<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/4T35IPGP3BOYDEXNZ5CPDKXEVQ.jpg" alt="" class="wp-image-618679" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/4T35IPGP3BOYDEXNZ5CPDKXEVQ.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/4T35IPGP3BOYDEXNZ5CPDKXEVQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/4T35IPGP3BOYDEXNZ5CPDKXEVQ-135x90.jpg 135w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A general view of the city of Bamako pictured from the point G in Bamako, Mali August 9, 2018. REUTERS/Luc Gnago/File Photo</figcaption></figure>



BAMAKO, May 8 (Reuters)&nbsp;&#8211;&nbsp;Mali owes more than $94 million to the entity managing a dam which also provides power to Senegal and Mauritania, and the debt has become &#8220;a question of life and death&#8221; for its ability to continue operating, according to a letter seen by Reuters.



The funding gap raises the spectre of more electricity supply problems in Mali, where outages in recent years have dented public support for the military government that took power following coups in 2020 and 2021.



The Manantali dam and power plant came online in 2002 and has an installed capacity of 200 megawatts. More than half of what it produces goes to Mali while Senegal gets 33% and Mauritania gets 15%.



Mali currently owes &#8220;an enormous amount of more than 54 billion CFA&#8221; francs ($94.12 million) to SOGEM, the entity that manages Manantali and several other projects, according to an April 25 letter from SOGEM to the director-general of Energie du Mali, Mali&#8217;s electric utility.



&#8220;It is now a question of life or death for our installations and for SOGEM,&#8221; reads the letter signed by SOGEM&#8217;s director-general, Mohamed Mahmoud Sid&#8217;Elemine.



It is unclear if the debt stems from Manantali or other costs. However, a source at the utility told Reuters most of the debt was racked up in the last year.



The utility did not immediately respond to a request for comment.



The letter touts the Manantali project as a success story for regional cooperation that cost hundreds of billions of CFA francs to implement.



Mali, Burkina Faso and Niger are members of the Alliance of Sahel States and announced last year they were leaving the West African economic and political bloc known as ECOWAS.



($1 = 573.7500 CFA francs)



(Reporting by Idrissa Sangare; Writing by Robbie Corey-Boulet; Editing by Aidan Lewis)

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Mali pressed to pay ‘enormous’ debt for regional dam, document says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-820x615.jpg" alt="" class="wp-image-618261" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Drissa Dembele, a farmer and buyer of raw cashew, checks unshelled nuts that were spreaded out to dry, in his courtyard in Katiola, Ivory Coast, May 27, 2023. REUTERS/Ange Aboa</figcaption></figure>



ABIDJAN, May 7 (Reuters)&nbsp;&#8211;&nbsp;Ivory Coast, the world&#8217;s biggest cashew grower, has raised its projected output to 1.3 million metric tons from 1.15 million tons even as potential U.S. tariffs and a falling dollar drag down exports, the head of the sector regulator told Reuters.



The production increase stems in part from curbs on the smuggling of raw cashews to neighbouring Ghana and Burkina Faso, Mamadou Berte of the Cotton and Cashew Council (CCA) said.



At the same time, Vietnamese buyers have drastically cut purchases of Ivorian raw cashews for processing in response to U.S. tariffs, Berte said.



Vietnam usually buys 80% of Ivory Coast&#8217;s cashew production, of which 60% is re-exported to the United States.



But Vietnamese buyers have only purchased 200,000 tons of raw cashews for this year, compared with 700,000 to 800,000 tons for last year, Berte said.



Last month, U.S. President Donald Trump&#8217;s administration announced sweeping tariffs on dozens of countries, including Ivory Coast, which faced a tariff of 21%, the highest in West Africa. Trump then paused the tariffs for 90 days for negotiations, while retaining an across-the-board levy of 10%.



Vietnam is facing a 46% tariff if a reduction cannot be agreed before a U.S. moratorium expires in July.



&#8220;We are in total loss if we continue,&#8221; said the manager of a Vietnamese cashew company.



The drop in the U.S. dollar this year has also complicated contract execution and lowered prices for local producers, as contracts were arranged at the higher rate, Berte said.



