Africa Business

World Bank sees Zambia 2018 economic growth below 4 percent

20/09 The World Bank expects Zambia's economy to grow less that 4 percent this year, lower than an April projection of 4.1 percent, it said on Thursday.  Full story

Liberia loses $104 mln in central bank cash, bans 15 from foreign travel

19/09 Fifteen Liberians, including the son of former president Ellen Johnson Sirleaf, are banned from leaving the country while the government investigates the whereabouts of $104 million in missing cash intended for. . .  Full story

eSwatini police, crowd clash during wage, pension fund protests

19/09 Public sector workers clashed with police in eSwatini on Tuesday, as they marched through the streets of the country's second biggest town as part of wider protests to demand higher wages. . .  Full story

Botswana's 2018 budget deficit to widen to 2.3 pct of GDP

18/09 Botswana sees its 2018 budget deficit widening to 2.3 percent of gross domestic product from a previous projection of 1.8 percent due to a downward revision in its mineral revenue forecast,. . .  Full story

Tunisia's 2019 debt payments to hit record of more than $3 bln

17/09 Tunisia's debt repayments will rise to a record level of more than 9 billion dinars ($3.24 billion) next year, the finance minister said on Monday.. . .  Full story

Zimbabwe's agriculture authority issues $75 million grain bills to buy maize

17/09 Zimbabwe's Agriculture Marketing Authority (AMA) has issued $75 million in grain bills to purchase maize from farmers, the authority's financial advisor CBZ Bank said on Monday.. . .  Full story

Nigeria's inflation rate rises for first time in a year and a half

14/09 Nigeria's inflation rate rose in August over the previous year for the first time in a year and a half, driven by food prices, the statistics office said on Friday.. . .  Full story

Tunisia needs $2.53 bln in external financing next year -senior official

14/09 Tunisia needs around 7 billion dinars ($2.53 billion) in external financing in 2019 and plans to issue $1 billion in bonds in early October to help cover 2018's deficit, a senior. . .  Full story

Ghana agrees with Ivory Coast to announce bean prices at start of cocoa season

13/09 Ghana and Ivory Coast have agreed to coordinate the announcement of bean prices with the opening of cocoa season, part of a bid by the world's top producers to harmonise operations. . .  Full story

Kenyan central bank fines five banks a total of $3.89 mln

12/09 Kenya's central bank on Wednesday said it had fined five commercial banks a total of 392.5 million shillings ($3.89 million) in connection with the theft of funds at the National Youth. . .  Full story

Tunisia's August trade deficit up 20 pct yr/yr

12/09 Tunisia’s trade deficit widened by about 20 percent year on year in the first eight months of 2018 to 12.2 billion dinars ($4.39 billion), a record level, official data showed on. . .  Full story

Algeria does not need loans, should diversify economy: World Bank

07/09 Algeria, whose oil- and gas-dependent economy has suffered from sharp falls in the oil price since 2014, has enough money and does not need foreign loans, the World Bank vice-president for. . .  Full story

Kenya economic growth to be curbed by new tax on fuel -industry

07/09 Kenya's economic growth momentum for this year could be snuffed out if a widely unpopular 16 percent Value Added Tax on fuel is maintained, the country's chamber of commerce said on. . .  Full story

Tunisia's inflation stabilizes at 7.5 pct in August

07/09 Tunisia's inflation rate stabilized at 7.5 percent in August, unchanged from July, official data showed on Friday.. . .  Full story

Zambia aims to limit fiscal deficit to 5.1 pct of GDP by 2021

07/09 Zambia plans to limit its fiscal deficit to 5.1 percent of GDP by 2021 from 7.8 percent in 2018, the ministry of finance said in a statement on Thursday.. . .  Full story

African gas output could make up 10 pct of global total by 2040 -official

05/09 African production of natural gas could contribute as much as 10 percent of the global total by 2040, an expansion of around 530 billion cubic metres, the secretary general of the. . .  Full story

Kenya private sector expansion rebounds in August -PMI

05/09 Kenya's private sector activity expanded at a faster pace in August after dropping to a six-month low in the previous month as output and new orders for firms recovered, a survey. . .  Full story

