<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/FVZQKHAAQ5PC5KN43EFNFUOMXI-820x547.jpg" alt="" class="wp-image-425005" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/FVZQKHAAQ5PC5KN43EFNFUOMXI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/FVZQKHAAQ5PC5KN43EFNFUOMXI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/FVZQKHAAQ5PC5KN43EFNFUOMXI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/FVZQKHAAQ5PC5KN43EFNFUOMXI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/FVZQKHAAQ5PC5KN43EFNFUOMXI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/FVZQKHAAQ5PC5KN43EFNFUOMXI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Ken Ofori-Atta, Ghana&#8217;s finance minister, speaks with Stephane Roudet, IMF Mission Chief for Ghana, during a news conference in Accra, Ghana December 13, 2022. REUTERS/Cooper Inveen/File Photo</figcaption></figure>



DOHA, May 24 (Reuters)&nbsp;&#8211;&nbsp;Ghanaian President Nana Akufo-Addo said on Wednesday his government was planning a &#8220;very disciplined approach&#8221; in implementing the International Monetary Fund&#8217;s loan programme.



The IMF&#8217;s executive board last week&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AJ8N32301G&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">approved</a>&nbsp;a $3 billion loan over three years for the African country, with an immediate disbursement of about $600 million.



Akufo-Addo told Qatar&#8217;s economic forum organised by Bloomberg that Ghana was committed to &#8220;rationalisation of expenditure&#8221; and the IMF&#8217;s programme would allow his government to tap international debt markets.



He said China played a &#8220;positive and proactive role&#8221; in giving the IMF a green light to look at the Ghanaian situation positively.



&#8220;I don&#8217;t have any hesitations or any criticism about the Chinese involvement&#8230; I know it&#8217;s a matter of controversy in the West &#8230;but for us they have been strong friends,&#8221; Akufo-Addo said.



Ghana and Ivory Coast, the world&#8217;s top cocoa producers, have faced strong criticism from Western countries, including by the European Union, over the use of child labour in cocoa farms.



&#8220;I have no doubt that we will meet the requirements of the EU legislation&#8230;We are confident that the allegation of child labour forms an important part of our cocoa, it&#8217;s not an allegation that has any foundation in fact,&#8221; he said.



Asked about the possibility of bartering gold for oil, he replied that it was happening already.



&#8220;That&#8217;s very much on the table, and it&#8217;s helping in terms of its impact on our dollar outflows,&#8221; he replied.



(Reporting by Andrew Mills, Rachna Uppal, Nayera Abdallah, writing by Aziz El Yaakoubi; Editing by Andrew Heavens and Christina Fincher)

FILE PHOTO: Ken Ofori-Atta, Ghana’s finance minister speaks with Stephane Roudet, IMF Mission Chief for Ghana in Accra

Ghana plans ‘disciplined approach’ to IMF loan, says president

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-820x547.jpg" alt="" class="wp-image-424241" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/QOM6DFY4YFKBTJHWK36SCHU26U-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo in Washington, United States, September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



JOHANNESBURG, May 18 (Reuters)&nbsp;&#8211;&nbsp;Ghana&nbsp;is targeting $10.5 billion of external debt service relief from 2023-2026, the International Monetary Fund said, giving first indications of how big a hit investors might face in the coming debt overhaul.



The embattled West African country&#8217;s debt is currently unsustainable, but&nbsp;Ghana&nbsp;aims to restore it to a &#8220;moderate&#8221; risk of debt distress by 2028, the fund added in its Debt Sustainability Analysis.



The IMF&#8217;s executive board approved a $3 billion, three-year rescue loan on Wednesday, paving a potential path for&nbsp;Ghana&nbsp;out of the worst economic crisis in a generation.



Ghana&nbsp;is overhauling its debt after its already strained finances buckled under the economic fallout from COVID-19 and Russia&#8217;s invasion of Ukraine. It is seeking external debt relief under the Group of 20&#8217;s Common Framework platform and completed a domestic debt exchange earlier this year.



Ghana&nbsp;has a $15 billion financing gap in its balance of payments from 2023 to 2026, the IMF said, with the World Bank set to provide $1.6 billion in budget and balance-of-payments support.



The country has a medium &#8220;debt carrying capacity&#8221;, which means the IMF requires&nbsp;Ghana&nbsp;to target bringing its public debt-to-GDP ratio from 88.1% at the end of 2022 to 55% by 2028.



&#8220;This deal is a huge shot in the arm for the economy,&#8221; said Leslie Dwight Mensah, an economist at the Institute for Fiscal Studies, a&nbsp;Ghanaian think-tank.



The cedi currency strengthened 2.4% against the U.S. dollar to 10.30 on the news, taking its rise so far this month to 12.24% as international investors anticipated IMF board approval&nbsp;GHS=.



Most of&nbsp;Ghana&#8217;s sovereign dollar-denominated bonds strengthened modestly on Thursday, with some rising as much as 0.3 cents in the dollar although still trading at deeply distressed levels of between 36 and 41 cents in the dollar&nbsp;XS2115141751=TE.



&#8220;Domestic policy slippages represent a significant downside risk to the projections, further compounded by risks associated to the end-2024 general elections,&#8221; the IMF report said.



The debt reduction targets are not feasible, said Peter Quartey, professor of economics at the University of&nbsp;Ghana. &#8220;We have not shown signs (of breaking away) from the political business cycle.&#8221;



Other risks include&nbsp;Ghana&nbsp;not regaining market access to issue debt and the domestic debt exchange posing dangers to financial sector stability, the IMF said.



