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(Bloomberg)

(Bloomberg) -- Ghana’s benchmark stock index, Africa’s best performer last year, is set to extend gains in 2025 as investors bet incoming President John Mahama government will restore economic stability.

The Ghana Stock Exchange Composite Index rose 56% in local-currency terms — the most since 2013 — aided by a $3 billion International Monetary Fund bailout that’s expected to support growth this year. An economic recovery in Ghana may lure investors again this year, according to Nana Kofi Agyeman Gyamfi, head of wealth management at Bora Capital Advisors Ltd.

Ghana’s gross domestic product expanded an average 6.3% in the first nine months of 2024, compared with 2.6% a year earlier. Mahama was elected last month after pledging measures to restore Ghana’s status as the region’s second-biggest economy.

“The worst is behind us,” said Alex Boahen, head of research at Accra-based Databank Group, which manages about $1 billion in assets. “We expect the general confidence to improve in tandem with the improvement in the economy,” he said, predicting that the Ghanaian index will gain 45% in 2025.

Optimism about the outlook for other key countries in the region, including Ivory Coast and Nigeria, helped buoy their stock markets last year.

In neighboring Ivory Coast, the BRVM Composite Share Index that groups companies from the eight-member West African Economic and Monetary Union, advanced 29% in 2024, the biggest jump in three years. The IMF in April agreed to lend $3.5 billion to the world’s biggest producer of cocoa.

The fund forecasts Ivory Coast’s economy will expand 6.4% in 2025, paced by record cocoa prices and the start of new oil and mining projects by companies including Eni SpA and Vancouver-based Montage Gold Corp. About 74% of the 47 companies listed on the regional bourse are Ivorian. 

In addition, banks have started lending again in Ivory Coast and Senegal, said Famara Ndiaye, a fund manager at Abco Bourse in Dakar, the capital of Senegal. That indicates an economic recovery, he said. 

In Nigeria, the benchmark stock index gained 38%, helped by President Bola Tinubu’s move to allow the nation’s currency to trade freely, end fuel subsidies and government control of tariffs set by power firms.

Oando Plc surged sixfold after completing the purchase of Rome-based Eni’s wholly owned subsidiary, which focuses on onshore oil and gas exploration and production, as well as power generation. Seplat Energy Plc, which concluded the acquisition of the assets of Exxon Mobil Corp., jumped 147%. 

Still, Nigeria faces an ongoing cost-of-living crisis, which may dampen investor sentiment. Inflation accelerating at the fastest pace in almost three decades last year triggered riots and stampedes in Africa’s most-populous nation. 

In Ghana, the cedi currency has risen 7.6% in the past three months. Further gains may help control imported inflation, bolstering Mahama’s new government, which takes over on Jan 7.

The country’s IMF program and a revival in economic activity will give business a “lift up,” said Bora Capital’s Gyamfi, who manages $408 million of assets. “We expect the cedi to consolidate gains and the government to continue fiscal consolidation under the IMF program.”

The Ghanaian stock exchange’s performance last year was second to the Cyprus Stock Exchange General Index, which climbed 58% in 2024.

Sign up for the twice-weekly Next Africa newsletter for the latest business and economic news from the continent.  

--With assistance from Kamailoudini Tagba. Bloomberg

 

Addressing journalists at a press briefing on Thursday, Chairperson of Trader and Industry, Eng. Mayen Deng Alier, called for the introduction of price controls on some food items. 

 
Residents of Chesongoch and Chesetan stand guard against cattle rustlers along the Kerio Valley in Elgeyo Marakwet County. The violence pitting the Pokot against the Marakwet communities has claimed scores of lives and displacing thousands. 20-10-2016. [File,Standard]

Three men were on Thursday shot dead in a fierce battle over a disputed land in the Kerio Valley, a region also ravaged by banditry.

Kasui and Kiptakitwa clans that have been disputing over the piece of land in Mogil, Elgeyo Marakwet County for years faced off in a morning gun battle, resulting in the deaths.

According to police reports, the deadly gun battles commenced at 6am and lasted for hours. By 10am, when the guns went silent, three youthful men were dead in the fight where police said illegal firearms were deployed by the warring clans.

The attack happened just three days ahead of an interdenominational prayer service for Kerio Valley, an event set to be graced by President William Ruto in Tot, Marakwet East on Sunday January 5. 

Kerio Valley sub-county police commander Zablon Okoyo said trouble started at 6am when youth from the Kasui clan allegedly invaded the disputed land.

Okoyo said the youth from Kasui destroyed mango trees and granaries in the disputed property, prompting those from Kiptakitwa to retaliate, causing a fierce exchange of fire as the piece of land turned into a battlefield.

The police boss said the two clans have been contesting the property for decades and had failed to reach an agreement on who was the rightful owner. 

He said an unknown number of people from both clans sustained injuries during the morning attack.

