Africa Business

Nigeria stocks rise to 9-month high after easing of curfews

28/10 Nigerian stocks climbed to a nine-month high on Wednesday after curfews imposed last week to curb protests over alleged police brutality were eased and investors piled into consumer goods shares.  Full story

Ghana finance ministry sees swift recovery from COVID-19 slump

28/10 Ghana's Finance Ministry revised up its 2020 growth forecast on Wednesday and forecast a rebound to 5.9% next year as the economy recovers from its first contraction in almost four decades. . .  Full story

Ghana to issue sovereign bonds worth $3 bln

28/10 Ghana's Finance Ministry plans to issue sovereign bonds worth $3 billion to support the 2021 budget and debt management, the ministry said on Wednesday. (Reporting by Christian Akorlie Writing by Alessandra Prentice Editing by Bate Felix). . .  Full story

Botswana to narrow budget deficit to 5.9% of GDP next year on diamonds

28/10 Botswana expects its budget deficit to narrow to 5.9% of GDP next year from 7.89% in 2020 on a recovery in diamond revenue, a previously unpublished budget blueprint seen by Reuters. . .  Full story

Sudan doubles domestic fuel prices to help cut budget deficit

28/10 Sudan doubled domestic fuel prices on Tuesday, a move that should help reduce a gaping budget deficit but is sure to anger many of the country’s impoverished citizens.. . .  Full story

Somalia's economy to contract 2.5% this year, World Bank says

28/10 Somalia's economy is expected to shrink by 2.5% this year, the World Bank said on Wednesday, revising its initial forecast of 3.2% growth due to the impact of the coronavirus crisis.. . .  Full story

Elaborate Somali insurgent tax system collects almost as much as government

27/10 The Somali insurgent group al Shabaab collects almost as much tax as the government through a sophisticated system of levies on activities from importing goods to irrigating crops, a think tank. . .  Full story

Rwanda's economic output to contract by 0.2% this year -IMF

27/10 Rwanda's economic output is seen contracting by 0.2% this year, hurt by the effects of anti-coronavirus measures, but growth is poised to rebound to 5.7% in 2021, the International Monetary Fund. . .  Full story

Kenya's Centum's real estate arm to raise $36.8 mln in local currency bond

27/10 The real estate subsidiary of Kenya's Centum Investment plans to issue a 4 billion shilling ($36.78 million) corporate bond to finance its housing developments, the parent company said on Tuesday.. . .  Full story

Climate change poses growing threats to vulnerable Africa, UN says

26/10 Floods, droughts, hotter weather and a desert locust invasion — the impacts of climate change are hitting Africa hard, and worse is ahead for the region’s food supplies, economy and health, the U.N. climate. . .  Full story

Libya to load about 160,000 b/d of Sharara crude in November - source

26/10 Libya is expected to load eight cargoes of Sharara crude oil in November, or about 160,000 barrels per day (bpd), according to a source with direct knowledge of the matter.. . .  Full story

World Bank grants Mozambique $100 mln funding for COVID-19 response

23/10 The World Bank has granted Mozambique funding of $100 million through its International Development Association program to assist the southern African nation with its response to COVID-19.. . .  Full story

Explosive device kills two gold miners in Niger, sources say

23/10 Two employees at an industrial gold mine in western Niger were killed on Friday when their vehicle hit an improvised explosive device, three security sources said.. . .  Full story

Morocco's credit rating cut to junk by Fitch

23/10 Fitch cut Morocco's credit rating to 'junk' on Friday, blaming the coronavirus for savaging the north African country's finances.. . .  Full story

Angola's state oil firm Sonangol hires Jefferies to help sell Puma stake

23/10 Angola's state oil firm Sonangol has hired Jefferies investment bank to help sell its more than 30% stake in Puma Energy, in which commodity trader Trafigura has a 55% stake, a. . .  Full story

Botswana approaches World Bank for budgetary support

22/10 Botswana has approached the World Bank for budgetary support after the coronavirus crisis hurt revenue, Finance Minister Thapelo Matsheka said on Thursday.. . .  Full story