(Reporting by Rachel Savage; Additional reporting by Christian Akorlie and Maxwell Akalaare Adombila in Accra and Libby George in London; Editing by Karin Strohecker and Toby Chopra)

FILE PHOTO: The IMF logo is seen outside the headquarters building in Washington

IMF: Ghana targets $10.5 bln of external debt service relief in 2023-2026

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-820x547.jpg" alt="" class="wp-image-423316" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas/</figcaption></figure>



The International Monetary Fund&#8217;s executive board on Wednesday approved a $3 billion, three-year loan program for Ghana, allowing for an immediate disbursement of about $600 million and a potential path out of the West African country&#8217;s worst economic crisis in a generation.



The IMF said in a statement that securing timely debt restructuring agreements with external creditors would be essential to successfully implement the Extended Credit Facility loan aimed at helping Ghana overcome immediate policy and financing challenges.



The Fund also said the new loan would help mobilize additional external financing from development partners and provided a framework for completing its debt restructuring.



&#8220;Congratulations to Ghana for a strong program of reforms to revitalize growth and reduce the country&#8217;s debt burden,&#8221; IMF Managing Director Kristalina Georgieva said in a video&nbsp;<a href="https://twitter.com/KGeorgieva/status/1658932024336326661" target="_blank" rel="noreferrer noopener">posted to Twitter</a>.



Georgieva said the commitment by official bilateral creditors to help make Ghana&#8217;s debt sustainable signals important progress for the long-stalled G20 common framework for developing country debt relief.



Sources familiar with Ghana&#8217;s new program cautioned that authorities there faced long negotiations with creditors, pointing to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3781Z3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Zambia</a>, where a similar process has been mired in delays.



CHINA PARTICIPATION



Ghana&#8217;s official sector creditors formed a committee co-chaired by China and France and agreed to debt restructuring talks, the Paris Club of creditors said last week.



This&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AJ8N34N00F&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">paved the way</a>&nbsp;for a sign-off on the IMF loan, which was agreed at staff level in December.



&#8220;The next step is for the Official Creditor Committee&#8230; to agree with the authorities the specific modalities of how official creditors intend to deliver debt relief consistent with Fund-program parameters,&#8221; the IMF said on its website, adding that authorities were also engaging with private creditors to seek relief on their external debt.



Ghana faces a debt overhaul after its already strained finances buckled under economic fallout from COVID-19 and Russia&#8217;s invasion of Ukraine.



It is negotiating its international debt rework under the Group of 20&#8217;s Common Framework platform and completed a domestic debt exchange this year.



Some $5.4 billion of debt to official creditors has been earmarked for restructuring, according to government data, as well as $14.6 billion owed to private overseas creditors.



Zambia, the first African country to default in the COVID-19 era, secured an IMF loan&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N30734Z&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">in September 2022</a>&nbsp;and still has not agreed debt restructuring terms with creditors.



Analysts expect Ghana&#8217;s process to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N35P1V2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">be faster and smoother</a>&nbsp;since China holds a smaller proportion of Ghana&#8217;s debt. China is Zambia&#8217;s largest bilateral creditor and has been accused of delaying that country&#8217;s debt restructuring, which it denies.



(Reporting by Maxwell Akalaare Adombila, Christian Akorlie, Andrea Shalal, David Lawder and Rachel Savage; Writing by Nellie Peyton and Anait Miridzhanian; Editing by David Gregorio, John Stonestreet and Lisa Shumaker)

FILE PHOTO: Man walks past the IMF logo at HQ in Washington

IMF approves $3 billion Ghana loan, with $600 million immediate payout

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UCL2WC6B3VLOLFFLKWH3IJYEWM-1-820x547.jpg" alt="" class="wp-image-424821" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UCL2WC6B3VLOLFFLKWH3IJYEWM-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UCL2WC6B3VLOLFFLKWH3IJYEWM-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UCL2WC6B3VLOLFFLKWH3IJYEWM-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UCL2WC6B3VLOLFFLKWH3IJYEWM-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UCL2WC6B3VLOLFFLKWH3IJYEWM-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/UCL2WC6B3VLOLFFLKWH3IJYEWM-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



LAGOS, May 16 (Reuters)&nbsp;&#8211;&nbsp;Nigeria needs $12 billion to clean up decades-old oil spills in southern Bayelsa state over a 12-year period, a new report said on Tuesday, and singled out Shell&nbsp;SHEL.L&nbsp;and Eni&nbsp;ENI.MI&nbsp;for being responsible for most of the pollution.



Bayelsa is one of the major oil producing states in the Niger Delta, a region blighted by pollution, conflict and corruption related to the oil and gas industry.



Oil majors in Nigeria have long faced legal challenges over Niger Delta spills, which they mostly blame on sabotage and vandalism of pipelines and illegal refining.



The Bayelsa State Oil and Environmental Commission said in a report that it started an investigation in 2019 on the impact of spills and looked at evidence from forensic scientists, blood samples from people in affected areas and company data.



The investigation discovered, among other findings, that toxic pollutants from spills and gas flaring were many times higher than the safe limits in samples of soil, water, air and in the blood of local residents, the commission said.



&#8220;The report finds failures of strategy, prevention, response and remediation by oil companies,&#8221; it said.



A spokesperson for Shell Petroleum Development Company of Nigeria Limited said it was not privy to the final report and could not comment.



An Eni spokesperson said the oil spills were due to theft to feed illegal refineries as well as illegal exports and sabotage but the company undertook to remedy all spills.



