The Global Minimum Tax Act which requires large multinational enterprises (MNEs) operating in the nation to pay a global minimum corporate tax rate of 15% was formally signed into law by South Africa in a…
Business: mPharma of Ghana has raised another $17…
Ghanaian startup mPharma, which manages prescription drug inventory for pharmacies and their suppliers, has raised $17 million in its latest funding round and announced the appointment to its board of Helena Foulkes, former president of…
Business: Stock Exchanges in Ghana and Nigeria set…
The economy of Nigeria – the most populous country in Africa, with more than 200 million inhabitants – was transformed post-independence with the adoption of an International Monetary Fund (IMF) programme in 1986, which kick-started…
Business: Standard Bank sheds 5% on flagged profit…
The Standard Bank Group share price declined by more than 5 percent on the JSE on Monday after the group flagged an earnings decline of more than 20percent as the Covid-19 outbreak continues to spook…
Business: Will Nigerians pay more for fuel as…
The federal government slashed the pump price of PMS when the price of crude fell at the global market with government officials saying that marked the end of fuel subsidy. Now that the price of…
Tourist distancing: Virus impacts Kenya’s Giraffe Manor
The impact of coronavirus on the Kenyan economy is being felt in the hospitality industry where closes airspace means tourists numbers have dwindled. The East African country heavily depends on the sector as a source…
Kenya: May inflation eases to 5.47% despite rising…
The country's year-on-year inflation rate eased to 5.47 per cent in May from 5.62 per cent in April, latest data by the Kenya National Bureau of Statistics (KNBS) indicate. This is despite a 0.63 per…
Business: Gold rises as investors head to safe…
Gold prices ticked up on Friday as the Sino-US rift deepened over further moves by Beijing to impose a security law on Hong Kong, lifting the allure of safe havens amid market uncertainties caused by…
Business: Libya’s Economic Losses From Ports Blockade Reach…
The company added that these losses were a serious blow to the national economy. In January, the NOC announced an emergency due to its inability to ship oil from Libyan ports. According to the NOC,…
Business: Bolt raises capital of Sh11billion to upgrade…
Ride-hailing firm Bolt has raised Sh11 billion worth of investment capital from Naya Capital Management to boost its growth and development strategy. The funds will go into upgrading its mobility services and food delivery services…
Kenya: High loan provision eats into banks’ Q1…
High forward-looking loan provision in the wake of Coronavirus dent banks’ profits in the first three months of the year. Kenya adopted the IFRS19 accounting standard that requires financial institutions to provide for unforeseen defaults…
South African businesses under COVID-19 pressure
Strict measures adopted by South Africa to curb COVID-19 continues to bite entrepreneurs. Fino Dlamini, started her business only in 2019 to offer bicycle tours of Soweto to visitors. But now, her tools are idle.…
Business: Gordhan Stakes Clout for South Africa on…
Pravin Gordhan, South Africa‘s minister for public enterprises, is staking his own credibility and that of President Cyril Ramaphosa‘s government on the creation of a new airline out of the ashes of the bankrupt national…
Zimbabwe: RBZ tightens reins on mobile money
The Reserve Bank of Zimbabwe (RBZ) introduced more measures yesterday affecting EcoCash agents as part of what is now seen as a policy to bring EcoCash agents into the formal banking system and ensure they…
Business: Ethiopia’s synergy electricity
Transformation of the agricultural sector… Ethiopia turns to alternative energy sources to counter the harmful effects of coronavirus. Coronavirus disruptions are strongly impacting world economies. On the continent, in the horn of Africa, like Ethiopia,…
South Africa: Informal traders join call for unbanning…
The South African Informal Traders Alliance (Saita) and a tobacconist have warned that the ban on the sale of cigarettes is fuelling illicit trade. The organisations are calling on the government to "urgently" lift the…
Business: Nigeria Opens Cash Tap as Oil Revenue…
The government of Nigeria, whose revenue could be slashed by more than half this year due to the oil-price slump, finalized plans for a revised budget that keeps spending almost intact, and that will mean…
Impact of Covid-19 on African economies; a look…
The COVID-19 pandemic and related measures have brought the world’s economy nearly to a total halt. A UN report released on May 12 projects the global economy to contract by 3.2% this year. World trade…
Business: Airport management company says it may need…
Airports Company SA (Acsa), which manages and operates nine airports in SA, says it expects it will need about R10 billion in government guarantees over the next five years in order to obtain bank loans…