Nigeria sovereign Eurobonds extend slide as unrest flares

22/10 Nigeria sovereign Eurobonds fell as much as 0.9 cents on the dollar on Thursday as unrest flared across Lagos state.. . .  Full story

Taps and reservoirs run dry as Moroccan drought hits farmers

21/10 Two years of drought have drained reservoirs in southern Morocco, threatening crops the region relies on and leading to nightly cuts in tap water for an area that is home to a million people.. . .  Full story

Uganda says to spend extra $535 mln in 2020/21 FY, including on roads in Congo

21/10 Uganda plans to spend an extra 2 trillion shillings ($535 million) in the financial year ending June 2021 to help finance various projects including roads in neighbouring Congo, the Finance Ministry. . .  Full story

Farmers say weather helping Ivory Coast's main cocoa crop

19/10 Well-above average rains mixed with sunny spells last week in most of Ivory Coast's cocoa growing regions provided the conditions for cocoa pods to ripen, and will likely boost the main crop, farmers said. . .  Full story

Kenya finance ministry sees 2020/21 budget deficit at 8.9% of GDP

19/10 Kenya's finance ministry has forecast the 2020/21 (July-June) budget deficit to rise to 8.9% of gross domestic product from an earlier forecast of 8.4%, it said in a budget policy document.. . .  Full story

Ethiopia's economy grew 6.1% in 2019/20 fiscal year - PM

19/10 Ethiopia's economy grew 6.1% in the 2019/20 fiscal year to July, less than originally projected because of the impact of the coronavirus pandemic, Prime Minister Abiy Ahmed said on Monday.. . .  Full story

Tunisia to talk to IMF and may request funds

19/10 Tunisia will have discussions with the International Monetary Fund (IMF) in coming weeks and may request more financing facilities, a senior official at the lender said.. . .  Full story

Zambia suspends output at copper processor after waste dam burst

16/10 Zambia suspended operations at a copper processing plant after it discharged huge quantities of effluent into a stream after a dam burst, the nation's environmental management agency said on Friday.. . .  Full story

How the G20's Debt Service Suspension Initiative works

15/10 The G20 group of rich nations and big emerging powers extended their Debt Service Suspension Initiative (DSSI) this week to help the world's poorest countries cope with the fallout of the COVID-19 crisis until. . .  Full story

19 drives Kenya into first quarterly contraction since 2008

15/10 Kenya's economy shrank by 5.7% in the second three months of 2020, its first quarterly contraction since the global financial crisis 12 years ago, as the COVID-19 pandemic shut businesses and. . .  Full story

Uganda's economic output contracts by 6% in Q2 2020 - statistics office

15/10 Uganda's economic output contracted by 6% in the second quarter of 2020, compared to a growth of 6.5% in a similar quarter last year, as the coronavirus crisis hurt sectors like. . .  Full story

Nigerian annual inflation at 13.71% in September - stats office

15/10 Annual inflation in Nigeria stood at 13.71% in September, compared with 13.22% in August, the National Bureau of Statistics said on Thursday in a report.. . .  Full story

Morocco expects economy to grow 4.8%, fiscal deficit at 6.5% in 2021

14/10 Morocco's cabinet has proposed a 2021 budget that envisages a fiscal deficit of 6.5% of gross domestic product (GDP), down from an expected 7.5% this year, the royal palace said on Wednesday.. . .  Full story

Ghana's September consumer price inflation at 10.4%, says stats office

14/10 Ghana's consumer price inflation was at 10.4% year-on-year in September, compared with 10.5% in August, the West African nation's statistics office said on Wednesday.. . .  Full story

Rwanda in talks with EU, U.S. firms to produce cannabis for export

14/10 Rwanda is in talks with four European and American companies about growing and processing cannabis for export to meet rising pharmaceutical demand for the narcotic, although its consumption is still banned in the country.. . .  Full story