Most of the gas produced from Eni&#8217;s Nigerian unit was converted into LNG and fed local power plants, the spokesperson said, adding that &#8220;Eni conducts its activities according to the sector&#8217;s international environmental best practices, without any distinction on a country basis.&#8221;



Toxins that cause burns, lung problems and risk of cancer were widespread while oil company-led clean-ups were often poorly executed and could further contaminate soil and groundwater, the commission&#8217;s report said.



The commission adopted a United Nations model used to calculate the clean-up cost of spills in Niger Delta&#8217;s Ogoniland more than a decade ago and found that &#8220;the clean-up will cost US$12 billion over 12 years&#8221; in Bayelsa.



Pollution in Ogoniland, which was part of a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AQ20110804&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">landmark</a>&nbsp;$1 billion clean-up effort involving a U.N. agency, could be&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3084DY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">worse</a>&nbsp;than it previously estimated, a group monitoring the project said last year.



(Reporting by MacDonald Dzirutwe; Editing by Mark Potter)

UCL2WC6B3VLOLFFLKWH3IJYEWM-1

Nigeria needs $12 billion to clean up Bayelsa oil spills – report

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg" alt="" class="wp-image-420118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new economic measures laid out by the U.K. government “will likely increase inequality”, according to a spokesperson from the International Monetary Fund.
Yuri Gripas | Reuters</figcaption></figure>



Ghana expects the International Monetary Fund to approve a first loan tranche of $600 million as soon as Wednesday, paving the way for disbursement within a week, Minister of State in the Finance Ministry Mohammed Amin Adam told Reuters on Sunday.



Ghana is seeking $3 billion from the Fund to shore up its battered economy. On&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8NXX94YO&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Friday</a>, IMF Managing Director Kristalina Georgieva said Ghana&#8217;s official creditors had provided the necessary financing assurances for the IMF Executive Board to look at signing off on the loan.



&#8220;We expect a deal on Wednesday. With the disbursement, there is going to be $600 million as a first tranche just immediately after the approval,&#8221; Adam said by phone, adding that Ghana hoped to receive the funds within a week of the board&#8217;s decision.



He said a second tranche of $600 million is expected to be approved after a successful first review of the programme, sometime in November or December, with the rest disbursed in equal tranches of $360 million after semi-annual reviews.



The funds will boost Ghana&#8217;s coffers and help it work towards the target of foreign reserves amounting to the equivalent of three months of imports by 2026, he said.



Like some other smaller, riskier emerging markets including Sri Lanka and Zambia, Ghana faces a debt overhaul after its already strained finances buckled under the economic fallout from COVID-19 and Russia&#8217;s invasion of Ukraine.



Some $5.4 billion of debt to official creditors has been earmarked for restructuring, according to government data, as well as $14.6 billion of debt to private overseas creditors.



Adam said he expected negotiations with both sets of creditors to go well once the IMF signs off on the loan.



&#8220;Confidence is going to be restored and we expect that stakeholders will cooperate and will be encouraged to negotiate favourable terms with us,&#8221; he said, adding that the date for talks had not yet been set for either group.



Ghana has also turned to the World Bank as it fights to restore macroeconomic stability and end its worst economic crisis in a generation that has fuelled&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31K5M3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">protests</a>&nbsp;over the soaring cost of living.



Adam said the government was far along in talks with the World Bank to provide additional support of $900 million to be disbursed in three equal instalments of $300 million over three years.



&#8220;We are far advanced, almost concluding negotiations,&#8221; he said.



The World Bank has also&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N36V6KW&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">agreed</a>&nbsp;to support a financial sector stability fund with $250 million to help Ghana address the insolvency and liquidity challenges following a domestic debt exchange programme, which has affected some domestic banks.



Adam said the government was also in talks with the African Development Bank for over $100 million for the stability fund.



(Editing by Alessandra Prentice and Ros Russell)

107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico

Ghana expects first $600 mln tranche from IMF after Wednesday meeting – minister

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/7EB6UADN6RPEHA2MN3TSD5QUOI-820x573.jpg" alt="" class="wp-image-424637" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/7EB6UADN6RPEHA2MN3TSD5QUOI-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/7EB6UADN6RPEHA2MN3TSD5QUOI-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/7EB6UADN6RPEHA2MN3TSD5QUOI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/7EB6UADN6RPEHA2MN3TSD5QUOI-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/7EB6UADN6RPEHA2MN3TSD5QUOI-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/7EB6UADN6RPEHA2MN3TSD5QUOI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An All Progressives Congress (APC) supporter carries a book with a picture of presidential candidate of the APC, Bola Tinubu who was declared the winner of Nigeria&#8217;s 2023 presidential election, in Abuja, Nigeria, March 1, 2023. REUTERS/Esa Alexander</figcaption></figure>



ABUJA, May 5 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s election tribunal will on Monday start hearing opposition petitions challenging president-elect Bola Tinubu&#8217;s victory in the&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3582IR&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">disputed</a>&nbsp;February presidential vote, court records showed on Friday.



Tinubu, from the ruling All Progressives Congress party, defeated his closest rivals Atiku Abubakar of the People&#8217;s Democratic Party and Labour Party&#8217;s Peter Obi, who alleged fraud and have launched a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N35Q0JS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">court challenge</a>.



There have been numerous legal challenges to the outcome of previous Nigerian presidential elections but none has succeeded.



The hearing will be before Court of Appeal judges, who constitute the tribunal. Under Nigeria&#8217;s electoral laws, the first day of hearing will see candidates&#8217; lawyers agree on the witnesses and evidence to be used during the proceedings.