Prices have dropped to as low as 200 CFA francs ($0.35) per kilogram from 425 CFA francs ($0.73) earlier in the year, Berte said, likely due to the threatened U.S. tariffs and a weakening dollar affecting exports and profitability.



Eight buyers and five exporters, including Vietnamese and Indians, confirmed to Reuters the drop in price.



The buyers said there were about 200,000 tons of raw cashew nuts from Ivorian producers they could not purchase, warning that local producers would need to store them or sell them locally to avoid waste.



Berte said local buyers had bought more than 650,000 tons of raw cashew nuts so far this year compared to 300,000 tons last year.



&#8220;Faced with this situation of poor sales, the CCA is considering support mechanisms for the total purchase of the residual stock,&#8221; he said.



($1 = 575.0000 CFA francs)



(Reporting by Ange Aboa. Editing by Ayen Deng Bior, Robbie Corey-Boulet and Mark Potter)

Drissa Dembele, a farmer and buyer of raw cashew, checks unshelled nuts that were spreaded out to dry, in Katiola

Ivory Coast raises projected cashew output as threatened tariffs hit exports

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg" alt="" class="wp-image-491240" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, May 7 (Reuters) &#8211; Ghana&#8217;s consumer inflation slowed for a fourth month in a row in April, to 21.2% year on year from 22.4% in March, the statistics service said on Wednesday.



Government statistician Alhassan Iddrisu told a news conference that the latest&nbsp;decline was driven by a moderation in both food and non food inflation.



&#8220;Food&nbsp;inflation remains the biggest price driver,&#8221; Iddrisu said,&nbsp;adding that it&nbsp;was still elevated.



Ghana&#8217;s economy has been battling persistently high inflation, with the rates above the central bank&#8217;s target of 8% with a margin of error of 2 percentage points either side.



Central bank governor Johnson Asiama said in March a tight monetary policy stance was needed to lower consumer inflation in the gold, oil and cocoa-producing West African nation.



He also announced a surprise rate hike, adding that its impact on inflation will be reassessed before the next rate meeting in May.



Finance Minister Cassiel Ato Forson said during his budget speech in March that steep spending cuts would allow Ghana to drive down inflation to 11.9% by the end of the year.



(Reporting by Emmanuel Bruce and Christian Akorlie; Writing by Anait Miridzhanian; Editing by Bate Felix)

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Ghana consumer inflation slows to 21.2% year on year in April

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/O2FK4RQE2FNITFI75FX55L4UIU.avif" alt="" class="wp-image-616262"/><figcaption class="wp-element-caption">Nigerian multinational industrial conglomerate Dangote Group&#8217;s CEO Aliko Dangote attends the seventh &#8220;Choose France Summit&#8221;, aiming to attract foreign investors to the country, at the Chateau de Versailles, outside Paris, France on May 13, 2024. LUDOVIC MARIN/Pool via REUTERS/File Photo</figcaption></figure>



LAGOS, May 1 (Reuters) &#8211; Nigerian billionaire Aliko Dangote said on Thursday he was &#8220;comfortable&#8221; with the impact President Donald Trump&#8217;s tariffs would have on his urea exports to the U.S. because major competitor Algeria had been slapped with a higher levy.



Trump imposed a 14% tariff on imports from Nigeria, Africa&#8217;s largest oil exporter, as part of widespread trade measures introduced last month, later paused for 90 days.



Dangote told an investment conference in Lagos that Dangote Fertiliser, which began commercial operations in 2022, shipped 37% of its 3 million metric tonnes of urea production to the United States.



He said he was initially worried by Trump&#8217;s tariff on Nigeria, which also exports crude to the U.S.



&#8220;But when I checked who we are really competing with, we are competing with Algeria. So luckily for us Algeria were slapped with 30%,&#8221; said Dangote. &#8220;So it actually makes us a bit comfortable.&#8221;



Dangote, who built Africa&#8217;s largest petroleum refinery, said he expected revenues from Dangote Group, also a major cement producer, to grow to more than $30 billion next year from about $25 billion projected in 2025.



