Africa Business News – Read economic news today, South Africa business updates, and latest economy trends and developments.
In villages from Kampala to Kigali, the sound of a drum being carved or raffia being pulled tight is getting quieter. Africa’s Vanishing Crafts are not fading in one dramatic moment but one retiring elder at a time, often with no apprentice standing nearby to take over. The question is no longer whether African traditional […]
Senegal’s debt troubles just received another official stamp. The Senegal credit rating has been cut for a fifth straight time, with Moody’s downgrading the country’s foreign-currency ratings on Thursday. What the downgrade says Moody’s lowered Senegal’s foreign-currency senior unsecured and long-term issuer ratings to “Ca” from “Caa2”. It also changed the outlook to stable from […]
In the complex landscape of global finance, African countries grapple with unique socio-economic challenges that significantly impact their journey toward sustainable development. One crucial aspect intertwined with economic stability is the management of external debt, especially in dealings with international financial institutions such as the International Monetary Fund (IMF). In this exploration, we delve into […]
Africa is no stranger to political and economic instability, something that has been the root cause of extreme poverty on the continent. But African countries have a huge potential to improve their economy despite appalling economic conditions. The region is rich in natural resources having arable land, water, wildlife, forest, minerals, oil and natural gas. […]
Masdar, a United Arab Emirates state-owned renewable energy company, has announced a 10GW growth plan for the African continent, which is set to unlock energy transition in six Sub-Saharan nations. Abu Dhabi Future Energy Company PJSC – Masdar aims to provide support to the clean energy transition across the African continent. The 10GW growth plan […]
Kenya could get a $1 billion loan from the People’s Republic of China, which can be used to partly settle a Eurobond that is maturing next June, the governor of the central bank said on Wednesday. The loan was first announced in October. Kenya’s President William Ruto asked China for a $1 billion loan, his […]
As the global call for net zero intensifies, the Africa Finance Corporation (AFC) emerges as a pivotal player in shaping Africa’s unique journey towards sustainability. President and CEO Samaila Zubairu emphasizes the need for a tailored negotiating stance, considering Africa’s distinctive experience – contributing less than 4% of global greenhouse gas emissions while grappling with […]
Impala Platinum, a South African holding company, has temporarily halted operations at its Rustenburg mining complex in the country after 11 workers died in a tragic accident. The Johannesburg-based platinum miner said in a statement that 11 workers died in an incident at one of underground shafts in Rustenburg mining complex. Around 75 workers were […]
In an effort to help Africa benefit more from its wealth of raw materials and support Europe’s largest economy in its own transition to carbon neutrality, the German government on Monday pledged to invest $4.37 billion in African green energy projects until 2030. Germany will need to import large quantities of green hydrogen going forward […]
Unauthorised access remains a major risk for anyone who uses a computer or high-tech devices such as tablets or smartphones. The consequences for victims could include the loss of bank account information, money or even identity theft. Such break-ins could also result in loss of valuable presentations, emails and music. Moreover, unauthorised users may even […]
Zambia’s official creditors co-led by People’s Republic of China and France rejected a revised agreement that the government reached with bondholders because it did not comply with “Comparability of Treatment,” leading to deadlock in the restructuring of $3 billion of outstanding eurobonds. In October, Zambia reached a deal for relief on nearly $4 billion owed […]
Gross Domestic Product (GDP) projections are essential to define the economic strategies and policies of governments across the globe. They offer a reliable insight into a region’s overall development trajectory, growth potential and economic health. The first half of 2023 saw more robust growth than expected in April. Although the global average prediction has mostly […]
In Nigeria, food, transport and commodity prices have been forced higher by a fall in naira, the local currency – which has triggered a spike in foreign exchange rates and driven up inflation. But Nigeria is not alone. Most currencies in Sub-Saharan Africa are getting weaker against other global trading currencies like the US dollar […]
Kenya, a country in East Africa, and the International Monetary Fund (IMF), a major financial agency of the United Nations, have reached a staff-level agreement, unlocking $938 million in transfer. The agreement has boosted the current lending programme by $938 million before a eurobond repayment due in June. Haimanot Teferra, the International Monetary Fund (IMF) […]
The platinum miners in Zimbabwe, a landlocked country in southern Africa, have urged the government to delay its planned 5% export tax on concentrates until 2025. According to a proposal submitted by the Chamber of Mines of Zimbabwe to the finance ministry of the country, leading Zimbabwe platinum miners have asked the government to delay […]
Africa’s geothermal power capacity is set to more than double in the next 7 years, according to Rystad Energy, with the consulting firm expecting the figure to reach 13 GW by 2050, up from just about 1 GW today. It appears Africa’s geothermal industry is set to overtake Europe’s. Generating electricity from geothermal resources involves […]
Impala Platinum Holdings Limited, a South African holding company that owns several companies, has started offering voluntary job cuts to its workers at some of the world’s deepest platinum mining shafts in the country. Impala Platinum started the process of job cuts at its head office last month. The company was also offering exit packages […]
In a social media post, World Mobile has announced the launch of its first aerostat in Massingir, Mozambique, following regulatory hurdles encountered in Tanzania. Chief Executive Officer Micky Watkins said World Mobile had initially planned to launch the first aerostat in Zanzibar, Tanzania. The network provider waited for an approval for 11 months. But the […]
In a significant step toward bolstering economic partnerships with Africa, U.S. Trade Representative Katherine Tai has announced ambitious plans to reinvigorate the African Growth and Opportunity Act (AGOA). This two-decade-old duty-free initiative, set to expire in September 2025, is undergoing a much-anticipated makeover that aims to enhance its effectiveness and utility. AGOA has been instrumental […]
According to the International Trade Centre, the local production of infant foods in Africa is no less than an underexploited opportunity. The continent imports an estimated $607 million of baby food a year, with the figure expected to cross $1.17 billion by 2026. Africans heftily rely on infant food imports despite an abundance of locally […]