Africa Business

Nigeria inflation rises in September from near four-year low

13h46 Higher food prices helped push up annual inflation in Nigeria last month after three consecutive months of declines, the National Bureau of Statistics said on Tuesday.  Full story

Heavy rains in Ivory Coast threaten cocoa crop

14/10 Unusually heavy rain last week in most of Ivory Coast's main cocoa growing regions has disturbed the development of the October-to-March main crop and disease is spreading in some plantations, farmers said on Monday.. . .  Full story

Hundreds of Algerians protest against proposed energy law

13/10 Hundreds of Algerians protested in front of parliament on Sunday against proposed changes to the energy law that they say the caretaker government has no right to pass.. . .  Full story

Nigerian crude diffs crash as freight rates bite

12/10 Differentials for Nigerian crude oil grades continued to crash on Friday with the key grade being shown at its lowest level since 2005 owing to still rising freight rates as a. . .  Full story

African Dawn Capital Names David Simon Danker CEO

10/10 African Dawn Capital Ltd:. . .  Full story

Vunani HY HEPS 10.8 Cents

10/10 Vunani Ltd:. . .  Full story

Nigerian president offers record $34 billion budget for 2020

08/10 Nigerian President Muhammadu Buhari presented a record 10.33 trillion-naira ($33.8 billion) budget for 2020 to lawmakers on Tuesday as he aims to spur growth in Africa's largest economy at the start of his second. . .  Full story

Nigerian president offers record 10.33 trln-naira budget for 2020

08/10 Nigerian President Muhammadu Buhari presented a record 10.33 trillion-naira ($33.8 billion) budget for 2020 to lawmakers on Tuesday, the first spending plan since his re-election in February.. . .  Full story

Botswana forecasts slower GDP growth, wider deficit this year

08/10 Botswana's economy is expected to grow at a slower pace this year compared to last year, the deputy secretary in the ministry of finance said on Tuesday, with the services sector. . .  Full story

Botswana's economy to grow 4.3% in 2019 - deputy finance sec.

08/10 Botswana's economy is expected to grow 4.3% in 2019 and 4.6% in 2020, benefiting from a developing services sector, Deputy Secretary in the ministry of finance, Kelapile Ndobano, said on Tuesday.. . .  Full story

Zimbabwe economy seen contracting up to 6% in 2019 -treasury document

07/10 Zimbabwe's economy is projected to contract by up to 6% this year due to a drought that hit farming output and electricity generation but is expected to rebound next year on. . .  Full story

Morocco's trade deficit widens 2.4% year on year in Jan-August

07/10 Morocco's trade deficit widened by 2.4% to 140 billion dirhams ($14.5 billion) in the first eight months of 2019 compared with the same period last year, the country's foreign exchange regulator. . .  Full story

Tripoli gov't gives Libya's NOC $1 billion in funding

06/10 Libya's internationally recognised government said it had allocated 1.5 billion Libyan dinars ($1.06 billion) for the National Oil Corporation (NOC) to maintain oil production in 2019-2020, according to a resolution shared. . .  Full story

Congo says IMF is considering new financial support

05/10 The International Monetary Fund (IMF) will consider renewing financial support to Democratic Republic of Congo within the next six months, the government in Kinshasa said on Saturday.. . .  Full story

Ethio Telecom appoints evaluator for assets, seeks advisor for privatisation

04/10 Ethio Telecom has appointed international consulting firm KPMG to evaluate its assets, and an advisor on the privatisation process will be appointed soon, a senior finance ministry official said on Thursday.. . .  Full story

Tunisian annual inflation unchanged at 6.7% in Sept

04/10 Tunisia's annual inflation rate was unchanged in September at 6.7%, official data showed on Friday.. . .  Full story

Nigerian lawmakers increase 2020 budget outline based on higher oil price

03/10 Nigeria's legislature on Thursday increased the value of the country's 2020 budget outline to 10.729 trillion naira ($35 billion) based on expectations of higher oil prices.. . .  Full story