Atiku and Obi want the tribunal to invalidate Tinubu&#8217;s victory, arguing the vote was fraught with irregularities, among other criticisms. Tinubu, who is set to be sworn in on May 29, says he won fairly and wants the petitions dismissed.



Obi campaigned as an outsider, galvanized&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N34T3LL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">young and first-time voters</a>&nbsp;and had appeared to throw the contest wide open, raising some voters&#8217; hopes for change after years of hardship and widespread insecurity under outgoing President Muhammadu Buhari, 80, a former army general.



But Obi came third behind Tinubu and Atiku, both of whom had powerful political machines and decades of networking behind them.



(Reporting by Camillus Eboh in Abuja and MacDonald Dzirutwe in Lagos; Editing by Mark Potter)

The Independent National Electoral Commission declares Bola Tinubu winner of Nigeria’s 2023 presidential elections in Abuja

Nigeria begins hearing presidential election challenge next week

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-820x547.jpg" alt="" class="wp-image-424605" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Nigerian naira notes in a market place as people struggle with the economic hardship and cashflow problems ahead of Nigeria&#8217;s Presidential elections, in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



ABUJA, May 4 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s senate has approved a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N31M02S&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">request</a>&nbsp;by President Muhammadu Buhari to restructure 23.7 trillion naira ($52 billion) in short-term loans due to the central bank to long term-debt, minutes from a Wednesday meeting showed.



Approval from the lower house of representatives was expected at a sitting later on Thursday, which would allow Buhari to sign the bill into law before he leaves office this month after serving the maximum two terms.



At the time of Buhari&#8217;s request to parliament in December, some lawmakers questioned the plan and asked for more information on how the money was used.



But following a report by a senate panel on Wednesday, which showed the money was used to support state governments and fund operations of the federal government, senators agreed to convert the short-term loans to 40-year debt at 9% interest.



In January, the Debt Management Office said Nigeria&#8217;s total debt could rise to $172 billion after the loan-to-bond swap and new borrowings to fund the 2023 budget.



Official data shows that Nigeria spent more than 90% of its revenues on debt repayments last year, leaving little for education and health, but Buhari has said his government had no choice but to borrow its way out of two recessions in the last seven years.



Africa&#8217;s largest economy has struggled with low revenues due to crude oil theft in the Niger Delta.



(Reporting by Camillus Eboh; Writing by MacDonald Dzirutwe; Editing by Clarence Fernandez)

FILE PHOTO: Man counts Nigerian naira notes in a market place ahead of Nigeria’s Presidential elections in Yola

Nigeria’s senate approves restructure of $52 bln in cenbank loans

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="640" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/images-1-1.jpeg" alt="" class="wp-image-424298" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/images-1-1.jpeg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/images-1-1-300x225.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/images-1-1-120x90.jpeg 120w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">Residents of the Nigerien village of Zerma Dare sit in a camp for displaced people in the town of Ouallam, Niger, July 6, 2021. Picture taken July 6, 2021.</figcaption></figure>



DAKAR, April 18 (Reuters)&nbsp;&#8211;&nbsp;Forty-eight million people in West and Central Africa face acute food insecurity in the coming months, a 10-year high spurred by insecurity, climate shocks, COVID-19 and high prices, United Nations&#8217; humanitarian agencies warned on Tuesday.



West and Central Africa has faced increasing risks caused by higher temperatures and erratic rainfall. War in Ukraine has contributed to food and fertilizer shortages in one of the world&#8217;s poorest regions.



The number of people without regular access to safe and nutritious food is projected to hit 48 million during the June-August lean season, according to a regional food security analysis presented by the U.N.&#8217;s World Food Programme, humanitarian agency OCHA, Food and Agriculture Organization and children&#8217;s agency UNICEF.



That is driven in part by the plight of countries in the semi-arid Sahel region south of the Sahara Desert including Mali and Burkina Faso which are battling an Islamist insurgency that has killed thousands and displaced around 2.5 million.



A record 45,000 people in the Sahel are expected to face catastrophic hunger, a level just short of famine, according to the statement.



&#8220;Growing insecurity and conflict means vulnerability is increasing in the region, and it is getting harder to help communities in isolated areas,&#8221; said UNICEF&#8217;s West and Central Africa Director Marie-Pierre Poirier.



Around 16.5 million children under five are set to face acute malnutrition this year, according to the analysis, which said the area impacted by food shortages would likely spread long term.



The region&#8217;s dependence on imports has made it vulnerable to high&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N35F3XP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">global inflation rates</a>&nbsp;even though many parts of West Africa saw improved rainfall in 2022 and an increase in cereal production.



&#8220;It is time for action to boost agricultural production to achieve food sovereignty in our region,&#8221; said Robert Guei, the FAO’s Sub-regional Coordinator for West Africa.



(Reporting by Ngouda Dione; Writing by Alessandra Prentice; Editing by Susan Fenton)

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West Africa faces acute food shortages with thousands near famine, say UN agencies

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="728" height="484" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg" alt="" class="wp-image-422637" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-135x90.jpg 135w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Ghana&#8217;s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra, Ghana December 13, 2022. REUTERS/Cooper Inveen</figcaption></figure>



ACCRA, April 13 (Reuters)&nbsp;&#8211;&nbsp;Ghana expects the International Monetary Fund&#8217;s board to approve a $3 billion loan&nbsp;in&nbsp;May, Finance Minister Ken Ofori-Atta said in a presentation on Thursday.



The embattled West African country secured a staff-level agreement with the IMF for the $3 billion support package in December. But the Fund requires bilateral lenders to provide assurances they will restructure its debt as a condition of signing off on the loan.



