AGP Executive Report

Cocoa Compliance Shock: West Africa’s cocoa supply is under pressure as EU deforestation rules tighten traceability and farm mapping, with Nigeria’s mostly smallholder sector at particular risk of losing EU access and raising costs for chocolate makers. Cocoa Price Signals: Cocoa futures moved on weather and supply expectations, with Ivory Coast shipments reported down sharply in recent weeks while inventories and El Niño-linked risks keep traders alert. Coconut Replanting Push (Côte d’Ivoire): Côte d’Ivoire is renewing ageing coconut plantations, aiming to replant across the country and reach 100,000 hectares over the next decade after an initial distribution of young plants. Mining Update (Côte d’Ivoire): Aurum Resources reported new gold intercepts from diamond drilling at its Boundiali project, supporting resource growth potential at BST1 and BST2. Energy Finance (West Africa): Genser Energy secured a €456m credit package to fund gas-to-power EPC work and expansion across West Africa, including plans tied to Côte d’Ivoire. Supply Chain Finance: Veefin Solutions and NSIA Group partnered to digitise supply chain finance across five markets, enabling reverse factoring and factoring for SMEs. Logistics & Trade Corridors: A new push for faster cross-border trade and corridor connectivity highlights how infrastructure and port efficiency can unlock regional manufacturing and commerce.

Cocoa Compliance Pressure: EU deforestation rules are tightening the cocoa supply outlook for West Africa, with exporters and farmers facing costly farm mapping and traceability demands; Nigeria’s mostly small-scale growers could struggle to meet requirements as the law takes effect end-December, raising the risk of supply gaps and higher chocolate costs. Cocoa Market Moves: Cocoa prices are swinging on weather expectations—stronger flowering in Côte d’Ivoire and Ghana is weighing on prices, while tighter inventories and El Niño-linked risks keep medium-term support alive. Coconut Renewal in Côte d’Ivoire: Côte d’Ivoire is replants ageing coconut plantations, aiming over the next decade to renew all old orchards and expand to 100,000 hectares, with new CNRA hybrids like PB113/PB121 entering production after several years. Energy Finance for West Africa: Genser Energy secured a €456m term and revolving credit package to fund EPC completion and expand gas-to-power infrastructure across West Africa, including plans tied to Côte d’Ivoire. Supply Chain Finance Boost: Veefin Solutions and NSIA Group are partnering to digitize supply chain finance across five West African markets, enabling reverse factoring and factoring for SMEs and working-capital access. Mining Governance: Allied Gold appoints Joanna Pearson to its board as it transitions from development toward production at its Kurmuk Mine. Mobility Investment: Naran raised $10m to expand rent-to-own vehicle financing for mobility drivers, including in Côte d’Ivoire. Off-grid Energy Spotlight: A feature highlights solar home systems as a practical route to electrification where grid expansion lags.

Cocoa & Weather Watch: Cocoa futures swung as traders weighed exceptional West African growing conditions against tighter supplies. Ivory Coast port shipments fell sharply (down ~28% year-on-year to Aug 11), while US inventories hit a 4½-year low—supporting prices despite a weaker dollar. EU Compliance Pressure on Côte d’Ivoire: The EU’s deforestation rules are tightening the outlook for West African cocoa, with buyers facing higher traceability costs and exporters scrambling to map farms and prove land-use compliance—raising the risk of supply disruptions and higher costs for chocolate makers. Climate Risk for Soft Commodities: Global forecasters warn a “very strong” El Niño is increasingly likely in 2026-27, threatening cocoa, coffee and sugar through drought, excess rain, and disrupted flowering/harvest cycles. Supply Chain Finance for West Africa: Veefin Solutions and NSIA Group partnered to roll out digital supply chain finance across Côte d’Ivoire, Senegal, Benin, Togo and Guinea, enabling reverse factoring and factoring for SMEs and working-capital access. Energy Financing in the Region: Genser Energy secured a €456m term and revolving credit package to fund EPC completion and expand gas-to-power infrastructure across West Africa, including Côte d’Ivoire. Mining Update (Côte d’Ivoire): Aurum Resources reported new gold intercepts from diamond drilling at its Boundiali project, highlighting resource growth potential at BST1 and outside the current MRE at BST2. Mobility Finance (Côte d’Ivoire): Naran raised $10m to expand rent-to-own vehicle financing for drivers, including plans to scale in Côte d’Ivoire alongside Colombia, Peru and Senegal.

