West Africa steams ahead despite challenges

West Africa steams ahead despite challenges

West Africa steams ahead despite challenges

Prince Cookey reports on manufacturing – a sector facing up to its challenges The manufacturing sector in west Africa seems to be steaming ahead despite daunting challenges. The optimism draws inspiration from the recent World Bank forecast that global economic growth will strengthen to 2.7% in 2017 as a pickup in manufacturing and trade, rising market confidence, and stabilising commodity…

African digital economy set to lead the way – and reduce corruption

African digital economy set to lead the way – and reduce corruption

African digital economy set to lead the way – and reduce corruption

In ten years, the digital economy will probably account for 10% of African GDP, according to technology experts. Speaking at the launch of new digital services linking urban planners and developers in Senegal, Alain Taïeb, chairman of the supervisory board of Mobilitas, said: “In ten years, the digital economy will probably weigh 10% of African GDP. Digital should be an…

Terror threat looms large in Mali

Terror threat looms large in Mali

Terror threat looms large in Mali

Security analysts are warning of the ongoing terror threat in Mali, after gunmen attacked a luxury resort. Two of the assailants were killed by security forces, who were searching for two others, according to BBC reports. One civilian was reported injured after the attack at the luxury resort of Le Campement Kangaba, east of Bamako. Seán Smith, west Africa analyst…

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.…

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