Q3 GDP Growth Slips to 0.5% as South Africa’s Economy Slows Further: Africa newsroom update. Markets opened to a softer print as South Africa Q3 GDP edged up 0.5%. The headline says it cleanly. South Africa economic growth cooled, and the South Africa economy’s slow tag felt accurate on trading floors. Cool morning air in […]
The recent Foreign investment news in Congo showcases a recent surge of foreign investment in the mining, energy, and infrastructure sector. The Democratic Republic of Congo (DRC) has remained one of the key global supply chains as the world demands more and more cobalt, copper, and lithium. The increasing confidence of investors in the economic […]
The Zimbabwe Power Company (ZPC), says that the USD$1.5 billion Hwange Expansion project – Unit 7 and 8 is going according to schedule and will add 600MW to the national grid upon completion in 2022. The statement reads: The USD$1.5 billion Hwange Expansion project – Unit 7 and 8, commenced on 1 August 2018. To […]
The government of Ghana is seeking approval for extra expenditure of some GHS 6.4billion in its Mid-Year Review and Supplementary Estimates. This was contained in the Order of Business of Parliament on Monday, 29 July 2019 ahead of the Mid-Year Review Budget presentation to parliament by Finance Minister, Ken Ofori-Atta. In November last year, Mr […]
Public Enterprises Minister Pravin Gordhan said in a statement on Monday afternoon that he has informed the Eskom Annual General Meeting (AGM) of his decision to appoint Jabu Mabuza as the interim executive chair for Eskom and acting CEO of Eskom Holdings. Mabuza will assume the duty as acting group CEO for Eskom due to […]
Africa’s Talking is a provider of technology that helps different industries connects with infrastructure providers. Bilha Ndirangu, Chief Executive Officer of Africa’s Talking, says that democratising access to infrastructure will enable mobile app developers and software engineers to build better services and help solve truly African challenges. (BBC)
The American businessman Mike Mason intends to invest at least 240 Billion CFA frs in Cameroon’s cobalt sector within the next four years. The American Businessman who is the Chief Executive Officer of Geovic Mining Corporation made the announcement yesterday in an audience granted him by the head of state Paul Biya at the Unity […]
Ratings agency Fitch downgraded the outlook for South Africa’s sub-investment credit rating on Friday, citing fiscal pressures including increased support for struggling state firms such as the power utility Eskom. South Africa’s public finances are under huge strain as economic growth has proved weaker than expected while a handful of state companies have needed large […]
Tanzania’s president on Friday inaugurated a huge hydroelectric dam project in the country’s largest wildlife reserve and UNESCO World Heritage Site, calling it the start of “economic liberation.” Some wildlife groups have expressed dismay over the $2.9 billion Stiegler’s Gorge project in the Selous Game Reserve, which the United Nations calls one of Africa’s largest […]
President Uhuru Kenyatta last evening said economic diplomacy offers the best opportunity to conquer poverty and joblessness in Africa. He called on those in positions of power to provide quality leadership by getting actively involved in economic diplomacy that delivers opportunities for growth and transformation. President Kenyatta spoke at Avani Victoria Falls Resort in the […]
VertoFX, an Africa and emerging markets-focused currency trading and payment startup, has raised a $2.1 million seed round, led by Accelerated Digital Ventures. The London-based company, with a subsidiary in Lagos, Nigeria, has created a platform that allows businesses and banks to exchange and make payments in exotic foreign currencies that don’t often convert or […]
Vice President Dr. Mahamudu Bawumia has explained to a group of Canadian investors why Ghana is the best investment destination in Africa for both local and foreign investors. According to Dr. Bawumia, not only do Ghana’s political stability and security as well as benign legal and regulatory environment offer the best investment climate, the large […]
Zimbabwe hiked fuel prices on Monday for the second time in a week but most pumps remained dry, with no end in sight to shortages that are helping drive inflation rapidly higher and which have led to protests about the cost of living. The Zimbabwe Energy Regulatory Authority said a litre of petrol would now […]
NKC Research has projected that the Zimbabwe economy will continue deteriorating in 2019 considering the shortages of basic goods and the lack of foreign exchange. Economist at NKC African Economics, Jee-A van der Linde, said: Furthermore, it is unclear whether the re-introduction of the Zimbabwean dollar will yield the desired effect, because the inflation rate […]
French television company Canal+ has acquired ROK Studios from video-on-demand company IROKOtv for an undisclosed amount. Founded by Jason Njoku in 2010 — and backed by $45 million in VC — IROKOtv boasts the largest online catalog of Nollywood film content in the world. Nollywood is a movie genre popularized in Nigeria that has become […]
Ghana has applauded France for its continued technical and economic support in the areas of defense, agriculture, health and education, energy and public sector reforms. Mrs. Cynthia Morrison, Minister of Gender, Children and Social Protection, said it was also heart-warming that French businesses in the country had kept growing. French companies, operating in Ghana have […]
The Zimbabwe dollar has reportedly been of a downward trend since its introduction through Statutory Instrument 142 of 2019 in June. The SI also scrapped the multicurrency regime that had existed since 2009 following the ditching of the original Zimbabwe dollar due to a record high inflation in 2008. Official exchange rates on Monday this […]
Zimbabwe’s official inflation skyrocketed to 175 percent in June, according to official data released in Harare, the capital, on Monday, sparking concerns that the former southern African breadbasket could collapse economically. “The year-on-year inflation rate for the month of June 2019 as measured by the all items consumer price index stood at 175.66 percent while […]
The extradition of former Mozambique finance minister Manuel Chang has been halted after it emerged that Chang enjoys double immunity under Mozambican law. Minister of Justice and Correctional Services Ronald Lamola announced in a statement on Saturday that he has authorised the director-general of the Department of Justice and Constitutional Development, Vusi Madonsela, to file […]
In the past few years, the unprecedented growth of mobile financial services in sub-Saharan Africa has defied all expectations. While Kenya is often cited as a leading example of digital transformation, Ghana has recently become the fastest-growing mobile money market in Africa, with registered accounts increasing six-fold between 2012 and 2017. The country’s experience provides […]