Nigeria's FCMB charged $46 mln for failing to meet loan requirement

03/10 Nigeria's FCMB said on Thursday it was charged 14 billion naira ($46 million) for failing to meet the central bank's minimum loan-to-deposit ratio requirement by a September deadline, the lender told Reuters on Thursday.. . .  Full story

New orders fuel Kenya's private sector activity in Sept -PMI

03/10 Kenya's private sector activity grew for the fifth straight month in September, boosted by an increase in new orders for businesses, a survey showed on Thursday.. . .  Full story

Nigeria's central bank pressures lenders with loan requirement increase

03/10 Nigeria's central bank has increased its target for lending by commercial banks for the second time in three months, to help boost growth. Banks that miss the target will face higher. . .  Full story

Libya's oil revenues dip to around $2 bln in August -NOC statement 

02/10 Libya’s National Oil Corp (NOC) said on Wednesday that August revenues dropped to around $2 billion, a 5% decline from July.. . .  Full story

Ethiopian Airlines annual revenue up 29% -govt official

02/10 Ethiopian Airlines' operating revenue jumped nearly 30% in the year to July 31, a senior government official said on Tuesday, helped by a surge in passenger numbers.. . .  Full story

Kenya's economic growth slows to 5.6% in the second quarter

30/09 Kenya's economy grew by 5.6% in the second quarter of this year, down from expanding 6.4% in the same period a year earlier, the statistics office said on Monday.. . .  Full story

Brainworks HY HEPS 4.18 Cents

30/09 Brainworks Ltd:. . .  Full story

Kenya's year-on-year inflation drops to 3.83% in September

30/09 Kenya's year-on-year inflation fell to 3.83% in September, from 5.0% a month earlier, the statistics office said on Monday.. . .  Full story

Congo GDP growth to slow slightly to 5.4% in 2020 - govt statement

30/09 Democratic Republic of Congo's economic growth is expected to slow slightly in 2020 to 5.4%, according to a government budget proposal published on Sunday.. . .  Full story

Kenya central allows merger of lenders NIC and CBA Group

27/09 Kenya's central bank said on Friday that it had approved the merger of Commercial Bank of Africa and NIC Group, making it the second major merger in the sector this year.. . .  Full story

Kenya central approves merger of lenders NIC and CBA Group

27/09 Kenya's central bank has approved the merger of Commercial Bank of Africa and NIC Group , it said on Friday.. . .  Full story

Large cocoa bean stockpiles in Ivory Coast raise quality concerns

26/09 Cocoa buyers have been storing large quantities of cocoa beans in the bush for the past six weeks as they wait for a higher farmgate price, a move exporters worry will damage bean quality,. . .  Full story

Africa dreams of free trade as red tape rules on the ground

26/09 The speed limit is 110 km per hour on the new highway that Abadalla Chande uses to haul his truckload of animal feed from Tanzania to Kenya, two nations that share a common market. . .  Full story

Ethiopia appoints Ethio Telecom privatisation adviser

26/09 Ethiopia has appointed a transaction adviser in the privatisation process for state-run Ethio Telecom, and another adviser will be selected in coming weeks to oversee licensing in the telecoms sector, a. . .  Full story

Kenya parliament rejects finance ministry request to scrap commercial lending rate caps

26/09 Kenya's parliament rejected on Wednesday the Finance Ministry's request to scrap commercial lending rate caps, a lawmaker who was present during a vote on the 2019/20 (July-June) fiscal budget said.. . .  Full story

Ethiopia seeks adviser for privatisation of telecoms operator

24/09 Ethiopia is looking for an adviser to help it with the partial privatisation of its state-run telecoms operator, the finance ministry said on Tuesday.. . .  Full story

Kenya's Mumias Sugar placed under receivership - KCB Group

24/09 Kenya's loss-making Mumias Sugar Company has been placed under receivership to protect its assets and maintain its operations, local lender KCB Group said on Tuesday.. . .  Full story

