Africa Business News – Read economic news today, South Africa business updates, and latest economy trends and developments.
Total exports by Nigeria to other African countries grew to ₦10.72 trillion in the first six months of 2026, compared to ₦4.82 trillion in the same period of 2025, based on an analysis of trade data released by Nigeria’s National Bureau of Statistics. While the increase has cemented Nigeria’s status as one of the biggest […]
The Dangote Petroleum Refinery has started the largest initial public offering (IPO) that allows retail investors to get a part of one of Africa’s largest industrial projects. 4.1 billion shares of the refinery will be offered at a price of ₦525 each, which means that the deal should bring ₦2.15 trillion (approximately $1.6 billion) if […]
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 […]
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 […]