(Reporting by MacDonald Dzirutwe; Editing by Jan Harvey)

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Nigeria’s Aliko Dangote ‘comfortable’ with impact of Trump tariffs on urea exports

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/CBN3E2M4SFJYBDTJWK6AHBOLS4.avif" alt="" class="wp-image-615597"/><figcaption class="wp-element-caption">A general view of the gold mine site, operated by Endeavour Mining Corporation in Hounde, Burkina Faso February 13, 2020. Picture taken February 13, 2020. Reuters/Anne Mimault/File Photo</figcaption></figure>



DAKAR, April 30 (Reuters)&nbsp;&#8211;&nbsp;International mining companies should consider joint ventures with local partners and dual listings on regional stock exchanges to navigate an increasingly complex landscape in West Africa, the head of a regional lobby group said.



Military-led governments across West Africa have upended the mining sector by rewriting contracts, detaining executives and suspending operations as they demand greater control over natural resources.



Mining companies also face growing security challenges from jihadist groups that have forced the suspension of some exploration activities.



The new reality means big miners must adapt, including by meeting governments&#8217; growing demands for localisation, Adama Soro, president of the West African Federation of Chambers of Mines, told Reuters.



Dual listings on regional exchanges and joint ventures with local partners could go a long way towards strengthening these companies&#8217; positions, he said.



&#8220;We&#8217;re pushing at the regional level to get dual listing on the regional stock market &#8230; so that the local investor can also benefit,&#8221; Soro said. &#8220;The big companies are open, they know this is the reality (and) you can&#8217;t go against the winds.&#8221;



Despite regulatory changes affecting major players such as Barrick&nbsp;ABX.TO, Endeavour&nbsp;EDV.L, Resolute Mining&nbsp;RSG.AX&nbsp;and Fortuna&nbsp;FVI.TO&nbsp;in Mali and Burkina Faso, West Africa&#8217;s mineral wealth continues to attract global interest.



The region boasts deep reserves with Ghana, Mali and Burkina Faso collectively accounting for over 10% of worldwide gold production in 2024, while Guinea dominates global bauxite exports.



&#8220;Operating a mine in Africa is more profitable. Other regions have stability but (are) less profitable,&#8221; Soro said.



Record gold prices this year, fuelled by U.S. President Donald Trump&#8217;s trade policies and geopolitical uncertainty, have escalated tensions among stakeholders, Soro said.



&#8220;When you have the gold price rising, you see all stakeholders trying to pull everything to their side,&#8221; he said. &#8220;The best thing is to have open discussions.&#8221;



Soro said national governments and international mining companies seem to be on board with his group&#8217;s push for increased localisation, but the capacity of the region&#8217;s stock markets remains a challenge.



Nevertheless, he predicted some local listings could occur soon, without providing details.



(Reporting by Maxwell Akalaare Adombila; Editing by Robbie Corey-Boulet, Kirsten Donovan)

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West Africa upheaval requires joint mining ventures, local listings, lobby group says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AXTQND6WLFKFNC2T36FCP2DLTI.avif" alt="" class="wp-image-615576"/><figcaption class="wp-element-caption">A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, April 30 (Reuters)&nbsp;&#8211;&nbsp;Ghana has reached a deal with nine more mining companies to purchase 20% of their gold production, a government body said on Wednesday, aiming to consolidate a gold purchase programme meant to boost the country&#8217;s gold reserves and stabilise its currency.



Africa&#8217;s top gold producer signed an agreement with members of an industry group that included Gold Fields GFIJ.J, Newmont NEM.N, AngloGold Ashanti AU.N, and Asanko Mining in 2022 to purchase 20% of their annual output for the central Bank of Ghana. Purchases are settled in the Ghanaian cedi currency.



Bank of Ghana&#8217;s gold holdings rose to 30.8 metric tons in February from 8.77 tons in 2022, helping its gross reserves to hit $9.4 billion this year.



The new deal covers mining companies not participating in the central bank&#8217;s arrangement, according to a statement on X from GoldBod, a government body set up to streamline gold purchases from small-scale miners, increase their earnings, and reduce the impact of smuggling.



The companies are Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, Earl International Group (GH) Limited, Xtra Gold Mining Limited, Prestea Sankofa Gold Limited and Gan He Mining Resource Development Limited.



Gold mining countries have sought increased value from the precious metal as prices rose 29% this year, boosted by U.S. President Donald Trump&#8217;s tariffs and geopolitical uncertainty.



