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Ivory Coast issues 68 cocoa export licences

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Ivory Coast granted cocoa export licences to 68 companies and cooperatives for the 2018/19 season, a document seen by Reuters showed on Monday, despite earlier indications that far fewer would be approved to reduce the risk of defaults.

The country’s Coffee and Cocoa Council (CCC) regulator has been taking steps to strengthen the market after a plunge in world cocoa prices during the 2016/17 season left many local exporters, who had speculated prices would rise, unable to execute their contracts and pay back bank loans.

In August, a CCC official told Reuters the marketing board would likely grant only 30-40 export licences for the 2018/19 season, down from 72 last season – most of them to large multinationals.

Read also: Eritrea plans sea port as peace with Ethiopia excites investors

A spokesman for the CCC declined to respond to questions from Reuters about the export licence list.

Below is the list of exporters and cooperatives authorised by the CCC to purchase and export cocoa beans and products for the coming season.

Exporters:
AFCOE*TRADE
AFRICA SOURCING
AGRICOM
ASCOT
AWAHUS
BARRY CALLEBAUT (Switzerland)
BICAO
CAP SA
CARGILL COCOA SARL-U.S
CARGILL WEST AFRICA-U.S
CEMOI CHCOLAT-France
CEMOI CI-France
CEMOI TRADING-France
CENTRAL INDUSTRIE
COCOA TRADE IVOIRE
COEX CI
CONDICAF
COTE D’VIOIRE COMMODITIES
CYRIAN INTERNATIONAL
ETC CI
FILDISI COCOA INDUSTRY
GPA
GPA TRANSFORMATION
GREEN & BROWN COMMODITIES
ICP
IVCAO
IVCOM
KINEDEN COMMODITIES
NESTLE CI (Switzerland)
OCEAN SA
OLAN COCOA (Singapore)
OMNIVALUE
OUTSPAN-Olam (Switzerland)
PERFORM WORLD
PFI SARL
PLOT ENTREPRISE
PROMONT SA (Switzerland)
QUANG THIEN IMEX (China)
S3C
SACO- Barry Callebaut (Switzerland)
SIFCA COOP
SOCICAF
SONEMAT
SUCDEN CI (France)
SUSCOM
SUTEC
TAN IVOIRE
TOUTON NEGOCE CI (France)
TROPICAO
UNICAO-Olam (Singapore)
ZAMACOM-Ecom Trading (Switzerland)
Cooperatives:
CAADA COOP CA
CADESA
CAREPCI
CASB SCOOPS
CAY WANDA
CAYAT
CNEK
COOP CA CABF
COOP CA IPAG
COOPAGA COOP CA
ECAMOI
ECOOKIM
ECPAD SCOOPS
SCAA
SCANZUE COOP CA
SCOABIA COOP CA
SCOPPS COOPARM

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VenturesNow

Nigeria wants $2.25 billion World Bank loan

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Nigeria’s Finance Minister, Wale Edun, has revealed that the country is seeking up to $2.25 billion in World Bank loans and expects the bank’s board to approve the request in June.

The move was announced in a statement following the International Monetary Fund/World Bank spring meetings in Washington, D.C as the country also aims to issue diaspora bonds later this year to attract much-need foreign exchange into the country.

The World Bank loans would include $1.5 billion for development policy and $750 million for program-for-results, the statement said. It also said that the bank would meet in June to decide whether to approve the plan in its entirety.

The multilateral body is yet to comment on the revelation at press time.

Nigeria one of Africa’s biggest oil producers has struggled lately mainly over industrial-scale crude oil theft, and troubles getting foreign currency, which caused its naira currency to drop to all-time lows against the U.S. dollar. It has since recovered, though.

Already, the country is on record levels of debt, high unemployment, and large amounts of money from the central bank. However, Edun has insisted that the government had cut the money it borrowed from the central bank in half.

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Ghana’s finance minister anticipates debt restructuring MoU with lenders

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Ghana’s Finance Minister has announced that the country’s two main creditors will send him a draft Memorandum of Understanding (MoU) on a restructuring deal in May, signifying a major progress in the country’s debt reform.

Once the MoU is signed, it will make public the deal that was made in January to restructure $5.4 billion in loans with its official creditors, such as China and France.

The restructuring is a big step toward Ghana getting rid of its debt as it works to get out of the worst economic crisis in a generation. It should also allow the country to get more money from its $3 billion IMF program.

Mohammed Amin Adam said he was sure the International Monetary Fund (IMF) and the World Bank would work together at the Spring Meetings in Washington, D.C. In June, the Monetary Fund’s executive board will agree to review its staff-level deal.

From 2023 to 2028, Ghana’s national debt to gross domestic product level was supposed to go down by 15%. This guess says that the number will have gone down every year for six years, ending at 69.96% in 2028.

Ghana didn’t pay back most of its foreign loans in December 2022 because it became too expensive to do so. But now it needs to work out a deal with private holders of about $13 billion in foreign bonds. It has also changed most of its domestic debt.

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