<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ-820x547.jpg" alt="" class="wp-image-413663" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/V5IRAFHMYRPRVBHQAI5QG5X7UQ.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A gas station attendant pumps fuel into a customer&#8217;s car at the NNPC Mega petrol station in Abuja, Nigeria March 19, 2020. REUTERS/Afolabi Sotunde</figcaption></figure>



LAGOS, April 30 (Reuters)&nbsp;&#8211;&nbsp;Gasoline shortages persisted in Nigeria&#8217;s major cities on Tuesday, causing a sharp increase in prices and exacerbating the country&#8217;s cost-of-living crisis.



Prices in some retail outlets in Lagos and Abuja rose above 850 naira, while those outside major cities, such as Kano, soared above 1000 naira, though the government-owned oil firm, NNPC Ltd, which imports the products sells at an average price of 617 naira.



President Bola Tinubu&#8217;s government last year removed subsidies and allowed private firms to import but foreign currency shortages and a cap on the price of petrol have meant NNPC remains the sole importer.



An NNPC spokesperson said that some outlets were taking advantage of this situation to maximise profits.



Gasoline is widely used in cars and to power generators for households and small businesses and the current shortage is weighing on the economy, which is already struggling with the highest inflation rate in 28 years.



Many commuters were left stranded waiting for buses that were stuck in long queues at various retail stations.



Analysts say the price of basic food items would see a sharp increase if shortages persist. This will add to frustrations after the government raised electricity tariffs for some consumers.



&#8220;You have the money for transport but no bus, you have the money for to buy fuel but there is scarcity. No light (electricity), heat everywhere, and high costs of goods. What did we do to deserve our leaders,&#8221; someone posted on the X platform.



The NNPC has attributed the shortages to logistical challenges, assuring customers that it has more than 1.5 billion litres of petrol, which was enough to last at least 30 days. But it is in debt and is unable to produce enough crude for its refineries.



(Reporting by Isaac Anyaogu, Editing by Louise Heavens)

V5IRAFHMYRPRVBHQAI5QG5X7UQ

Nigerian gasoline prices soar as shortages worsen cost of living crisis

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LYNXMPEG230SK-OZATP.jpg" alt="" class="wp-image-481227" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LYNXMPEG230SK-OZATP.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LYNXMPEG230SK-OZATP-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LYNXMPEG230SK-OZATP-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LYNXMPEG230SK-OZATP-768x512.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">President of Togo Faure Gnassingbe is seen during the ECOWAS Authority of Heads of State and Government 54th Ordinary Session in Abuja, Nigeria December 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LOME, April 29 (Reuters)&nbsp;&#8211;&nbsp;Voting got under way in legislative elections in Togo on Monday following approval of constitutional reforms by the outgoing parliament that could extend the 19-year-old rule of President Faure Gnassingbe.



Under a new charter adopted in March introducing a parliamentary system of government, the president will be elected by parliament instead of by universal suffrage.



Details about the assembly&#8217;s election of the head of state remain unclear as yet, although under the new constitution the parliament will appoint a position described as president of the council of ministers, who will have extensive authority to manage the coastal West African nation&#8217;s government affairs.



Monday&#8217;s vote had been pushed back twice because of a fierce backlash from some opposition parties who called the constitutional changes a political manoeuvre to allow Gnassingbe to extend his tenure for life.



Over four million people are registered to vote for 113 lawmakers among 2,352 candidates. Polls opened at 0700 GMT and provisional results are expected from Tuesday.



Regional elections are also taking place.



Opposition parties are taking part, hoping to gain seats that will enable them to challenge Gnassingbe&#8217;s UNIR party after they boycotted the last legislative poll and left it effectively in control of parliament.



Togo has seen years of resistance to the Gnassingbe family&#8217;s grip on power. The president was first elected 19 years ago to succeed his father, Gnassingbe Eyadema, who took office in a coup in 1967.



Violent police crackdowns on political demonstrations have been routine under Gnassingbe &#8211; reelected in a 2020 landslide disputed by the opposition &#8211; as they were during his father&#8217;s rule.



Several other African countries have pushed through constitutional and other legal changes in recent years allowing their presidents to extend their terms in office.



Monday&#8217;s vote, initially set for April 20, was postponed twice to allow for consultations on the new constitution.



Amendments unanimously approved in a second parliamentary vote earlier this month shortened presidential terms to four years from five with a two-term limit.



This does not take into account the time already spent in office, which could enable Gnassingbe to stay in power until 2033 if he is re-elected when his mandate expires in 2025. He has not yet stated his intentions.



Some opposition parties and civil society groups renewed calls for protests after the second vote, sparking small-scale demonstrations last week.



(Reporting by Alice Lawson; Writing by Sofia Christensen, Editing by William Maclean)

FILE PHOTO: President of Togo Faure Gnassingbe is seen during the ECOWAS Authority of Heads of State and Government 54th Ordinary Session in Abuja

Togo votes for a new parliament with stronger say in governance

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="510" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/J4H2NTSDSNLWZN4ASKFPW2A6IA-820x510.jpg" alt="" class="wp-image-481179" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/J4H2NTSDSNLWZN4ASKFPW2A6IA-820x510.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/J4H2NTSDSNLWZN4ASKFPW2A6IA-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/J4H2NTSDSNLWZN4ASKFPW2A6IA-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/J4H2NTSDSNLWZN4ASKFPW2A6IA-768x478.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/J4H2NTSDSNLWZN4ASKFPW2A6IA-1536x955.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/J4H2NTSDSNLWZN4ASKFPW2A6IA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Workers talk on their mobile phones, as a Maersk container is transported by a train, near a port of Barcelona, Spain April 26, 2024. REUTERS/Nacho Doce/File Photo</figcaption></figure>



ABUJA, April 28 (Reuters)&nbsp;&#8211;&nbsp;Nigeria secured a $600 million investment in seaport infrastructure from Danish shipping company A.P. Moller-Maersk&nbsp;MAERSKb.CO, the presidency said in a statement on Sunday.