Bank of Kigali sells 30 pct of insurance arm to Mauritius' Swan

04/09 Rwanda's Bank of Kigali has sold a 30 percent stake in its general insurance business to Swan General of Mauritius for 860 million francs ($978,116.13), the bank's chief financial officer told. . .  Full story

Nigerian stocks fall to more than one-year low

03/09 Nigerian stocks tumbled 2.75 percent in early trade on Monday to their lowest level in more than a year, dragged down by its biggest listed company, Dangote Cement.. . .  Full story

Kenya imposes 16 percent VAT on petroleum products, defying lawmakers

01/09 Kenya's revenue authority imposed a 16 percent value added tax on all petroleum products on Saturday, defying lawmakers who had voted earlier this week to delay the levy for two years due to concerns. . .  Full story

Kenya inflation at 4.04 pct in August - stats office

31/08 Kenya’s inflation fell slightly to 4.04 percent year-on-year in August from 4.35 percent a month earlier, the statistics office said on Friday.. . .  Full story

Kenya's parliament approves retaining interest rate cap, against IMF wishes

30/08 The Kenyan parliament voted on Thursday to retain the cap on commercial interest rates which the International Monetary Fund has insisted must be scrapped or modified in return for a new standby arrangement.. . .  Full story

Kenya's parliament approves retaining interest rate cap against IMF wishes

30/08 The Kenyan parliament voted on Thursday to retain the cap on commercial interest rates which the International Monetary Fund has insisted must be scrapped or modified in return for a new. . .  Full story

Zambia's external debt rises to $9.4 billion - finance ministry

30/08 Zambia's external debt rose to $9.37 billion at the end of June from $8.7 billion in December last year, the ministry of finance said on Thursday.. . .  Full story

Tunisia central bank holds key interest rate unchanged at 6.75 pct

30/08 Tunisia’s central bank kept its key interest rate unchanged at 6.75 percent on Thursday, the bank said.. . .  Full story

Nigerian vice president sees economy picking up after sluggish Q2

29/08 Nigeria's economy is expected to perform much better in the second half of the year, Vice President Yemi Osinbajo said on Wednesday, following sluggish growth in the second quarter.. . .  Full story

Cameroon cocoa exporters, farmers flee crisis in Anglophone region

29/08 Cocoa firms operating in Cameroon have moved staff out of the Anglophone region of the country and farmers are abandoning their crops in the area, as violence between separatists and security forces intensifies, exporters and. . .  Full story

Tunisia sees 2019 economic growth rising to 3.5 pct

29/08 Tunisia expects economic growth to accelerate to 3.5 percent of next year from the 2.9 percent expected in 2018, driven by a recovery of the tourism industry and an expanding agricultural. . .  Full story

Steinhoff's board to meet this week over asset sales to pay debt

29/08 Crisis-hit Steinhoff's board will meet on Thursday and Friday to work out which assets it needs to sell to pay down its debt, the retailer's chairwoman told a parliamentary panel on. . .  Full story

Malawi maize output down 28 pct after drought, armyworm outbreak

28/08 Malawi's maize output declined by 28 percent in the 2017/18 farming year due to damage caused by drought and crop-eating armyworms, a government report showed on Tuesday.. . .  Full story

Nigerian economy loses momentum in Q2 as oil sector contracts

27/08 Nigeria's economic growth dipped to 1.50 percent year on year between April and June, the statistics office said on Monday, extending a slowdown into a second quarter as the oil sector. . .  Full story

Kenya parliamentary committee proposes retaining upper limit of lending rate cap -document

24/08 A Kenyan parliamentary committee has proposed that the east African economy retains the upper limit of commercial lending rates at 4 percentage points above central bank rate, as passed into law. . .  Full story

Ivory Coast to auction cocoa crop in advance to guarantee price for season

22/08 Ivory Coast's Cocoa Coffee Council (CCC) has decided to auction all of its cocoa production to exporters in advance in order to set a guaranteed price throughout the season for producers,. . .  Full story

