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Offering a comprehensive turnkey, single-source Procurement Solution, complemented by tailored Credit Solutions.

At Axendo, Procurement and Supply is one of our core areas of expertise. Through our Procura Global brand, we offer global clients specialised multidisciplinary procurement and supply services, accompanied by credit facilities for added convenience.

Our procurement business is dedicated to providing clients with a turnkey, single-source procurement solutions, efficiently managing the supply and logistics process on a worldwide scale. With over 20 years of experience, our team has built long-term relationships with global suppliers, enabling us to source and supply a vast array of quality products, materials, equipment and customised solutions, including the most specialised items.

Our experienced procurement and commercial teams also tailor credit solutions to meet customers’ specific requirements, ensuring products and goods can be purchased on credit terms that align with their business cycles.

Learn more about Axendo Group’s sectors of expertise.

Axendo empowers global Energy Trade, delivering value to Suppliers and Customers in a timely manner.

Our energy trading company, Thexia Energy & Resources specialises in the trading of gasoil, gasoline and fuel oil.

Its activity is supported by an extensive geographical presence, well established relationships and adept handling of credit and risk. Situated strategically in the UAE, the Company has access to global energy markets and is positioned at the crossroads of Energy trade routes between Arabian Gulf, Mediterranean, Africa, and Asia.

Learn more about our Energy business here.

Our team of industry specialists builds strong partnerships with refineries, trading houses, and shipping companies. Committed to meeting all Client expectations, we develop and execute strategies that promptly deliver enhanced value in the dynamic world of trading.

Operating with a focus on responsibility and efficiency, our experienced staff ensures that trading activities are conducted with expertise and integrity, further solidifying our reputation as a trusted company in the industry.

Contact us today to explore partnership opportunities.
Email us at info@axendo.co or call on +971 4 375 4790.

Business Outlook of Ghana
Entering 2024 with optimism, Ghana anticipates continued economic stability, building on the positive trends of 2023 that marked a recovery from the challenges faced in 2022. In 2022, the Ghana cedi depreciated by 30% against the US$, mostly due to the over 50% depreciation in the second half of the year. The currency bounced back 2023 with a year-to-date depreciation of 15.57% to the US$ in the retail market, selling at 12.18% to the US$. The performance of the cedi in 2023 was largely influenced by a 3-year International Monetary Fund (IMF) program, where the country expects to receive US$600 million every six months.
Currency depreciation has paused, giving some respite to businesses and banks. The US$ sells at 12.58 in the retail market. In dealing with this problem the Bank of Ghana has opened a window for downstream petroleum companies who are the biggest patronisers of US$ to a forward rate option, to help manage the currency. Fitch solutions forecast that the Ghanaian economy will expand by 3.5% in 2024, up from a weak 2.7% in 2023, driven by stronger private consumption. Inflation will moderate substantially in 2024 – due to statistical base effects and stronger exchange rate dynamics, which will ease financial pressure on households and drive-up domestic consumption. Inflation will stay elevated throughout 2024 (Allianz). Prices rose sharply in late 2022, hitting +54% year-on-year in December 2022 and remained elevated throughout 2023, closing the year at around 23%.
Ghana expects to reach a debt-relief deal in the coming weeks from its official creditors to qualify for further disbursements under the US$3Bn International Monetary Fund loan program. The positive outlook of the country could be influenced by the surge in the prices of cocoa, gold and oil & gas.
Cocoa futures prices have surged by more than $1,000 or nearly 40% since the start of the year to hit an all-time high of $5,874 per metric ton, as bad weather conditions hammer crop yields in West Africa. The gold price in the world market has already surpassed $2,000, currently trading at a spot price of $2,029.
Further to the gains made by the country in cocoa, gold and oil and the agreement with the foreign bond holders, Ghana has recently discovered lithium and secured its first-ever lithium lease agreement with Lithium Atlantic, an Australian mining firm, for a project in the Central Region of Ghana. Under the arrangement, the Government of Ghana is entitled to a 13% free carried interest in the project.
The year 2024 also marks a key milestone in the political landscape of Ghana, as the country goes to polls to elect a new President and Members of Parliament in December. There are already discussions to bring the election forward to November to help manage the difficulties that plague the country during elections whenever there is a run-off. How this proposal is managed by the Electoral Commission of Ghana and other political stakeholders will be key in the countdown to the election.
To learn more about Ghana Economic outlook read our Axendo – PangeaRisk repost for Ghana 2023.
Discover more about the economic situation in other African countries by exploring the articles crafted by the Axendo team for Kenya, Ghana and Nigeria.