Ofori-Atta said that official creditor financial assurances are expected by May and that the country&#8217;s domestic debt exchange programme would yield 38 billion cedis of debt service savings in 2023.



He added that $20 billion of external debt was eligible for restructuring, 66% of the external debt stock. Of that, $5.4 billion in official creditor debt will be restructured.



A memorandum of understanding with official creditors and an agreement in principle on Eurobond restructuring are expected by July, with a 2030 Eurobond partially guaranteed by the World Bank included in the restructuring, the minister said.



He added that Ghana needs a $1.5 billion financial stability fund to ensure appropriate solvency and liquidity.



&#8220;The World Bank has fortunately agreed to support this fund with a quarter of a billion&#8230; and government, looking at the space we have, also committing about $500 million to that,&#8221; Ofori-Atta said at the virtual briefing.



Ghana&#8217;s net foreign exchange reserves fell sharply in 2022 and are currently $2.6 billion, central bank governor Ernest Addison said in the briefing.



The government also aims to bring rampant inflation down to 8% in the medium term and is targeting real GDP growth of 5% over the same period, a presentation accompanying the briefing said.



Ghana&#8217;s inflation reached a more than two-decade&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N36F2BW&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">high</a>&nbsp;of 54.1% in December, but has since&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N36F2BW&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">slowed</a>, falling to 45% year-on-year in March.



(Reporting by Anait Miridzhanian, Rachel Savage and Libby George; Writing by Sofia Christensen; Editing by Estelle Shirbon)

Ghana’s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra

Ghana expects IMF loan approval in May – minister

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1476700453-1-820x547.jpg" alt="" class="wp-image-423908" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1476700453-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1476700453-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1476700453-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1476700453-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1476700453-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1476700453-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ACCRA, GHANA &#8211; MARCH 26: US Vice President Kamala Harris delivers a speech at the Kotoka International Airport on March 26, 2023 in Accra, Ghana. Vice President Harris is visiting the African continent for the first time in an official capacity. (Photo by Ernest Ankomah/Getty Images)</figcaption></figure>



ACCRA, March 28 (Reuters)&nbsp;&#8211;&nbsp;U.S. Vice President Kamala Harris challenged Africans to step up innovation and the empowerment of women in order to play their full part in the future of the world, as she delivered a speech to thousands of young Ghanaians on Tuesday in Accra.



Her visit to Ghana, the first stop on an African tour that will also take her to Tanzania and Zambia, is part of a charm offensive by Washington as it seeks to counter-balance the growing influence of China and Russia on the continent.



Standing in front of Black Star Gate, a monument built on the site where Ghana declared independence from Britain in 1957, Harris started by noting that by the middle of the century, one in four people in the world will be African.



&#8220;That of course means what happens on this continent impacts the entire world,&#8221; she said.



Citing examples such as the pioneering of mobile phone payments in Kenya or healthcare deliveries by drone in Rwanda before such services existed in the United States, Harris said innovation would be key to Africa&#8217;s future success.



&#8220;We must invest in the African ingenuity and creativity which will unlock incredible economic growth and opportunities, not only for the people of the 54 countries that make up this diverse continent, but for the American people and people around the world,&#8221; she said.



Turning to the theme of women&#8217;s empowerment, Harris underlined deep gender disparities in Africa, saying the United States would work alongside African partners to close those gaps.



&#8220;On the continent of Africa we know women grow a majority of the food, yet they are less likely to own the land they farm. They represent a majority of frontline healthcare workers, but face disparities in health outcomes,&#8221; she said.



&#8220;Women are entrepreneurs, yet have limited access to capital and markets. They are peacemakers and bridge builders, yet continue to be under-represented at the table where decisions are made.&#8221;



To cheers, she said that the economic empowerment of women would benefit not only themselves but also their children, families, communities and the entire economy.



The two other areas where Harris said the United States would work with African partners to make progress were digital inclusion and good governance and democracy.



She described the latter as &#8220;a work in progress, including in my own country&#8221;, an apparent allusion to the turbulence seen in U.S. politics and elections in recent years.



(Writing by Estelle Shirbon, editing by Giles Elgood)

GettyImages-1476700453-1

Kamala Harris exhorts Africans to innovate, empower women in Ghana speech

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-820x533.jpg" alt="" class="wp-image-423884" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-1536x999.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/CH74466FLFPLDMIKLENAOZO5UY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. Vice President Kamala Harris speaks in Munich, Germany February 18, 2023. REUTERS/Wolfgang Rattay//File Photo</figcaption></figure>



ACCRA, March 27 (Reuters)&nbsp;&#8211;&nbsp;U.S. Vice President Kamala Harris will on Monday announce a $139 million aid package for Ghana for next year as she begins a week-long trip to Africa, part of Washington&#8217;s drive to counter growing Chinese and Russian influence on the continent.



China has invested heavily in Africa in the last two decades, particularly in infrastructure, mining, timber and fishing, while Russian private military contractor Wagner Group is providing security assistance in several countries.



Harris&#8217;s trip, which includes visits to Tanzania and Zambia, is the latest in a series of tours by senior U.S. government figures as Washington seeks to improve ties with the continent.



Earlier this month Secretary of State Antony Blinken visited Ethiopia and Niger, where he announced $150 million in humanitarian aid for Africa&#8217;s Sahel region.



On Monday Harris will meet Ghana&#8217;s President Nana Akufo-Addo in Accra and announce a $100 million package to support conflict prevention and stabilization efforts in Benin, Ivory Coast, Ghana, Guinea, and Togo.