The investment was secured during a meeting between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla on the sidelines of a World Economic Forum meeting in Saudi Arabia.



&#8220;We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships,&#8221; the Nigerian presidency quoted Uggla as saying during the meeting.



Nigeria has promised to revamp its ports, including in the commercial capital Lagos, to ease congestion that frustrates businesses.



Tinubu said during the meeting that his government would support the modernisation and automation of its ports to improve trade, reduce corruption and boost efficiency.



&#8220;A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere,&#8221; he said. &#8220;We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships.&#8221;



(Reporting by Felix Onuah in Abuja and Kanjyik Ghosh in Bengalulu, Writing by MacDonald Dzirutwe; Editing by Lisa Shumaker and Matthew Lewis)

FILE PHOTO: Workers talk on their mobile phones as a Maersk container is transported by a train near a port of Barcelona

Nigeria secures $600 million Maersk investment in seaport infrastructure

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg" alt="" class="wp-image-427563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



ABUJA, April 23 (Reuters) &#8211; Nigeria&#8217;s central bank sold $15.83 million to exchange bureaus at a more favourable naira rate than the official market, it said on Tuesday, the second such sale in April and the fourth this year as it moves to boost the supply of foreign currency.



The official market quoted the naira currency&nbsp;NGN=D1&nbsp;at 1,315 per dollar at 1326 GMT, LSEG data showed.



The central bank sold $10,000 each at 1,021 naira per dollar to 1,583 currency exchange operators to meet demand for eligible end-user foreign exchange needs, instructing them to resell at a mark-up not more than 1.5% above the purchase price.



This strategy injects liquidity into the market while attempting to control the naira exchange rate which fell to a record low in February, but is starting to strengthen.



The naira has surged sharply against the dollar, both on the official and parallel markets, after the central bank raised interest rates and lifted restrictions on foreign participation at its fixed-income auctions.



The bank has since started a rate tightening cycle and increased yields on short-term treasury bills to attract foreign investors.



Central bank Governor Olayemi Cardoso has said the bank does not intend to prop up the currency, adding that the roughly $2 billion fall in reserves in the last two months had nothing to do with defending the currency.



(Reporting by Elisha Bala-Gbogbo; Editing by Mark Potter)

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

Nigeria’s central bank sells $15.83 million to exchange bureaus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/IGCSI2ZMYJNARJNQD2J6NFMHZE-820x548.jpg" alt="" class="wp-image-479267" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/IGCSI2ZMYJNARJNQD2J6NFMHZE-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/IGCSI2ZMYJNARJNQD2J6NFMHZE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/IGCSI2ZMYJNARJNQD2J6NFMHZE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/IGCSI2ZMYJNARJNQD2J6NFMHZE-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/IGCSI2ZMYJNARJNQD2J6NFMHZE-1536x1026.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/IGCSI2ZMYJNARJNQD2J6NFMHZE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria Finance Minister Wale Edun is interviewed by Karin Strohecker, Reuters Chief Correspondent Emerging Markets, during the G20 Finance Ministers and Central Bank Governors&#8217; Meeting at the IMF and World Bank’s 2024 annual Spring Meetings in Washington, U.S., April 18, 2024. REUTERS/Ken Cedeno/File Photo</figcaption></figure>



WASHINGTON, D.C., April 22 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is seeking up to $2.25 billion in World Bank loans and expects the bank&#8217;s board to approve the request in June, the government said in a statement following the IMF/World Bank spring meetings in Washington, D.C.



Nigeria also aims to issue diaspora bonds later this year to attract much-need foreign exchange into the country, Finance Minister Wale Edun said in the statement.



The World Bank loans would comprise $1.5 billion in development policy financing and $750 million in programme-for-results financing, the statement said, adding the bank would meet in June to consider final approval of the package.



The World Bank did not immediately comment on the statement.



Nigeria, typically Africa&#8217;s largest oil exporter, has faced a shortage of foreign exchange that pushed its naira currency to record lows versus the U.S. dollar this year, though it has since rebounded.



President Bola Tinubu also inherited an economy saddled with record debt, high unemployment and large central bank financing, though Edun, in an interview with Reuters last week, said the government had halved federal borrowing from the central bank.



(Reporting by Maxwell Akalaare Adombila; Writing and additional reporting by Libby George in London; Editing by Gareth Jones and Mark Potter)

FILE PHOTO: Nigeria Finance Minister Wale Edun is interviewed at the IMF and World Bank’s 2024 annual Spring Meetings in Washington

Nigeria seeking up to $2.25 bln in World Bank loans

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/VN5FZZMKXZJIXDOLESSOKHMKVU.jpg" alt="" class="wp-image-477732" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/VN5FZZMKXZJIXDOLESSOKHMKVU.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/VN5FZZMKXZJIXDOLESSOKHMKVU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/VN5FZZMKXZJIXDOLESSOKHMKVU-135x90.jpg 135w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Bernadette Handing carries Pearl Millet Ear Head as she plods through the submerged sorghum field after heavy rain in Kournari village, on the outskirts of Ndjamena, Chad October 26, 2022. REUTERS/Mahamat Ramadan</figcaption></figure>



NIAMEY, April 18 (Reuters)&nbsp;&#8211;&nbsp;On a hospital bed in Niger, a 96-year-old woman lay motionless attached to a drip &#8211; one of thousands of possible victims of West Africa&#8217;s worst heatwave in living memory, which a report said on Thursday was linked to fossil fuel-driven climate change.



