Africa Business

Glencore copper mine in Congo says six workers have coronavirus

07/07 Six workers at Glencore's Kamoto Copper Company (KCC) mine in Democratic Republic of Congo's Lualaba province have tested positive for the coronavirus, KCC said on Tuesday.. . .  Full story

Morocco's 2020 budget review sees fiscal deficit at 7.5%, growth at -5%

06/07 Morocco's review of the 2020 budget expects the fiscal deficit at 7.5% and growth at -5% on the back of the coronavirus outbreak, the Royal cabinet said on Monday. The draft budget, which will be. . .  Full story

Morocco's economy to contract 13.8% in Q2, 4.6% in Q3 - planning agency

06/07 Morocco’s economy is expected to contract by 13.8% in the second quarter under the impact of the coronavirus lockdown, the state planning agency said on Sunday.. . .  Full story

Nigeria's debt rose to 28.62 trln naira as of March -debt office

03/07 Nigeria's total public debt rose to 28.62 trillion naira ($79.5 billion) as of March, up 15% from a year earlier, the Debt Management Office (DMO) said on Friday.. . .  Full story

Morocco’s RAM to axe routes, may reduce fleet to secure aid

03/07 Moroccan airline Royal Air Maroc plans to cancel some air links, cut jobs and may sell 20 aircraft to secure state aid it needs to cope with the coronavirus crisis, a. . .  Full story

Kenyan shilling weakens due to manufacturing sector demand

03/07 The Kenyan shilling weakened on Friday due to dollar demand from the energy and manufacturing sectors, traders said.. . .  Full story

Namibia considering options for struggling national flag carrier -finance minister

03/07 The Namibian government is weighing several options regarding the future of struggling national carrier Air Namibia, new Finance Minister Iipumbu Shiimi told parliament on Thursday.. . .  Full story

Kenya private sector activity up in June, outlook gloomy -PMI

03/07 Private sector activity in Kenya grew in June thanks to reduced curfew hours and the relaxation of lockdowns in Europe that boosted demand for exports, but the outlook for the months. . .  Full story

Grand Parade Says Sunslots Deal Agreement Has Lapsed

02/07 Grand Parade Investments Ltd:. . .  Full story

Morocco’s trade deficit narrows 12% year/year in Jan-May

01/07 Morocco's trade deficit shrank by 12% to 73.7 billion dirhams ($7.58 billion) in the first five months of 2020 from a year earlier, the foreign exchange regulator said on Wednesday.. . .  Full story

Zimbabwe receives $250 mln credit facility from Afreximbank - Bloomberg News

01/07 -- Source link: . .  Full story

African Cup of Nations postponed from January next year to 2022

30/06 Next January's Africa Cup of Nations finals in Cameroon have been postponed by one year and will now take place in 2022, the Confederation of African Football decided on Tuesday.. . .  Full story

Kenya's economic growth slows down in the first quarter

30/06 Kenya's economic growth slowed to 4.9% in the first quarter of this year from 5.5% a year earlier, hit by the uncertainty created by coronavirus pandemic, the statistics office said on Tuesday.. . .  Full story

Kenya's economy expands by 4.9% in the first quarter of this year

30/06 Kenya's economy grew by 4.9% in the first quarter of this year, down from a rate of 5.5% in the same quarter last year, the statistics office said on Tuesday.. . .  Full story

Kenya's inflation falls to 4.59% in June

30/06 Kenya's inflation fell to 4.59% year-on-year in June from a revised 5.33% a month earlier, the statistics office said on Tuesday.. . .  Full story

Fitch: Sub-Sahara African debt burdens rising faster than elsewhere

30/06 Government debt burdens across sub-Saharan Africa are rising at a faster pace and to higher levels than elsewhere in emerging markets, heightening the risk of further rating downgrades and defaults, ratings. . .  Full story

Botswana taps into strategic fuel reserves to ease shortages

30/06 Botswana has tapped into its strategic fuel reserves to alleviate shortages caused by import delays during the coronavirus crisis and also what the government has called panic-buying.. . .  Full story

Nigeria to ease COVID-19 curbs on inter-state travel and students

29/06 Nigeria will let people travel between its states outside curfew hours from July 1, a senior official said on Monday as authorities moved to relax some coronavirus restrictions.. . .  Full story

MTN to challenge Ghana regulator's move to reduce market dominance

26/06 MTN's unit in Ghana said on Friday it would challenge in court moves by the national telecommunications regulators aimed at exposing it to greater competition.. . .  Full story

Congo president wins approval for state mining company nominees

26/06 Democratic Republic of Congo President Felix Tshisekedi won approval on Friday for his nominations to lead state mining company Gecamines, its chairman said, after they were held up by allies of Tshisekedi's predecessor for over. . .  Full story

Botswana needs $3.4 billion in stimulus, to plug budget deficits

26/06 Botswana needs a total of 40 billion pula ($3.40 billion) over the next 2-1/2 years to revive its coronavirus-hit economy and to cover expected budget deficits, estimates by the ministry of. . .  Full story