Port & Logistics: Vizhinjam International Seaport kicks off full EXIM land-based export-import operations today, flagging off its first container of Kerala food products—an upgrade from transshipment to a wider gateway for regional trade. Mobility Finance: Naran raises US$10m in equity and debt to expand rent-to-own vehicle financing for drivers across Colombia, Peru, Senegal and Ivory Coast, with plans for new fintech products and a software-as-a-service push for fleet operators. Energy Infrastructure: Genser Energy secures EUR 456m term and revolving credit facilities to fund EPC completion, strengthen its balance sheet, and accelerate gas-to-power expansion across West Africa, building on prior Ghana and Côte d’Ivoire financing. Cocoa & Compliance: West Africa’s cocoa sector faces mounting pressure from EU anti-deforestation rules, with traceability and farm mapping challenges likely to raise costs and threaten EU supply access—especially for smallholders. Coconut Renewal (Côte d’Ivoire): Côte d’Ivoire moves to replant ageing coconut plantations, targeting 100,000 hectares over 10 years with new CNRA hybrids and initial plant distribution already underway. Mining (Côte d’Ivoire): Aurum Resources reports new gold intercepts from diamond drilling at its Boundiali project (BST1 and BST2), supporting continued resource growth potential. Trade Facilitation: ECOWAS steps up border dialogue along the Abidjan-Lagos corridor to cut delays and improve services at crossings like Noépé-Akanu.

Coconut Renewal in Côte d’Ivoire: The country is replanting ageing coconut plantations, with a 10-year plan to renew all old orchards and expand to 100,000 hectares; the programme kicked off July 31 with 300 hectares of young plants distributed to registered growers, using CNRA hybrids like PB113 and PB121. EU Cocoa Pressure: West African cocoa exporters and farmers are scrambling to meet the EU’s anti-deforestation rules (EUDR), which require farm-level traceability; the risk is supply disruption and higher costs for chocolate makers, with Ivory Coast and Ghana under the spotlight as the EU tightens imports. Gold Exploration Updates (Ivory Coast): EU Gold Mining reported results from its maiden diamond drilling at the Kimoukro project, confirming bedrock gold mineralisation and refining its model for multiple mineralised strands and high-grade shoots. Mining Growth at Boundiali: Aurum Resources extended gold at Côte d’Ivoire’s Boundiali project, with new drill intercepts at BST1 and exploration upside at BST2, alongside a planned 130,000m drilling push in 2026. Energy Finance for West Africa: Genser Energy secured a €456m term and revolving credit package to fund EPC completion, strengthen its balance sheet, and expand gas-to-power projects across West Africa, including plans tied to Côte d’Ivoire. Regional Trade Facilitation: ECOWAS is engaging border communities at the Noépé-Akanu post to reduce delays and improve movement along the Abidjan-Lagos corridor, focusing on practical tools and better information for traders and travelers.

Mining & Exploration: Aurum reports new gold intercepts from its 100,000m diamond drilling at the Boundiali project in Côte d’Ivoire, including BST1 highlights like 3m at 80.09 g/t Au and BST2 results showing mineralisation outside the current resource model—plus a plan for 130,000m of drilling in 2026. New Gold Discovery Update: EU Gold Mining says its maiden diamond drilling at the Kimoukro gold project confirmed bedrock gold mineralisation and refined its structural model, with multiple high-grade intersections and visible gold. Cement & Industry Leadership: LafargeHolcim Côte d’Ivoire appoints Mohamed Kharraki as managing director from 1 August 2026, focusing on safety, operational performance, digitalisation and decarbonisation across its Abidjan and San Pédro plants. Regional Trade & Logistics: ECOWAS is pushing to cut border delays on the Abidjan–Lagos corridor, including sensitisation at the Noépé-Akanu post and discussion of tools like biometric IDs and transit systems. Energy Market Push: A West Africa energy-market plan argues the region should build integrated market architecture to unlock a potential $3tn by 2035—moving beyond isolated projects. Cocoa Supply Chain Pressure: While not Côte d’Ivoire-specific, cocoa price moves are tied to West African weather and shipping data; the week also saw renewed policy pressure on cocoa land use across the region.

