Ghana Plans First Sale of Domestic Bonds Since Debt Default
Africa's top gold producer plans to raise 3 billion cedis ($291 million) through medium-term notes between September and December to refinance more expensive treasury bills, according to a finance ministry official.
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Yahoo
an hour ago
- Yahoo
Cocoa Prices Pressured as Supply Concerns Ease
September ICE NY cocoa (CCU25) today is -49 (-0.60%), and September ICE London cocoa #7 (CAU25) is down -111 (-2.02%). Cocoa prices are sliding today, with NY cocoa posting a 2-week low and London cocoa posting a 1-week low. Cocoa prices are under pressure on speculation that cocoa will be exempt from President Trump's tariffs, which would ease supply concerns. US Commerce Secretary Lutnick noted last week that goods not produced in the US could be exempted from tariffs. More News from Barchart Is the Corn Market Undervalued? Below-Average Rain in Brazil Supports Coffee Prices Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Last week, cocoa prices rallied to 1-month highs on concern that the slowdown in the pace of Ivory Coast cocoa exports could tighten global supplies. Today's government data showed that Ivory Coast farmers shipped 1.76 MMT of cocoa to ports this marketing year from October 1 to August 3, up +6% from last year but down from the much larger +35% increase seen in December. Concerns about dry weather in West Africa are also bullish for cocoa prices. According to the European Centre for Medium-Range Weather Forecasts, rainfall in the Ivory Coast and Ghana this season remains below the 30-year average, and combined with high temperatures, risks hurting cocoa pod development for the main crop harvest that starts in October. Concerns over tepid chocolate demand are bearish for cocoa prices. Last month, chocolate maker Lindt & Spruengli AG lowered its margin guidance for the year due to a larger-than-expected decline in first-half chocolate sales. Also, chocolate maker Barry Callebaut AG reduced its sales volume guidance earlier this month for a second time in three months, citing persistently high cocoa prices. The company projects a decline in full-year sales volume and reported a -9.5% drop in its sales volume for the March-May period, the largest quarterly decline in a decade. Cocoa prices sold off last month, with NY cocoa sinking to an 8.5-month nearest-futures low and London cocoa slumping to a 17-month nearest-futures low. Weakness in global cocoa demand has hammered prices. The European Cocoa Association reported on July 17 that Q2 European cocoa grindings fell by -7.2% y/y to 331,762 MT, a bigger decline than expectations of -5% y/y. Also, the Cocoa Association of Asia reported that Q2 Asian cocoa grindings fell -16.3% y/y to 176,644 MT, the smallest amount for a Q2 in 8 years. North American Q2 cocoa grindings fell -2.8% y/y to 101,865 MT, which was a smaller decline than the declines seen in Asia and Europe. In a bearish development, ICE-monitored cocoa inventories held in US ports reached a 10.5-month high of 2,368,141 bags on July 22. Higher cocoa production by Ghana is bearish for cocoa prices. On July 1, the Ghana Cocoa Board projected the 2025/26 Ghana cocoa crop would increase by +8.3% y/y to 650,000 from 600,000 MT in 2024/25. Ghana is the world's second-largest cocoa producer. Cocoa prices have support from quality concerns regarding the Ivory Coast's mid-crop cocoa, which is currently being harvested through September. Cocoa processors are complaining about the quality of the crop and have rejected truckloads of Ivory Coast cocoa beans. Processors reported that about 5% to 6% of the mid-crop cocoa in each truckload is of poor quality, compared with 1% during the main crop. According to Rabobank, the poor quality of the Ivory Coast's mid-crop is partly attributed to late-arriving rain in the region, which limited crop growth. The mid-crop is the smaller of the two annual cocoa harvests, which typically starts in April. The average estimate for this year's Ivory Coast mid-crop is 400,000 MT, down -9% from last year's 440,000 MT. Another supportive factor for cocoa is smaller cocoa production in Nigeria, the world's fifth-largest cocoa producer. Nigeria's Cocoa Association projects Nigeria's 2025/25 cocoa production will fall -11% y/y to 305,000 MT from a projected 344,000 MT for the 2024/25 crop year. On May 30, the International Cocoa Organization (ICCO) revised its 2023/24 global cocoa deficit to -494,000 MT from a February estimate of -441,000 MT, the largest deficit in over 60 years. ICCO said 2023/24 cocoa production fell by 13.1% y/y to 4.380 MMT. ICCO stated that the 2023/24 global cocoa stocks-to-grindings ratio declined to a 46-year low of 27.0%. Looking ahead to 2024/25, ICCO on February 28 forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in four years. ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
News24
an hour ago
- News24
Executives leading foundations of change