Zambia copper output up 10.6 pct in first half of 2018 - central bank

22/08 Zambian copper output rose 10.6 percent to 402,222 tonnes in the first half of the year, the central bank governor Denny Kalyalya said on Wednesday.. . .  Full story

Zambia raises 2018 fiscal deficit forecast to 7.8 percent: central bank

22/08 Zambia has raised its 2018 forecast for the country's fiscal deficit to 7.8 percent of gross domestic product from an initial estimate of 6.1 percent, governor Denny Kalyalya said on Wednesday.. . .  Full story

Ivory Coast bank woes threaten to slow early cocoa purchases

20/08 Poor liquidity within Ivory Coast's banking system caused by the collapse of the top cocoa producer's largest domestic exporter risks hindering exports at the start of the upcoming main crop, exporters. . .  Full story

Nairobi Securities Exchange suspends trading of Kenya's ARM Cement

20/08 The Nairobi Securities Exchange (NSE) said on Monday it had suspended trading of Kenya's ARM Cement three days after it was put under administration.. . .  Full story

CEO of Kenya's Arm Cement to quit but remain board member

16/08 Arm Cement's chief executive said on Thursday he planned to leave his post as part of a shake-up at the Kenyan cement maker, but would stay on as a board member.. . .  Full story

KCB Group to finalise Imperial Bank deal in September

16/08 KCB Group expects to finalise a takeover of smaller rival Imperial Bank by the end of September, Kenya's biggest bank by assets said on Thursday after reporting higher first-half profits.. . .  Full story

Nigerian inflation dips in July but remains above single-digit target

15/08 Annual inflation in Nigeria slowed to 11.14 percent in July, its lowest level in more than two years, the National Bureau of Statistics said on Wednesday, but it remained above the. . .  Full story

Algeria's Sidi Rezine refinery to restart production at start of 2019 - official

15/08 The Sidi Rezine refinery in the Algerian capital Algiers will come back online at the beginning of 2019 with an estimated output of 3.6 million tonnes of refined products, a senior official at state. . .  Full story

Nigeria's GT Bank sees 10 pct loan growth this year

14/08 Nigeria's Guaranty Trust Bank (GT Bank) plans to use some of its cash deposits to help grow its loan book by 10 percent by the end of the year after credit. . .  Full story

Nigeria's state-owned oil company considers refinery partnerships

14/08 Nigerian National Petroleum Corporation (NNPC) could allow private investors to install two refineries on two of its sites, the state-owned oil company said on Tuesday.. . .  Full story

Ethiopia plans to build new airport in Oromia region -Fana

14/08 Ethiopian Airlines plans to build a new airport with annual capacity of 80 million passengers in Bishoftu, about 48km southeast of the capital Addis Ababa, state-affiliated media said on Tuesday.. . .  Full story

Uganda central bank holds key lending rate at 9.0 pct

13/08 Uganda central bank held its key lending rate at 9.0 percent on Monday, and its governor said economic growth was robust because of previous rate cuts that had lowered lending rates.. . .  Full story

Malawi tobacco revenue rises 35 percent

10/08 Revenue from Malawi's major export crop tobacco has risen 35 percent compared to last year and could exceed $300 million by the end of the season later this month, industry data. . .  Full story

Billionaire's huge Nigerian oil refinery likely delayed until 2022:sources

10/08 A huge oil refinery being built in Nigeria by Africa's richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of. . .  Full story

Billionaire's huge Nigerian oil refinery likely delayed until 2022 - sources

10/08 A huge oil refinery being built in Nigeria by Africa's richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of the matter said.. . .  Full story

Kenya's tea output jumps 14 pct in the first half of the year

09/08 Kenya's tea production jumped by 14 percent in the first six months of this year to 230.99 mln kg from the same period last year, the regulator Tea Directorate said on. . .  Full story

Nigeria's Notore drops 8.8 pct in one week after debut listing

09/08 Nigeria's Notore Chemical shares dropped to 57 naira each in Thursday's session, losing 8.8 percent in a week after its debut stock market listing in Lagos.. . .  Full story