Gulf of Guinea Corridor Watch: A new look at West Africa’s coast from Lagos to Abidjan shows a shift from scattered ports and cities into a more connected urban and economic belt, with Lagos driving housing and transport expansion and Cotonou/Lomé/Accra-Tema strengthening port-led trade and logistics. Blue Economy & Shipping: ECOWAS is pushing to cut delays on the Abidjan–Lagos corridor, using border-post dialogue and tools like biometric IDs and transit systems to reduce harassment and speed up movement of people and goods. Cocoa Supply Chain Pressure: Cocoa prices are stabilising after sharp drops tied to strong Ivory Coast and Ghana weather, while Ghana’s COCOBOD projects lower 2026/27 output amid swollen shoot disease and aging farms—keeping farmers and buyers on edge. Côte d’Ivoire Mining Update: EU Gold Mining reports maiden diamond drilling at its Kimoukro project confirmed bedrock gold mineralisation, refining the geology for future drilling. Industrial Leadership: LafargeHolcim Côte d’Ivoire appoints Mohamed Kharraki as managing director, focusing on safety, digitalisation and decarbonisation across its Abidjan and San Pédro cement sites. Trade Facilitation: Ghana’s MoTAI and TradeMark Africa renew their MoU to modernise border management, strengthen digital trade and improve logistics along the Abidjan–Lagos corridor.

Mining & Metals: EU Gold Mining says its maiden diamond drilling at the Kimoukro gold project in Côte d’Ivoire confirmed bedrock mineralisation, with high-grade gold hits and visible gold in core, refining the geological model for follow-up work. Cement & Construction Materials: LafargeHolcim Côte d’Ivoire appointed Mohamed Kharraki as managing director effective 1 August 2026, with a focus on safety, operational performance, digitalisation and decarbonisation across its Abidjan and San Pédro plants. Energy & Industry Finance: Murphy Oil’s Bubale ultra-deepwater appraisal in Ivory Coast is set to determine scale and development path, with management pointing to the importance of the next appraisal well to clarify the oil-water boundary. Trade & Logistics: ECOWAS is pushing to cut border delays along the Abidjan–Lagos corridor, using tools like biometric IDs, SIGMAT transit and joint border posts to reduce friction for traders and travellers. Agribusiness & Cocoa Markets: Cocoa prices steadied after sharp drops, supported by weather-driven flowering in Côte d’Ivoire and Ghana and updated shipping/inventory data; meanwhile, Ghana’s cocoa farmers are resisting a new land-use law that could restrict how they use their own farms. Mobility & Fintech: Naran raised $10m to scale rent-to-own mobility financing and fleet operations, including in Côte d’Ivoire, aiming to expand fintech products and offer fleet management tech to third parties.

Retail & Consumer Demand: Ghana’s retail audit shows H1 2026 momentum: volumes up 8.9% and value up 15.6%, while Côte d’Ivoire is growing more modestly (about 3% volume, 2% value) as affordability and lower prices help shoppers. ECOWAS Trade Facilitation: ECOWAS is pushing to cut border delays on the Abidjan–Lagos corridor, holding talks at the Noépé-Akanu post with customs and traders to reduce harassment, improve information, and speed movement using tools like biometric IDs and transit systems. Cocoa Market Signals: Cocoa prices are stabilising after sharp drops, with Ivory Coast port shipments up 20% year-on-year and Ghana projecting lower 2026/27 output due to disease and farm aging—key inputs for West Africa’s agro-industrial planning. Mining & Exploration in Côte d’Ivoire: EU Gold Mining reports maiden diamond drilling success at its Kimoukro project, confirming bedrock gold mineralisation and refining the target model. Cement Leadership Change: LafargeHolcim Côte d’Ivoire appoints Mohamed Kharraki as MD from 1 August 2026, focusing on safety, performance, digitalisation and decarbonisation. Maritime Skills Push: OMAOC visited the ASABA shipyard in Malabo to promote maritime training and shipbuilding collaboration across the region. Land Tenure for Investment: Côte d’Ivoire plans Abidjan Land Tenure Days (Oct 5–7) to accelerate tenure security reforms, digitalisation, and land title conversion to unlock productive investment.