In late March and early April, days and nights of extreme heat above 40° Celsius (104°F) gripped many West African countries. Temperatures soared so high in Mali and Burkina Faso they equated to a once in 200-year event, according to the report on the Sahel region by World Weather Attribution (WWA).



The severity of the heatwave led WWA&#8217;s team of climate scientists to conduct a rapid analysis, which concluded the temperatures would not have been reached if industry had not warmed the planet by burning fossil fuels and other activities.



&#8220;In a pre-industrial climate, we wouldn&#8217;t expect to see heat waves at this intensity at all,&#8221; WWA statistician Clair Barnes told Reuters.



&#8220;It was the hottest that anyone in living memory has had to deal with (there),&#8221; she said.



Despite a lack of data, WWA estimates there were hundreds or possibly thousands of heat-related deaths, and it warned such extreme heat will become much more common without greater global efforts to reduce planet-warming emissions.



On the current trajectory, if fossil fuel emissions do not fall &#8220;we would expect to see heatwaves like this maybe ten times more frequently, so potentially up to ten times a year,&#8221; Barnes said.



&#8220;It&#8217;s something that people are going to have to adapt to and learn to live with.&#8221;



Given the growing threat, the group recommends that countries formulate heat action plans that would warn citizens when extreme temperatures are imminent and offer guidance on how to prevent overheating.



<h2 class="wp-block-heading" id="h-elderly-at-risk">ELDERLY AT RISK</h2>



The plight of the nonagenarian in Niger illustrates the threat such extreme temperatures pose, particularly to older people in countries where access to air conditioning or even electric fans can be limited.



Standing at the hospital bedside on Monday, daughter Zeynabou Toure described how her mother quickly sickened in the heat at the start of April, prompting them to rush to hospital.



They were among an unusually high number of patients seeking care at the facility in Niger&#8217;s sun-baked capital Niamey, said doctor Andia Abdoul-Kader.



&#8220;We have seen more and more cases of dehydration,&#8221; he told Reuters in his office. &#8220;It really affects the elderly &#8230; four to five litres of water need to be replenished for the patient to return to normal.&#8221;



While Abdoul-Kader has not recorded excess deaths, Gabriel Toure Hospital in the capital of neighbouring Mali reported 102 deaths, likely heat-related, in the first four days of April. This compares to 130 deaths it recorded in total for the whole of April last year.



&#8220;This indicates an exceptional situation this year,&#8221; said one of the hospital&#8217;s department heads, doctor Djibo Mahamane Django, in an online video post on April 5.



(Additional reporting by Cooper Inveen in Dakar and Tiemoko Diallo in BamakoAdditional reporting and writing by Alessandra Prentice; Editing by Aurora Ellis)

Catastrophic floods in West Africa threaten food security for years to come in Kournari

Deadly heat in West Africa warns of climate change-driven scorchers to come, says report

<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/TD7QUJR4U5NX7IGFIXM2KWAA5A-scaled-1-820x547.jpg" alt="" class="wp-image-476763" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TD7QUJR4U5NX7IGFIXM2KWAA5A-scaled-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TD7QUJR4U5NX7IGFIXM2KWAA5A-scaled-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TD7QUJR4U5NX7IGFIXM2KWAA5A-scaled-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TD7QUJR4U5NX7IGFIXM2KWAA5A-scaled-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TD7QUJR4U5NX7IGFIXM2KWAA5A-scaled-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TD7QUJR4U5NX7IGFIXM2KWAA5A-scaled-1.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



LAGOS, April 15 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s creaking grid collapsed for the fifth time this year in the early hours of Monday, highlighting the country&#8217;s inability to provide reliable power after raising tariffs for wealthier consumers by 230% only two weeks ago.



Nigeria&#8217;s electricity regulator on April 3 approved an increase in tariffs for the 15% of consumers who use the most power, as the government tries to reduce the $2.6 billion worth of subsidies for the sector.



The head of the Nigerian electricity regulator, Musiliu Oseni, defended the tariff increase saying it will mean an end to grid collapses and bring investment into the sector.



National supply data showed the supply of power via the grid fell to around 50MW early on Monday from 4,020MW the previous day.



The Transmission Company of Nigeria, which oversees the grid, has not yet issued a statement on the cause of the latest near complete halt to the supply of power via the grid and did not immediately reply to an inquiry by Reuters.



Gas shortages and vandalism have triggered grid collapses in the past.



The new rate raises the tariff to 225 naira per kilowatt hour from a maximum of 68 naira for about 15% of customers, who will enjoy a maximum of 20 hours of supply daily.



Some analysts have criticised the tariff increase because it pushes more power to wealthier consumers from the meagre 4,000MW available for distribution to over 200 million Nigerians from the grid.



Nigeria, Africa&#8217;s most populous nation, faces perennial power shortages that have contributed to years of weak economic growth.



Its electricity sector faces a myriad of problems, including a failing grid, gas shortages, high debt and vandalism. The country has 12,500 megawatts of installed capacity, but produces only about a quarter of that, leaving many Nigerians reliant on expensive diesel-powered generators.



(Reporting by Isaac Anyaogu; Editing by David Holmes)

TD7QUJR4U5NX7IGFIXM2KWAA5A-scaled-1

Nigeria’s grid collapses weeks after tariffs raised for wealthier consumers

<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/TNUFZSJVAFIWBGPJVBHQEIKI3Q-820x547.jpg" alt="" class="wp-image-476698" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TNUFZSJVAFIWBGPJVBHQEIKI3Q-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TNUFZSJVAFIWBGPJVBHQEIKI3Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TNUFZSJVAFIWBGPJVBHQEIKI3Q-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TNUFZSJVAFIWBGPJVBHQEIKI3Q-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TNUFZSJVAFIWBGPJVBHQEIKI3Q-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/TNUFZSJVAFIWBGPJVBHQEIKI3Q-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk in front of closed shops as traders lock up their stores in protest of Ghana&#8217;s worsening economic conditions in Accra, Ghana October 19, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



JOHANNESBURG/ACCRA, April 15 (Reuters)&nbsp;&#8211;&nbsp;Ghana has failed to strike a deal with two bondholder groups to restructure $13 billion of international bonds, the government said on Monday, in a blow to its efforts to swiftly emerge from default and economic crisis.