Mali 2020 cotton harvest expected to tumbles 75% to 176 200 T

14/10 Mali's cotton harvest is expected to drop 75% this year, to 176,200 tonnes from 700,000 tonnes last year, because of a pandemic-induced price slump that forced farmers to plant less crop,. . .  Full story

Ghana's September consumer price inflation at 10.4%, says stats office

14/10 Ghana's consumer price inflation was at 10.4% year-on-year in September, compared with 10.5% in August, the West African nation's statistics office said on Wednesday. (Reporting by Christian Akorlie Writing by Bate Felix). . .  Full story

Extension of G20 debt freeze would be very beneficial - Angola

13/10 Extending a scheme by major economies to halt billions of dollars in debt service from poor nations during the coronavirus crisis would be very helpful, Angola's finance minister said on Tuesday,. . .  Full story

Tunisia's trade deficit falls to $3.7 billion

13/10 Tunisia's trade deficit fell to $3.7 billion in the first nine months of this year and both imports and exports declined, official figures showed on Tuesday.. . .  Full story

Morocco’s Aradei Capital considers IPO in Casablanca

12/10 Moroccan real estate company Aradei Capital is considering an initial public offering (IPO) to raise 800 million dirhams ($87 million) on the Casablanca stock exchange to support its growth plans.. . .  Full story

Nigeria not looking to issue Eurobonds, Vice President says

11/10 Nigeria will avoid issuing Eurobonds due to their expense, Vice President Yemi Osinbajo said, and will look at alternative ways to raise funds to support the economy in the face of. . .  Full story

Ugandan banks jolted by court ruling on syndicated loans

08/10 Banks in Uganda plan to appeal a court ruling issued on Wednesday that has effectively declared illegal certain syndicated loans - representing at least $1.5 billion worth of debt - an industry body said. . .  Full story

Tunisia imposes night curfew to slow second wave of pandemic

08/10 Tunisian authorities will impose a curfew in the capital Tunis to slow a surge in coronavirus cases, months after stopping a first wave with an expensive lockdown that the government says. . .  Full story

Nigerian informal retailers turn tech-savvy to stock up amid pandemic

08/10 When the coronavirus outbreak forced shops to close in Nigeria's commercial capital Lagos, kiosk store owner Funmilayo Akinola weighed up her safety against the need to make a living.. . .  Full story

Ivory Coast police rescue 11 children working on cocoa farms

07/10 Police on Wednesday rescued 11 children and two teenagers working on cocoa plantations in southwestern Ivory Coast and arrested three farmers on suspicion of people trafficking, the police commissioner said.. . .  Full story

Congo to receive $142 mln COVID-19 support from African Development Bank

07/10 The African Development Bank has approved $100 million of grants and a $42 million loan to the Democratic Republic of Congo to support its budget and help it to fight the. . .  Full story

Namibia restricts cross-border cattle movement over foot and mouth

07/10 Namibia said on Wednesday that it had temporarily banned the cross-border movement of cattle into and out of northern neighbour Angola due to an outbreak of highly contagious foot and mouth. . .  Full story

Zambia's new central bank governor says he will uphold bank's independence

06/10 Zambia's new central bank governor Christopher Mvunga said on Tuesday he will uphold the operational independence of the Bank of Zambia in line with the law.. . .  Full story

Congo Republic sees economy recovering to 0.5% growth in 2021

06/10 The Republic of Congo's government said on Tuesday its economy would grow 0.5% next year on the back of a more buoyant outlook for oil futures, after contracting 8.6% in 2020.. . .  Full story

Nigeria aims to revamp refineries, end oil-for-fuel swaps

06/10 Nigeria aims to end the country's so-called oil-for-fuel swaps system in the near future and rely instead on oil products from local refineries, which it hopes to have running again by 2023, the head. . .  Full story

Kenya private sector PMI jumps to 29-month high in September

05/10 Activity in Kenya's private sector grew at the fastest rate in 29 months in September, buoyed by more firms resuming operations after the easing of some restrictions imposed to stem the. . .  Full story