References:
https://www.fitchsolutions.com/bmi/country-risk/ghanas-economy-will-reach-gradual-path-recovery-2024-05-10-2023
https://country.eiu.com/ghana#:~:text=Growth%20will%20remain%20subdued%20in,new%20projects%20come%20on%20stream.
https://www.fitchsolutions.com/bmi/country-risk/more-interest-rate-cuts-way-ghana-following-cautious-start-easing-cycle-30-01-2024
https://www.graphic.com.gh/news/general-news/ghana-news-fed-rate-cuts-gold-price-forecast-for-2024.html#:~:text=This%20should%20ultimately%20drive%20gold,oz%20in%20the%20third%20quarter

Kenya’s Economic Outlook

The Kenyan economy is projected to grow at 6% this year with inflation levels expected to be at 5.9%. The shilling has significantly strengthened in the last few weeks, with further indications of stabilisation in the near future.
Importers have been adversely affected by the shilling depreciation as it has resulted in the cost of goods going up and a squeeze on sales. This coupled with the cost of borrowing from banks going up has slowed down business activities.
Where we had previously observed an Extended Import Credit Facility supporting businesses in the country, this has significantly slowed down due to uncertainty in the exchange rates following the collapse of the hedging market.
As a result, businesses have opted to pay for their goods upfront to avoid incurring substantial losses on deferred payment terms.
Recently the government has paid part of the due amount for the $2Bn Euro bond, which matures in June this year by raising another bond and currently the outstanding amount is $600M.
The World Bank and IMF have continued to support the Kenyan government to shore up its liquidity and meet its financial obligations and have committed to continued support for the government.
We expect this to increase investors’ confidence in Kenya, which in the long run will support the shilling through dollar inflows in the form of direct investments. This will in turn spur the economy to grow at the projected levels.
More information about Kenya economic situation is also available in Axendo – PangeaRisk report 2023.
If you’re keen on discovering more about other African countries, the Business Outlook is also accessible for Senegal, Ghana and Nigeria.
References:
https://www.afdb.org/en/countries-east-africa-kenya/kenya-economic-outlook#:~:text=GDP%20is%20projected%20to%20grow,by%20services%20and%20household%20consumption
https://www.reuters.com/world/africa/kenyan-economic-growth-rises-59-year-on-year-q3-2023-12-29/
https://www.businessdailyafrica.com/bd/economy/kenya-makes-partial-sh210bn-repayment-in-eurobond-debt–4529332

The Nigerian economy and the future of Trade Finance

The Nigerian economy has been in a dismal state since 1999. The country’s foreign currency reserves have not grown as aggressively as projected and the economy is yet to diversify its foreign currency generation sources from its 100% reliance on crude oil proceeds. The country is still grappling with large external debt and has maintained a very poor debt to revenue ratio in recent years. The World Bank reported that in 2022, Nigeria spent 96.3% of revenue on debt servicing, this was a rise from 83.2% in 2021. However, the Nigerian Bureau of Statistics (NBS) issued its 2023 figure showing a debt to revenue drop to 66.9%, largely driven by Government’s reforms introduced in May 2023.

What a fantastic turnout at GTR MENA this week!
Our Axendo team, including Bulut Bakla, Daniyar Abdimoldayev, Richard Kovacs, Yuliya Tsoy and Bilal Ahmed Vohra had the privilege of attending the conference in Dubai.

With discussions covering critical market insights and the invaluable support of leading financial institutions, this year’s GTR MENA provided an eagerly awaited opportunity to network and engage with industry leaders, peers and potential clients.

The event showcased the thriving nature of the Middle East, and we anticipate witnessing dynamic growth within the region’s trade, commodity and trade credit sectors.

It was truly rewarding to reconnect with numerous representatives from the region, including Alicia Ellmann and Carmichael Chui from Nedbank, Zahed Ali Mohammed from The Access Bank UK Limited and Joaquin Esteves Eliason from Barclays.