Ivory Coast 2019/20 cocoa main crop seen in line with last season - poll

24/09 Ivory Coast's 2019/20 cocoa main crop is expected to be between 1.65 million and 1.7 million tonnes, broadly in line with the 1.66 million tonnes in the previous season, according to a poll of. . .  Full story

Ivory Coast cocoa harvest picks up ahead of main crop season -farmers

23/09 Cocoa harvesting has picked up in Ivory Coast as rains continue ahead of the October-to-March main crop, farmers said on Monday.. . .  Full story

Tanzania fines five banks for lax anti-money laundering controls

23/09 Tanzania's central bank said on Monday it had fined five commercial banks over $800,000 for breaching anti-money laundering rules, the latest in a series of moves aimed at tightening regulation in. . .  Full story

Tanzania sees 2019/20 cashew nut output up 33 percent - minister

21/09 Tanzania expects to raise cashew nuts production by 33.5% in the year to September 2020, helped by favourable weather conditions and increased plantings, its agriculture minister said on Saturday.. . .  Full story

Nigeria's central bank keeps benchmark rate at 13.5%

20/09 Nigeria's central bank held its benchmark interest rate at 13.5%, its governor Godwin Emefiele said on Friday.. . .  Full story

Morocco's CPI rises 0.8% in August - planning agency

20/09 Morocco's consumer price index was up 0.8% in August from a year earlier, after rising 0.3% in the previous month, the high commission for planning said on Friday.. . .  Full story

Ghana expected to produce 850,000 tonnes of cocoa in 2019/20 season: industry regulator

20/09 Ghana, the world's second largest cocoa producer, is expected to produce 850,000 tonnes of cocoa in 2019/20 season, at the lower end of average levels on account of the swollen shoot. . .  Full story

Grand Parade Investments FY HEPS 8.91 Cents

20/09 Grand Parade Investments Ltd:. . .  Full story

Somalia GDP to grow 2.9% in 2019 vs 2.8% last year: IMF

19/09 Somalia's economy is forecast to grow 2.9% this year from 2.8% last year, but security risks and vulnerability to climate shocks could cloud the outlook, the International Monetary Fund said.. . .  Full story

Somalia GDP to grow 2.9% in 2019 vs 2.8% last year -IMF

19/09 Somalia's economy is forecast to grow 2.9% this year from 2.8% last year, but security risks and vulnerability to climate shocks could cloud the outlook, the International Monetary Fund said.. . .  Full story

Kenya cuts 2019/20 financial year spending plans by 2.1%

19/09 Kenya's finance ministry has cut the government's planned spending for the 2019/20 (July-June) fiscal year by 2.1%, equivalent to 46.2 billion shillings ($445 million), a budget review document showed on Thursday.. . .  Full story

Texton Property Fund FY HEPS 55,61 Cents Per Share

19/09 Texton Property Fund Ltd:. . .  Full story

Kenyan lawmakers reject Treasury bid to repeal rate cap

18/09 A Kenyan parliamentary committee has blocked the finance ministry's move to scrap a cap on commercial lending rates imposed by lawmakers in 2016, the committee said on Wednesday.. . .  Full story

Nigeria's central bank moves monetary policy meeting forward to Sept. 19-20

18/09 Nigeria's central bank has rescheduled its monetary policy committee meeting, it said in a statement on Tuesday.. . .  Full story

Malawi economy to grow 4.5% in 2019 -IMF

18/09 Malawi's economy is likely to expand by 4.5% this year, the International Monetary Fund (IMF) said late on Tuesday, boosted by improved agricultural production and the rebuilding of infrastructure damaged by. . .  Full story

Tanzania plans to extend its gas pipeline network

16/09 Tanzania said on Monday it planned to construct a 30-km pipeline to extend the country's natural gas supply network from the capital Dar es Salaam to the nearby town of Bagamoyo. . .  Full story

Alviva Holdings FY HEPS 297 Cents

16/09 Alviva Holdings Ltd:. . .  Full story

Rhodes Food Group 10-Month Group Turnover Increased By 9.6%

16/09 Rhodes Food Group Holdings Ltd:. . .  Full story

Zambia cuts 2019 economic growth forecast after drought

13/09 Zambia has cut its 2019 economic growth forecast, President Edgar Lungu said on Friday, citing adverse weather conditions that have affected crop production and electricity generation at hydropower plants.. . .  Full story

