During the 2018-19 campaign, global cotton consumption is set to hit 27.5 million tons, reflecting an all-time 4% increase. This was revealed Aug 1 by the International Cotton Advisory Committee (ICAC). However, global output is projected to fall by 4% to 25.9 million tons, mainly due to a decrease in fiber area in major producing countries including India (-3%) and the USA (-5%). ICAC...

Nigeria’s Federal Government granted N72 billion (about $199 million) to power distribution companies (DisCos) as to improve energy supply, Mohammed Usman (photo), CEO of Transmission Company of Nigeria (TCN) said. According to him, TCN’s efficiency is not really perceived because the country's electricity distribution network is weak. “80% of the electricity that is consumed in Benin...

The United Nations (UN) approved $630 million in a 5-year financing to Rwanda to support projects in economic transformation, Social transformation, and Transformational governance. The document was initialed July 31 in Kigali by UN Resident Coordinator Fodé Ndiaye (left on photo) and the Minister of Finance and Economic Planning Uzziel Ndagijimana (right on photo).   According to the...

In South Africa, the unemployment rate increased to 27.2% in Q2 this year, up from the 26.7% a quarter earlier, according to data from the National Statistics Agency (StatsSA). The number of unemployed people rose to 6.1 million in Q2 from 6 million in the previous quarter. StatsSA said figures only include people actively seeking job. As for “discouraged workers” which include those who...

In Côte d'Ivoire, local cocoa purchases dropped as the bean quality does not comply with required standards, Reuters reported. Indeed, while the Coffee and Cocoa Council (CCC) sets a maximum bean number of 120 per 100 grams of cocoa for the mid-crop, many local buyers based in Daloa, Sinfra, Vavoua and Issia reported their purchases regularly exceed this limit. “We are increasingly receiving...

Following the 7th Summit Conference of the Treaty of Amity and Cooperation (TAC) between both countries, held July 27 in Yamoussoukro, Côte d’Ivoire and Burkina Faso signed four cooperation agreements in audiovisual, digital economy, youth and women sectors. As far as the digital economy and postal services are concerned, cooperation will enable parties to share experiences and interconnect...

The International Monetary Fund (IMF) approved $49 million in financing to Chad to support the country’s economic reform, an institution statement revealed July 27. The financing is part of a $312.1 million Extended Credit facility (ECF) granted last year to help Chad reinstate macroeconomic stability and achieve a robust and inclusive growth. “Achieved outcomes under the...

Throughout 2017, private equity investments in southern Africa stood at R31.3 billion ($2.4 billion), according to a survey published July 25 by the Southern African Venture Capital and Private Equity Association (SAVCA) along with the audit and consulting firm, Deloitte. Transactions number grew from 574 in 2016 to 750 in 2017  with an increase by 54% of average transaction volume to R41.7...

During the 2017-18 fiscal year, World Bank approved 11 projects in various sectors for a total amount of $1.218 billion (about CFA683 billion) to Côte d’Ivoire, Pierre Laporte,(photo) the Bank’s operations manager for the country said July 26. Speaking during a press conference, hel stressed that “this is the first time World Bank committed an amount exceeding $1 billion to...

In Côte d’Ivoire, Swollen Shoot disease is worsening in the cocoa belt in the central region. “That really worries us because  around 2010-11, I had harvested four tons each year. This year, I am at 1.8 tons,” said Cisse Ousmane, who owns 5 ha in Soubre. Producers and exporters told Reuters that the disease’s level boomed in recent years, dropping production.  According to an...