In the demanding hands of the corporate space, the world needs more compassion now more than ever. More women are taking up space and making their voices heard in their fields of work and the initiatives they believe in. Take Vurhonga Rikhotso, chief financial officer of Bonitas Medical Fund, who is using her leadership position to champion affordable and quality healthcare for its members and be an encouraging force for future charted accountants. Others like Dr Criselda Kananda and Dr Mmatepeng 'Muda' Temane are using their platforms to inspire change in their communities and beyond. This Women's Month, we get to know these women who are not only claiming high-level positions in their industries but also taking the initiative to make a difference. Dr Mmatepeng 'Muda' Temane, founder of the Dr Muda Foundation and humanitarian leader Dr Muda is a Pretoria-born visionary with her sights set on transforming communities through youth empowerment, women's advocacy and social justice. With 27 years of strategic management experience across public and private sectors and an honorary doctorate in community development, she transitioned away from the corporate space to full-time mission work in January 2025 through her Dr Muda Foundation, expanding her two-decade commitment to community upliftment and youth empowerment. How has your career journey led you to put your best foot forward founding the Dr Muda Foundation and what are some impactful initiatives your foundation has championed? 'From the earliest days of my career, I was blessed to have mentors who saw my potential and urged me to dream boldly. They taught me to believe in the power within and never let circumstances define my future. This foundation of belief lit a fire in me — a calling to serve others and be a catalyst for change. That's how the Dr Muda Foundation was born. 'We've since championed two major programmes: Bold Mothers and Boys Leading Change. These initiatives aim to empower women and girls while also addressing the often-overlooked development of boys, restoring balance and building a generation rooted in hope, healing and leadership.' From mentoring inspiring young girls like Kea Temane and launching the Boys Leading Change initiative, how do you hope your mentorship efforts will inspire young women and girls to persevere through hardships and push for their dreams? 'As a teenager, I experienced divorce in my family, the absence of a father figure and sudden financial hardship — challenges that could have easily derailed my dreams. But I chose not to let adversity define me. I made it my mission to rewrite my story, to pursue education and to change the trajectory of my family. 'Through mentoring, I share these lessons of resilience and faith with young women like Kea and the boys we reach through Boys Leading Change. I want them to know that storms don't last forever. I teach them to trust God, believe in themselves, silence fear and understand that no one else gets to define their worth or future. That belief can carry them through anything.' How would you describe a day in your life now that you've transitioned from full-time corporate work to mission work? 'Every day in the mission field is purposeful and deeply personal. It's just as demanding as corporate life — but the difference is, I'm now driven by calling, not deadlines. My day is filled with people: listening to their stories, providing support, uplifting broken spirits, mentoring youth and advocating for change. 'It's not always easy but it is fulfilling beyond words. I end each day with peace, knowing I've been used as a vessel to bring hope, healing and direction to someone who needed it. That is the true reward of mission work.' Who were the role models who encouraged you to reach the level you're at now in your career? 'One of the most influential people in my journey was Mrs Ria Steinz — my first manager when I joined the public service in 1993. While I was juggling full-time work and furthering my studies, she not only recognised my leadership potential but also created space for me to grow. 'She supported my journey, believed in me and gave me permission to rise. That kind of mentorship — especially for a young Black woman at the time — was rare and I carry her example forward in how I mentor others today.' What is the best piece of advice you've received? 'Never settle for comfort. Growth lives on the other side of challenge. Always look for possibilities, not problems — and keep your eyes set high. That mindset has carried me through many seasons of change and it's what I try to pass on to every young person I mentor.' Dr Criselda Kananda, chairperson of the Malibongwe Arts Festival Foundation, global health advocate and social entrepreneur Dr Criselda Kananda has been a recognisable face in the world of changemaking. She holds an honorary doctorate in social work and is inspired by trailblazing women like former First Ladies Winnie Madikizela-Mandela and Zanele Mbeki. What does it mean to you and for your legacy of uplifting women and the arts to be announced as the ambassador for the Tribute to Women concert and chairperson of the Malibongwe Arts Festival Foundation? 'Being announced as the ambassador for the Tribute to Women concert and chairperson of the Malibongwe Arts Festival Foundation is not just an honour, it is a profound responsibility that resonates deeply with my mission of uplifting women who deal with daily life challenges from high rates of gender based violence and femicide, persistent gender inequality, socio-economic exclusion, poverty and most of these issues are rooted in historical inequalities yet most families are the anchored by single women. READ MORE | Bringing life to brands through culture with Pato Inc. 'Celebrating women through the arts gives us the opportunity to highlight these challenges whilst drawing strength and wisdom from those who continue to inspire greatness. This role allows me to amplify the voices of women artists and creators, ensuring they receive the recognition and support they deserve. It is a platform to showcase the incredible talent within our communities and to inspire future generations of women to pursue their passions fearlessly. My legacy is intertwined with the belief that when women thrive, society flourishes and I am committed to fostering an environment where this becomes a reality.' Through your career journey as a broadcaster, inspirational speaker and serving on the boards of organisations like the South African AIDS Council and South African Women in Dialogue, how would you say your vision to uplift women through skills, visibility and economic opportunities has been or is being realised? 