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Questions over the CFA franc’s peg to the euro; and XAF/XOF parity A Franctrade survey suggests that the CFA franc’s peg to the euro will remain a major theme for business and industry leaders in the region in 2019 with many participants taking the view that a devaluation of the currency is now
SNH grateful for higher oil prices Moderately higher oil prices between Jan-Apr 2017 helped cushion the impact of lower energy output in Cameroon after the state oil company – better known by its french acronym SNH – reported a 32% increase in revenues transferred to the state compared with the same period last year. Market
21 points Weak energy prices and heightened geopolitical risks have struck a debilitating blow on the economies of the central African economic union CEMAC. The urgency of the region’s challenge was articulated today in an impressive 21 point resolution taken at the end of an extraodinary meeting of Central African Heads of State held at the
Birsok Australia’s Canyon Resources Ltd has announced that it is in advanced discussions with the government of Cameroon in relation to developing a Direct Shipping Ore (DSO) bauxite operation. FrancTrade believes this is with regard to an earlier announced Joint Venture agreement to acquire up to a 75% interest in the Birsok Bauxite Project in
Reducing high sulphur content Nigeria, Benin, Togo, Ghana, and Cote d’Ivoire are stopping the imports of high-sulphur diesel fuels, a move agreed upon in Abuja on December 1 . In September, Franctrade.com referenced a UK Financial Times report highlighting the sale of diesel with high sulphur content in Africa, known as ‘dirty diesel’ based on
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
Commodities traded by West African producers fell sharply ahead of the US presidential elections and are yet to recover following confirmation that Donald Trump had secured enough electoral college votes to be declared US President-elect. Strong Coffee: (Cote d’Ivoire, Cameroon) Coffee futures traded both in London and New York dived lower on Tuesday as investors,
A Bloomberg survey of traders expects shipments this month to Asia from Angola, Nigeria, Equatorial Guinea, Republic of Congo, Ghana, Cameroon, Gabon and the Democratic Republic of Congo to rise by 8 to 60 cargoes. This is equivalent to 1.9 million barrels per day (mbpd), up from 1.6mbpd in October. Asian demand is being boosted by the
Ahead of 2017/18 The Russian gas giant Gazprom has signed an 8-year contract with Pegasus shipping to charter a ‘clean energy’ vessel that will mainly be used to transport volumes from Cameroon’s liquid natural gas (LNG) project, slated to come on-stream by mid-2017. This follows Gazprom’s partnership with the National Hydrocarbon Company of Cameroon (SNH)
Are we there yet? Ratings agency S&P has affirmed Cameroon’s long term sovereign rating at ‘B’ with a stable outlook but has warned that this could be lowered if there is a sharp rise in public debt or if political or other setbacks occur. The ratings agency highlighted the economy’s resilience to external and geopolitical
