Blog

The Pan-African Economy in Brief: Tuesday, January 8, 2019

ZIMBABWE:
The brewing group AB Inbev wins a battle in Zimbabwe over access to foreign exchange:
Delta Corporation, Zimbabwe's leading brewer, whose reference shareholder is the world leader in the AB Inbev sector, won the battle against local authorities for access to foreign exchange. In a recent Communiqué, it indicated that it would only sell its products for dollars, as it had too many difficulties in accessing foreign currency to pay its international suppliers. This decision was not appreciated by the Minister of Trade and Industry who described it as illegal...


SENEGAL:
Industrial production price increase in November:
This increase follows the increase in the textile and leather industries (+21.4%) in particular, in line with the increase in cotton prices. In addition, higher production costs in the chemical industries (+1.9%), energy production (+1.5%) and building materials (+0.1%) contributed to this trend. This increase is mitigated by lower prices in the Mechanical (-1.1%) and Food (-0.3%) Industries. The production prices in the Extractive Industries, Paper and Cardboard, as well as those of the other Manufacturing industries did not show any significant variations over the period...


TOGO:
Treasury Bonds: Togo is looking for $20 billion on the financial market:
The deadline for submissions is Thursday, January 10, 2019. The nominal value per unit is one million and the interest rate is multiple. Interest is payable in advance and deducted from the nominal value of the warrants. Income received on Treasury Bills is tax exempt for investors residing in TOGO. Non-residents are subject to the Taxation applicable in the territory of the country of residence. The securities issued are redeemable on the first business day following the maturity date of Friday, January 10, 2020...


MOZAMBIQUE:
Three former Credit Suisse bankers arrested in connection with the Mozambique hidden debt scandal:
Three former Credit Suisse bankers were arrested in London on January 3 for their involvement in a corruption case related to $2 billion in loans contracted by public companies in Mozambique. These arrests come five days after the arrest of former Mozambican Finance Minister Manuel Chang, who was arrested in South Africa in the same case. According to the indictment released Thursday by U.S. federal prosecutors in New York, those arrested in this case are charged with corruption, money laundering and securities fraud...


KENYA:
GE will supply the turbines for the Kipeto wind farm, which has closed its financial mobilisation:
In Kenya, the American company General Electric (GE) has been awarded the contract to supply the wind turbines for the Kipeto power plant. Its subsidiaries GE Renewable Energy, GE Financial Service and GE EFS will provide technological and advisory support to WorleyParsons, which was awarded the infrastructure contract in September. GE will therefore provide 60 of its 1.7-103 turbines for the construction of the plant. The 100 MW capacity wind farm will provide the energy needed to power 40,000 households in the region...


NIGERIA:
Total announces the start of production from the Egina oil field:
Total is proud to carry out a project of this magnitude within the initial budget and to contribute to the development of the Nigerian oil and gas sector, by creating jobs and strengthening industrial capacities," said Arnaud Breuillac, President of Total Exploration & Production. With a total cost of USD 3.3 billion, it is one of Total's flagship projects in Africa this year. Egina's floating production, storage and unloading unit (FPSO) weighs 220,000 tonnes and measures 330 m x 60 m is the largest ever built by the French company...