'Throughout my career as a broadcaster and inspirational speaker, I have always aimed to create pathways for women to gain skills, visibility and economic opportunities. Serving on boards like the South African AIDS Council, Council member for Africa Reach and South African Women in Dialogue has further solidified my commitment to this vision. 'I have witnessed firsthand the transformative power of mentorship and collaboration. By empowering women to share their stories and talents, we are not only uplifting individuals but also enriching our cultural landscape. The initiatives we've launched and the conversations we've sparked are steps toward realising a more equitable society where women are celebrated as leaders and innovators.' What is a piece of advice you wish young women in South Africa will always carry with them? 'To the young women of South Africa, my advice is simple yet profound: believe in your worth and never underestimate your potential. The world may present challenges but each obstacle is an opportunity for growth. Surround yourself with supportive networks, seek out mentors and don't be afraid to carve your own path. 'Know what you are passion about and create a career out of that passion as long as it solves a particular societal challenge. Your voice matters, and your dreams are valid. Lastly practice the three R's – Respect self, Respect others and be Responsible for your choices.' Who were the role models who encouraged you to reach the level you're at now in your career? 'Throughout my journey, I have been fortunate to have role models who have inspired me to reach new heights. Women like my mother and Mama Winnie Madikizela-Mandela, who taught me resilience, and trailblazers in humanitarian aid and empowerment Mam Zanele Mbeki founder of SAWID and my Chairperson of Africa Reach former first lady of Namibia Mrs Monica Geingos, ordinary women who never give up no matter what they face, women in media and activism who have shown me the power of advocacy. 'Their courage and determination have instilled in me the belief that I, too, can make a difference. It is their legacy that I strive to honour as I continue on this path of empowerment and artistic celebration. My role as ambassador and chairperson is not just about recognition; it is about action. Together, we can uplift women, celebrate the arts and create a vibrant future for all.' Vurhonga Rikhotso, chief financial officer of Bonitas Medical Fund Vurhonga's 16 years of experience in charted accountancy, auditing and risk management has earned her the well deserved seat as a chief operating officer. How has your career journey led you to put your best foot forward as the newly appointed Chief Financial Officer of Bonitas Medical Fund? 'With over 16 years of experience as a qualified Chartered Accountant in both the public and private sectors, I have held leadership roles across risk, compliance, and financial management. My extensive background in external audit, working across diverse sectors such as financial services, transport, and tourism, has strengthened my commercial acumen and sharpened my ability to identify key business drivers and risks. 'In September 2022, I was elected to the Board of Bonitas Medical Fund and served as a member of both the Audit and Risk Committee and the Working and Strategy Committee, with my term ending in December 2024. Through these roles, I contributed to strategic oversight and supported the long-term sustainability of the Fund. 'My career progression and governance involvement have equipped me with the expertise required to carry out the duties of chief financial officer effectively and responsibly.' In what way have you used, or do you hope to use your role as CFO of Bonitas Medical to champion competitive advantages in medical aid schemes, while keeping in mind the cost of living and the right to healthcare for everyday South Africans? 'As CFO of Bonitas, I intend to contribute to the organisation's long-term financial sustainability by ensuring prudent management of solvency and reserves, thereby supporting continued access to affordable and quality healthcare for the members.' In what ways do you think claiming your prestigious position will inspire young women work to reach for such high-level roles in your field? 'Having spent a significant part of my career in external audit at the Auditor-General of South Africa, I hope it inspires young female chartered accountants, especially those in the public sector and still in training, to recognise the value of their audit experience. External audit cultivates essential leadership traits such as adaptability, the ability to lead diverse teams, agility in complex environments and strong problem-solving and collaboration skills. 'By seeing someone who has walked a similar path rise to a leadership role, I hope they are encouraged to aspire confidently toward senior positions in the profession.' What is your favourite part of your position and what is the most challenging part? 'My favourite aspect of this role is that each decision I undertake is instrumental in preserving the financial stability of the medical fund. This ensures that our members are able to access reliable, quality healthcare that remains affordable across all life stages from birth through to old age, providing consistent support for their health and well-being. 