Africa Business News – Read economic news today, South Africa business updates, and latest economy trends and developments.
Senegal’s $2.2 billion IMF programme is being criticized politically following questions raised by lawmakers regarding the decision to increase cooperation with the International Monetary Fund in view of the nation’s heavy debt situation. The Prime Minister of Senegal, Ahmadou Al Aminou Mohamed Lo, defended the programme in a National Assembly debate on Tuesday, stating that […]
Dangote’s plans for a $15-$16 billion refinery in Lamu, Kenya, are advancing, with the megaproject up against the challenge of sourcing enough crude oil for the plant, which is designed to refine 700,000 barrels per day. The construction phase is expected to commence on September 30, 2026, with commissioning to happen around 2030. The refinery […]
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 […]
The Ghana Investment Promotion Centre (GIPC) has signed a Memorandum of Understanding (MoU) with Malta Enterprise, Malta’s economic development agency, tasked with attracting new foreign direct investment as well as facilitating the growth of existing operations. The MoU empowers both parties to set up a strategic think-tank composed of officers from both agencies and partnered […]
Zimbabwe requires at least US$14m a month to meet its 600MW power deficit, acting chief executive officer of the country’s power utility Patrick Chivaura said Monday. Zimbabwean president Emmerson Mnangagwa has since engaged his South African counterpart President Cyril Ramaphosa for help. The two met over the weekend in Niamey, Niger. They “exchanged views” on […]
A little more than 100 years ago, Naspers Ltd. was created by white South Africans to produce a Dutch-language newspaper. Now the continent’s biggest company, Naspers just named its first woman, and first black person, as chief executive officer. Phuthi Mahanyele-Dabengwa’s appointment to head the South African unit doesn’t just buck the trend of white, […]
Ghana has received $200 million from the World Bank to help transform and diversify its economy through the promotion of private investment and robust growth in its non-resource base sectors. The fund, to be administered through an integrated programme is set to build the country’s competitiveness and deliver sustainable jobs under the Ghana Economic Transformation […]
South African President Cyril Ramaphosa said on Friday that South Africa cannot allow its economy to be held back by the U.S.-China trade war, which he said was born out of jealousy. Speaking at the Digital Economy Summit, Ramaphosa said local telecommunications companies, which he did not name, had written to him before he attended […]
Former Finance Minister and current MDC vice president Tendai Biti has warned African countries that debt owed by African countries is ballooning and come 2024, most countries will default. Biti was speaking at an OSISA-organised conference on ‘Southern Africa’s Debt Conundrum’ in Johannesburg on Tuesday. Below is part an abridged version of what Biti had […]
The British High Commission and the Kumasi Metropolitan Assembly (KMA) under the framework of the UK- Ghana Business Council meeting will jointly host the first regional forum in Kumasi to build a shared understanding of priorities on economic development, job creation, trade and investment on July 2, 2019. This meeting in Kumasi, a first of […]
Here is the full list of The Forbes Africa 30 Under 30. BUSINESS – Bruce Diale, 29, South Africa, Founder & Managing Director of Brucol Global Development – Terence Mathe, 29, Zimbabwe, Co-Founder of Southern Incineration Services (SISCO) PBC – Mariam Manack , 29, South Africa, Founder & Director of iTrain – Khanyisile Madonko-Nderezina, 25, […]
ECOWAS, the economic community for West african nations have adopted a single currency named eco, which it plans to launch by 2020. Eco was adopted on Saturday in Abuja in a meeting of the 15 member countries organization. Discussed for thirty years, this single currency between the 15 countries that make up the ECOWAS – […]
The decision by government this week to abolish the multi-currency regime and re-introduce the Zimbabwean dollar as the sole legal tender could be catastrophic as the local currency’s value may tumble against major currencies, plunging the country into hyperinflation. While some captains of industry and analysts welcomed the move, others were sceptical and critical. The […]