Talks were derailed for now after the International Monetary Fund (IMF) indicated that the deal would not fit its debt sustainability parameters, which set out how much debt it thinks a country can afford, the government said in a statement.



Ghana had been in formal talks with two groups holding its international bonds since March 16 &#8211; one &#8220;international&#8221; group of Western asset managers and hedge funds and another one including regional African banks.



The regional African bondholder group had also rejected part of the proposed rework, including an option to retain the original value of the bonds with a longer maturity and lower coupon.



In December 2022, Ghana defaulted on most of its external debt of about $30 billion as it fell into economic crisis. Debt costs and inflation surged, reserves dwindled and the government found itself unable to access international bond markets.



Growth in the world&#8217;s second biggest cocoa producer has since started to recover, with the economy growing 2.9% in 2023, better than the 2.3% the IMF predicted in January.



&#8220;The Government is actively working on solutions that it believes would be consistent with IMF program parameters under the set of policies currently being discussed, with the objective of reaching a mutual agreement acceptable to all parties,&#8221; the government said in the regulatory statement.



The dollar-denominated bonds, known as eurobonds, fell between 2.6 and 3.2 cents, with most of the maturities trading between the 46 and 48 cents in the dollar mark, according to Tradeweb data.&nbsp;XS1968714540=TE



Regional bondholders believe the Ghanaian economy&#8217;s strong performance compared to the IMF&#8217;s original analysis of its debt sustainability could a pave the way to a deal by the end of 2024, Samuel Sule, Chief Executive Officer at Renaissance Capital Africa and financial advisor to the group, told Reuters.



The IMF approved a $3 billion, three-year loan program to Ghana in May 2023, contingent on Ghana undergoing reforms and finishing a debt restructuring that the fund deems sustainable.



Ghana&#8217;s government said the IMF had assessed the proposed bondholder deal against debt sustainability thresholds from the first review of the loan program, which was finished in January. The second review, in which thresholds could change, is ongoing.



An advisor to the international bondholder committee said in a statement that restructuring discussions would continue this week.



<h2 class="wp-block-heading" id="h-at-some-point">&#8216;AT SOME POINT&#8217;</h2>



Ghana &#8211; together with Zambia and Ethiopia &#8211; is reworking debt under the G20 Common Framework, a process set up during the COVID-19 pandemic to speed up debt overhauls.



However, progress has been slow.



Zambia struggled to get its bond restructuring deal over the line amid objections from official creditors, though it eventually reached an agreement in principle in late March.



Ghana is &#8220;confident&#8230; at some point&#8221; it will reach an agreement with bondholders, Finance Minister Mohammed Amin Adam told a press conference on Saturday.



The IMF&#8217;s Ghana mission chief Stephane Roudet told the joint news briefing, held to coincide with a staff-level agreement on the IMF&#8217;s second review of its $3 billion loan programme, that the Fund needed to continue to see progress in talks with bondholders.



Ghana is aiming to cut $10.5 billion from its external debt repayments and interest costs due from 2023 to 2026. It reached an agreement in principle in January to rework $5.4 billion of loans with official creditors, which will need to confirm that the bondholder deal is comparable to what they offered.



The bondholder deal that had been proposed would have included a heavily discounted option of three bonds maturing between 2030 and 2038 with coupons of 5% until 2027 and 6.5% after. Another &#8220;PAR option&#8221; offering no principal reduction would have matured in 2043, with a 1.5% coupon.



Bondholders who signed up for either option would have also received a separate bond representing accrued &#8220;Past Due Interest&#8221;. This bond and the discounted options would have had a nominal, face value haircut of 33%.



Some bondholders had favoured the use of so-called state-contingent debt instruments, which could increase payouts if Ghana&#8217;s economy performs better on agreed metrics, as a way of bridging differences in their outlook.



Bondholders had also pushed for a number of extra conditions to be included. IMF spokespeople did not immediately respond to a request for comment.



(Reporting by Rachel Savage and Maxwell Akalaare Adombila; Additional reporting by Bhargav Acharya in Johannesburg and Mrinmay Dey in Bangalore, Editing by Karin Strohecker, Lincoln Feast and Ros Russell)

Ghana traders close shops to protest worsening economy

Ghana fails to reach debt deal with international bondholders

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/2Y6XTVFSZVPOPO5NVBOIEAEKKY-1-820x615.jpg" alt="" class="wp-image-475886" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/2Y6XTVFSZVPOPO5NVBOIEAEKKY-1-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/2Y6XTVFSZVPOPO5NVBOIEAEKKY-1-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/2Y6XTVFSZVPOPO5NVBOIEAEKKY-1-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/2Y6XTVFSZVPOPO5NVBOIEAEKKY-1-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/2Y6XTVFSZVPOPO5NVBOIEAEKKY-1-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/2Y6XTVFSZVPOPO5NVBOIEAEKKY-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People carry bags of relief grains at a camp for the Internally Displaced People in Adadle district in the Somali region, Ethiopia, January 22, 2022. Picture taken January 22, 2022. Claire Nevill/World Food Programme/Handout via REUTERS/File Photo</figcaption></figure>



DAKAR, April 12 (Reuters)&nbsp;&#8211;&nbsp;Soaring prices have helped fuel a food crisis in West and Central Africa, where nearly 55 million people will struggle to feed themselves in the coming months, U.N. humanitarian agencies warned on Friday.