'A key challenge is navigating the impact of persistent macroeconomic pressures, particularly high unemployment and rising living costs, which adversely affect the affordability of medical scheme contributions for members. This poses a risk to both membership retention and equitable access to essential healthcare services, requiring proactive strategies to balance financial sustainability with inclusive healthcare coverage.' Who were the role models who encouraged you to reach the level you're at now in your career? 'My greatest role model has been my mother, her remarkable career deeply influenced my outlook on personal growth and leadership. She began her career as a registered nurse and steadily rose through the ranks to become the principal of Giyani College of Nursing, where she played a pivotal role in shaping the careers of countless nurses. At the age of 60, she earned her master's degree in public administration. Upon graduating, she told my two younger sisters and I that she pursued the qualification to show us that with determination and effort, no goal is beyond reach, regardless of age. 'My late father was equally inspiring. He had a corporate career in Human Resources and retired at the age of 55, having held managerial positions at the Limpopo office of the Premier. Upon retiring, he made the bold decision to pursue his entrepreneurial aspirations full-time. His success over the following years demonstrated that it is never too late to follow your dreams. He remained dedicated to his business until his passing just before his 70th birthday in August 2023. 'Their unwavering support and belief in my journey to becoming a chartered accountant, and their commitment to lifelong growth, continues to inspire and motivate me in my career today.' If you could tell yourself something you wish you knew when you were younger, what would it be? 'I would tell my younger self that every experience whether planned or unexpected is part of the journey leading you to where God has destined you to be. Even when things don't make sense or deviate from your own plans, trust that His plan is greater. True growth often emerges through discomfort and, at times, through failure. But neither fear nor failure should hold you back. 'Failure does not define your intellect or potential; rather, it provides meaningful lessons that shape your character and purpose. And always remember that great leadership is not measured by how intelligent you are, but by how you treat and uplift those you lead.'
Yahoo
2 hours ago
- Yahoo
Despite tariff reprieve, Lesotho says it is already hurting
By Sisipho Skweyiya MASERU (Reuters) -A reprieve from a 50% U.S. tariff on goods from Lesotho has come too late to prevent damage to the tiny African kingdom's textiles industry, which has been hit hard by months of trade uncertainty, officials and industry players said. Lesotho's tariff rate was slashed to 15% in last week's executive order by U.S. President Donald Trump, down from the level of 50% tariff threatened in April - which was the highest of any U.S. trading partner. Textile industry players in the country - which produces jeans and other garments for popular U.S. brands such as Levi's and Walmart - said the uncertainty around tariffs over the past few months had already devastated the sector, with orders cancelled and jobs cut. "We were on the verge of building (our) American market," Teboho Kobeli, founder and managing director of Afri-Expo Textiles, told Reuters at his factory in Maseru. He said the U.S. market made up 10% of his company's production - about $1 million a year - and that he had to lay off 200 workers, or 40% of his workforce, after the announcement in April as orders dried up. "That is a lot lost," he said. Lesotho, which Trump had ridiculed in March as a country "nobody has ever heard of", is a poor and landlocked country with a gross domestic product of just over $2 billion. Trade Minister Mokhethi Shelile said that Lesotho would struggle to compete against other African textile manufacturers such as Kenya and Eswatini, which got a lower U.S. tariff rate of 10%. "We have close to 12,000 jobs that are directly on the firing line because of this tariff," he told Reuters. The sector, which is the country's leading export industry and biggest private employer, was heavily dependent on the Africa Growth and Opportunities Act, a U.S. trade initiative granting duty-free access to qualifying African nations. It employs around 40,000 people and accounts for roughly 90% of manufacturing exports, according to Oxford Economics. One of the people affected by the uncertainty is Matsoso Lepau, a 48-year-old who lost his job at protective outerwear maker Leo Garments in April. "I have a big problem because the money that I was making is not there anymore," he said, adding he used to earn the equivalent of $167 a month. "Now that Mr Trump has lowered the tariffs, I am still hoping that we will get our jobs back." Kobeli, the head of Afri-Expo Textiles, said he was confident he could get his business back on track now that the reduced 15% rate has been set, noting the uncertainty over U.S. trade policy had weighed on investors' and retailers' decisions globally. "It was a global problem, even the buyers in America were stagnant as they did not know where to go... Now with the 15% we are starting to talk, it's not like we were affected alone," he said. (Writing by Tim Cocks; Editing by Alex Richardson)
