🔅 Cote d'Ivoire Wants a Bigger Share
Cote d'Ivoire is out to capture a bigger share of the global cocoa market
Good morning ☕
In today’s issue, South Africa’s manufacturing fell, Cote d'Ivoire is out to capture a bigger share of the global cocoa market, and Chad delays elections…
Markets — Year to Date*
📈 Nigerian Stock Exchange: 49,024.16 (+14.77%)
📉 Johannesburg Stock Exchange: 63,726.37 (-13.54%)
📉 Ghana Stock Exchange: 2,460.12 (-11.80%)
📉 Nairobi Securities Exchange: 128.41 (-22.86%)
📉 US S&P 500: 3,665.41 (-23.58%)
📉 Shanghai Composite: 3,024.39 (-16.74%)
*Market data accurate as of the close of markets the previous business day.
South African manufacturing activity fell in September due to widespread power outages, and new sales orders fell. Concerns over the duration of power outages by Eskom, the global economy's health, and the lasting effects of rising borrowing prices all contributed to the negative sentiment. Electricity outages in Africa's most industrialised nation have hit record levels this year as Eskom struggles to satisfy demand due to its reliance on inefficient coal-fired power plants.
Global Markets: The pound has risen as the chancellor reconsidered his contentious proposal to abolish the highest tax bracket. The chancellor had promised to abolish the 45p rate of tax, which is levied on anyone earning more than £150,000 per year. The U-turn may calm market jitters, but the Institute of Fiscal Studies is concerned about how the remaining £43 billion in tax cuts will be paid.
AGRTICULTURE
Cote d'Ivoire out to capture a bigger share of cocoa market
The development of Cote d'Ivoire's cocoa sector was the focus of the 8th National Cocoa and Chocolate Day, which was held this weekend in Abidjan under the theme 'Local cocoa processing: chances for chocolate craftsmen.'
With almost 2 million tonnes produced yearly, Ivoirian cocoa beans are projected to account for 45 per cent of global production, 40 per cent of export revenues, and 15 per cent of national GDP. While Cote d'Ivoire is a worldwide leader in milling, the country aims to capture more of the additional value and jobs associated with the industry so that farmers can earn more.
The announcement of a guaranteed increase in remuneration for their beans for the 2022-2023 season, from $1.24 to $1.35, was excellent news for planters at the fair.
While this year's harvest has been outstanding, a recent World Bank analysis indicated that while cocoa is essential in the lives of many Ivorian families, more than half of farmers are poor.
While cocoa is an integral part of the local economy, it is subject to global market norms. It is under increasing pressure to guarantee the provenance of its beans and that the cocoa is produced ethically.
ACROSS THE CONTINENT
Other Headlines
🇸🇴 Over the weekend, one of the co-founders of the Islamist militant group al Shabaab was killed in a combined operation with international allies, according to Somalia's government. However, al Shabaab has continued to carry out fatal raids, including two last Friday that killed at least 16 people and another on Monday that killed at least five, according to authorities. Since 2006, Al Shabaab terrorists have killed tens of thousands of people in bombings to destabilise Somalia's Western-backed central government and impose their vision of Islamic rule. Somalia's President Hassan Sheikh Mohamud, elected by parliament in May, has promised to take the fight to the insurgents after his predecessor, preoccupied with political infighting, took little action against al Shabaab during the previous three years.
🇹🇩 Chad has passed resolutions delaying democratic elections by two years and allowing interim leader Mahamat Idriss Deby to remain in office and run for president in the poll. The measures have alarmed certain opposition forces and violate the African Union's repeated cautions that the junta must not monopolise power by extending the transition period or fielding presidential candidates. When Deby seized office in April 2021 after his father, President Idriss Deby, was killed on the battlefield after a struggle with militants, military officials first promised an 18-month transition to elections.
🇧🇫 Captain Ibrahim Traore, the self-proclaimed military commander of Burkina Faso, has accepted President Paul-Henri Damiba's conditional resignation to avoid more violence following Friday's coup. According to the agreement, Traore agreed to seven criteria, including ensuring Damiba's safety and the protection of soldiers who supported him and honouring vows made to the West African regional bloc to return to constitutional governance by July 2024. Traore had stated that order was being restored following violent rallies against the French embassy and days of warfare as his side sought to destabilise the administration. Splits have emerged among the army, with many soldiers seeking Russian backing as former colonial power France's influence fades.
AROUND THE WORLD
Iran Supreme Leader Blames USA for Protests
In his first public comments on the upheaval, Iran's supreme leader blamed the US and Israel for the anti-government rallies sweeping the country.
Ayatollah Ali Khamenei said that "riots" were "manufactured" by Iran's adversaries and supporters and that Qurans were destroyed.
He also urged security forces to be prepared for more protests.
The death in detention of a woman ignited the protests, which were the most serious challenge to his leadership in a decade.
Mahsa Amini, 22, went into a coma after being held by morality police in Tehran on September 13 for allegedly violating the tight legislation mandating women to cover their hair with a hijab, or headscarf. She passed away three days later.
Her family claims officers struck her with a baton and hit her head against one of their trucks. The police have stated that there is no proof of maltreatment and that she died of "sudden heart failure."
Women have led the protests following Ms Amini's funeral, throwing their headscarves in the air or setting them ablaze to slogans of "Woman, life, freedom" and "Death to the dictator" - a reference to Ayatollah Khamenei.
The ayatollah, who has the final say on all state matters, claimed that foreign forces had organised "rioting" because they couldn't stand Iran's "attainment of strength in all fields."
He also backed the security forces, claiming they had endured "injustice" during the demonstrations.
FOOD FOR THOUGHT
Proverb of the Day
"The water of the river flows on without waiting for the thirsty man."
— Kenyan Proverb.