The number facing hunger during the June-August lean season has quadrupled over the last five years, they said, noting that economic challenges such as double-digit inflation and stagnating local production had become major drivers of the crisis, beyond recurrent conflicts in the region.



Among the worst-affected countries are Nigeria, Ghana, Sierra Leone, and Mali, where around 2,600 people in northern areas are likely to experience catastrophic hunger, said the World Food Programme, U.N. children&#8217;s agency UNICEF, and the Food and Agriculture Organization in a joint statement.



&#8220;The time to act is now. We need all partners to step up &#8230; to prevent the situation from getting out of control,&#8221; said Margot Vandervelden, WFP&#8217;s acting regional director for West Africa.



Due to the food shortages, malnutrition is alarmingly high, the agencies said, estimating that 16.7 million children under the age of five are acutely malnourished across West and Central Africa.



The region&#8217;s heavy dependence on food imports has tightened the squeeze, particularly for countries battling high inflation such as Ghana, Nigeria, and Sierra Leone.



Policies should be introduced to boost and diversify local food production &#8220;to respond to the unprecedented food and nutrition insecurity,&#8221; said Robert Guei, the FAO&#8217;s Sub-regional Coordinator for West Africa.



(Writing by Alessandra Prentice; Editing by Peter Graff)

WFP warns millions facing hunger as driest weather in decades ravages Horn of Africa

Nearly 55 million people face hunger in West and Central Africa

<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/OEPY2GFC6ZM3LM7MKO3LBMCKVU-820x547.jpg" alt="" class="wp-image-474646" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Central Bank of Nigeria&#8217;s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, April 8 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank has barred commercial lenders from accepting foreign currency-denominated collateral to grant naira loans, a move that could protect the banking system against a strengthening of the local currency, it said on Monday.



The regulator said in a circular that the practice it had observed of bank customers using foreign currency as collateral for naira loans was &#8220;prohibited&#8221;.



The central bank on Monday said it approved Eurobonds issued by the government or letters of credit issued by an offshore bank as eligible foreign currency collateral.



It told lenders to wind down all loans currently secured with dollar-denominated collateral within 90 days or face sanctions.



The naira has gained sharply against the dollar on both the official and parallel markets after suffering its second devaluation in less than a year in January.



The currency strengthened after the central bank raised interest rates in February and March, and lifted restrictions on foreign participation at its fixed-income auctions.



The bank now allows foreign investors to pre-fund their accounts and get naira at the prevailing exchange rate for bill auctions, analysts said.



In the past, lenders faced constraints in fulfilling foreign investors&#8217; bids as they incurred extra costs on settlement day if they borrowed from the central bank&#8217;s discount window to pay for bills.



(Reporting by Chijioke Ohuocha; Editing by Alison Williams and Jan Harvey)

Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja

Nigeria bars lenders from using FX-denominated collateral for naira loans

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="590" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-820x590.jpg" alt="" class="wp-image-473228" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-820x590.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-768x553.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-1536x1106.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Senegal&#8217;s newly elected President Bassirou Diomaye Faye addresses the audience after he took the oath of office as president during the inauguration ceremony in Dakar, Senegal April 2, 2024. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



DAKAR, April 3 (Reuters)&nbsp;&#8211;&nbsp;Senegal will conduct an audit of the oil, gas and mining sectors, newly elected President Bassirou Diomaye Faye told the nation&nbsp;in a televised speech on Wednesday,&nbsp;while also reassuring investors they were welcome in the country.



Faye&nbsp;defeated the ruling coalition&#8217;s candidate in a March election by a landslide, reflecting high hopes for change in the country of around 18 million.



The audit is one of the first policy moves announced since the 44-year-old former tax inspector&#8217;s inauguration on Tuesday.



&#8220;The exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government,&#8221; he said.



&#8220;I will proceed with the disclosure of the effective ownership of extractive companies (and) with an audit of the mining, oil, and gas sector.&#8221;



He did provide further details, but sought also to reassure investors, who he said were &#8220;welcome in Senegal.&#8221;



&#8220;Investor rights will always be protected, as well as the interests of the state and the people,&#8221; he said.



Senegal&#8217;s first offshore oil development is due to start production in mid-2024. The Sangomar oil and gas project operated by Woodside Energy&nbsp;WDS.AX&nbsp;is expected to produce about 100,000 barrels per day.



(Reporting by Diadie Ba and Bate Felix; Writing by Alessandra Prentice; Editing by Chris Reese and Costas Pitas)

FILE PHOTO: Senegal’s Newly elected President Bassirou Diomaye Faye takes the oath of office as president during the inauguration ceremony in Dakar

Senegal’s new president announces oil, gas and mining sector audit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg" alt="" class="wp-image-449453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Central Bank of Nigeria&#8217;s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, March 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank raised its monetary policy rate by 200 basis points to 24.75% from 22.75%&nbsp;NGCBIR=ECI, its governor Olayemi Cardoso said on Tuesday.



The decision by the bank&#8217;s Monetary Policy Committee was just the second since Cardoso took office last September, as it did not hold a meeting under him until February.



At that meeting, the Central Bank of Nigeria delivered its largest rate hike in around 17 years to try to get price pressures under control, raising it by 4 percentage points.



Inflation is above 30% in annual terms, its highest in almost three decades, leaving millions of people in Africa&#8217;s biggest economy and most populous nation struggling to meet their basic needs.



Cardoso told a press conference that the members of the MPC were convinced they needed to continue with the tightening cycle to tame inflation.



