Africa Business News – Read economic news today, South Africa business updates, and latest economy trends and developments.
A wide-ranging crackdown against organised cybercrime gangs has led to the arrest of 58 individuals in 22 countries and six continents, as Interpol targets criminal gangs accused of conducting romance, cryptocurrency, investment and other financial scams. This particular crackdown, dubbed Operation Jackal IV, targeted West African crime syndicates, particularly the Nigerian-based Black Axe syndicate, which, […]
Nigeria is one step away from making one of the most significant discoveries in its offshore oil sector as the $21 billion Bonga Southwest/Aparo deep-water development is getting closer to Final Investment Decision. According to the deal between Nigerian National Petroleum Company Limited (NNPC Ltd), Shell, and their international partners, the development would have a […]
The Nigerian currency is stable at about ₦1,345 to one dollar in the official foreign exchange market, but the black market rate of Nigerian naira has held steady at roughly ₦1,390 to ₦1,411 per dollar. The relatively smaller gap between the two rates indicates that the volatility in Nigeria’s foreign exchange market is lower than […]
The Government of Tanzania has unveiled the Julius Nyerere Hydropower Project (JNHPP) on the Rufiji River, which will contribute to Tanzania’s power generation capacity and accelerate the development of industries in the region. The inauguration ceremony of the Julius Nyerere Hydropower Project was held on 22 August and presided over by President Samia Suluhu Hassan. […]
The government of Uganda plans to borrow up to €207.77 million, or about $243 million, from Citibank and other foreign financial institutions to develop its road infrastructure in the eastern part of the country. This is even though the government of Uganda is concerned with rising public debt as well as rising cost of servicing […]
Despite the fact that the Ugandan economy continues growing before the expected commercial production of oil, the country now has to deal with debt issues and pressure on its budget due to the need to have another IMF programme. It is expected that the International Monetary Fund will send its mission to Uganda in September […]
Mozambique’s long-held dreams of natural gas have got a fresh boost following an estimated $1.1 billion contract award by ExxonMobil for the Rovuma LNG Phase 1 project in Mozambique’s Cabo Delgado region. The signing of the contracts represents a big leap towards FID for the project, whose objective is to build onshore LNG facilities with […]
With the intention to bring its freight rail transport system back to life, South Africa is going to make its largest ever investment in the field. The private railway company Traxtion will invest 3.4 billion rand, or approximately $210 million, in 46 locomotives and 920 freight cars, being sure that the changes made in the […]
It is not only about the re-election of the current president, as the next year’s election may have great consequences for the biggest copper producer in Africa, its relations with China, and its growing strategic importance for the United States. The president of Zambia, who managed to become president in 2021 after failing several times, […]
Egypt Heightens Security has been enhanced around Egypt’s ports following an attack on two gas ships in Damietta, increasing fears for the safety of the Red Sea and Suez Canal. The latest attack is one more reason to be concerned about commercial ship sailing and energy routes amid the ongoing conflict in the Middle East […]
India and Southern Africa Talks on India’s preferential trade agreement with the five-nation Southern African Customs Union (SACU) have been resumed by India and SACU, ending a 16-year hiatus in their relations. India and SACU, which includes South Africa, Botswana, Namibia, Lesotho and Eswatini, signed the terms of reference on August 12, 2026, bringing preferential […]
Unemployment Rate in South Africa has climbed sharply to 33.6% in Q2 2026, highlighting growing pressure on workers, businesses, and the country’s economy. South Africa is witnessing a greater level of unemployment, with the rate rising from 32.7% in the previous quarter, according to recent labour market data. From the above numbers, one can see […]
Africa Could Face a $10-20 billion economic hit if a powerful Super El Niño occurs, the African Development Bank (AfDB) warns, threatening food security, trade and livelihoods across the continent. The threat could lead to a drop in GDP growth in African countries most affected by the phenomenon by 1-2 percentage points, in addition to […]
The Democratic Republic of Congo has issued an immediate ban on the export of copper and cobalt concentrates to increase domestic processing of these strategic minerals and keep more economic value within its jurisdiction. The ban has already shocked the global metals markets, where prices on LME copper spiked 1.8% to $14,369.50 per metric ton […]
Zambia’s Kwacha and Ghana’s Cedi are both sliding against the U.S. dollar this week, and the reasons behind each currency’s slump are different enough to matter for anyone doing business — or shopping — in either country. Zambia Kwacha and Ghana Cedi slide, Commercial banks have quoted the Kwacha at 18.95 per dollar, down from […]
Africa’s telecom sector turns a new page as Vodacom hikes growth forecasts The Safaricom deal is fast becoming one of the continent’s biggest business stories. The South African telecoms giant has lifted its medium-term financial targets after completing the acquisition of a controlling 55 percent stake in Kenya’s Safaricom, a deal that could transform competition, […]
Kenya will introduce new compliance regulations that will impact all those earning money in the online sphere in 2026. This step will help Kenya enforce its digital taxation framework. Kenya digital tax rules, The new changes will make it possible for the government to collect taxes in a more efficient way in the developing digital […]
The aviation industry of Africa continues with its recovery from the pandemic, recording high numbers of passengers, airline capacity, and international demand. African airlines record highest passenger numbers, Some of the African countries whose airlines are dominating the recovery include Egypt, Nigeria, and Kenya, due to expanding airline networks, improved visa policy, an increase in […]
The U.S.-Africa Business Summit is yet to conclude. The meeting, which had initially been scheduled for July 2026, has been postponed and rescheduled for 6-9 December 2026 in Mauritius. US-Africa Business Summit Mauritius, Since the U.S.-Africa Business Summit is yet to be held, there is no reason to believe there are any reports on any […]
Several African currencies are set to remain under pressure this week amid rising business demand for dollars and growing oil prices globally. African currencies under pressure, Nigerian naira, Ghanaian cedi and Ugandan shilling are among the most vulnerable currencies, whereas other currencies like Kenyan shilling and Zambian kwacha managed to show some resistance to volatility. […]