Nigeria to bar vessels without licences from operating in Nigerian waters

04/10 Nigeria plans to bar vessels without a valid licence to operate in Nigerian waters and has given shipping companies that trade in its coastal and inland waters three months to register, the maritime regulator. . .  Full story

Chevron Nigeria plans to cut 25% of staff after oil price drop

04/10 The Nigerian unit of oil major Chevron plans to cut its local workforce by 25% to reduce costs, it said on Saturday, due to weak demand for oil in the wake. . .  Full story

Nigerian crude faces new woes from Libyan supply

03/10 Trading remained muted as differentials for West African grades continued to suffer and Nigerian grades especially faced competition from a rise in Libyan output.. . .  Full story

EMR Capital seeks concessions to develop $1 bln Zambia copper mine

02/10 Lubambe Copper Mine, majority-owned by Australia's EMR Capital, is talking to the Zambian government to seek concessions, including a tax break, to develop a new $1 billion copper mine, the company. . .  Full story

Ivory Coast raises 2020/21 cocoa farmgate price by 21%

02/10 Ivory Coast has raised the fixed farmgate price paid to cocoa farmers more than 21% to 1,000 CFA Francs ($1.80) per kg for the main crop of the 2020/2021 season starting. . .  Full story

Sierra Leone court lifts Octea asset freeze after complaint thrown out

02/10 The High Court of Sierra Leone in Freetown has dismissed one of several legal complaints against Octea, a subsidiary of Israeli billionaire Beny Steinmetz's BSG Resources (BSGR), on jurisdictional grounds, a. . .  Full story

Sierra Leone court lifts Octea asset freeze after complaint thrown out

02/10 The High Court of Sierra Leone in Freetown has dismissed one of several legal complaints against Octea, a subsidiary of Israeli billionaire Beny Steinmetz's BSG Resources (BSGR), on jurisdictional grounds, a court ruling shows.. . .  Full story

Ivory Coast main cocoa crop to fall behind last year -trade

01/10 The current main cocoa crop in top producer Ivory Coast looks set to fall some 60,000 tonnes below last year's levels, upending market bets on an increase in bean output that. . .  Full story

Tunisia central bank cuts key interest rate by 50 bps to 6.25%

01/10 Tunisia's central bank cut its key interest rate on Wednesday by 50 basis points to 6.25%, aiming to stimulate investment and push faltering growth, a central bank official told Reuters.. . .  Full story

Ivory Coast 2021 budget up 6.9% to help those hit by pandemic

01/10 Ivory Coast on Wednesday announced a budget of 8.6 trillion cfa francs ($15.47 billion) for 2021, a 6.9% increase on 2020 as the government seeks to improve the living standards of. . .  Full story

Namibia fishing auction for COVID-19 cash flops

01/10 A fisheries auction in Namibia meant to pay for COVID-19 care has flopped, after bidders stumped up barely 1.3% of the $38 million offers accepted, the finance minister said on Wednesday.. . .  Full story

Nigeria's cabinet proposes 3% economic growth target for 2021 budget

30/09 Nigeria's cabinet proposed on Wednesday a 3% economic growth target and an 11.95% inflation target for its 2021 budget, a presidency aide said.. . .  Full story

Nigeria's cabinet proposes 3% economic growth target for 2021 budget -presidency aide

30/09 Nigeria's cabinet proposed on Wednesday a 3% economic growth target and an 11.95% inflation target for its 2021 budget, a presidency aide said on his official Twitter account.. . .  Full story

Ugandan coffee exports up 6% yr/yr in August - UCDA

30/09 Uganda's coffee exports rose 6.2% in August from the same month last year, boosted by maturing new crop and faster cross-border transportation as countries in the region relax anti-coronavirus rules, the. . .  Full story

Kenya cenbank to hold accommodative stance for 'foreseeable future'

30/09 Kenya's central bank will hold its current accommodative monetary policy stance for the "foreseeable future", its governor said on Wednesday.. . .  Full story