Zambia president says 2019 economic growth forecast cut to 2%

13/09 Zambia has cut its 2019 economic growth forecast to around 2% from an initial projection of 4%, President Edgar Lungu said on Friday.. . .  Full story

Nigeria plans VAT increase in push to raise non-oil revenue

13/09 Nigeria plans to increase value-added tax on goods, the finance minister said, as Africa's biggest oil exporter seeks to reduce its reliance on crude sales.. . .  Full story

Kenya targets officials' overseas trips in "brutal" spending cuts

12/09 Kenya plans "brutal" cuts to spending, including on government officials' overseas trips, in an effort to rein in the fiscal deficit, its acting finance minister said on Thursday.. . .  Full story

Nigeria plans VAT increase in push to raise non-oil revenues

12/09 Nigeria plans to increase value-added tax on goods, the finance minister said, as Africa's biggest oil exporter seeks to reduce its reliance on crude sales.. . .  Full story

Kenya to cut budget deficit to 4.8% of GDP in 2020/21

12/09 Kenya will reduce its budget deficit to 4.8% of GDP in its 2020/21 (July-June) fiscal year from 5.6% this financial year, a senior Treasury official said on Thursday.. . .  Full story

Mozambique to continue debt restructuring talks despite 'tuna bond' court ruling

11/09 Mozambique will continue to negotiate debt restructuring with creditors, despite a court ruling that a government-guaranteed $850 million Eurobond issued by the state fishing company Ematum SA in 2013 was illegal, the finance minister said. . .  Full story

Kenyan lawmakers discuss court-ordered changes to rate cap law

11/09 Kenyan lawmakers on Tuesday debated changes to a law capping commercial interest rates after the High Court gave parliament an ultimatum to alter the law to comply with the constitution.. . .  Full story

Zambia central bank opposes bid to remove oversight of public debt

11/09 Zambia's central bank said on Wednesday it opposed government moves to remove lawmakers' oversight over acquiring more public debt.. . .  Full story

Malawi's economy to grow 5% in 2019, 7% in 2020 - finance minister

10/09 Malawi expects its gross domestic product to expand by 5% in 2019 and by 7% in 2020 as the return of rainfall after severe drought boosts agricultural production, Finance Minister Joseph. . .  Full story

Mozambique gets green light for Eurobond debt swap plan

09/09 Creditors holding 99.5% of Mozambique's Eurobond support its debt restructuring proposal, the country's government said in a statement on Monday, paving the way for an overhaul of part of its heavy debt burden.. . .  Full story

Malawi's economy to grow 5% in 2019 -finance minister

09/09 Malawi forecast gross domestic product (GDP) will expand by 5% in 2019 and by 7% in 2020 as the return of rainfall after severe drought boosts agricultural production, Finance Minister Joseph Mwanamvekha said on. . .  Full story

Somalia economic growth likely to inch up this year, World Bank says

09/09 Somalia's economy is expected to grow by 2.9% this year, from 2.8% last year, before growth quickens to 3.2-3.5% in the medium term, the World Bank said on Monday.. . .  Full story

Nigeria uses tax credits for private firms to boost infrastructure

05/09 Nigeria is using a system of tax credits to encourage private companies to share the cost of infrastructure projects as part of a drive to diversify Africa's biggest economy away from. . .  Full story

Morocco’s trade deficit deepens 4.3% year/year Jan-July

04/09 Morocco's trade deficit widened by 4.3% to 122.8 billion dirhams ($12.7 billion) in the first seven months of 2019 compared with the same period last year, the country's foreign exchange regulator. . .  Full story

Kenya PMI falls to 52.9 in August

04/09 Kenya's private sector activity dropped in August to its lowest level since May, with cashflow problems hurting performance, a survey showed on Wednesday.. . .  Full story