Independent Resources (IRG) an AIM quoted company with expertise in the geology of, and operations in, the Mediterranean basin focused on acquiring and developing production and low risk exploration opportunities, on the 21st of September 2015 revealed its intention to set up a strategic joint venture company owned 50-50 with Nostra Terra Oil & Gas focused on the acquisition of producing...

Erin Energy’s resource volume evaluation of the three previously discovered fields ;Tano North, Tano West, and Tano South, has been completed in the Expanded Shallow Water Tano (ESWT) Block, located offshore Ghana. The ESWT block is operated by its affiliated company, Camac Energy Ghana Ltd. Petroleumafrica reports. The total discovered in-place oil and gas volumes have been assessed at...

The number of people living In extreme poverty will fall from 902 millions in 2012 to 702 million this year, which is 9.6% of the global population, emphasises the World Bank in a report published on 4 October. It is the first time that the extreme poverty rate will fall below the level of 10%, and this in spite of the recent increase of the line of poverty, from 1.25 to 1.90 dollars per day. In...

Several sub-Saharan Africa countries continue to post robust economic growth in spite of a slower pace of growth that the region is recording due to a less favourable economic environment, estimated the World Bank in a report published on 5 October. Thus, Côte d'Ivoire, Ethiopia, Mozambique, Rwanda and Tanzania should record a growth rate of at least 7% a year between 2015 and 2017, according to...

The Cameroonian Ministry of Public Markets just shut the door to Public Markets to 146 companies, sources involved revealed. The reasons for this ban are: “fraud, corruption and embezzlement of public funds”. Besides this, no additional penalties were applied. Usually, in cases of ban such as this one, the various heads of the firms which were banned just change the name of their structures...

The Gabonese Prime Minister, Daniel Ona Ondo officially opened this 30th September the 2nd international conference on nutrition (CNI2) for Central Africa. He pleaded for a mobilisation of resources to enable the real implementation of the commitments of CNI2, by all member countries of CEEAC. This is even more important considering the concerning statistics on the subject. Indeed, according to...

A 400 million FCFA check was just awarded to about 5,000 producers of certified cocoa from Cameroon’s South-western region as premium for the last production season. This check was offered by Telcar Cocoa, Cargill’s local dealer, who launched in 2011 a mentoring and training program for Cameroon’s producers of certified cocoa. More than 10, 800 producers have been trained since the...

Electricity Development Corporation (EDC) and CWE initiated the stage for partial filling of Lom Pangar dam, which is in construction in the Eastern part of Cameroon. In the following partially published interview ( full version will be released in our October 2015 edition of Business in Cameroon magazine), Théodore Nsangou, EDC’s Managing Director, defines the “partial set-up” concept,...

Côte d'Ivoire is planning to mobilise FCfa 1,119 billion (USD 1.91 billion) on the bond markets to finance its 2016 budget, the Ivorian Minister in charge of the budget, Aboudramane Cissé (picture), announced on 1st October. The government has set the state budget for 2016 at FCfa 5,813 billion, an increase of 11% compared to 2015, the minister added during a press conference. The Finance...

The monopoly of the historical telecommunications operator Comores Telecom has finally ended. The National Information Technology and Communication Regulatory Authority (ANRTIC) has granted the second country's telecom to the Malagasy operator Telecom Malagasy Mobile, better known as Telma, on 1st October 2015. Through this awarding, Telma showed itself as the best applicant with a 7.1 billion...