Key provisions in Nigeria's oil overhaul bill

29/09 Nigeria's oil reform bill is now with the National Assembly. Due to the political alignment of the legislature with the presidency, it has the best chance of passing into law in the 20-year history. . .  Full story

Kenya central bank holds lending rate for fourth time in a row

29/09 Kenya's central bank held its benchmark lending rate at 7.0% for the fourth time in a row on Tuesday, saying its accommodative monetary policy stance remained appropriate for the current economic. . .  Full story

Ghana cocoa regulator signs $1.3 bln finance deal for 2020/21 season

29/09 Ghana's cocoa board (Cocobod) signed on Tuesday a $1.3 billion pre-export finance deal for the 2020/21 cocoa season through a syndicated loan, following reports earlier this year that its usual lenders. . .  Full story

Senegal president sees growth at 13.7% by 2023 thanks to oil, gas

29/09 Senegal's President Macky Sall said on Tuesday that he expected the West African nation's economic growth to hit double digits for the first time to around 13.7% by 2023, thanks to. . .  Full story

Angolan energy giant made no money from oil in 2019 as debt bites

29/09 Angola's state oil giant made no money from core oil activities last year, a Reuters analysis of its full accounts shows, as billions of dollars of debt repayments ate up profits.. . .  Full story

AngloGold prices $700 million notes offering

29/09 Gold miner AngloGold Ashanti on Tuesday priced the offering of a $700 million principal amount of 3.750% notes due 2030 to help repay a part of its $1.4 billion credit facility, which will become. . .  Full story

Nigeria would turn NNPC into LLC, amend royalties under draft oil reform bill

28/09 Nigeria's long-awaited oil reform bill would take steps to privatise the Nigerian National Petroleum Company (NNPC), amend changes to deepwater royalties made late last year and create new regulatory bodies, a copy of the bill. . .  Full story

Nigeria's senate confirms it received oil reform bill - senate president

28/09 Nigeria's Senate president on Monday confirmed that President Muhammadu Buhari had sent a long-awaited oil reform bill to the chamber for approval.. . .  Full story

Ghana Central Bank holds rates, eyes recovery from pandemic slump

28/09 Ghana's central bank has kept its interest rate unchanged at 14.5% as it eyes recovery from a pandemic-induced economic slump, its governor Ernest Addison said on Monday.. . .  Full story

Ivory Coast 2019/20 cocoa port arrivals seen at 2.074 mln T by Sept. 27 - exporters

28/09 Cocoa arrivals at ports in top grower Ivory Coast reached 2.074 million tonnes between Oct. 1 and Sept. 27, exporters estimated on Monday, down 5.1% from 2.185 mln tonnes over the. . .  Full story

Nigeria would privatise NNPC, amend royalties under draft oil reform bill

28/09 Nigeria's long-awaited oil reform bill would privatise the Nigerian National Petroleum Company (NNPC), amend changes to deepwater royalties made late last year and scrap key regulatory agencies in favour of new. . .  Full story

Zambia chamber of mines says double taxation hurting investment

28/09 Zambia should treat mineral royalty payments as a deductible expense in order to avoid double taxation and attract investment, the Zambia Chamber of Mines said on Monday.. . .  Full story

Ghana raises 2020/21 cocoa farmgate price by 28%

25/09 Ghana will increase the guaranteed cocoa price it pays to farmers during the upcoming growing season by 28% to 10,560 cedis ($1,837) per tonne President Nana Akufo-Addo said on Thursday.. . .  Full story

Zambia aiming to reduce deficit to 9.3% in 2021 - finmin

25/09 Zambia aims to lower its fiscal deficit and external debt in the coming year after both overshot plans in 2020 due to the coronavirus, Finance Minister Bwalya Ng’andu said in a. . .  Full story

Morocco sells 1 bln euro in dual-tranche bonds - document

24/09 Morocco on Thursday sold bonds worth 1 billion euro split into two tranches of 5-1/2 and 10 years, a document showed.. . .  Full story

