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Egypt aims to restore gas field output by 2025

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Prime Minister Mostafa Madbouly stated on Thursday that Egypt hoped to resume regular production at its natural gas reserves by the summer of next year, indicating that the government is taking steps to pay producing companies its outstanding debt.

Madbouly stated during a press conference that the government’s debts were the reason for the decline in production. However, he did not specify the amount owed or the expected date of repayment.

The government had set aside up to $1.5 billion for payments to international oil and gas companies operating in the nation, sources told Reuters in March. The arrears accumulated during a protracted foreign exchange shortfall that has subsequently abated.

Due to the heavy demand for cooling systems during the summer, Egypt has been experiencing power outages. The majority of the nation’s electricity is produced by burning natural gas.

When certain cargoes of natural gas came in July, the administration decided to end the so-called load-shedding power outages.

“Electricity load-shedding cuts won’t return,” Madbouly said, adding the government had set aside $2.5 billion to ensure that.

Additionally, he mentioned plans to initiate the first phase of an Egypt-Saudi electricity grid link by the summer of 2025.

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Nigerian banks can now trade with deposited FX

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The Central Bank of Nigeria has announced a free foreign exchange deposit window for banks in the country with instructions on how to implement it.

The procedures for commercial, merchant, and non-interest banks to join the programme were outlined in the rules that the CBN published on Tuesday.

John Onojah, the acting director of the Financial Policy and Regulation Department, and Dr. Adetona Adedeji, the acting director of the Banking Supervision Department, jointly signed the notice of the scheme guidelines, which go into effect on Wednesday.

The “Guidelines On Implementation Of The Foreign Currency Disclosure, Deposit, Repatriation And Investment Scheme, 2024” paper states that banks are free to deal with the foreign exchange that scheme participants make available.

“Commercial, merchant, and non-interest banks may trade with any deposited ITFC (Internationally Tradable Foreign Currencies) not immediately invested by a participant, provided that the funds would be made available to the participant when needed.

“Interest payment by CMNIBs on the balance in the designated domiciliary account shall be in line with relevant provisions of the Guide to Charges by Banks and Other Financial Institutions in Nigeria,” part of the guidelines read.

The Nigerian government recently announced a nine-month scheme that will allow people to deposit dollar bills held outside of the official banking system without being scrutinised. The program will start on October 31, 2024.

In its most recent instructions, the apex bank also said that banks must request information such as a Tax Identification Number (for legal people) or a Bank Verification Number and National Identification Number (for natural persons and directors of incorporated businesses).

The applicant’s designated domiciliary account details, the amount of the ITFC to be deposited, and any other information the bank may occasionally need are among the other criteria.

Additionally, the CBN insisted that banks not violate anti-money laundering, anti-terrorism financing, and anti-proliferation financing rules and regulations.

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Ghana’s inflation rises to 22.1%

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Ghana’s consumer inflation increased to 22.1% in October, up from 21.5% in September, according to the statistics department on Wednesday.

Government statistician, Samuel Kobina Annim, told a news conference that food and non-food inflation increased last month.

“Three divisions – food and non-alcoholic beverages, housing, water and fuel, and transport – contributed about two-thirds of the overall rate of inflation for October,” Annim said.

Inflation reached its highest level since June in October.

The West African nation that produces oil, gold, and cocoa has been struggling to recover from the worst economic catastrophe in a generation.

An overhaul of $13 billion worth of foreign bonds was accepted by investors last month, bringing Ghana’s debt restructuring process closer to a conclusion.

Additionally, a third assessment of its $3 billion loan package was agreed upon with the International Monetary Fund.

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