Africa
Ghana court bans planned protests against cost of living
Ghana court bans planned protests against cost of living
Sahara Weekly Reports That a high court in Ghana has blocked civil society groups from holding protests in the capital Accra, one of the organisers said, joining other African governments in trying to quell youth-led demonstrations over the high cost of living.
Organisers said the protests would draw over two million people onto the streets to demand more action from President Nana Akufo-Addo on corruption and living conditions, as well as to protest delays in signing an anti-LGBT bill into law.
High court Justice Abena Afia Serwaa approved a request by Ghana’s police to ban a handful of organisations from carrying out protests planned between July 31 and August 6 after the police said it lacked the personnel necessary to provide security as officers have been deployed to political rallies amid election campaigning for elections.
A wave of youth demonstrations has swept across several African countries in recent weeks.
In Kenya, more than 50 people have been killed and nearly 700 arrested in a police crackdown on demonstrations since mid-June, when protesters began taking to the streets to oppose tax increases proposed by President William Ruto, according to the government-funded Kenya National Commission on Human Rights (KNCHR).
Ruto has fired his cabinet and scrapped the tax bill.
Last week, young people in Uganda took to the streets to protest against alleged corruption and demand the resignation of the parliament speaker.
Police there shut down a march and arrested more than 70 people, according to a legal aid organisation.
Nigeria, meanwhile, on Saturday offered its young people jobs in the state-oil company and billions of naira worth of grants among other incentives to discourage protests, days before a planned nationwide demonstration over bad governance and a high cost of living.
In Ghana, protest organiser Mensah Thompson said elections should not block citizens from exercising their right to demonstrate.
“Young people are poised to demonstrate with or without the approval of the authorities,” he said.
“A time comes when they will spontaneously jump on the streets and we will have a ‘Kenya’ on our hands.”
Ghana’s economy buckled after the effects of years of over-stretched borrowing were exacerbated by the COVID-19 pandemic, the knock-on impacts of the war in Ukraine and higher global interest rates.
The gold, cocoa and oil producer has been restructuring most of its $30 billion external debt to be able to implement a $3 billion, three-year International Monetary Fund bailout programme and emerge from its worst economic crisis in a generation.
Ghanaians head to the polls in December to elect legislators and a replacement to President Akufo-Addo in an election expected to be keenly contested.
Leading Female talking drummer, Aralola Honoured In US
Sahara Weekly Reports That Nigerian born leading female drummer, Aralola Olamuyiwa famously known as Aralola has making Nigeria proud in USA.
The multiple talents drummer cum singer was honoured as trailblazer by the mayor of Yeadon Borough De laware Commonwealth of Pennsylvania, his excellence Rohan K.Hepkins.
In the letter of notification given to philanthropist Aralola, the amiable lady was honoured due to her immensely contribution to the emergence and pioneering of female participation in the art of talking drum, the promotion, projection and preservation of our culture and heritage and to the humanity at large.
In her response to the Honour, Aralola, thanks his excellence, Rohan K . Hopkins for the rare opportunity given to her to serve humanity and Nigerian community in Pennsylvania.
She said ‘ This is another opportunity to serve humanity and I’m greatful to my creator for this uncommon favour’. She noted.
FITCH DOWNGRADES DANGOTE INDUSTRIES RATINGS OVER LIQUIDITY POSITION
Sahara Weekly Reports That Fitch Ratings has downgraded Dangote Industries Limited (DIL) due to what it says is the significant deterioration in the group’s liquidity position and uncertainty related to its ability to refinance maturing debt related to the syndicated loan raised to finance construction of Dangote Oil Refining Company (DORC).
Further delays in meeting the funding requirements would significantly increase the likelihood of financial restructuring or default and lead to further rating downgrade, according to Fitch.
“The downgrade reflects significant deterioration in the group’s liquidity position following lower than expected disposal proceeds, operational and financial underperformance compared to our prior expectations, also affected by local currency devaluation, and lack of contracted backup funding to repay its significant debt facilities maturing on 31 August 2024,” Fitch Ratings said in an update released Monday.
“We view the lack of DIL’s audited accounts for 2023 as a corporate governance issue.”
DIL has immediate debt servicing requirements related to the syndicated loan raised to finance the construction of Dangote Oil Refining Company (DORC).
Dangote Refinery has a nominal production capacity of 650,000 barrels per day (bpd) of refined oil products, which will be sold in both the Nigerian domestic and international markets.
During the First Half (1H) 2024 the refinery operated at around 50% capacity and produced between 325,000 bpd to 375,000 bpd.
“The EBITDA contribution from DORC has been far below our previous projection,” Fitch said.
Major currency devaluation in 2023, also caused the Dangote group to record a significant FX loss of N2.7 trillion in 2023 as the company faces a mismatch between USD denominated debt and domestic revenues. Fitch expects the devaluation to continue at a higher pace in 2024 leading to more losses.
The group plans to divest a 12.75% stake in DORC in 2024. The group intends to service its significant syndicated loan maturing in August 2024 from the equity divestment.
“However, timely divestment and meeting the imminent maturity is highly uncertain in our view,” Fitch said.
Fitch expects DIL’s EBITDA margins in cement production to drop further in 2024 following softer retail demand for cement particularly in the Nigerian market as well as limited ability to pass on increased raw material cost to consumers.
Fitch downgraded the National Long-Term Rating to ‘B+(nga)’ from ‘AA(nga)’ and senior unsecured debt rating issued by Dangote Industries Funding Plc to ‘B+(nga)’ from ‘AA(nga)’.
Fitch has simultaneously placed the ratings on Rating Watch Negative (RWN). The RWN reflects uncertainty related to the group’s ability to refinance maturing debt.
Fitch Cuts Dangote Industries on Worsening Liquidity, Possible Default on Refinery Debts
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