&#8220;The plan is intended to address regional threats of violent extremism and instability in Coastal West Africa,&#8221; the vice president&#8217;s office said in a statement.



Washington will also deploy an adviser to Ghana from its Office of Technical Assistance to help the country improve its &#8220;debt sustainability and support a competitive, dynamic government debt market,&#8221; Harris&#8217;s office said.



Ghana defaulted on most of its $29 billion external debt last year, as interest payments and inflation soared, and it still needs to negotiate a resolution with its private international bondholders and bilateral creditors.



China is Ghana&#8217;s biggest bilateral creditor with about $1.9 billion of debt. Ghana&#8217;s finance ministry said last week it expected to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N35W0IF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">secure financing assurances</a>&nbsp;&#8220;very soon&#8221;, following meetings in China.



(Reporting by Hereward Holland; Editing by Peter Graff)

FILE PHOTO: Vice President Kamala Harris

US Vice President Harris to announce $139 mln aid for Ghana in 2024

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="780" height="520" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-63.jpg" alt="" class="wp-image-423800" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-63.jpg 780w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-63-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-63-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-63-768x512.jpg 768w" sizes="(max-width: 780px) 100vw, 780px" /><figcaption class="wp-element-caption">A woman walks past a graffiti depicting Labour Party (LP) Presidential candidate, Peter Obi, ahead of Nigeria&#8217;s Presidential election in Awka, Anambra state, Nigeria February 23, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, March 21 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s two main opposition leaders on Tuesday filed petitions seeking to cancel results from last month&#8217;s&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3582IR&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">disputed</a>&nbsp;presidential election, court papers showed, to begin what could be a legal battle lasting several months.



There have been numerous legal challenges to the outcome of previous Nigerian presidential elections but none has succeeded.



Atiku Abubakar from the biggest opposition People&#8217;s Democratic Party (PDP) and Labour Party&#8217;s Peter Obi asked the Appeals Court to invalidate the election won by&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AKBN2V328R&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Bola Tinubu</a>&nbsp;of the ruling All Progressives Congress (APC) party.



The opposition leaders said&nbsp;in separate affidavits the election was fraught with irregularities and accused the Independent National Electoral Commission (INEC) of breaching the law by failing to use electronic machines to upload polling station results, among other criticisms.



Atiku and Obi asked for an order &#8220;cancelling the presidential election&#8221; and for the INEC to conduct a fresh vote.



Tinubu has defended the election as&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3590DC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">credible</a>.



Obi campaigned as an outsider, galvanized&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N34T3LL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">young and first-time voters</a>&nbsp;and had appeared to throw the contest wide open, raising some voters&#8217; hopes for change after years of hardship and violence under outgoing President Muhammadu Buhari, 80, a former army general.



But Obi came third behind Tinubu and Atiku, both of whom had powerful political machines and decades of networking behind them.



The APC and PDP have, between them, governed Nigeria since the end of military rule in 1999.



Election observers from the European Union, the Commonwealth and other groups reported a range of problems, among them failures in systems designed to prevent vote manipulation.



The observers criticised the INEC for poor planning and voting delays, but they did not allege fraud. The commission itself apologised for the technical problems during the count.



The Appeals Court has 180 days to hear and make a ruling on Obi&#8217;s challenge.



If a candidate is not satisfied with the outcome of the tribunal, they can approach the Supreme Court, which will deliberate on an appeal within 60 days.



Nigeria&#8217;s next president will be sworn in on May 29.



Violence and voter intimidation marred last month&#8217;s presidential vote as well as last weekend&#8217;s governorship polls. Turnout was low despite the highest number of registered voters, at 93 million.



(Reporting by Camillus Eboh, writing by MacDonald Dzirutwe, editing by Christina Fincher, Grant McCool and Lincoln Feast.)

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Nigeria’s Obi, Atiku challenge presidential election results

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="728" height="484" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg" alt="" class="wp-image-422637" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-135x90.jpg 135w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Ghana&#8217;s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra, Ghana December 13, 2022. REUTERS/Cooper Inveen</figcaption></figure>



ACCRA, March 20 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s finance minister Ken Ofori-Atta will travel to Beijing on Wednesday to meet Chinese officials to discuss a proposed restructuring of Ghana&#8217;s debt, according to a source with knowledge of the talks.



&#8220;The talks are expected to focus on ways to reduce Ghana&#8217;s debt burden and secure additional financing assurances for the country&#8217;s economic programme,&#8221; the source said, asking not to be named because the talks are private.



Ghana, which is struggling with its worst economic crisis in a generation, secured a staff-level agreement with the International Monetary Fund&nbsp;(IMF)&nbsp;in December for a $3 billion loan, though asking lenders to provide financing assurances is a condition for the IMF&#8217;s board to sign off the programme.



China is Ghana&#8217;s biggest bilateral creditor with about $1.7



billion of debt.



The government&#8217;s current priority is to secure IMF board approval, with the fine details of debt treatment operations to follow later, the source added. The meetings will take place on Thursday and Friday.



A Chinese delegation visited Ghana&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N35A3D2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">this month</a>for initial debt talks which the finance ministry said were &#8220;cordial and fruitful&#8221;.



Ghana suspended payments on most of its external debt last year, effectively defaulting, and still needs to negotiate a resolution with its private international bondholders.



Ghana has already restructured its domestic debt and&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N33V1LU&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">has requested</a>&nbsp;to rework its bilateral debt under the common framework platform supported by the Group of 20 major economies. An official creditor committee for talks with sovereign creditors is still pending.