Nigeria's Zenith Bank sees return to loan growth this year

07/08 Nigeria's Zenith Bank expects to grow its loan book by 2.5 percent this year as a recovering economy and a drive to win business with manufacturers helps to offset a decline in credit in. . .  Full story

Tight liquidity hits Kenyan government debt auctions

07/08 A lack of liquidity in Kenya's money markets has sent the overnight interbank lending rate above the three-month Treasury bill yield and curbed demand for government securities at the weekly auction,. . .  Full story

Tanzania wants to build pipeline to pump gas to Uganda

06/08 Tanzania wants to build a pipeline to pump natural gas to neighbouring Uganda, another step in the two countries' bid to expand energy cooperation.. . .  Full story

Kenya private sector activity expands at a slower pace in July -PMI

03/08 Kenya's private sector activity expanded at a slower pace in July as growth in output and new orders lost steam, a survey showed on Friday.. . .  Full story

Tanzania central bank takes over Bank M

02/08 Tanzania's central bank said on Wednesday it has taken over the management of mid-sized commercial lender Bank M as the lender has critical liquidity problems and is unable to meet its. . .  Full story

Kenya's inflation rises to 4.35 pct year-on-year in July

31/07 Kenya's inflation rose slightly to 4.35 percent year-on-year in July from 4.28 percent a month earlier, the statistics office said on Tuesday.. . .  Full story

Exposure to debt-stricken cocoa exporter rocks Ivory Coast banks

31/07 Heavy debt exposure to Ivory Coast's largest domestic cocoa exporter, which was ordered into liquidation this month, risks destabilising the West African nation's banking sector, bank officials said on Tuesday.. . .  Full story

Kenyan central bank cuts main lending rate to 9.0 pct

30/07 Kenya's central bank cut its benchmark lending rate to 9.0 percent on Monday from 9.50 percent, the monetary policy committee said, adding inflation expectations were well anchored within the target range.. . .  Full story

Ivory Coast court orders liquidation of cocoa exporter SAF-Cacao

27/07 A court in Ivory Coast has ordered the liquidation of SAF-Cacao, the world's top cocoa grower's leading exporter, over debts owed to the Coffee and Cocoa Council marketing board, the company's. . .  Full story

Heavy rain damages cocoa flowers ahead of Ivory Coast main crop

26/07 Heavy rain in Ivory Coast's cocoa-growing regions has damaged flowers and small pods on trees, pod counters and farmers said, raising concern for the development of the upcoming main crop.. . .  Full story

Kenyan lender CBA upgrades app to offer highest mobile phone loan

26/07 Kenya's largest privately owned bank CBA Group has upgraded its Loop mobile phone banking service to allow it to offer loans of up to 3 million shillings ($29,880), the highest mobile. . .  Full story

Court reinstates Kenya Re's chief executive - Business Daily

25/07 Kenya's employment and labour relations court has reinstated Kenya Reinsurance Corp's sacked chief executive Jadiah Mwarania, the Business Daily newspaper reported on Wednesday.. . .  Full story

Swollen shoot disease worsening in heart of Ivory Coast cocoa belt

24/07 Swollen shoot disease is worsening in the heart of Ivory Coast's cocoa belt with some plantations seeing a significant drop in production, farmers and exporters said on Tuesday.. . .  Full story

Central bank says to start talks with KCB Bank on Imperial Bank sale

24/07 Kenya's central bank said on Tuesday it would enter talks with KCB Bank Kenya Limited, the country's biggest bank by assets, to buy Imperial Bank, a small lender that has been. . .  Full story

Algeria's economic policy may accelerate inflation: IMF

24/07 OPEC member Algeria's decision to turn to monetary financing to cut budget deficits could cause higher inflation as its non-oil sector remains weak, the International Monetary Fund (IMF) said.. . .  Full story

Nigeria to devise green bond issuance programme by end 2018

20/07 Nigeria's debt office will devise a green bond programme before the end of 2018 to raise funds for environmental projects, a junior minister for the environment said on Friday.. . .  Full story

