. However, the official did not give details of the operations in progress and the banks concerned..."
GUINEA:
SNC Lavalin Gets FEED in the Realization of an Oil Refinery in Kamsar: "In Guinea, the Canadian engineer SNC Lavalin was granted by Brahms Oil Refineries an engineering design contract (FEED) for the construction of 10,000 barrels per day refinery at Kamsar, in the north-west of Guinea. The work will lead to an estimate of the cost of building the infrastructure for making the final investment decision in the third quarter of 2017. In addition to estimating the cost of the refinery, the scope of this phase will include project coordination and management, engineering, preliminary procurement, and the EPC implementation plan..."
UGANDA:
At Its Peak Production, Oil Will Contribute 4% of GDP Each Year (IMF): "According to Axel Schimmelpfennig, the head of the IMF mission in Uganda, if the country's oil reserves reach full production, they will contribute 4% to the national GDP each year. “But the sine qua non condition for achieving this is the good management of the sector, added to more strategic investments in infrastructure and better management of public debt,” he specifies. "According to our estimates, oil revenues could range from 0.5% of GDP at present, to 4% when the country reaches the peak of its production. This growth should be observed every year," said the official in a blog post relayed by Reuters..."
MOZAMBIQUE:
ENH and the International Oil Companies Are Committed to Promoting Local Content: "In Mozambique, the public company in charge of the exploitation of hydrocarbons (ENH) and the international companies present in the country signed a Memorandum of Understanding (MoU) with the Mozambique Chamber of Commerce and the association of small and medium-sized enterprises to promote local content for the hydrocarbon industry. The objective of this agreement is to establish an interactive relationship and favorable cooperation between the different parties to allow the populations to benefit better from the exploitation of the hydrocarbon resources of the country, explains a statement from the national news agency..."
TANZANIA:
Acacia Mining's Tax Liabilities Valued at 190 Billion Dollars: "Acacia Mining stated on Monday having received from the Tanzania Revenue Authorithy (TRA) a series of notices valuing at 190 billion Dollars, the total amount owed by two of its subsidiaries in terms of unpaid taxes, penalties, and interest. The subsidiaries in question are Bulyanhulu Gold Mine (BGML) and Pangea Minerals (PML), owners and operators of the Bulyanhulu and Buzwagi mines. According to the new assessments, which intervene in the context of the allegations that Acacia Sub-declared its export earnings, BMGL owes a total to the Tanzanian State over the period 2000 to 2017, approximately 154 billion Dollars, and PML on the one from 2007 to 2017, 36 billion Dollars. 40 billion Dollars would count for unpaid taxes and 150 billion Dollars for penalties and interest due..."
ETHIOPIA:
Ethiopia Wants to Exploit 80% of the Land Suitable for Cotton Cultivation by 2030: "The Government of Ethiopia envisages using 80% of the total area of favorable land to the cultivation of cotton by 2030 (3 million hectares), reports the site fiber2fashion. The information has been announced by Bogale Feleke, Minister of Industry. This strategy should enable the country to increase its cotton production to meet the raw material needs of the manufacturing industry and take advantage of the many opportunities offered by US law on Growth and Africa's Economic Prospects (AGOA)..."
Crédit : IMPERIUM MEDIA