Price pressures have been spurred by reforms implemented by President Bola Tinubu in his first year in charge, chiefly ending a costly fuel subsidy and devaluing the country&#8217;s naira currency&nbsp;NGN=D1&nbsp;twice.



Tinubu has defended those reforms as necessary to lift economic growth and attract investment, but they have prompted public anger and, in some cases, desperation.



(Reporting by Chijioke Ohuocha and Elisha Bala-Gbogbo; Additional reporting by MacDonald Dzirutwe in Lagos and Bhargav Acharya in Johannesburg Writing by Alexander Winning; Editing by Bate Felix and Alison Williams)

Nigeria’s central bank raises benchmark rate to 24.75% to tame inflation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-820x547.jpg" alt="" class="wp-image-470200" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A billboard of president Faure Gnassingbe, presidential candidate of UNIR (Union for the Republic), is pictured on a street in Lome, Togo, February 19, 2020. Picture taken February 19, 2020. REUTERS/Luc Gnago/File Photo</figcaption></figure>



LOME, March 26 (Reuters)&nbsp;&#8211;&nbsp;Togo has adopted a new constitution that lengthens presidential terms by one year while limiting the number of terms to one, which will likely allow President Faure Gnassingbe to extend his 19-year rule by a year longer than previously expected.



The presidency of the tiny phosphate-producing country on the West African coast has been a family affair since 1967, when Gnassingbe Eyadema seized power in a coup. His son succeeded him after his death in 2005.



Under the new constitution, which does not take into account the time he has already spent in office, Faure Gnassingbe could now stay in power until 2031 if he is re-elected in 2025.



This is a highly likely scenario because his party controls parliament. The new constitution, approved by 89 out of 91 lawmakers, says the president is elected by parliament for a single six-year term.



Under the previous constitution, adopted in 2019 in response to street protests, a president was elected by universal suffrage for a maximum of two five-year terms. It would have allowed Gnassingbe to rule until 2030.



&#8220;This is the umpteenth preparation of a constitutional coup by a monarchical regime that has held the country&#8217;s destiny hostage for almost 60 years,&#8221; one of Togo&#8217;s opposition parties, the Democratic Forces of the Republic, said while the new constitution was still being debated.



Several other African countries, including Central African Republic, Rwanda, Congo Republic, Ivory Coast and Guinea, have pushed through constitutional and other legal changes in recent years allowing their presidents to extend their terms in office.



The West and Central African region has also witnessed eight military coups in the past three years.



Violent police crackdowns on political demonstrations have been routine under Gnassingbe, as they were during his father&#8217;s long rule.



Faure Gnassingbe was last re-elected in a 2020 landslide the opposition disputed.



The new constitution also creates a new role, president of the council of ministers, with extensive authority to manage government affairs.



(Reporting by Alice Lawson; Writing by Sofia Christensen; Editing by Estelle Shirbon)

FILE PHOTO: A billboard of presidential candidate of UNIR Gnassingbe is pictured on a street in Lome

New Togo charter weakens future presidents but could extend incumbent’s rule

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="559" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-820x559.jpg" alt="" class="wp-image-470195" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-820x559.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-768x523.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-1536x1047.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Presidential candidate Bassirou Diomaye Faye, who is backed by Senegalese opposition leader Ousmane Sonko, walks with one of his wives after casting his vote at the polling station at Ndiaganiao in Mbour, Senegal March 24, 2024. REUTERS/Zohra Bensemra/ File Photo</figcaption></figure>



DAKAR, March 25 (Reuters)&nbsp;&#8211;&nbsp;Senegal&nbsp;opposition presidential candidate&nbsp;Bassirou Diomaye Faye, a political newcomer popular among disaffected youth,&nbsp;promised on Monday to govern with humility and transparency.



Faye, set to be declared the next president after his main rival called him to concede defeat, thanked President Macky Sall and other candidates for respecting&nbsp;Senegal&#8217;s democratic tradition by recognising his victory well before official results.



&#8220;In electing me, the&nbsp;Senegalese people have decided on a break with a past,&#8221; Faye told journalists in his first public appearance since the election. &#8220;I promise to govern with humility and transparency.&#8221;



Provisional results showed Faye with about 53.7% and Amadou Ba &#8211; from the current ruling coalition &#8211; with 36.2% based on tallies from 90% of polling stations in the first-round vote, the electoral commission said.



Ba and Sall both congratulated Faye, who turned 44 on Monday. They hailed the outcome as a win for&nbsp;Senegal, whose reputation as one of West Africa&#8217;s most stable democracies took a hit when Sall&nbsp;postponed the vote.



&#8220;The&nbsp;Senegalese people have reinforced the good health of our democracy.. I wish him (Faye) success at the head of our country,&#8221; Ba said.



A peaceful transition of power in&nbsp;Senegal&nbsp;would mark a boost for democracy in West Africa, where there have been eight military coups since 2020.



Some of the juntas that seized power have cut ties with traditional&nbsp;regional power-brokers such as France and the&nbsp;U.S.,&nbsp;turning&nbsp;instead to Russia for help in their fight against a jihadist insurgency spreading through countries that neighbour&nbsp;Senegal.



Senegal&#8217;s international bonds rose on reports that Faye was close to being declared a winner, reversing sharp falls from earlier in the day.



Many hope the vote will bring stability and an economic boost after three years of unprecedented political turbulence&nbsp;and&nbsp;several waves of deadly anti-government protests.



&#8220;I am happy to see there is a wind of change,&#8221; said&nbsp;an&nbsp;opposition supporter named Tall, who joined revellers during the night as street celebrations broke out in anticipation of Faye&#8217;s victory.



&#8220;It is wonderful because democracy has won. Many thought it would not happen,&#8221; he said,&nbsp;giving only&nbsp;his first name.



