Daily Watch – Ghana’s cocoa revenue plummets, UN extends Sudan sanctions

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disavowed a BusinessDay report that the commission has accepted Shell International Plc’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3 billion. In a statement by NUPRC spokesperson Olaide Shonola, she said: “It must be firmly stated that the information contained in the publication did not emanate from the Commission. As part of the Commission’s commitment to transparency and accountability, it will communicate its position on the transaction to the public at the appropriate time.”

The Central Bank of Nigeria (CBN) has announced new regulations for processing Point of Sale (PoS) transactions across the country, directing all acquirers to route their transactions through any licensed Payment Terminal Service Aggregator (PTSA), a move aimed at increasing transparency and monitoring of electronic transactions. In a circular addressed to all Payment Service Providers (PSPs), the CBN mandated that all physical and electronic transactions from PoS terminals be routed through a licensed PTSA. PTSAs must send PoS transactions only to processors certified by the payment scheme, nominated by the acquirer, and licensed by the CBN. Affected parties have 30 days to comply with the new directive and notify the CBN in writing; non-compliance will result in sanctions.

Ghana’s cocoa export revenue has plummeted by nearly $700 million in the first half of 2024. The ongoing impact of illegal mining (galamsey), smuggling, and crop diseases has severely crippled cocoa production, putting immense pressure on the sector that has long been the backbone of the country’s economy. According to the latest Bank of Ghana, July 2024 Summary of Macroeconomic and Financial Data, cocoa export returns dropped sharply from $1.45 billion in the first half of 2023 to just $760 million in the same period this year, marking a staggering 47.7% decline. Cocoa export revenues have slumped in the post-pandemic period, with half-year inflows revealing a dramatic 134% decline. This downturn has resulted in losses exceeding $1 billion since 2021, underscoring the severe challenges facing Ghana’s cocoa industry.

The United Nations Security Council has unanimously adopted a draft resolution, extending the Sudan sanctions regime, including targeted sanctions such as asset freezes, travel bans, and an arms embargo, until 12 September 2025. The resolution is a technical rollover of measures previously renewed by resolution 2676 in March 2023.  “Renewing the sanctions measures will restrict the movement of arms into Darfur and sanction individuals and entities contributing to, or complicit in, destabilizing activities of Sudan. All of this is critical to helping end the escalating conflict, alleviate humanitarian catastrophe and put Sudan back on the path to stability and security. The United States remains committed to the Sudanese people and will continue to work closely with Sudan,” said Robert A. Wood, United Nations spokesperson.