Through our group offices in the Middle East, Africa and Europe, Axendo delivers specialist solutions and activities across a range of integrated businesses in agricultural commodities, sourcing and procurement of finished and semi-finished products, together with tailored solutions in trade credit.

Thank you, Global Trade Review (GTR) and Peter Gubbins, for organising such a valuable event. We eagerly look forward to future opportunities for collaboration and growth.

Specialising in core Agricultural Commodities, Axendo empowers global trade and drives value throughout the supply chain.

Operating under our Novalis Agri company, Axendo has assembled top-tier talent to drive a fully comprehensive trading operation. Our mission is to partner with suppliers and seamlessly transport commodities from global supply hubs to areas where they are most needed.

Our Approach:

– We prioritise customer-centric solutions, ensuring value creation throughout the supply chain.

– With a network spanning three continents, we adeptly source and deliver agricultural commodities to destinations worldwide.

– In addition to facilitating the purchase and sale of agricultural commodities, we offer a suite of integrated support services within our group network, including shipping, logistics and credit solutions.

Through our commodities division, we’ve curated an international trading team specialising in core agricultural commodities, such as sugar, grains, pulses, and oils. Our expertise allows us to navigate the complexities of the market and deliver unparalleled service to our partners.

Join us on this path of growth and innovation within the commodities trading sector.

Learn more about Axendo Group and our possibilities here or contact us at info@axendo.co.

At Axendo, we prioritise long-term, sustainable partnerships built on trust and consistency. We approach each relationship with a commitment to understanding and fulfilling our clients’ needs.

Our diverse counterparties include:

– Governments & State-Owned Institutions
– Trading Houses
– Importers & Exporters
– Manufacturers, Wholesalers & Distributors
– Freight Forwarding & Shipping Companies
– Banks, Funds & Financial Institutions
– Insurance Companies

We take pride in customising our services to address the comprehensive needs of our clients, with our objective remaining consistent – ensuring reliability and efficiency across the entire supply chain. Through this approach, we enable liquidity and optimise capital efficiency for our valued clients.

Axendo is committed to navigating the global landscape with integrity, innovation and a relentless pursuit of excellence.

Discover the power of partnerships that transcend borders. Connect with us today to explore how Axendo can support your business objectives.

Axendo’s Business Development Manager for Ghana, Charles Boateng, was delighted to attend the Crystal Ball Africa 2024, held in Accra, Ghana last week.

Crystal Ball Africa serves as a Pan-African business forum, providing a platform for businesses and policymakers across the continent to discuss and address key issues that may impact business in the upcoming year.

Sponsored by Deloitte, Mohinani Group, Citi TV, Eris Properties Ghana, the theme for the 10th edition was “One Continent, One Market – Growing Businesses Beyond Borders.” Sessions covered topics such as how businesses can leverage emerging opportunities in Africa’s growing markets under the African Continental Free Trade Area (AfCFTA) Secretariat.

Alongside attending the insightful sessions, Charles Boateng connected with influential industry representatives, including Karen Evans Halm from Spectra Global, Kwame Jantuah ESQ from the Association of Ghana Industries Accra, Patrick A.B. Jonhera and the team from AB & David, Lisa. Korankyewaah Essuman from Sarpong Capital, and Gloria Edmond from Standard Chartered Bank.

Axendo maintains an optimistic outlook on future trade opportunities in Africa and beyond and looks forward to a further strengthening of trade ties. Through our diversified trading group, we empower global ambitions through strategic partnerships.

We believe in living our values!

Spread across offices in the Middle East, Africa and Europe, our team of professionals brings experience from leading trading, logistics and financial institutions worldwide in both developed and emerging markets.

Together we are shaping the future by igniting trade in business, guided by our core values:

Working Together – Successfully collaborating to achieve a common goal.
Integrity – Acting fairly, transparently and consistently.
Leadership – Setting exemplary standards through behaviours and a professional approach to work, inspiring other colleagues to deliver great results.
Excellence – Working to deliver world-class service.

By applying our in-depth sector knowledge, Axendo delivers specialist solutions and activities across a range of integrated businesses in agricultural commodities, sourcing and procurement of finished and semi-finished products, together with tailored solutions in trade credit.