New law firm members boost francophone Africa legal group

New law firm members boost francophone Africa legal group

New law firm members boost francophone Africa legal group

Africa Legal Network (ALN) has signed up three new members as part of its strategy to expand into francophone Africa. The new members are based in Algeria, Guinea and Morocco and joined as of 1 May. Since October last year, the alliance has welcomed six new member firms, bringing ALN’s coverage to 16 countries, making it the largest legal alliance…

Ivory Coast joins ATI member countries

Ivory Coast joins ATI member countries

Ivory Coast joins ATI member countries

Ivory Coast has joined the African Trade Insurance Agency (ATI) in a bid to reach emerging country status by 2020. ATI is a multilateral investment insurer whose specialised investment and commercial risk insurance products are expected to help attract up to US$2bn of inward investments and trade into the country and to potentially help lower its sovereign borrowing costs by…

S&P affirms Cameroon rating while warning of political risks

S&P affirms Cameroon rating while warning of political risks

S&P affirms Cameroon rating while warning of political risks

Standard & Poor’s Global Ratings (S&P) has affirmed its B long-term and B short-term sovereign credit ratings on Cameroon, with a stable outlook, however, it has warned that risks around the presidential succession are high. It said: “The ratings are constrained by our view of political risk pertaining to presidential succession, low income per capita and our expectation of a…

S&P shows confidence in three of Africa’s largest economies

S&P shows confidence in three of Africa’s largest economies

S&P shows confidence in three of Africa’s largest economies

Standard & Poor’s (S&P) has affirmed its ratings on Kenya, Ghana and Morocco, with a positive message for all three African states. In terms of Kenya, the ratings agency has affirmed its B+/B long- and short-term foreign and local currency sovereign credit ratings. The outlook is stable. It said upcoming elections, drought and decelerating credit growth pose short-term risks to…

South Sudan and Equatorial Guinea agree oil and gas deal

South Sudan and Equatorial Guinea agree oil and gas deal

South Sudan and Equatorial Guinea agree oil and gas deal

Providing new opportunities for those in the oil and gas sectors, South Sudan and Equatorial Guinea have agreed a new bilateral relationship between the African oil and gas producers. The memorandum of cooperation was signed by Equatorial Guinea’s Minister of Mines and Hydrocarbons, HE Gabriel Mbaga Obiang Lima and South Sudan’s Minister of Petroleum HE Ezekiel Lol Gatkuoth. They will…

IMF could release pressure on west African states as oil price remains low

IMF could release pressure on west African states as oil price remains low

IMF could release pressure on west African states as oil price remains low

Potential International Monetary Fund (IMF) programmes for Gabon (B+/Negative), Cameroon (B/Stable) and the Republic of Congo (CCC) would ease some of the pressures created by lower oil prices, Fitch Ratings has said. The ratings agency added: “The extent of the benefits would depend on the authorities’ implementation capacity and on developments elsewhere in the Central African Economic and Monetary Community…

West Africa: riding wave of $50 oil for growth

West Africa: riding wave of $50 oil for growth

West Africa: riding wave of $50 oil for growth

  The rise in the price of oil to $50 per barrel and above did not come overnight for the global oil and gas industry. Rather, it was the culmination of three strategic meetings to rein in production and stabilise the market. First was the ‘Algiers Accord’ of the 170th Extraordinary OPEC Conference in Algiers, Algeria on 28 September 2016.…

Signs of optimism are returning to the African oil and gas market after 18 months of turmoil and as the price of a barrel tips over $50

Signs of optimism are returning to the African oil and gas market after 18 months of turmoil and as the price of a barrel tips over $50

Signs of optimism are returning to the African oil and gas market after 18 months of turmoil and as the price of a barrel tips over $50

Stalled exploration of the Mauritania-Senegal-Gambia-Bissau-Conakry (MSGBC) basin is set to resume in 2017, according to experts at BMI Research. They say the basin remains a relatively underexplored region of the Atlantic margin. It also boasts strong prospectivity: according to service provider TGS, 177 wells have been drilled in the basin to date, of which 115 have encountered hydrocarbons – a 65%…

Cameroon and IMF move towards three-year economic programme

Cameroon and IMF move towards three-year economic programme

Cameroon and IMF move towards three-year economic programme

The International Monetary Fund (IMF) has started talks with Cameroon to develop a three-year economic and financial programme for the west African state. An IMF team, led by Corinne Deléchat, visited Yaoundé from 20 February–6 March, 2017 and as she finished the visit, Ms Deléchat said: “The IMF team and the Cameroonian authorities started discussing an economic programme through 2019…

Revitalising Ghanaian forests should deliver sound investment opportunities

Revitalising Ghanaian forests should deliver sound investment opportunities

Revitalising Ghanaian forests should deliver sound investment opportunities

The African Development Bank (AfDB) and Climate Investment Funds’ Forest Investment Program (CIF FIP), have signed a US$24 million loan agreement with Form Ghana, to launch an innovative project on public-private partnership for the restoration of degraded forest reserves through verified carbon standard (VCS) and Forest Stewardship Council (FSC) certified plantations. Form Ghana, a forest plantation management company that contributes to…

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