Mining & Exploration: EU Gold Mining says its maiden diamond drilling at the Kimoukro gold project in Côte d’Ivoire confirmed bedrock gold mineralisation, with multiple high-grade intersections and visible gold, refining the project’s geological model and supporting a next phase of work. Cement & Construction Industry: LafargeHolcim Côte d’Ivoire appointed Mohamed Kharraki as managing director effective 1 August 2026, tasking him with operational performance, safety, digitalisation and decarbonisation across its Abidjan and San Pédro plants (about 2.5Mta combined capacity). Maritime & Training Links: An OMAOC delegation visited the ASABA shipyard facilities in Malabo to showcase vessel construction/repair capabilities and explore collaboration with maritime training institutions across the region. Energy Market Push: A West Africa energy-market proposal argues the region should build integrated market architecture to unlock up to US$3tn by 2035—moving beyond isolated projects toward connected systems. Cocoa Trade Signals: Cocoa prices edged higher as traders weighed weather-driven supply expectations, with Ivory Coast shipments up and Ghana’s regulator projecting lower 2026/27 output amid disease and farm aging. Regional Trade Facilitation: ECOWAS engaged border communities along the Abidjan–Lagos corridor to sensitise users on the Free Movement protocol, aiming to ease movement of people, goods and services. Land Tenure for Investment: Côte d’Ivoire announced Abidjan Land Tenure Days (Oct. 5–7) to accelerate land tenure security reforms, digitalisation and issuance of certificates/titles to support productive investment.

Mining & Exploration: EU Gold Mining says its maiden diamond drilling at the Kimoukro gold project in Côte d’Ivoire (17 holes) confirmed bedrock gold mineralisation, including visible gold and high-grade intersections, refining the target model for future drilling. Oil & Gas: Tullow and Canadian Natural have exited the Espoir oilfield offshore Ivory Coast, with operations and the FPSO handed to state firm Petroci after the production sharing contract lapsed. Industrial Appointments: LafargeHolcim Côte d’Ivoire appointed Mohamed Kharraki as managing director (from 1 Aug 2026), focusing on performance, safety, digitalisation and decarbonisation across its Abidjan and San Pédro cement sites. Energy & Infrastructure: West Africa’s refined fuel market push gained momentum with calls for a connected regional energy market to unlock large-scale investment and more transparent pricing. Mobility Finance: Naran raised $10m to scale rent-to-own fleet financing, including in Côte d’Ivoire, using a single fleet management system across markets. Agribusiness & Trade: Fuel price hikes in Côte d’Ivoire are already raising costs for transport-heavy businesses, while land-tenure reforms aim to speed up digitalisation and formal titles to support investment. Cocoa Watch: Cocoa prices bounced after sharp declines tied to improved West African weather, as supply and inventory signals continue to move the market.

Cocoa & Agri-Industry: Cocoa prices bounced back after Tuesday’s sharp fall, with Ivory Coast shipments up 20% year-on-year to 2.11M metric tons and inventories easing from a two-year high—good news for West African supply chains, even as disease and weather risks keep pressure on forward production. Mining & Energy: Côte d’Ivoire’s oil sector saw a key operator exit as Tullow and Canadian Natural handed the Espoir oilfield and FPSO control to Petroci, while Murphy’s Bubale appraisal in Ivory Coast will shape next steps for development. Cement & Manufacturing Leadership: LafargeHolcim Côte d’Ivoire appointed Mohamed Kharraki as managing director, with a mandate on safety, digitalisation and decarbonisation across its Abidjan and San Pédro plants. Industrial Finance & Logistics: Fuel price hikes in Côte d’Ivoire are already squeezing transport-heavy businesses, raising operating costs for ride-hailing, delivery and restaurants. Land for Investment: Côte d’Ivoire pushed land tenure security as a growth lever, flagging Abidjan Land Tenure Days and the scale of remaining demarcation and certification work. Regional Trade & Infrastructure: West Africa is urged to build a connected energy market and modern customs systems to cut costs and unlock investment—an agenda that directly affects industrial inputs and exports.

Cement Leadership: LafargeHolcim Côte d’Ivoire named Mohamed Kharraki as managing director effective 1 August 2026, tasking him with operational performance, safety, digitalisation and decarbonisation across its Abidjan and San Pédro plants (about 2.5Mta combined capacity). Mining & Energy Costs: A new report links soaring gold prices to fresh investment interest across West Africa, while Côte d’Ivoire’s fuel price hike since 1 August 2026 (petrol 875→905 CFA; diesel 700→725) is already squeezing transport-heavy businesses in Abidjan. Oilfield Control Shift: Tullow and Canadian Natural have exited the Espoir oilfield offshore Ivory Coast, leaving Petroci to take over operations after the production sharing contract lapsed. Gold Investment Momentum: West Africa’s gold rush continues to reshape deals, with Fortuna Mining buying Senegal’s Bambadji project for $200m to expand alongside its Diamba Sud position. Industrial Finance & Commodities: Ghana’s cocoa policy fight is spilling into the region’s supply outlook as farmers push back on a law restricting land conversion, while cocoa prices rebound after sharp drops tied to weather-driven flowering expectations. Mobility Financing: Naran secured $10m to scale rent-to-own mobility financing, including expansion into Côte d’Ivoire, using a fleet management and fintech platform to onboard drivers and track utilisation.

