Africa Business News – Read economic news today, South Africa business updates, and latest economy trends and developments.
Governments in Africa have been implementing measures to increase revenue collection through tax reforms and business regulations. This week, governments in Kenya, Tanzania, and South Africa released important policy updates for businesses and taxpayers. Africa Tax News, The policy announcements, ranging from fuel VAT relief in Kenya, Digital Services Tax update in Tanzania, to tighter […]
Africa’s startup environment continues to evolve in 2026 with the coming of new initiatives like grants, incubation, tax breaks, and entrepreneurship schemes targeting youths. African startup government support, While different countries improve support for innovators, Kenya, Egypt, Nigeria, and South Africa remain the leaders of the continent for entrepreneurs due to their well-established startup ecosystems […]
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 more borrowing. Finance Minister Zainab Ahmed got approval from the West African’s nation’s cabinet on May 13 to go ahead […]
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 is forecast to shrink by nearly 15% amid sharply reduced demand and disruptions in global supply chains. The report known […]
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 to continue operating. The airport management company and the SA Civil Aviation Authority on Tuesday briefed Parliament’s portfolio committee on […]
Sudan’s inflation rate has risen further to 99% in April due to rising food prices, the Sudanese Central Bureau of Statistics announced on Saturday. This rate had already risen to 82% the previous month, over one year. But rising prices for grains, meat, milk and bread have further increased inflation. Despite the political transition in […]
Mango Airlines, the low-cost wing of SAA, is set to cut its employees’ salaries by up 50percent. Public Enterprises Minister Pravin Gordhan told Parliament during a briefing on the state of state-owned entities including SAA, Eskom and Transnet that Mango’s employees had taken salary cuts voluntarily. Gordhan said the salary cuts would be made beased […]
African skies could experience increased activity earlier than other continents due to the planned evacuation of people seeking to return home from across the world. This is the view advanced by Tewolde Gebremariam, CEO of Ethiopian Airlines. In an interview with Bloomberg TV he said of the return to operations: “here in Africa we expect […]
Tanzania’s economic growth could fall to 4% this calender year due to effects of the coronavirus pandemic, according to Finance Minister Philip Mpango. Economic expansion “could further decline depending on the extent of the impact of the coronavirus outbreak on different sectors of the economy,” Mpango told lawmakers on Friday in a presentation seen by […]
Equatorial Guinea has announced a series of strategic measures to assist oil and gas exploration companies. The measures are expected to lessen the financial burden of these oil companies as the world battles covid-19. The executive president of the African Chamber of Energy for the CEMAC zone, Leoncio Amada NZE, analysed the measures taken by […]
Imports from china, Kenya’s biggest trading partner plunged by at least Sh58.64 billion in the first two months of the year as the coronavirus outbreak disrupted the supply chain. A survey by the Kenya Association of Manufacturers (KAM) shows about 82 per cent source their inputs from china, hence face a direct risk of supply […]
Africa-focused tech talent accelerator Andela has let go of 135 employees, CEO Jeremy Johnson said. Senior staff at the company — with offices in New York and four African countries — will also take salary cuts of 10% to 30%. The compensation and staff reductions are a result of the economic impact of the COVID-19 […]
Falling fuel prices and collapsing demand are likely to outweigh the effects of a weaker rand, and could push consumer inflation towards 17-year lows, according to investment bank BNP Paribas. BNP Paribas sees inflation averaging just 2.8% this year — below the SA Reserve Bank’s target range of between 3% and 6% — leaving the […]
The COVID-19 pandemic is likely to quicken the shift to digital financial services in Africa, Ecobank Transnational Incorporated CEO Ade Ayeyemi said. Once the worst of the pandemic is over, COVID-19 could be “a great accelerator,” enabling the adoption of new technology in Africa, Ayeyemi said from Lomé in Togo. “It can be an opportunity […]
South Africa will allow all agricultural exports including wine and wool to resume under new lockdown regulations. The country will move to a national alert level 4 from Friday after five weeks of a strict lockdown, during which most industries were shut and the economy ground to a halt. The prohibition on the local sale […]
South African Airways suffer heavy financial losses as the ramifications of the covid -19 pandemic hits hard. The South African airline, which has been denied further funding from the government to support its operations, has suspended all international flights until May 31 as the country battles covid 19. Authorities say, the company is facing serious […]
Standard and Poor’s on Wednesday lowered the credit rating for South Africa by one notch to “BB-” due to the “significant adverse implications” of the coronavirus pandemic on the country’s already-weakened economy. “South Africa’s already contracting economy will face a further sharp COVID-19-related downturn in 2020,” after contracting in the second half of 2019 due […]
Zimbabwe farmers started selling their tobacco crop on Wednesday after the coronavirus outbreak delayed the opening of auctions, which provide vital foreign currency inflows, by more than a month. Tobacco is the second biggest earner of foreign exchange after gold, and last year generated $747 million in exports mainly to China and Europe, according to […]
The International Monetary Fund said on Tuesday its executive board approved $3.4 billion in emergency financial assistance for Nigeria to support the oil exporter’s response to the coronavirus pandemic. The global lender said it remained closely engaged with Nigerian authorities and was ready to provide policy advice and further support as needed. The outbreak and […]
Several hundred Burkinabè traders demonstrated Monday in Ouagadougou to demand the reopening of all the markets, which were closed at the end of March to combat the spread of the coronavirus, a source said. “We want the markets to reopen so we can resume our activities and provide for our needs,” said Soumaila Tiendrebeogo, a […]