Morocco’s CPI eases to 2.5 y/y in June

20/07 Morocco’s consumer price inflation slowed to 2.5 percent year-on-year in June from 2.6 percent in May, the High Planning Commission said on Friday.. . .  Full story

Ethiopian Airlines says it is in talks for stake in Eritrean Airlines

19/07 Ethiopian Airlines is in talks to take a stake in Eritrean Airlines and a study will be conducted to determine the size of the acquisition, the Ethiopian carrier's chief executive said. . .  Full story

Zambia to share data on austerity measures with IMF - finance minister

19/07 Zambia will share data on its planned austerity measures with the International Monetary Fund (IMF) to get the lender's feedback on their appropriateness for macroeconomic sustainability, its minister of finance said. . .  Full story

Kenyan court temporarily suspends "Robin Hood" tax on bank transfers

19/07 Kenya's High Court has temporarily suspended a "Robin Hood" tax on bank transfers of over 500,000 shillings ($5,000) imposed at the start of the month, the Kenya Bankers Association (KBA) said. . .  Full story

Namibia nets $218 million loan from African Development Bank

19/07 Namibia secured a $218 million loan from the African Development Bank, the second tranche of a quarter billion dollar facility from the development lender to help the country finance its budget. . .  Full story

Nigeria's Senate to investigate "anomalies" in renewal of oil leases

18/07 Nigeria's upper house of parliament will investigate anomalies in the renewal of oil leases by the ministry of petroleum, it said on Wednesday.. . .  Full story

Kenya to launch Nairobi financial centre later this year-finmin

18/07 Kenya will launch its international financial centre in the capital Nairobi later this year to attract large foreign financial firms and boost capital flows, its finance minister said on Wednesday.. . .  Full story

Namibia's economy to grow by 1 pct in 2018: finance minister

16/07 Namibia's economy will expand by at least 1 percent this year and by double that by 2020, Finance Minister Calle Schlettwein said on Monday, following a recession last year in a. . .  Full story

Kenya Power CEO under arrest over allegations of economic crimes - police

15/07 Kenya Power's Chief Executive Officer gave himself up to police on Sunday and was in their custody, police said, a day after the east African country said it wanted to charge him over alleged. . .  Full story

Police arrest ex-CEO of Kenya Power company

14/07 Kenyan authorities said on Saturday they had arrested a former chief executive officer of the state-run distributor Kenya Power on suspicion of economic crimes and wanted to charge the current chief executive.. . .  Full story

Kenyan bank KCB could seek partner in Ethiopia as country opens up

13/07 KCB Group, Kenya's biggest bank by assets, will look at partnering with a local bank in Ethiopia, where a potential liberalisation of foreign investment rules could open up a market of 100 million people.. . .  Full story

Libya 1st-half 2018 oil revenue $11.4 bln - central bank

11/07 Libya's central bank (CBL) said on Tuesday the country had earned 15.6 billion Libyan dinars ($11.4 billion) in oil revenue in the first six months of the year, accounting for more than 93 percent. . .  Full story

Nigerian lawmakers to investigate state oil firm over remittances

10/07 Nigerian lawmakers voted on Tuesday to investigate the state oil firm over a shortfall in revenue remittances to government coffers, in a motion passed by the lower house of parliament.. . .  Full story

Kenya's ARM Cement's shares plunge on bond payment report

10/07 Shares of Kenya's ARM Cement dropped by the maximum daily limit of 10 percent on Tuesday after a newspaper reported that it had missed a bond interest payment.. . .  Full story

Nigeria to offer 12.7 bln naira mining contract to eight firms

04/07 Nigeria will offer a 12.7 billion naira ($41.6 million) mining contract to eight companies in exploration and consultancy, its junior mining minister said on Wednesday, adding both foreign and local firms were encouraged to participate.. . .  Full story

Tunisia raises fuel prices, third hike this year 

22/06 Tunisia raised fuel prices on Friday by 4 percent, the third hike this year as the government seeks to a cut budget deficit, a key requirement of international lenders.. . .  Full story