Africa Business News – Read economic news today, South Africa business updates, and latest economy trends and developments.
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 […]
Zambian President Hakainde Hichilema has declared a state of national disaster and emergency due to a devastating drought that has engulfed the country. Currently, 84 out of 116 districts in Zambia are experiencing severe drought conditions, causing immense hardships for the agricultural sector and food security. The usual rainy season, which typically extends from October […]
Mobile internet is one of the most important drivers of digital transformation and economic development in Africa. With the increasing adoption of smartphones and the expansion of network infrastructure, more and more Africans are accessing the internet through their mobile devices. However, the speed and quality of mobile internet vary widely across the continent, depending […]
The World Trade Organization (WTO) has issued a call for collective action in response to economic uncertainties and geopolitical tensions. Against the backdrop of crucial upcoming elections worldwide, the WTO Director-General addressed these pressing issues at the ongoing biennial event in the United Arab Emirates. Acknowledging the complexity of the current global landscape, the WTO […]
Africa is a continent with diverse economic and social conditions, which are reflected in the different tax systems and rates that each country adopts. Taxation is a key tool for governments to raise revenue, provide public services, redistribute income, and influence economic behavior. However, taxation also poses challenges and trade-offs, such as balancing efficiency and […]
While losing or having your ATM card stolen might be upsetting, blocking the card right away can stop someone else from accessing your money without authorization. Banks in Nigeria give their clients many ways to promptly stop their ATM cards if they are lost or stolen. This comprehensive tutorial will assist you in disabling your […]
China, the world’s second-largest economy and Africa’s largest trading partner, has been facing increasing pressure and challenges in its business operations and investments in Africa, due to the ongoing crisis in the Red Sea. The Red Sea, a strategic waterway that connects Asia, Africa, and Europe, has been the scene of frequent attacks and threats […]
Nigeria is currently grappling with one of its most severe economic crises in history. The inflation rate continues to rise, and the local currency has reached its lowest value. In response to poor governance and skyrocketing food prices, residents of Ibadan have taken to the streets to express their frustration. The devaluation of the naira […]
Africa is a continent of immense opportunities and challenges, with a population of over 1.3 billion people and a GDP of over $2.6 trillion. The continent is home to some of the fastest-growing and most dynamic economies in the world, as well as some of the most diverse and vibrant cultures and societies. Africa is […]
Motorists in Gauteng, a province in South Africa, will soon have to apply for new high-tech number plates for their vehicles. These new number plates will have several features to enhance security and efficiency. They will be tamper-proof, meaning they cannot be easily removed or copied. Each plate will have a QR code that is […]
In Nigeria, the price of cement has skyrocketed to a record high of N7,000, doubling from around N3,300 to N3,500 just three years ago. This sharp increase is mainly due to the country’s rising inflation. Back in 2021, Devakumar Edwin from Dangote Cement explained that the global demand for cement, boosted by the COVID-19 crisis, […]
Facing recurring periods of drought, the kingdom is turning to seawater desalination technology. Casablanca has initiated the construction of the largest plant on the continent. The objective is to produce 300 cubic meters of drinking water per year, addressing the water needs of the population and the agro-food industry. The desalination plant in the economic […]
Zimbabwe is facing serious economic problems, with its currency, the Zimbabwe dollar, dropping to new lows. Recently, the value of the Zimbabwe dollar fell so much that one US dollar is now equal to over 10,000 Zimbabwe dollars. This drop reminds people of past economic struggles and shows the current poor state of Zimbabwe’s economy. […]
Italy-Africa Summit Sets Stage for Development and Cooperation An important Italy-Africa summit recently took place in Rome, attracting around twenty African heads of state and government. The event centered around President Giorgia Meloni‘s ambitious “Mattei Plan,” which aims to stimulate economic development on the continent, create job opportunities, and address irregular emigration. One key focus […]
More than 200 individuals gathered at the Radisson Blu hotel in Abidjan on Friday, January 26, 2024, for the inaugural edition of Africa Tech Series, organized by Africa Digital Academy (ADA), a division of Africa Development Solutions group (ADS). Africa Tech Series serves as a platform to foster dialogue and collaboration within the African technology […]
Rwanda is set to host the first big AI summit in Africa in 2024. This event is organized by Rwanda’s Centre for the Fourth Industrial Revolution (C4IR) and the World Economic Forum (WEF). The goal is to bring African countries and their businesses together to discuss AI risks, barriers, and chances. They want to make […]
The United Nations Development Program (UNDP) has unveiled the “Timbuktoo” initiative during the World Economic Forum in Davos. This initiative aims to raise $1 billion with the goal of transforming the lives of 100 million people and generating 10 million jobs, with Rwanda hosting the program. The launch of this initiative comes at a time […]
Antony Blinken, US Secretary of State, Arrives in Ivory Coast After Cape Verde Visit Antony Blinken, the head of American diplomacy, made a stopover in Cape Verde before arriving in Ivory Coast on Monday to attend a meeting between Ivory Coast and Equatorial Guinea. On Tuesday, he was received by Ivorian President Alassane Ouattara, where […]
Grok, Elon Musk‘s chatbot, has captured the attention of investors, much like the fervor seen in Silicon Valley. As the owner of XAI and co-founder of OpenAI, Musk successfully raised a staggering $500 million on January 21, 2024, for his generative conversational chatbot powered by artificial intelligence. Musk has set his sights on a minimum […]