Full, official results are expected to be announced by the Dakar appeals court on Friday.



<h2 class="wp-block-heading" id="h-young-voters">YOUNG VOTERS</h2>



Faye&nbsp;owes much of his success to the backing of firebrand opposition leader Ousmane Sonko, who was barred from running due to a defamation conviction.



The two former tax inspectors, who were both released from jail this month, campaigned together under the slogan &#8220;Diomaye is Sonko&#8221;, promising to fight corruption and prioritise national economic interests.



They are particularly popular among young voters in a country where more than 60% of people are under 25 and struggle to find jobs.&nbsp;Faye promised to dedicate more state resources to help the youths.



Police crackdowns on protests&nbsp;buoyed the opposition, as did&nbsp;rising living costs and concerns Sall would seek to extend his mandate beyond constitutional limits.



Anger around Sonko&#8217;s prosecution grew when authorities sought to postponeby 10 months the vote, initially scheduled for February.



Investors were wary about&nbsp;whether a new&nbsp;government&nbsp;would be less&nbsp;business friendly&nbsp;than&nbsp;Sall&#8217;s government,&nbsp;which&nbsp;attracted investments into infrastructure.



Senegal is set to start producing oil and gas this year, and Faye has promised a raft of changes including plans to renegotiate oil and gas contracts. Still, he sought to reassure investors last week the country would respect its commitments.



(Reporting by Portia Crowe, Diadie Ba and Bate Felix; Additional reporting by Ngouda Dione and Rachel Savage;Writing by Sofia Christensen and Nellie Peyton; Editing by Silvia Aloisi, Bernadette Baum, Angus MacSwan, William Maclean, Andrew Heavens and David Gregorio)

Senegal holds presidential election

Senegal’s president-elect Faye vows to govern with humility

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-820x555.jpg" alt="" class="wp-image-469888" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-1536x1040.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk past the Bank of Ghana in Accra, Ghana, November 28, 2018. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



ACCRA, March 25 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s central bank on Monday&nbsp;kept its main&nbsp;interest rate at 29%&nbsp;GHCBIR=ECI, saying the inflation outlook had worsened slightly over the past two months and required close monitoring.



The West African cocoa, gold and oil producer has been restructuring its debts as it tries to emerge from its worst economic crisis in a generation, supported by a $3 billion International Monetary Fund (IMF) programme.



Inflation rose slightly in January before slowing again in February GHCPIY=ECI, and central bank governor Ernest Addison told a news conference that the latest inflation forecasts showed a more elevated profile than at the last policy meeting in January.



The bank&#8217;s Monetary Policy Committee also decided to adjust the Cash Reserve Ratio (CRR) to encourage banks to lend instead of investing more money in Treasury bills.



Addison said the CRR would be set at 15% for banks with a loan-to-deposit ratio above 55%, at 20% for banks with a loan-to-deposit ratio between 40% and 55%, and at 25% for banks with a loan-to-deposit ratio below 40%.



&#8220;The banks will now be forced to do more of what banks do, which is financial intermediation and not &#8230; holding government paper,&#8221; he said.



The IMF was expected to&nbsp;visit Ghana for a second review of its Extended Credit Facility-backed programme in April,&nbsp;the governor added. If the visit is a success, the IMF&#8217;s executive board could meet to discuss the second review in May and potentially approve another loan disbursement, he said.



Addison said another $200 million loan for the country&#8217;s cocoa board, COCOBOD, was &#8220;trickling in,&#8221; put together by a consortium of cocoa buyers.



Ghana reached a deal in January to restructure $5.4 billion of loans with its official creditors. It is now pushing for a deal with holders of about $13 billion in international bonds.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Bhargav Acharya; Editing by Alexander Winning, Alexander Smith and Andrew Heavens)

People walk past the Bank of Ghana in Accra

Ghana central bank flags worse inflation outlook as it holds key rate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-820x462.jpeg" alt="" class="wp-image-469883" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The logo of cryptocurrency exchange Binance displayed on a smartphone with the word “cancelled” on a computer screen in the background. Budrul Chukrut | SOPA Images | LightRocket via Getty Images</figcaption></figure>



One of two Binance executives detained in Nigeria has escaped custody, while the Nigerian government has filed new tax evasion charges against the global cryptocurrency exchange.



Nigeria’s Federal Inland Revenue Service (FIRS) Monday announced that four new charges relating to tax evasion had been filed at the Federal High Court in Abuja, according to multiple local media reports.



Binance faces charges of alleged non-payment of Value-Added Tax (VAT) and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform, the reports said.



Alongside the company, two senior executives — U.S. citizen Tigran Gambaryan and British-Kenyan Nadeem Anjarwalla — were both charged and remanded in custody by Nigerian authorities.



Reports emerged over the weekend that Anjarwalla escaped on Friday from the Abuja guest house where the pair was detained.



“We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,” a Binance spokesperson told CNBC.



The families of the two employees declined to comment at this time, but issued statements on March 20, following a hearing at which Nigerian authorities extended their detainment.



Anjarwalla’s wife, Elahe Anjarwalla, said she was “completely heartbroken” that he would not be home in time to celebrate their son’s first birthday.



“Nadeem has no authority to make high level decisions at Binance and I am once again asking from the bottom of my heart that the Nigerian authorities please allow him and Tigran to return home whilst they continue their discussions with Binance. I am also calling on the British and Kenyan governments to do more to get Nadeem back home to us,” she said.



Gambaryan’s wife Yuki said she did not know what to tell their two children about their father’s absence.



“Tigran is globally recognized for his work in law enforcement and many of his peers would say that Tigran’s continuous efforts are what keep crypto currencies safe and clean,” she said.