($1 = 12.1500 Ghanian cedi)



(Reporting by Christian Akorlie; Writing by Nellie Peyton, editing by Jorgelina do Rosario and Ed Osmond)

Ghana finance minister to travel to China for debt talks – source

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/YZ4XODMVVZJKLFRXBJ7CMML6DM-820x547.jpg" alt="" class="wp-image-423741" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/YZ4XODMVVZJKLFRXBJ7CMML6DM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/YZ4XODMVVZJKLFRXBJ7CMML6DM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/YZ4XODMVVZJKLFRXBJ7CMML6DM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/YZ4XODMVVZJKLFRXBJ7CMML6DM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/YZ4XODMVVZJKLFRXBJ7CMML6DM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/YZ4XODMVVZJKLFRXBJ7CMML6DM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Air Transport Association (IATA) logo is seen at the International Tourism Trade Fair ITB in Berlin, Germany, March 7, 2018. REUTERS/Fabrizio Bensch/File Photo</figcaption></figure>



LAGOS, March 16 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is withholding $743 million in revenue earned by international carriers operating in the country, the highest amount owed by any nation, a spokesperson for the global airlines industry association said on Thursday.



Nigeria faces severe shortages of foreign currency, leading to restrictions on imports and meaning investors cannot convert local currency to repatriate their profits.



International Air Transport Association (IATA) spokesperson Katherine Kaczynska said governments around the world owed $2.2 billion to airlines. Nigeria had the highest amount of blocked funds, followed by Algeria and Lebanon, which owed $165 million and $146 million respectively.



&#8220;Enabling the efficient repatriation of revenues is critical for any economy to remain globally connected to markets and supply chains,&#8221; Kaczynska said in emailed response to questions from Reuters.



Dubai&#8217;s Emirates&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31Z992&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">suspended flights</a>&nbsp;to Nigeria last year after failing to repatriate ticket sales. Last month, President Muhammadu Buhari directed the central bank to increase the amount of&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N31M03I&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">foreign currency allocated to Emirates</a>&nbsp;after speaking to UAE President Sheikh Mohamed bin Zayed Al Nahyan.



Emirates has yet to resume flights to Nigeria, which is Africa&#8217;s most populous nation and is responsible for a large share of the continent&#8217;s air travellers.



Industrial-scale theft of crude of oil, Nigeria&#8217;s single biggest earner of foreign exchange, has greatly reduced the country&#8217;s flow of dollars in the last year.



Apart from Nigeria&#8217;s $743 million debt, Kaczynska said countries under the West African Economic and Monetary Union owed $132 million while Zimbabwe, which has perennial dollar shortages owed $80 million.



(Reporting by MacDonald Dzirutwe; editing by Barbara Lewis)

FILE PHOTO: IATA logo is seen at the International Tourism Trade Fair ITB in Berlin

Nigeria tops list of countries withholding airline funds, IATA says

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/VFPLCXWUFRNUXHMNAOCXOXIBIQ-820x547.jpg" alt="" class="wp-image-423730" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/VFPLCXWUFRNUXHMNAOCXOXIBIQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/VFPLCXWUFRNUXHMNAOCXOXIBIQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/VFPLCXWUFRNUXHMNAOCXOXIBIQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/VFPLCXWUFRNUXHMNAOCXOXIBIQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/VFPLCXWUFRNUXHMNAOCXOXIBIQ.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



DAKAR, March 16 (Reuters)&nbsp;&#8211;&nbsp;Police fired tear gas at stone-hurling protestor during street clashes in Senegal&#8217;s capital on Thursday, ahead of a court case involving a prominent opposition politician that has triggered widespread anger among the West African country&#8217;s youth.



Protestor in Dakar burned tyres and set fire to buses and a large supermarket, the latest in a series of outbreaks of violence that have shaken Senegal&#8217;s reputation as a bastion of stable democracy, just months ahead of a presidential election.



Thursday&#8217;s clashes began when supporters of presidential hopeful Ousmane Sonko were blocked from accompanying his motorcade to the courthouse where he faces trial for libel.



Sonko, 48, who came third in the 2019 presidential election, is also charged with raping a beauty salon employee in 2021 and making deaths threats against her. He denies all wrongdoing and says the accusations are politically motivated to stop him running in the February 2024 polls.



Much of the anger on the street is targeted towards President Macky Sall, whose failure to rule out running for a third term in office has incensed many.



Senegal&#8217;s constitution only allows two terms, but some fear that Sall will use a recent tweak to the constitution to reset his mandate, repeating a tactic used by other rulers to extend power elsewhere in the region.



&#8220;We elected Macky Sall to work, not to establish a dictatorship. He must leave Sonko alone, if he does not leave him alone we will burn the country,&#8221; a Sonko supporter said.



Tensions have flared ahead of Sonko&#8217;s court appearance this week, with three days of protest. More than&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AKBN2VG1K6&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">10,000 supporters</a>&nbsp;gathered at a field in Dakar on Tuesday to cheer on Sonko.



The former tax inspector urged his supporters to join him in court on Thursday for the hearing. But his convoy and supporters were stopped along a main road by police.



Sonko was forced out of his car and bundled into a police armoured personnel carrier and driven to court, triggering the clashes.



Sonko supporters accuse Sall of seeking to eliminate him from the competition with a guilty verdict.



The libel case was brought by Senegal&#8217;s tourism minister who said Sonko had allegedly accused him of embezzlement.