&#8220;Under the agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars,&#8221; the GoldBod statement said.



&#8220;This agreement represents a significant step toward optimising national benefits from Ghana&#8217;s gold resources.&#8221;



The mining companies will receive payment in Ghanaian cedis, discounted at one percent of the London Bullion Market Association (LBMA) spot price.



The nine gold miners produce approximately 200 kilograms of gold monthly, GoldBod&#8217;s spokesperson told Reuters.



(Reporting by Christian Akorlie; Writing by Maxwell Akalaare Adombila; Editing by Ayen Deng Bior and Ros Russell)

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Ghana secures deal with nine more gold miners to buy 20% of their output

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU.jpg" alt="" class="wp-image-610556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo Independent Power Plant (IPP) on the outskirt of Benin City in Edo state, Nigeria June 13, 2018. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



LAGOS, April 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria has achieved a 35% reduction in electricity subsidies following a tariff increase implemented last year for some users, Power Minister Adebayo Adelabu said on Thursday, easing some pressure on public finances in Africa&#8217;s most populous nation.



Nigeria&#8217;s power sector is burdened by a failing grid, gas shortages, high debt and vandalism, leading to a reliance on expensive generators for many.



The country was spending nearly 200 billion naira ($125.01 million) monthly on electricity subsidies because existing tariffs were not commercially viable.



The government last year eliminated subsidies for the 15% of customers classified as heavier users, including households and businesses consuming larger amounts of electricity.



Adelabu told a press briefing in Abuja that this targeted tariff adjustment has yielded significant results, with &#8220;the market generating an additional 700 billion naira in revenue, reflecting a 70% increase&#8221;.



This has helped alleviate the substantial financial strain on public finances, improve generation, and reduce the government&#8217;s tariff shortfall from 3 trillion naira to 1.9 trillion naira.



But the power sector still faces deep-rooted challenges. The country has an installed capacity of 13,000 megawatts, but typically produces only about a third of that, exacerbating the reliance on costly alternatives.



This situation is compounded by state-controlled power tariffs that have historically been too low for distribution companies to cover their costs and pay generating companies, leading to ballooning debts within the sector.



Debt owed to power generating companies has reached 4 trillion naira ($2.50 billion), prompting threats of plant shutdowns.



Adelabu said there were plans underway to help ease the debt burden, with the government intending to pay half of the debt this year through budgetary allocations and promissory notes that companies can discount as needed.



($1 = 1,599.8300 naira)



(Reporting by Isaac Anyaogu; Editing by Frances Kerry)

FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo IPP on the outskirt of Benin City

Nigeria cuts electricity subsidies by 35% after tariff hike

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4896" height="3264" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Q3NXJVS5NBOAXBD3CUPARMV36I.avif" alt="" class="wp-image-610485"/><figcaption class="wp-element-caption">Miners process fine dust and soil as they search for gold at a miners settlement in Anka, Zamfara, Nigeria. April 21, 2016, REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, April 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria and South Africa have signed an accord to boost cooperation in mining, Nigeria&#8217;s mines minister said on Thursday, highlighting Abuja&#8217;s push to diversify its economy away from oil.



Mines Minister Dele Alake said the two countries will partner on mining, including geological mapping using drones, share mineral data, and jointly explore agro and energy minerals in Nigeria.



Besides oil, Nigeria is also rich in gold, limestone, lithium, iron ore and zinc. Nigeria has around 23 mineral deposits in commercial quantities.



Nigeria is seeking to revamp a mining sector that has long been underdeveloped, contributing less than 1% to its gross domestic product.



South Africa&#8217;s established mining expertise makes it a key partner in this effort, Alake said.



(Reporting by Camillus Eboh; Editing by Elisha Bala-Gbogbo and David Evans)

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Nigeria signs minerals pact with South Africa in diversification push

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TAOPHOKM7NIDBDA6H6FJ4X5RX4.avif" alt="" class="wp-image-609776"/><figcaption class="wp-element-caption">A general view of Tejuosho Market in Yaba, in Nigeria&#8217;s commercial capital Lagos, Nigeria, April 15, 2025. REUTERS/Sodiq Adelakun</figcaption></figure>



ABUJA, April 15 (Reuters) &#8211; Nigeria&#8217;s headline consumer inflation edged up to 24.23% year-on-year in March from 23.18% in February, its statistics agency said on Tuesday.