PR & Digital Economy: Abidjan-based African Media Agency (AMA) was named the exclusive Pan-African PR partner for Ghana’s Digital Assets Summit Africa (DASA 2026), bringing together 1,000+ C-suite delegates on blockchain, real-world asset tokenization, stablecoins and regulation. Mining & Investment Signals: Liberty Metals secured an option to acquire 90% of two Oko gold projects in Guyana (180km²), backed by a $5m exploration placement—another reminder of how capital is chasing new gold districts. Energy & Operations: Murphy Oil’s first appraisal well on the Bubale discovery in Ivory Coast will determine scale and development path, with results pending from the Bubale West appraisal. Oilfield Control Shift: Tullow and Canadian Natural exited the Espoir oilfield offshore Ivory Coast, transferring operations to state firm Petroci after the CI-26 production sharing contract lapsed. Cocoa Market Watch: Cocoa prices bounced after sharp losses tied to strong West African weather reports; inventories rose and Ghana’s COCOBOD flagged possible production pressure ahead. Land & Agribusiness Infrastructure: Côte d’Ivoire launched Abidjan Land Tenure Days (Oct. 5–7) to speed tenure security reforms, digitalization and land certification—aimed at unlocking investment and jobs. Industrial Logistics & Trade: Netherlands’ Parlevliet & Van der Plas took full control of France’s Thunnus Overseas Group, which runs tuna canneries in Ivory Coast—linking processing and logistics for export markets.

West Africa Macro Watch: IMF projections put Nigeria at the top of West Africa’s 2026 nominal GDP rankings, with Ghana and Côte d’Ivoire also highlighted among the region’s economic heavyweights. Digital Infrastructure & Trade: Equinix says data centres are now core economic infrastructure, helping bridge the digital divide and support sectors like finance, construction, manufacturing and logistics. E-commerce Funding: Jumia secured $50m in a capital raise led by IFC, aiming to strengthen its marketplace and logistics network while pushing toward profitability. Oil & Offshore Services: Murphy’s first appraisal well on the Bubale discovery in Côte d’Ivoire will determine scale and development path, with a second appraisal well already spudded. Offshore Drilling Demand: Borr Drilling lined up new rig work and extensions across Vietnam, Malaysia, Côte d’Ivoire and Europe, lifting 2026 contract coverage to 73%. Land & Investment Climate: Côte d’Ivoire announced Abidjan Land Tenure Days (Oct. 5–7) to speed reforms, digitalization and issuance of land titles—aimed at unlocking productive investment and jobs. Security & Defence Tech: Côte d’Ivoire inducted the CAIG Wing Loong II drone for ISR and precision-strike missions, reflecting growing regional demand for unmanned systems. Cocoa Supply Signals: Cocoa prices firmed as weather risks tied to El Niño raised concerns for West African output, with Ghana’s production outlook in focus.

Land & Agriculture Reform: Côte d’Ivoire is pushing to become a leading African hub for land tenure security, launching Abidjan Land Tenure Days (Oct. 5–7) to speed reforms, digitalization, and the shift from certificates to titles—aimed at unlocking investment and jobs for a rural base of 23m hectares, with thousands of villages still undemarcated and millions of certificates/contracts yet to be formalized. Oil & State Control: Ivory Coast takes full control of the Espoir oilfield after Tullow and Canadian Natural exited Block CI-26, handing the producing asset and FPSO to Petroci, with output reported around 600 boe/d net in Q2. Defense Tech: Côte d’Ivoire confirms induction of the CAIG Wing Loong II drone wing, boosting ISR and strike capability as China delivers the platform under a 2024 defense contract. Mining & Investment: Fortuna Mining buys Senegal’s Bambadji gold project for $200m, expanding its West Africa footprint alongside Ivory Coast, with drilling planned to start in Q3. Cocoa Market Watch: Cocoa prices inched up as El Niño-linked weather risks for West Africa resurfaced, while Ghana’s production outlook remains a key driver.