Morocco’s Attijariwafa Bank first-half profit down 57.5%

24/09 Attijariwafa Bank, one of Morocco’s biggest lenders, reported on Thursday a 57.5% drop in first-half net profit attributable to shareholders to 1.2 billion dirhams ($130 million), citing a surge in pandemic-related. . .  Full story

Namibia's GDP contracts 11.1% in second quarter

24/09 Namibia's gross domestic product (GDP) contracted by 11.1% year on year in the second quarter from a revised 1.8% contraction in the first quarter, its statistics office said on Thursday.. . .  Full story

Nigeria auction bonds at lower yields after surprise rate cut

23/09 Nigeria sold bonds on Wednesday at yields lower than the secondary market despite double-digit inflation, auction results showed, after an unexpected central bank interest rate cut aimed at stimulating the economy.. . .  Full story

Nigeria's Buhari to send long-awaited oil reform bill to Senate - sources

23/09 Nigerian President Muhammadu Buhari has signed a long-awaited oil-reform bill and it will be formally presented in the Senate as early as next week, four sources familiar with the matter told Reuters.. . .  Full story

Glencore says Kamoto Copper Company ramping up to full production

23/09 Glencore's head of Africa copper on Tuesday said its Democratic Republic of Congo subsidiary Kamoto Copper Company (KCC) is ramping up to full production and should produce 270,000 tonnes of copper. . .  Full story

Zambia pushes to defer dollar-bond interest payments until April 2021

22/09 Zambia launched a vote with its Eurobond holders on Tuesday, proposing to defer interest payments on its three outstanding dollar-denominated bonds until April 14, 2021.. . .  Full story

Libya's NOC lifts force majeure at Zueitina oil terminal

22/09 Libya's National Oil Corporation (NOC) said on Tuesday it was lifting force majeure at the eastern Zueitina oil port after conducting security assessments at the terminal and connected fields.. . .  Full story

B2Gold says Mali political situation 'headed in right direction'

21/09 Gold miner B2Gold on Monday sought to reassure investors that Mali's political situation was improving after a military coup last month hit shares in the company and other Mali-focused miners.. . .  Full story

OPEC watching Libyan oil restart closely, needs time to assess-sources

21/09 OPEC and its allies are watching efforts to resume oil output in Libya very closely, OPEC sources said on Monday, although producers should wait to see if there is a sustainable restart before. . .  Full story

Banks agree $545 million for Congo Republic economy

20/09 A group of banks has agreed more than $545 million worth of funding to boost Congo Republic's long-suffering economy, officials said on Saturday.. . .  Full story

Kenya's central bank licenses first mortgage refinance company

18/09 Kenya's central bank has licensed the country's first mortgage refinance firm, it said on Friday, paving the way for banks to access long-term finance for home loans.. . .  Full story

Gambia's growth seen shrinking to 2% as president eases lockdown

18/09 Gambia's economic growth rate may fall to 2% in 2020 versus a forecast 6% due to the coronavirus, President Adama Barrow said on Thursday, as he relaxed a nighttime curfew but. . .  Full story

IMF approves $1 bln in funds for Angola, adds $765 mln to program

17/09 The International Monetary Fund said on Wednesday it had approved immediate disbursement of $1 billion to Angola under an existing program and increased its total funding access by $765 million to. . .  Full story

South Sudan president replaces finance minister, state TV reports

16/09 South Sudan President Salva Kiir has removed the country's finance minister Salvatore Garang from office, replacing him with Athian Ding Athian, state television reported on Wednesday.. . .  Full story

Ghana's economy contracts for the first time in 37 years

16/09 Ghana's economy contracted for the first time in almost four decades in the second quarter, by an annual 3.2%, as coronavirus restrictions stalled activity, the statistics office said on Wednesday.. . .  Full story

Kenya's KenGen seeks adviser for sale of emissions reduction units

15/09 Kenya Electricity Generating Co (KenGen), is seeking a transaction adviser for the sale of certified carbon emissions-reduction units, it said.. . .  Full story