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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

VenturesNow

IMF Chief, Ceyla Pazarbasioglu, to visit China over Africa’s growing debt profile

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As the debt profile of many African countries continues to rise, the International Monetary Fund strategy chief, Ceyla Pazarbasioglu will travel to China next week for another high-level meeting.

Her travel is part of efforts to press the world’s largest sovereign creditor for quicker progress on debt restructurings for countries in need.

The IMF chief had called for debt restructuring arrangements for Zambia and Chad to be completed shortly.

Pazarbasioglu said it was critical to move forward and that “outreach to China next week is very important, at the highest levels.”

“It’s moving – very slowly, but it’s moving,” Pazarbasioglu said, noting that the participation of mining company Glencore Plc in the Chad treatment was also “a very good sign” that “even the most difficult private sector participants” were participating.

She said the Paris Club of official bilateral creditors had taken years to hammer out their debt relief processes, and China was learning, although she noted that the debt issues facing borrowing countries now were acute.

“The problem we have is that we don’t have that time right now because these countries are very fragile and dealing with debt vulnerabilities,” she said. “What we need is speed.”

Pazarbasioglu said the IMF would continue to press for changes to the Common Framework, including a freeze in debt payments when countries apply for a debt treatment, as well as clearer procedures and timelines for action, and ensuring comparable treatment for private creditors.

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VenturesNow

Botswana central bank predicts fall of inflation rates, maintains monetary policy

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Botswana’s central bank has predicted that the country’s inflation rate will gradually fall back within its target range by 2024.

The bank is predicting that inflation will fall back within the 3%-6% range in the third quarter of 2024. The prediction has made it keep its monetary policy rate unchanged at 2.65% on Thursday.

The bank’s governor, Moses Pelaelo while speaking at a news conference said “the domestic economy will continue to perform below capacity in the medium term and therefore not pose any inflationary pressures.”

The inflation rate in the Southern African country dipped to 13.1% year on year in October from 13.8% in September but is still far above the central bank’s 3%-6% preferred band.

“The drop in inflation in the past months is due to the dissipating effects of previous increases in administered prices,” Pelaelo said.

According to the World Bank, Botswana’s reliance on diamonds and a public sector-driven model makes the economy vulnerable to external shocks, as diamonds contribute over 80% of total exports and are a major source of fiscal revenues.

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