Ghana's Surprising Recovery; Kenya Eyes AGOA Extension; Nigeria's Oil Pipeline Rehabilitation; Morocco's Earthquake Relief Fund

Oil prices eased on Tuesday after rallying more than 4% in the previous session, with traders cautious as they watched for potential supply disruptions amid military clashes between Israel and the Palestinian Islamist group Hamas. Brent crude fell 56 cents, or 0.6%, to $87.59 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude eased 56 cents, or 0.6%, to $85.82 a barrel.

KENYA: Kenya Seeks 20-Year Extension of Duty-Free US Market Access

Kenya, a major beneficiary of the African Growth and Opportunity Act (AGOA), could enjoy two more decades of duty-free access to the US market if the AGOA Extension Act of 2023 is enacted. In 2023, Kenya's exports to the US grew by 34%, reaching Sh79.9 billion. The US is Kenya's largest apparel export destination, accounting for over 90% of garment exports. The proposed extension offers hope to Kenya and other African nations seeking the AGOA extension beyond 2025. Additionally, Kenya is engaged in talks for a Strategic Trade and Investment Partnership with the US aim to deepen trade relations.

NIGERIA: NNPC Announces Consortia for Pipeline Rehabilitation

Nigerian National Petroleum Company (NNPC) has revealed four consortia to finance the rehabilitation of pipelines in Nigeria under a Build, Operate, and Transfer model. This move aims to address the challenges caused by pipeline vandalism, which has affected the operation of around 20 NNPC depots. The company highlighted its commitment to transparency in the selection process, involving regulatory bodies, industry experts, and evaluation criteria. The selected consortia for different lots include Oilserve Ltd, MacReady Oil and Gas Services, A A Rano, and MRS Oil and Gas. NNPC clarified that these agreements don't transfer control of assets, maintaining national ownership.

GHANA: Ghana's Economic Recovery Surpasses IMF Projections

Stéphane Roudet, the IMF's Mission Chief for Ghana, has expressed surprise and encouragement at Ghana's rapid economic recovery, which has exceeded the IMF's 2023 projections. While the IMF initially projected Ghana's economy to grow at 1.5 percent in 2023, the first-half report indicates a 3 percent growth rate. This robust performance is expected to facilitate the smooth disbursement of the second tranche of a $3 billion credit facility from the IMF. Despite challenges like high inflation and market access issues, Ghana's resilience is evident, and its economic growth remains strong, according to the IMF.

MOROCCO: Earthquake Relief Fund Generates $1.15 Billion in Morocco

Morocco's earthquake relief fund has garnered an impressive $1.15 billion in donations, according to Abdellatif Jouahri, Governor of Morocco's central bank, Bank Al-Maghrib. The fund, established in the wake of the devastating September 8 earthquake in the Al Haouz region, aims to rebuild affected areas and provide financial aid to affected communities and families. The significant amount raised showcases international solidarity and support for Morocco's recovery efforts.

TUNISIA: Tunis Stock Exchange Sees 0.27% Loss

The Tunis Stock Exchange opened on Tuesday with negative sentiments, having closed the previous day with a 0.27% loss, as the Tunindex dropped to 8458.01 points. The Tunindex 20 also depreciated to 3689.28 points. Among 52 active stocks, 22 declined while 12 increased. The total trade volume reached 3.3 million dinars, with top performers including SERVICOM and UADH