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Across Your Markets

Change in commodity futures prices in 2018: Cocoa (+28%); Wheat (+17.9%); Maize (+6.9%); Natural gas (-0.4%); Gold (-2.1%); Soyabeans (-2.1%); Cotton (-8.2%); Rough rice (-13.6%); Platinum (-14.8%); Arabica coffee (-19.3%); Brent crude oil (-19.6%); Copper (-20.3%); Sugar (-20.3%);     LafargeHolcim is expanding cement production capacity in Cameroon to 2.1million tonnes from 1.6 million tonnes to compete more aggressively with Dangote which plans to boost capacity to 3 million tonnes within 3 years

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Monday, October 21, 2019

Cote d’Ivoire

The risk of debt distress in the CFA franc zone

Most of the CFA franc zone countries in both central and west Africa are currently considered to be at moderate risk of debt distress. Of the remaining four, three are deemed to be at high risk of debt distress–Cameroon, the Central African Republic and Chad; while Senegal is at low risk. None of the countries profiled is

Côte d’Ivoire’s Eurobond: The elephant in the room

A mammoth deal: Côte d’Ivoire, the world’s top producer and exporter of cocoa, has issued a $2.1 billion Eurobond, in what is the biggest recorded euro issuance from an African government. The maturity of the bond is split, with tranches due in 2030 and 2048. Market data indicate this is the second biggest EUR Eurobond offering

Cocoa markets: It never rains, it pours and pours

Franc view: In October 2016, franctrade.com forecast a bearish cocoa market, with significant downside risks anticipated in the second half of the season (see article). While the collapse in cocoa market futures may now appear overdone, particularly given fledgling political risks in the West African region, we retain our base case that markets may have

Is West Africa getting high on liquid natural gas (LNG)

The West African region could become an important trading post for liquid natural gas (LNG) in the near to medium term as countries including Cote d’Ivoire, Senegal, Benin and Ghana complement other potential importers like Morocco, Namibia, South Africa and Sudan to grow Africa’s fledgling demand for LNG. Egypt turned net LNG importer, and Africa’s

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