“The fighting lasted from 6am. The police from Mogil station moved in to restore order and the situation was contained at around 10am. By the time calm was restored, three youthful men had already been shot dead and a number of locals injured. We are still working with security apparatus to ascertain the losses,” the sub-county commander told The Standard on telephone. 

Okoyo further confirmed that all the three fallen men were from the Kasui clan. He said the police were relying on intelligence reports in pursuit of suspects of the fights from both clans.

“The firearms used during the attacks were illegal and the police are immediately commencing a crackdown to identify owners of the guns used in a fight that resulted in the deaths of three Kenyans,” Okoyo added. 

Elgeyo Marakwet leaders condemned the attack, saying it was negating gains made in restoring calm in Kerio Valley.

Governor Wisley Rotich asked the asked the clans to cease hostilities, saying leaders were seeking to have elders address the matters through dialogue.

“The incidents that happened at Mogil this morning are unfortunate, unacceptable and regrettable. I have spoken to the county commander and security team on the ground to provide adequate security to ensure no more property and loss of lives as we open doors for an amicable solution to all parties involved,” Rotich said.

The Governor said he had dispatched his chief officer for peace and conflict resolution to immediately convene elders from the affected area for quick intervention. 

Marakwet East MP Kangogo Bowen said the warring clans had more civilized means of resolving the land conflict.

The MP described the fatal attacks as uncouth and uncalled for.

“I have engaged the security and administrative officers to ensure the culprits are brought to book and justice served,” he said.

Several other clans in Marakwet have been fighting over land for decades.

In 2022, a man was killed in another land dispute pitting Kabasarin and Kapkeny clans in the troubled Kerio Valley. Another one died in Maron in 2021.

Kabishoi and Kapsiren clans have also been fighting for a disputed stretch of land in the Kerio Valley. By Stephen Rutto, The Standard

Picture: Nelson Mandela Bay Municipality - Fire & Emergency Services/Facebook

CAPE TOWN - A ward councillor in Nelson Mandela Bay said its fire department was investigating a few recent fires to hopefully rule out foul play.

On Wednesday, firefighters were called to extinguish a tree which was on fire in Humewood.

Ward 2 councillor, Sean Tappan, said that while no injuries or damage to property was reported, it’s still unclear how the fire started.
 
"There are a number of fires in the area we have picked up one or two during the previous two weeks, especially, the palm trees along the beachfront. One opposite the Marine Hotel was set on fire."

He added that the fires seemed to be becoming a trend in the Nelson Mandela Bay area. 

"Today and yesterday, there are three separate fires at the back of Forest Hill by the airport, on the Waterworks Road and then also one closer to Maranatha Children's Home."

Tappan added that while fires were expected during summer, vigilance was essential.

"Unfortunately, we have incidents like this. Also, with this extremely high temperatures that we've got, any of the broken glass magnifies and can cause fires as well. But we're keeping a close eye, just to make sure that there isn't any untoward behaviour." By Dideka Njemla, EWN

Police, soldiers and Macomia residents clean up potential malaria mosquito breeding sites. Picture: Rwanda MoD.

Protests and violence in the wake of a disputed October election and a subsequent pronouncement by the Mozambique Constitutional Council has not deterred a contingent of Rwandan soldiers from their protection of civilians and civil-military co-operation (CMC) mandates.

Capital Maputo has been and remains the scene of violent protest but 2 480 km north in Cabo Delgado town Macomia, Rwandan soldiers working alongside FADM (Forças Armadas de Defesa de Moçambique) and Mozambique Republic Police (PRM – Polícia da República de Moçambique) knuckled down to keep the malaria threat at bay.

The Rwandan Ministry of Defence reports the east African country’s Rwandan Security Force (RSF) commitment to Mozambique was part of a clean-up of sewage channels and brush cutting under the banner of “Umuganda” (coming together in common purpose to achieve an outcome).

Soldiers and police were supported by around 300 local residents which saw RSF Major Philbert Karanganwa commend them for helping to improve living conditions in their neighbourhood.

Earlier this week South Africa’s NATJOINTS (National Joint Operational and Intelligence Structure) indicated President Cyril Ramaphosa’s government of national unity (GNU) was “engaging” the Mozambique government to address concerns around potential cross-border implications. At the same time Professor Sidney Mufamadi, a former South African police minister and now national security advisor, was named a special envoy to South Africa’s eastern neighbour by Ramaphosa. He will, reports have it, engage “all relevant stakeholders” .

A 28 December security alert issued by the United States (US) Embassy in Mozambique has it “protests turned into rioting in the days after the Constitutional Council’s December 23 final determination that Mozambique’s ruling party won national elections”.

“The situation has been especially volatile in the cities of Matola and Maputo, and rural areas and villages throughout Mozambique, especially southern Nampula Province. Government buildings, police stations, and political party headquarters were the primary targets of attacks. However, looters also destroyed vehicles, warehouses, and factories,” the alert reads further. Defence Web

 

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