A report by the National Bureau of Statistics showed price rises for food and non-alcoholic beverages were the biggest contributor to annual inflation.



Inflation in Africa&#8217;s most populous country soared to repeated 28-year peaks last year, spurred by President Bola Tinubu&#8217;s moves to curb costly subsidies and devalue the naira currency after he came to power in 2023.



A rebasing exercise by the statistics bureau, in which the items in its reference basket were reweighted and the comparison period was updated from 2009 to 2024, saw the annual inflation rate fall from 34.80% in December to 24.48% in January.



(Reporting by Elisha Bala-Gbogbo; Additional reporting by Mohd Edrees and Bhargav Acharya; Editing by Alexander Winning)

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Nigeria’s annual inflation picks up to 24.23% in March

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-820x547.jpg" alt="" class="wp-image-478968" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WASHINGTON DC, USA &#8211; APRIL 16: Financial Counsellor and Director of the Monetary and Capital Markets Department Tobias Adrian hold the press briefing of the Global Financial Stability Report at the International Monetary Fund during the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington DC, United States on April 16, 2024. (Photo by Celal Gunes/Anadolu via Getty Images)</figcaption></figure>



ACCRA, April 15 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund and Ghana&#8217;s government have reached a staff-level agreement on a fourth review of its $3 billion loan programme, unlocking another $370 million on completion by the Fund&#8217;s Executive Board.



The gold, oil, and cocoa-producing nation is recovering from its most severe economic crisis in decades, with its cocoa and gold industries facing challenges.



The IMF said in a statement on Tuesday that Ghana&#8217;s overall performance under the programme had deteriorated markedly at the end of 2024. However, authorities had since taken measures to address policy and reform slippages, it added.



&#8220;Discussions with the authorities centred on possible additional measures needed to address structural weaknesses in the public financial management,&#8221; the statement said.



(Reporting by Christian Akorlie; Writing by Anait Miridzhanian; Editing by Alexander Winning)

2024 Spring Meetings of the World Bank and International Monetary Fund

IMF and Ghana agree programme review that will unlock $370 million

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3321" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5VNK2O52JZOARFRKCDAQ4WIGEU.avif" alt="" class="wp-image-609376"/><figcaption class="wp-element-caption">A small toy figure and gold imitation are seen in front of the Gold Fields logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



April 14 (Reuters) &#8211; South Africa&#8217;s Gold Fields said on Monday it is winding down operations at its Damang mine in Ghana after the government rejected an application to extend the lease.



The Johannesburg-based miner has been weighing selling its smaller operations &#8211; including Damang and the Cerro Corona mine in Peru, which has less than five years left on its lifespan &#8211; as it focuses on its newly commissioned Salares Norte mine in Chile and the Windfall project in Canada.



Gold Fields was only processing stockpiles at Damang after ceasing mining operations in 2023 although the company had committed to exit the operation in an orderly way as part of its end-of-life plan.



The company said in a statement it had unsuccessfully applied to extend the Damang lease, which is due to expire on April 18.



&#8220;The government has instructed Gold Fields to cease operations and vacate the lease area by the 18th April on expiry of the lease,&#8221; Gold Fields said.



The company was &#8220;preparing to safely and responsibly cease operations and ensure the safety and security of our people and high-risk operations,&#8221; it added.



Damang is the smaller of Gold Fields&#8217; two mines in Ghana after Tarkwa, the biggest open pit gold mine in the country. Damang produced 135,000 ounces of gold in 2024, about 6% of the group&#8217;s total output of 2.15 million ounces.



(Reporting by Nelson Banya; Editing by Susan Fenton)

5VNK2O52JZOARFRKCDAQ4WIGEU

Gold Fields ends ops at Ghana’s Damang mine after govt rejects lease renewal

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/32X5ULKWXNJB5GWQB3E5EDY5UQ.avif" alt="" class="wp-image-605286"/><figcaption class="wp-element-caption">The new logo of the Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, April 3 (Reuters) &#8211; Nigeria&#8217;s President Bola Tinubu has appointed ex-Shell executive Bayo Ojulari and a new board to run the Nigerian National Petroleum Company, raising hopes of a much-needed overhaul at the troubled state-owned firm and a boost in oil production.