“Please let him come home to continue this good work. The longer that our husbands are away from our families, the harder it is becoming for us to go about our daily lives.”



<h2 class="wp-block-heading" id="h-background"><a></a>Background</h2>



Gambaryan and Anjarwalla were taken into custody in Nigeria on Feb. 26, although neither was charged at the time with any crimes. The Abuja government accused their employer of wreaking havoc on the country’s local currency.



The Nigerian naira is one of the worst-performing currencies in the world and has lost nearly 70% of its value to the U.S. dollar over the past year. Locals have flocked to cryptocurrencies in recent years to shelter their savings from the plunging currency and a soaring inflation rate that hit nearly 30% two months ago.



But Binance’s troubles in Nigeria appear to be less about a crypto crackdown and more of an attack on what Abuja sees as a bad actor in the space.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-820x461.jpeg" alt="" class="wp-image-469884" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1.jpeg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">IBADAN, Nigeria &#8211; Feb. 19, 2024: Demonstrators are seen at a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024. Samuel Alabi | Afp | Getty Images</figcaption></figure>



Nigeria has expressed two chief concerns with Binance — the fact that the government doesn’t know where money goes or how it moves through the exchange, and that the exchange was allegedly facilitating speculation on the price of the naira through its peer-to-peer marketplace.



The government alleged that Binance was laundering money and that $26 billion worth of untraceable funds had moved through the exchange.



Authorities in Abuja have also contended that traders using this P2P platform to trade the local currency for U.S. dollar-pegged stablecoins, like tether, were colluding on the price to maximize the exchange value. Binance has since shut down its peer-to-peer trading platform in Nigeria.



This is not the first time that Abuja has taken issue with Binance. In July 2023, Nigeria’s Securities and Exchange Commission put out a circular warning people against doing business with the exchange, noting that “any investing public dealing with this entity” was doing so at a “high level of risk” that “may result in total loss of investments.”

106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997

Binance executive escapes Nigerian custody as authorities file new tax charges

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="579" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-820x579.jpg" alt="" class="wp-image-469825" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-820x579.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-300x212.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-127x90.jpg 127w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-768x542.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-1536x1084.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Women queue for food parcels during distribution by volunteers of the Lagos food bank initiative in a community in Oworoshoki, Lagos, Nigeria July 10, 2021. REUTERS/Temilade Adelaja</figcaption></figure>



LAGOS, March 25 (Reuters)&nbsp;&#8211;&nbsp;At a warehouse in Nigeria&#8217;s commercial capital Lagos, dozens of women patiently wait their turn to receive food handouts. Among them is 68-year-old widow Damilola Salami, who received an invitation to the facility just as she had almost run out of food.



The Lagos Food Bank is a crucial lifeline to residents like Salami, but has seen supplies from private and other donors fall as inflation soars in Africa&#8217;s biggest economy.



Nigeria is grappling with the worst cost of living crisis in decades, which has deepened since President Bola Tinubu rolled out bold but unpopular economic reforms after assuming office last May.



&#8220;There is nothing for us to eat, we are hungry,&#8221; said Salami as she waited for her share of food and cooking oil. &#8220;Our children are out of school because of the increase in fees. Now, the children are at home and there is no food.&#8221;



Mabel Wade, an 80-year-old charcoal seller, said sustenance was scarce and she often relied on neighbours before she was told of the food bank.



&#8220;Sometimes there is no food to eat at all&#8230; Sometimes, it is biscuit and water,&#8221; she said, after registering for food stamps.



Last month a stampede broke out and killed seven people at a food distribution centre in Lagos.



World Bank data shows that 46% of Nigeria&#8217;s population was deemed poor in 2023. Twenty million of them live in urban areas.



In the past, the imposing warehouse of Lagos Food Bank would be fully stocked with bags of Nigerian staples like rice, beans and vegetable oil. Not anymore.



Founder Michael Sunbola said the facility&#8217;s major donor had cut supplies by 93%, citing the high cost of food.



The food bank has now dialled back on quantities, providing families with enough supplies for a few days at a time when once their parcels would have lasted two weeks. The facility is also having to &#8220;narrow down the number of people we want to reach out to&#8221;, said Sunbola of the people invited to use the service.



&#8220;Now, we do only women from the age of 50,&#8221; he told Reuters.



No Hunger Initiatives, a food bank serving mostly internally displaced people in the capital Abuja, faces similar problems.



The number of people seeking food handouts has tripled since May 2023 but the facility is unable to keep up because donors have cut back supplies by half due to rising inflation, said Kumdet Yilkon, a senior official.



(Editing by MacDonald Dzirutwe and Lucy Marks)

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West Africa

Nigerian gasoline prices soar as shortages worsen cost of living crisis

Togo votes for a new parliament with stronger say in governance

Nigeria secures $600 million Maersk investment in seaport infrastructure

Nigeria’s central bank sells $15.83 million to exchange bureaus

Nigeria seeking up to $2.25 bln in World Bank loans

Deadly heat in West Africa warns of climate change-driven scorchers to come, says report

Nigeria’s grid collapses weeks after tariffs raised for wealthier consumers

Ghana fails to reach debt deal with international bondholders

Nearly 55 million people face hunger in West and Central Africa

Nigeria bars lenders from using FX-denominated collateral for naira loans

Senegal’s new president announces oil, gas and mining sector audit

Nigeria’s central bank raises benchmark rate to 24.75% to tame inflation

New Togo charter weakens future presidents but could extend incumbent’s rule

Senegal’s president-elect Faye vows to govern with humility

Ghana central bank flags worse inflation outlook as it holds key rate

Binance executive escapes Nigerian custody as authorities file new tax charges

Nigeria food banks cut back on handouts as prices soar

News Tips

Advertise With Us

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