First Independent Mena Newspaper
The new European Union anti-deforestation law, which aims at protecting dwindling forests by outlawing products sourced from deforested areas, is closely watched in parts of Africa, with some local traders arguing that the new rules effectively dissuade European companies from purchasing their coffee. Some industry sources have cautioned that the new rules requiring companies to […]
Higher cocoa prices, due to catastrophic harvest in West Africa, triggered a surge of chocolate prices. About 60% of Cocoa, a key chocolate ingredient, is produced in West African powerhouses Ghana and Cote D’Ivoire, which both reported a sharp drop in output due to a devastating heatwave. Experts expect that chocolate prices would further rise […]
African countries are expected to post the highest growth rates this year globally, said the Economic Commission for Africa (ECA), a UN agency. Niger, Senegal, Côte d’Ivoire, DRC, and Rwanda are expected to be world’s top growth performers, according to an ECA report. Niger and Senegal, in particular, are expected start reaping the benefits of […]
The IMF agreed to offer Egypt a loan worth 8 billion dollars under an Extended Fund Facility to support the country’s economic stability. Following its review, the IMF noted that Egypt’s recovery was slowed by rising global inflation, foreign exchange shortages, and elevated debt levels. Egypt is also struggling with new challenges such as the […]
Credit rating agency Standard & Poor’s revised Morocco’s outlook to positive BB+/B thanks to social, economic, and budgetary reforms. With the new rating, Morocco edges closer to retrieve its investment grade, lost during the Covid-19 pandemic. “Morocco’s economy has proven resilient in the face of multiple shocks over the past five years, and maintained access […]
Nigeria’s government has announced it will only grant new mining licenses to companies committed to process extracted minerals locally, signaling a major shift from the West African country’s long-standing policy of exporting raw materials. Under new guidelines being developed by Nigeria’s government, the new mining licenses will only be granted to those firms that present […]
China’s BTR New Material Group, a global EV battery component maker, signed a deal with the Moroccan government to build a 300 million dollar-plant in the country to produce cathode. The plant will produce cathode, a critical material in battery manufacturing, in Mohammed VI Tanger Tech City, the investment ministry said in a statement. Cathode […]
The Moroccan government plans to develop a liquified natural gas (LNG) infrastructure in the northeastern port of Nador, currently under construction. The announcement came in a gas infrastructure roadmap signed by Morocco’s equipment, interior, finance, and energy departments. The road map “is in line with Morocco’s steady commitment to foster its energy sovereignty and decarbonize […]
Morocco’s phosphates and fertilizers giant, OCP Group, said its revenue in 2023 stood at 9 billion dollars, down from $11.4 billion a year earlier. OCP explained the performance by a drop of prices from the exceptional levels of 2022, when the war in Ukraine triggered a surge in commodities prices globally. OCP said a drop […]
The Moroccan economy has been opening up, leading to the development of new sectors such as aerospace and automotive industry, says the 2024 Bertelsmann Transformation Index report (BTI), which analyzes transformation processes towards democracy and a market economy worldwide. Morocco has made good progress in carrying out reforms to improve market competitiveness, adds the report […]