Long serving as Nigeria&#8217;s golden goose, NNPC&#8217;s opaque dealings, corruption and high-level political meddling have crippled its finances in recent years, creating challenges the new leadership must tackle if they are to get the company &#8211; and the nation&#8217;s economy &#8211; back on track.



Here is what to know about NNPC&#8217;s operations.



WHY DOES NNPC MATTER?



Nigeria&#8217;s economy is dependent on oil, which accounts for 90% of exports and typically half of the revenues that fund its national budget, making NNPC&#8217;s performance critical to the economic well-being of Africa&#8217;s most populous nation.



&#8220;No Nigerian president can succeed in moving the needle of the economy without addressing the long hydra-headed issues that have made the state oil company a cesspit of malfeasance for decades,&#8221; said Abuja-based energy analyst Kelvin Emmanuel.



Nigeria produces around 1.75 million barrels of oil per day mostly through NNPC&#8217;s joint ventures with international partners Shell, ExxonMobil, TotalEnergies, Chevron and Eni.



NNPC, which is also Nigeria&#8217;s largest importer of refined fuels, said last year that it had $161 billion in assets.



RESTRUCTURING NNPC



One of the biggest tasks for Ojulari, a 24-year industry veteran, will be to restructure NNPC to become more efficient, analysts said.



That could involve cutting its workforce of over 5,700 employees and selling off some of NNPC&#8217;s sprawling assets, which include petrol stations and troubled refineries, in order to concentrate on oil production.



Any large-scale changes, however, could face pushback from powerful politicians, who influence appointments at NNPC and benefit from the company&#8217;s contracts, the analysts said.



Jeremiah Enoch, an associate at consultancy firm J.S. Held, said Ojulari would also have to carefully navigate &#8220;the persistent issue of ethnic politics within the organisation,&#8221; referring to how ethnic identity can make or break careers in Nigeria.



TRANSPARENCY



NNPC has long been accused of lacking transparency. It only started publishing financial results in 2021 after four decades of operations.



Last September, after months of denials, it finally admitted it was facing financial strain and owed $6 billion to gasoline suppliers.



NNPC has also not disclosed how much of its future crude revenues are earmarked for loan repayments, though local media report the figure could run into the billions of dollars.



Clementine Wallop, director for Sub-Saharan Africa at political risk consultancy Horizon Engage, said Ojulari faces a tough challenge to sustain recent production gains that many hope will underpin Nigeria&#8217;s economic recovery.



&#8220;He will need all his skills to tackle some serious challenges at NNPC, which has had a rocky time financially in the last year,&#8221; she said.



Restructuring and transparency would also help ready NNPC for a planned initial public offering, which could come in the next 12 to 15 months and provide a useful injection of fresh capital, a senior company official said.



($1 = 1,532.3800 naira)



(Reporting by MacDonald Dzirutwe in Lagos, Ben Ezeamalu in London and Ope Adetayo in Abuja, editing by Joe Bavier)

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EXPLAINER-What to know as a new CEO takes over at Nigeria’s state oil firm NNPC

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1800" height="1200" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/VFKU2JNBTBIDVNPMOMLDRAUIO4.avif" alt="" class="wp-image-560171"/><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Two of the five&nbsp;members of the Ghana&nbsp;central bank&#8217;s&nbsp;Monetary Policy&nbsp;Committee (MPC)&nbsp;voted for its prime interest rate to be kept at 27% during the last meeting, at which the bank hiked the rate by 100 basis points to 28%, minutes showed on Wednesday.



The split decision highlights diverging views within the Bank of Ghana&#8217;s MPC over how aggressively to tackle inflation.



Announcing the surprise rate hike on Friday, governor Johnson Asiama said the tight monetary policy stance was needed to lower inflation.



Ghana&#8217;s annual consumer inflation slowed for a third straight month to 22.4% in March from 23.1% the previous month, the country&#8217;s statistics agency said earlier on Wednesday.