(Reporting by Bate Felix, Ngouda Dione and Diadie Ba; Writing by Sofia Christensen; Editing by Edward McAllister and Alex Richardson)

VFPLCXWUFRNUXHMNAOCXOXIBIQ

Senegal rocked by more unrest as police clash with opposition protesters

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="585" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/4F4TAXNPLBNXFCPMOG2WIJGXXE-820x585.jpg" alt="" class="wp-image-423699" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/4F4TAXNPLBNXFCPMOG2WIJGXXE-820x585.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/4F4TAXNPLBNXFCPMOG2WIJGXXE-300x214.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/4F4TAXNPLBNXFCPMOG2WIJGXXE-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/4F4TAXNPLBNXFCPMOG2WIJGXXE-768x548.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/4F4TAXNPLBNXFCPMOG2WIJGXXE-1536x1096.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/4F4TAXNPLBNXFCPMOG2WIJGXXE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nigeria&#8217;s Vice President Yemi Osinbajo speaks during the Nigeria/Ecowas Trade and Investment for Development forum in Abuja, Nigeria November 2, 2017. REUTERS/Afolabi Sotunde</figcaption></figure>



LAGOS, March 14 (Reuters)&nbsp;&#8211;&nbsp;Nigeria launched a $672 million fund on Tuesday to support tech and creative sectors for&nbsp;young&nbsp;investors who struggle to raise capital in Africa&#8217;s largest economy.



The fund &#8211; targeting&nbsp;15 to 35-year-olds&nbsp;&#8211; comes at a time when there are concerns locally&nbsp;about the&nbsp;failure of&nbsp;U.S.&nbsp;startup-focused lender&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N35L2AY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">SVB Financial Group</a>,&nbsp;which&nbsp;has supported startups in Nigeria.



So far only&nbsp;Chipper Cash, a cross border payments startup, has said it had $1 million in SVB. Some of the biggest startups,&nbsp;including&nbsp;e-commerce firm Jumia and Africa-focused fintech firm Flutterwave,&nbsp;told&nbsp;Reuters&nbsp;they&nbsp;had no exposure to the&nbsp;bank.



Vice President Yemi Osinbajo launched&nbsp;the $672 million fund under the Digital and Creative Enterprises Programme (DCEP) in the federal capital Abuja, the presidency said in a statement.



African Development Bank will put in $170 million, $116 million will come from Agence&nbsp;Francaise&nbsp;de&nbsp;Developpement&nbsp;and another $70 million from Islamic Development Bank, the presidency said.



The government through Bank of Industry Nigeria will release $45 million while the private sector pledged $271 million.



&#8220;DCEP is a government initiative to promote innovation and entrepreneurship in the digital tech and creative industries and especially targeted at job creation,&#8221; Osinbajo was quoted as saying at the launch of the fund.



Nigeria has the largest number of startups in Africa &#8211; mostly in tech and fintech &#8211; which have pulled funding from overseas banks and venture capital firms.



But most startups still struggle to attract funding because banks demand that they provide collateral, which they do not have.



(Reporting by MacDonald Dzirutwe; Editing by Josie Kao)

Nigeria’s Vice President Yemi Osinbajo speaks during the Nigeria/Ecowas Trade and Investment for Development forum in Abuja

Nigeria launches $672 million tech fund for young investors

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="810" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62.jpg" alt="" class="wp-image-423481" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62.jpg 810w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/download-62-768x512.jpg 768w" sizes="(max-width: 810px) 100vw, 810px" /><figcaption class="wp-element-caption">FILE PHOTO: 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</figcaption></figure>



ABUJA, March 13 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank will allow old bank notes to continue as legal tender until year-end to comply with a court order earlier this month, the bank said in a statement late on Monday, raising hopes this would ease acute cash shortages in the economy.



The Supreme Court on March 3 ordered the Central Bank of Nigeria (CBN) to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N35B2PU&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">extend until Dec. 31</a>&nbsp;the use of old 1,000, ($2.17) 500 and 200 naira notes, whose initial withdrawal from circulation became an election issue after it caused widespread hardship and anger.



CBN said it was complying with the law and that the old notes would circulate with new ones of equivalent value.



In a country where most people rely on cash for everything from buying food from markets to taxi fares, the shortages of naira bills has riled citizens, some of whom have&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N34X5FG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">attacked banks</a>&nbsp;and burned cash-dispensing machines.



(Reporting by Camillus Eboh; writing by MacDonald Dzirutwe; Editing by Sandra Maler)

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US Vice President Harris to announce $139 mln aid for Ghana in 2024

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Senegal rocked by more unrest as police clash with opposition protesters

Nigeria launches $672 million tech fund for young investors

Nigeria central bank says old naira notes still legal tender

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West Africa

Ghana plans ‘disciplined approach’ to IMF loan, says president

IMF: Ghana targets $10.5 bln of external debt service relief in 2023-2026

IMF approves $3 billion Ghana loan, with $600 million immediate payout

Nigeria needs $12 billion to clean up Bayelsa oil spills – report

Ghana expects first $600 mln tranche from IMF after Wednesday meeting – minister

Nigeria begins hearing presidential election challenge next week

Nigeria’s senate approves restructure of $52 bln in cenbank loans

West Africa faces acute food shortages with thousands near famine, say UN agencies

Ghana expects IMF loan approval in May – minister

Kamala Harris exhorts Africans to innovate, empower women in Ghana speech

US Vice President Harris to announce $139 mln aid for Ghana in 2024

Nigeria’s Obi, Atiku challenge presidential election results

Ghana finance minister to travel to China for debt talks – source

Nigeria tops list of countries withholding airline funds, IATA says

Senegal rocked by more unrest as police clash with opposition protesters

Nigeria launches $672 million tech fund for young investors

Nigeria central bank says old naira notes still legal tender

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