Pan-African Economy in Brief : Tuesday, September 10, 2019
4.3 billion of foreign investments in portfolios in the second quarter of 2019: "Nigeria received $4.3 billion of foreign investments in portfolios in the second quarter of 2019, the Ecofin Agency noted, from official data. This performance is down by nearly 40% when compared to the capital flows in foreign currencies, which entered the same segment in the first quarter of 2019 ($7.14 billion). Foreigners making portfolio investments in Nigeria focus particularly on money market financial products, which is the framework for investments in short-term bonds (sometimes less than 90 days). For the second quarter of 2019, they attracted $3.4 billion compared to $5.9 billion in the previous quarter. It is easier to understand why the Governor of the Nigerian Central Bank, Godwin Emefiele, on his last trip to London, pleaded with the fund managers of the British financial centre to continue to come to Nigeria's short-term borrowing market. At the same time, Nigerian monetary authorities are planning to set up a market for up to ten currency futures contracts to attract more international investors and stabilize the local currency, which is very sensitive to external shocks..."
The 40 MW Kashimbila hydroelectric power plant will soon come on stream: "In Nigeria, the Kashimbila multi-purpose dam will soon produce electricity, according to Sale Mamman, the Minister of Energy. The infrastructure located in the locality of Takum in Taraba State has a capacity of 40 MW. During an inspection of the construction site, Mr. Mamman assured that the construction work on the water retention and the power plant has already been completed and that the infrastructure is ready to start production. The only thing that is currently delaying the commissioning of the dam is the line that has to evacuate its production. The latter is already under construction with a 90% completion rate..."
OCP and Ghana sign an agreement to build a fertilizer plant by 2024: "The Cherifian Phosphate Board (OCP) has signed an agreement with the Ghanaian government to build a fertilizer plant by 2024, reports Medias24. Speaking to the Moroccan Press Agency (MAP), Karim Lotfi Senhadji, Director of OCP Africa, the group's subsidiary dedicated to the continent, said that the infrastructure will have an annual production capacity of 1 million tonnes per year. It will depend on Ghanaian gas and Moroccan phosphate for its raw materials supply. According to Mr. Senhadji, the next few months will be used to prepare the final project for the construction of the plant..."
Ivory Coast :
Ivory Coast is targeting rice self-sufficiency by 2025: "In Ivory Coast, the government now aims to achieve rice self-sufficiency by 2025 against the previously set 2020 deadline. The announcement was made by Gaoussou Touré, the new Minister in charge of promoting rice growing. According to the official, the executive also aims to make the country an exporter of the commodity by 2030, reports the African News Agency (APA). "It is more than 300 billion CFA francs each year that the country spends when we have everything so that Ivory Coast does not actually import a kilo of rice," notes Mr. Touré..."
Gold exports increased by 23% in fiscal year 2018/2019: "The Tanzanian Central Bank reported this week a 23% increase in the country's gold exports for fiscal year 2018/2019, which ended last July. "The value of gold exported increased by 23.3% to $1.783 billion due to an increase in export volume," the financial institution said in its latest economic report, without providing figures on the volumes in question. These new data come at a time when the Tanzanian government declared last May that it wanted to increase its mining revenues for the 2019/2020 financial year. The government plans to do this by stimulating production and exports, opening new metal trading centres and curbing smuggling..."
Equatorial Guinea intends to negotiate $700 million in financing from the IMF by 2020: "Equatorial Guinea plans to obtain $700 million in financing from the International Monetary Fund (IMF) by 2020. This was announced on Friday by Cesar Mba Abogo, Equatorial Guinea's Minister of Economy, in an interview with Bloomberg. The new talks are expected to be launched as part of an IMF programme to implement reforms in the six member countries of the Central African Economic and Monetary Community (CEMAC). These countries have an essentially oil-dependent economy, and are suffering the full consequences of the collapse of oil prices since 2014, slowing their growth and also reducing their foreign exchange reserves. "It is to ensure that we can increase our reserves to defend our currency... Some countries have already received financial assistance. It is Equatorial Guinea's turn," said Minister Abogo. This is at a time when the economic situation in the countries of the CEMAC zone raised fears of a devaluation of the CFA franc, the regional currency, pegged to the euro..."