Asiama had previously warned that consumer inflation in the gold, oil and cocoa-producing West African nation remains &#8220;uncomfortably high&#8221; and above the bank&#8217;s target of 8% with a margin of error of 2 percentage points either side.



(Reporting by Christian Akorlie; Writing by Bate Felix; Editing by Chizu Nomiyama)

Ghana central bank’s MPC split over rate decision, minutes show

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/AXGKYDH4PFJ6TDMBPUR33LNVXM.avif" alt="" class="wp-image-573364"/><figcaption class="wp-element-caption">A general view of the Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. Picture taken March 26, 2022. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s annual consumer inflation slowed for a third straight month to 22.4% in March from 23.1% the previous month, as food price pressures eased, the statistics agency said on Wednesday.



The easing of inflationary pressures is likely to be welcomed by Ghana&#8217;s central bank, which last week surprised the market with a 100-basis-point interest rate hike to 28%, saying a tight monetary policy stance was needed to lower inflation.



&#8220;The rate of 22.4% is the lowest in the last four months,&#8221; government statistician Samuel Kobina Annim told a press conference.



&#8220;In the month of March 2025, we recorded a much sharper decline in food inflation and a marginal decline in non-food inflation.&#8221;



Ghana&#8217;s central bank governor Johnson Asiama has warned that consumer inflation in the gold, oil and cocoa-producing West African nation remains &#8220;uncomfortably high&#8221;and above its target of 8% with a margin of error of 2 percentage points either side.



Finance Minister Cassiel Ato Forson said during his budget speech in March that steep spending cuts would allow Ghana to drive down inflation to 11.9% by the end of the year.



(Reporting by Christian Akorlie and Emmanuel Bruce; Editing by Bate Felix and Joe Bavier)

AXGKYDH4PFJ6TDMBPUR33LNVXM

Ghana consumer inflation eases to 22.4% in March

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BDVHV2IAWBNVHPGGZKTIP7M4U4.avif" alt="" class="wp-image-604768"/><figcaption class="wp-element-caption">A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s net foreign exchange reserves stood at $23.11 billion at the end of 2024, their highest level in three years, the Central Bank of Nigeria said, signalling a major improvement in the country&#8217;s external financial position.



The NFER, which adjusts gross reserves to account for near-term liabilities such as currency swaps and forward contracts, stood at just $3.99 billion at the end of 2023, the CBN said in a statement late on Tuesday. The figure was $8.19 billion in 2022 and $14.59 billion in 2021.



The CBN said the improved position was due to &#8220;substantial reduction&#8221; in short-term foreign exchange liabilities, notably swaps and forward obligations. It also cited measures aimed at boosting forex market confidence and reserves, alongside increased non-oil foreign exchange inflows.



&#8220;This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,&#8221; Central Bank Governor Olayemi Cardoso said.



&#8220;We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.&#8221;



Gross external reserves also climbed to $40.19 billion at the end of 2024, up from $33.22 billion the previous year.



While reserves declined in the first quarter of 2025 due to seasonal factors and foreign debt interest payments, the CBN anticipates a &#8220;steady uptick&#8221; in reserves throughout the second quarter, supported by increased oil output and non-oil export growth.



(Reporting by Elisha Bala-Gbogbo; Editing by Kevin Liffey)

BDVHV2IAWBNVHPGGZKTIP7M4U4

Nigeria’s net FX reserves hit three-year high, central bank says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/2CZKYYGDZZIGXBFDISQYFIWIUQ.avif" alt="" class="wp-image-604762"/><figcaption class="wp-element-caption">Drivers wait in line to refuel their vehicles at a Nigerian National Petroleum Corporation (NNPC) station in Abuja, Nigeria, September 2, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



ABUJA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Nigerian President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former Shell executive, to head the state-owned oil firm NNPC Ltd as the country seeks to raise oil production and revitalise its refining capacity, the presidency said on Wednesday.



After ending costly subsidies and twice devaluing the naira currency in his first year in office, Tinubu has shifted his focus to overhauling the state oil firm to maximise its contribution to the country&#8217;s revenue.



Ojulari replaces Mele Kyari, with the appointment effective immediately, presidential spokesman Bayo Onanuga said in a statement.



