Central Bank of Sudan received $1.4 billion from the United Arab Emirates as deposit, the official Sudanese news agency SUNA reported, indicating that the amount will help consolidate the country's foreign exchange reserves. The deposit was provided to the Sudanese market regulator by the Abu Dhabi Development Fund, the source added. Sudan's foreign exchange reserves have...

Exim Bank China granted Guinea $1.3 billion to fund the construction of Souapiti hydropower dam (450 MW). “The signing of the loan agreement will take place very soon, which will allow to fast-track construction work at the plant,” Guinea's government said in a statement. This loan from Exim will be repaid by Guinea with revenues generated by the sale of the dam’s production as...

Société Ivoirienne de Banque (SIB), subsidiary of Moroccan group Attijariwafa bank, announced it has recorded a CFA22.5 million net profit during the 2017 budget year which ended last December. The feat is 25.2% higher than the forecasted net margin announced to investors in the briefing note released during its introduction in WAEMU’s Regional Stock Exchange (BRVM). SIB...

Yesterday March 13, Guinean opposition members protested and erected barricades in Conakry and in the mining cities Boké and Kamsar, thus disrupting bauxite shipments. This was revealed to Reuters by the sector’s officials. The demonstrators require authorities to publish the results of the local elections held last February that is said to have been won by the allies of President Alpha...

In 2017, Angola’s foreign exchange reserves dropped by 36.08% on a year-on-year basis. This was revealed in the Inflation Report on the fourth quarter of 2017 published by the Angolan national Bank. The report further reveals that on a quarter-on-quarter basis, the country’s forex reserves fell by 13.04% to stand at $13.29 billion at the end of 2017. “ This decline is a greater...

Teranga Gold announced yesterday March 12 that it has received a commitment letter from Taurus Funds for a $200 million loan to finance its gold projects in Burkina Faso. In details, the finance facility, whose terms will be concluded in Q3 2018, includes a $165 million first tranche to develop Wahgnion gold project and repay $15 million bank debt. In addition,...

In Ghana, the 2017-18 cocoa season could be one of the worst in  recent years. Joseph Aidoo, head of Ghana’s cocoa board (Cocobod), said that the country expects 700, 000 tons for the current season, a volume far below the 950, 000 tons produced during the previous season. This is attributed  to poor rainfall during recent times. “We’ve bought the bulk of our cocoa for the...

The Central Bank of Nigeria (CBN) has injected an additional $210 million into the Inter-bank Foreign Exchange Market. A routine transaction that plays a key role in the currency stabilization through the availability of official circuits of foreign exchange for customer needs in various segments. Out of this fund, $100 million is directed towards distributors authorized in...

Yesterday, March 12, the giant Chinese construction group China Railway Construction Corporation (CRCC) signed a strategic cooperation agreement with the Ivorian financial group Phoenix Africa Partners Holding (PAPH) to build affordable and social housing in Côte d’Ivoire. “Phoenix Africa partners Holding and China Railway Construction Corporation aim to jointly develop some low-cost...

Nigeria’s foreign exchange reserves reached about $46 million in March 2018 against $42.8 billion a month earlier, an increase by $3.2 billion just in one month. This was revealed by the country’s central bank. In January 2018, the foreign reserves were $40.56 billion while they stood at $34.53 billion in December 2017. According to the bank’s chairperson Isaac...