Congo aims to launch state cobalt monopoly in two months, mines minister says

26/06 Democratic Republic of Congo will begin its state-controlled buying of artisanal cobalt in about two months time, having been delayed by the coronavirus pandemic, the mines minister said on Thursday.. . .  Full story

Kenya Airways estimates coronavirus revenue loss at $100 mln -CEO

26/06 Kenya Airways has lost an estimated $100 million in revenue as a result of the COVID-19 pandemic and related lockdowns, CEO Allan Kilavuka told reporters on Friday.. . .  Full story

Djibouti sets up sovereign wealth fund, targets $1.5 bln in 10 years

25/06 Djibouti is setting up a sovereign wealth fund for domestic and regional investment, aiming to fund it to the tune of $1.5 billion over the next decade, the government said on. . .  Full story

Ghana bank governor fears ballooning deficit not sustainable

25/06 Ghana's central bank governor, Ernest Kwamina Addison, said on Thursday that Ghana needed to raise more domestic revenue to tackle a ballooning budget deficit that could exceed 7% of GDP this. . .  Full story

Kenya central bank holds benchmark lending rate at 7.0%

25/06 Kenya's central bank held its benchmark lending rate at 7.0% on Thursday, saying the easing measures it had adopted since the onset of the coronavirus crisis in March were having the. . .  Full story

Congo declares end of Ebola outbreak in east, second deadliest in history

25/06 The second-largest Ebola outbreak on record is over after nearly two years and more than 2,200 deaths, Democratic Republic of Congo's health minister said on Thursday, even as a separate flare-up. . .  Full story

Nigeria's COVID-19 outbreak could impoverish 5 million people, World Bank says

25/06 Nigeria's coronavirus outbreak may push 5 million people into poverty as it triggers the worst recession in the African powerhouse since the 1980s, the World Bank said on Thursday.. . .  Full story

World Bank approves $750 mln loan for Nigeria's power sector

24/06 The World Bank has approved a $750 million loan for Nigeria's power sector, the first release of funds after years of stalled talks over long-term reforms, it said.. . .  Full story

World Bank says it approves $750 mln loan for Nigeria's power sector

24/06 The World Bank has approved a $750 million loan for Nigeria's power sector, the lender said.. . .  Full story

World Bank lends Morocco $500 mln to improve access to online finance

24/06 The World Bank has approved a $500 million loan to help Morocco improve access to online finance and government services for businesses, particularly startups led by young people, it said on. . .  Full story

Combined Motor FY HEPS 254,8 Cents

23/06 Combined Motor Holdings Ltd:. . .  Full story

Zambia approves $438 million COVID-19 economic stimulus package

23/06 Zambia's cabinet approved a 8 billion kwacha ($439 million) economic stimulus package financed through a COVID-19 bond in an effort to alleviate the pandemic's impact, the presidency said on Tuesday.. . .  Full story

Zimbabwe's Centragrid to scale up solar output

23/06 Zimbabwean solar power company Centragrid plans to increase generation capacity to 25 megawatts (MW) by October 2021, helping the country chip away at a huge electricity deficit that has hurt mines. . .  Full story

Coronavirus slowdown squeezes Ivory Coast cotton sector

23/06 Ivory Coast's cotton industry will struggle to cover its costs after exporting just 20% of last season's 210,902 tonnes of fibre because of COVID-19 disruptions in top buying destinations in Asia,. . .  Full story

Rwanda’s economy expected to grow 2% in 2020, 6.3% in 2021 - finance minister

22/06 Rwanda’s economy is expected to grow 2% in 2020, 6.3% in 2021 and 8% in 2022 the finance minister said on Monday, as he presented the budget to parliament.. . .  Full story

Ivory Coast says arrested head of commando unit of June 10 attack

22/06 Ivory Coast has arrested the head of the commando unit that carried out a June 10 attack that killed at least 10 soldiers in the north of the country, plus several. . .  Full story

Morocco's CPI drops to 0.2% y/y in May- planning agency

22/06 Morocco’s consumer price inflation slowed to 0.2% year-on-year in May compared to 0.9% in April, the high commission for planning said on Tuesday.. . .  Full story

Ivory Coast 2019/20 cocoa port arrivals seen at 1.936 mln T by June 21 - exporters

22/06 - Cocoa arrivals at ports in top grower Ivory Coast reached 1.936 million tonnes between Oct. 1 and June 21, exporters estimated on Monday, down 6.9% from 2.080 mln tonnes over. . .  Full story

IMF approves $148 million emergency credit for Guinea

20/06 The International Monetary Fund (IMF) has approved $148 million in emergency credit to Guinea to bolster the West African country's economy during the COVID-19 pandemic, it said in a statement.. . .  Full story