Ojulari was most recently chief operating officer at Nigerian consortium Renaissance Africa Energy Co., which owns Shell&#8217;s former onshore subsidiary in the country. Prior to that, he was head of Shell Nigeria&#8217;s exploration unit.



Tinubu also replaced the board of NNPC, appointing an 11-member team to drive reforms and boost efficiency in the oil sector.



Nigeria, Africa&#8217;s biggest oil producer with output of 1.8 million barrels per day, relies on the commodity for around half of government earnings.



Nigeria under Tinubu aims to boost its oil and gas output, targeting 2 million barrels per day of oil and 8 billion standard cubic feet per day of gas by 2027, with further ambitions to reach 3 million barrels per day and 10 billion standard cubic feet per day by 2030.



Tinubu has also tasked the new NNPC leadership board with raising the company&#8217;s oil refining output to 200,000 barrels per day by 2027, and 500,000 barrels per day by 2030, despite its four 445,000 barrels per day capacity refineries being idle due to maintenance.



(Reporting by Ope Adetayo; Writing by Elisha Bala-Gbogbo; Editing by Peter Graff and Barbara Lewis)

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Nigeria names ex-Shell executive to lead state oil firm NNPC

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-820x562.jpg" alt="" class="wp-image-451375" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-1536x1053.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Economic Community of West African States (ECOWAS) court signage and logo is pictured in Abuja, Nigeria February 16, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ATHENS, March 30 (Reuters)&nbsp;&#8211;&nbsp;West African neighbours Mali, Burkina Faso and Niger have announced a new 0.5% levy on imported goods as they seek to fund a new three-state union after leaving the larger regional economic bloc, they said in a statement.



The Alliance of Sahel States began in 2023 as a security pact between the military rulers of the three countries, who all took power in coups in recent years. It has since grown into an aspiring economic union with plans for biometric passports and closer economic and military ties.



The levy was agreed on Friday and will take effect immediately. It will affect all goods imported from outside the three countries, but will not include humanitarian aid, the statement said. It will &#8220;finance the activities&#8221; of the bloc, it said, without giving details.



The move ends free trade across West Africa, whose states have for decades fallen under the umbrella of the Economic Community of West African States (ECOWAS), and highlights the rift between the three states that border the Sahara Desert and influential democracies like Nigeria and Ghana to the south.



The juntas of the three countries announced plans to leave ECOWAS last year, accusing the bloc of failing to assist in their fight against Islamist insurgents and ending insecurity.



ECOWAS had imposed economic, political and financial sanctions on the three in a bid to force them to return to constitutional order, to little effect.



Mali, Burkina Faso and Niger are some of the poorest countries in the world and have been overrun by an armed Islamist insurgency over the past decade.



The violence, committed by groups linked to al Qaeda and Islamic State, has killed thousands, forced millions to flee, and eroded faith in the democratically-elected governments who initially struggled to contain it.



(Reporting by Boureima Balima and Fadimata Kontao; Writing by Edward McAllister; Editing by Sharon Singleton)

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West Africa

Mali pressed to pay ‘enormous’ debt for regional dam, document says

Ivory Coast raises projected cashew output as threatened tariffs hit exports

Ghana consumer inflation slows to 21.2% year on year in April

Nigeria’s Aliko Dangote ‘comfortable’ with impact of Trump tariffs on urea exports

West Africa upheaval requires joint mining ventures, local listings, lobby group says

Ghana secures deal with nine more gold miners to buy 20% of their output

Nigeria cuts electricity subsidies by 35% after tariff hike

Nigeria signs minerals pact with South Africa in diversification push

Nigeria’s annual inflation picks up to 24.23% in March

IMF and Ghana agree programme review that will unlock $370 million

Gold Fields ends ops at Ghana’s Damang mine after govt rejects lease renewal

EXPLAINER-What to know as a new CEO takes over at Nigeria’s state oil firm NNPC

Ghana central bank’s MPC split over rate decision, minutes show

Ghana consumer inflation eases to 22.4% in March

Nigeria’s net FX reserves hit three-year high, central bank says

Nigeria names ex-Shell executive to lead state oil firm NNPC

West African juntas impose levy on imported goods

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