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Mozambique: TotalEnergies to resume LNG project, ready to obey rights report

Published

2 weeks ago

May 23, 2023

Energy giant, TotalEnergies said it would resume the LNG project in Mozambique as soon as it adopts the recommendations of a commissioned human rights report that was published on Tuesday.

According to TotalEnergies spokesperson, “At this time there is no date for a restart, although the project partners take note of the report and note the security improvements on the ground.

“An action plan has been decided upon based on the report’s conclusions, and this plan will now be implemented.”

The French multinational recently reacted to a remark by Mozambique President, Filipe Nyusi on improved conditions before the restart of business when it claimed its $20 billion Mozambique liquefied natural gas (LNG) project was being delayed by contract complications.

An insurgency in the province of northern Mozambique linked to the Islamic State claimed hundreds of lives and stopped the $20 billion LNG project.

According to the commissioned assessment written by humanitarian action expert, Jean-Christophe Rufin, armed conflict was anticipated to continue, with the danger zones being south and west of the Mozambique LNG site.

The venture, which TotalEnergies controls with a dominant 26.5% share, was put on hold in 2021 when terrorists with ties to the Islamic State assaulted residents in the northern Cabo Delgado province of Mozambique, where the liquefied natural gas project is situated.

Related Topics:Featured Mozambique TotalEnergies

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Kenya: Parliament approves appointment of Kamau Thugge as central bank governor

Published

14 hours ago

June 7, 2023

Ifeoluwa Dada

Months after throwing open the position for the country’s top banker, Kenya’s parliament has approved the appointment of Kamau Thugge as the country’s central bank governor.

The National Assembly on Wednesday approved the
appointment of economist and senior civil servant who was nominated by President William Ruto as the next apex bank chief.

Thugge, who served as principal secretary in the finance ministry until mid-2018, was nominated after serving as one of the president’s senior economic advisers since late last year.

He shook off competition from others shortlisted candidates like Adan Mohamed, who served in the cabinet from 2013-2022, with four others also interviewed for the role.

The new central bank governor will be faced with the immediate pressure of stabilizing the country’s monetary policy as the East African giant currently faces a shortage of funds amidst rising public debt.

Despite the odds, the World Bank in a report earlier today expects growth to edge up to 5.0% in 2023, underpinned by a recovery in agriculture.

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Ghana presents ‘working proposal’ for debt restructuring— IMF sources

Published

15 hours ago

June 7, 2023

Ifeoluwa Dada

West African country, Ghana has made a major move at resolving its debt crisis as the country has presented debt restructuring proposal to its creditors.

According to sources quoted by Reuters, a “working proposal” has been submitted to help the country escape its worst economic crisis in a generation.

One of the sources revealed that the proposal was a first attempt to engage the official creditor committee after its formation in May. It should be recalled that the Paris Club last month announced that official sector of creditors of Ghana had formed a committee co-chaired by China and France for debt restructuring talks.

The plan is to end restructuring of domestic debt before turning to negotiations with its official bilateral creditors and international bondholders, a government official said.

Ghana is one of several cash-strapped countries facing unprecedented delays in getting bailouts as China, its biggest bilateral creditor with about $1.7 billion of debt and Western economies disagree over how debt relief should be structured.

The first formal review of the programme will hold in the coming months as an IMF team will visit Ghana between 8th and 15th of June.