Rwanda GDP growth slows to 3.6% in Q1 2020 from 6.1% in same period last year

20/06 Rwanda's economic growth slowed to 3.6% year-on-year in the first quarter of this year from 6.1% in same period last year, hit by effects of the novel coronavirus, the statistics office. . .  Full story

Ivorian cocoa traders seek fairer share of fairtrade, letter shows

19/06 Ivory Coast's domestic cocoa traders' association (GNI) has asked multinationals, which have a monopoly on fairtrade certified cocoa contracts, to increase the volume of certified beans GNI can export, a letter seen by Reuters showed. . .  Full story

Madagascar offers $73 mln of loans to help small businesses through pandemic

18/06 Madagascar has announced a stimulus package offering close to a million small businesses secure loans at below market rates to help weather the impact of the coronavirus outbreak, the government said.. . .  Full story

Combined Motor Says Not To Declare Dividend

18/06 Combined Motor Holdings Ltd:. . .  Full story

Zambia mining revenues drop 30% due to COVID-19, Chamber of Mines says

18/06 Mining companies in Zambia, Africa's No.2 copper producer, have suffered a 30% drop in revenue over the three months to April due to the COVID-19 pandemic and the fallout could last. . .  Full story

Congo cuts 2020 economic growth forecast to -2.4%: cbank

17/06 The Democratic Republic of Congo's central bank on Wednesday trimmed its economic growth forecast for 2020 to -2.4%, down from a previous projection of -1.9%, due to the impact of the. . .  Full story

Aspen Pharmacare Says It Owns Rights To Dexamethasone

17/06 Aspen Pharmacare Holdings Ltd:. . .  Full story

Primeserv Group FY HEPS 32.08 Cents

17/06 Primeserv Group Ltd:. . .  Full story

Acacia Mining employees pay Tanzania $650,000 in tax evasion case

17/06 Three employees of Acacia Mining, a former Barrick Gold unit, have been released from jail in Tanzania after paying 1.5 billion Tanzanian shillings ($649,632) in compensation for tax evasion, a prosecutor told Reuters on Wednesday.. . .  Full story

Ghana economy grows 4.9% y/y in first quarter, says stats office

17/06 Ghana's economy grew 4.9% year-on-year in the first quarter of 2020 compared with 6.7% in the same period last year, provisional data from the state statistics service showed on Wednesday.. . .  Full story

Morocco central bank cuts rates to shore up economy

16/06 Morocco's central bank cut its benchmark interest rate by 50 basis points to 1.5% on Tuesday to help the economy recover from the impact of the coronavirus pandemic.. . .  Full story

Angola to export 38 oil cargoes in August, up 1 from July-sources

16/06 Angola is set to export 38 crude oil cargoes in August, up one from the July schedule, two trade sources said on Tuesday citing a preliminary loading programme.. . .  Full story

Ivory Coast requests debt holiday from creditors including Paris Club

16/06 Ivory Coast has asked to join an initiative that would let it suspend its debt payments until the end of the year in order to spend more on health services and. . .  Full story

Zimbabwe gold miner RioZim halts production over payment delays

16/06 Zimbabwe's biggest gold miner RioZim Ltd said on Tuesday it had stopped production due to delays in payments for deliveries to the country's sole buyer of bullion, which left the company. . .  Full story

Zimbabwe inflation at 785.55% y/y in May - Zimstat

16/06 Zimbabwe's inflation rose to 785.55% year-on-year in May from 765.57% the previous month, Zimstat said on Tuesday, as citizens grapple with rising prices of basic goods and a weakening currency.. . .  Full story

IMF cuts Senegal's 2020 GDP forecast to 1.1%

15/06 The International Monetary Fund has cut Senegal's 2020 economic growth forecast to 1.1% from a 3% estimate in April due to the effects of the coronavirus pandemic.. . .  Full story

Sudan to introduce direct cash payments to its neediest citizens

15/06 Sudan will begin rolling out an experimental programme of direct cash transfers to its neediest citizens next week as it tries to wean the country off costly subsidies.. . .  Full story

Nigeria's daily oil output overfull OPEC+ deal - Kyari

13/06 Nigeria's current daily oil production overcomplies with its promised cuts under an agreement among major oil producers, the head of the state oil company said on Friday.. . .  Full story

Nigeria's daily oil output overfull OPEC+ deal -Kyari

12/06 Nigeria's current daily oil production overcomplies with its promised cuts under an agreement among major oil producers, the head of the state oil company said on Friday.. . .  Full story

Kenya central bank to hold its rate-setting meeting on June 25

12/06 The Kenyan central bank's Monetary Policy Committee will hold its next rate-setting meeting on June 25, rather than the previously communicated date of June 30, it said on Friday.. . .  Full story

Tanzania says it has begun negotiations over debt relief to shore up economy

12/06 Tanzania has begun negotiations with creditors over a G-20 nations initiative over debt relief, the finance minister said on Thursday, part of efforts to mitigate against negative economic effects sparked by. . .  Full story