Africa Business

Tanzania economy to grow by 6% this year vs 5.5% last year -central bank

26/01 Tanzania's economy is expected to expand by 6% or more this year from an estimated 5.5% last year, the central bank said, buoyed by the expected global economic recovery and faster private sector credit. . .  Full story

Ivory Coast weather lifts mid-crop cocoa outlook

25/01 Rainfall was below average last week in most of Ivory Coast's cocoa growing regions but good soil moisture content was helping the development of trees for the April-to-September mid-crop, farmers said on Monday.. . .  Full story

Nigerian lawmakers target April or May to pass oil reform bill

25/01 Nigeria's parliament will pass the long-delayed Petroleum Industry Bill by the second quarter of 2021, Senate President Ahmed Lawan said during a parliamentary session on Monday.. . .  Full story

Ivory coast 2020/21 cocoa arrivals dip 5.8% to 1.271 mln tonnes year-on-year by Jan 24- exporters estimates

25/01 Cocoa arrivals at ports in top grower Ivory Coast dipped 5.8 percent to 1.271 million tonnes between Oct. 1 and Jan. 24 compared to the same period the previous season, exporters said on Monday.. . .  Full story

IMF urges deficit control in Tunisia even as protesters demand jobs

23/01 The International Monetary Fund (IMF) warned on Friday that Tunisia's fiscal deficit could exceed 9% of GDP and urged the country to control energy subsides, transfers to state companies and wages, even as protesters have. . .  Full story

Ivory Coast rains, sun support abundant cocoa mid-crop, farmers say

18/01 Above average light rains mixed with spells of sunshine last week in most of Ivory Coast's cocoa regions provided the right growing conditions for the April-to-September mid-crop, farmers said on Monday.. . .  Full story

Zambia hires communication adviser over debt restructuring

16/01 Indebted Zambia has appointed communication firm Highgate Advisory Ltd as it negotiates with creditors to restore its debt to sustainable levels, Secretary to the Treasury Fredson Yamba said. Zambia, Africa's second-largest copper producer, is seeking debt. . .  Full story

Kenya Airways plans more pay cuts due to pandemic -memo

15/01 Kenya Airways plans further pay cuts for employees of as much as 30% after the airline was hit by the coronavirus pandemic that has caused a slump in air travel, an internal memo showed. . .  Full story

Nigeria's senate president vows action on long-delayed oil reform law

12/01 Nigeria's senate president said that despite forces "working desperately" to derail a long-delayed oil overhaul bill, lawmakers will push the bill through the national assembly.. . .  Full story

Tech investors eye Africa's education and financial sectors

12/01 Africa's education and financial services sectors offer the best opportunities in the post-COVID-19 period, as the pandemic speeds up a shift into digital ways of living and working, two prominent investors said on Tuesday.. . .  Full story

Uganda converts some bonds due this month to longer tenures amid cash squeeze

11/01 Uganda said on Monday it had converted some treasury bonds maturing on Jan. 21 into different, longer tenures that will now come due between 2023-2040 as a cash crunch triggered by the effects of. . .  Full story

Ivory Coast cocoa farmers get boost from rainy weather

11/01 Unseasonably heavy rains mixed with sun last week in most of Ivory Coast's cocoa regions, improving prospects for the April-to-September mid-crop harvest, farmers said on Monday.. . .  Full story

Nigeria's NNPC seeks $1 bln oil prepay to revamp Port Harcourt refinery

07/01 Nigeria's state oil firm NNPC is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt, seven sources familiar with the discussions. . .  Full story

Record rise in government debt will hit emerging markets harder, Fitch says

06/01 A record increase in government debt globally will hit emerging markets disproportionately, with developing nations not benefiting from lower interest rates and debt service burdens providing a cause for concern, Fitch Ratings said on Wednesday.. . .  Full story

Kenya private sector activity inches up in December -PMI

06/01 Kenya's private sector activity increased only slightly in December as firms struggled with a jump in prices of materials and shortages in some cases, a survey showed on Wednesday.. . .  Full story

Kenya's inflation rises to 5.62% in December

31/12 Kenya's annual inflation rate rose to 5.62% in December from 5.46% in November, the statistics office said on Thursday.. . .  Full story

Powerful business lobby replaces ally of ex-Congo president Kabila

23/12 Democratic Republic of Congo's main private business lobby replaced a close ally of former president Joseph Kabila as its chairman on Wednesday, further weakening Kabila in his power struggle with President Felix Tshisekedi.. . .  Full story

Exxonmobil says it has issued a force majeure on Nigeria's Qua Iboe terminal

22/12 ExxonMobil issued a force majeure on Nigeria's Qua Iboe crude oil export terminal last week, a spokesman said on Tuesday, after a fire hit the facility and injured two workers.. . .  Full story

Ghana, Kenya and Nigeria to tap markets in 2021 as frontier debt springs back to life

22/12 Sub-Saharan African governments will return to international capital markets in 2021 with Ghana, Kenya and Nigeria to issue bonds as investors once again are expected to embrace more risk, the Institute of International Finance said.. . .  Full story

Kenyan parliament halts COVID-19 related tax relief

22/12 Kenya's parliament on Tuesday voted to end tax cuts put in place in April to cushion the economy from the impact of the COVID-19 pandemic, a move lawmakers said would help to plug revenue. . .  Full story

Unexpected rains a boost for Ivory Coast's cocoa farmers

21/12 Well-above average rains mixed with sunny spells across most of Ivory Coast's cocoa regions should improve the quality and the size of beans in February and March, farmers said on Monday.. . .  Full story

Nigeria's parliament passes $35.66 bln budget for 2021

21/12 Nigeria's parliament approved on Monday the government's 2021 budget of 13.6 trillion naira ($35.66 billion), assuming 3% annual economic growth, oil prices of $40 a barrel and 1.86 million barrels a day of crude production.. . .  Full story

Congo imposes travel ban on mining traceability director

17/12 The Congolese government has banned the head of the state mineral certification body from leaving the country as a fraud investigation is underway, the mines minister said on Thursday.. . .  Full story

Rwanda's economy to slightly contract this year, rebound in 2021 - IMF

17/12 Rwanda's economy, thwarted by the coronavirus pandemic, is projected to contract 0.2% this year but will recover next year to grow 5.7%, the International Monetary Fund said on Wednesday.. . .  Full story

Morocco's central bank holds benchmark interest rate steady at 1.5%

15/12 Morocco’s central bank kept its benchmark interest rate unchanged at 1.5% on Tuesday as it seeks to help the economy deal with the fallout of the coronavirus pandemic.. . .  Full story

Australian miner aims to produce in Botswana's copper belt by 2022

14/12 Australia's Sandfire Resources aims to start commercial mining of copper and silver in Botswana's Kalahari copper belt by 2022, it said on Monday, as the country seeks to curb its dependence on diamong mining.. . .  Full story

Unexpected rains in Ivory Coast revive hopes for cocoa crop, say farmers

14/12 Heavy rain and sunny spells last week in Ivory Coast's cocoa regions boosted hopes for a positive outcome for the October-to-March main crop and the April-September mid-crop, farmers said on Monday.. . .  Full story

Uganda central bank leaves policy rate unchanged at 7%

14/12 Uganda's central bank on Monday maintained its benchmark rate at 7%, extending its loose policy stance to keep credit flowing faster and jumpstart an economy battered by the effects of the coronavirus outbreak.. . .  Full story

Tower Property Fund to Sell Shoprite Ennerdale

11/12 Tower Property Fund Ltd:. . .  Full story

Sudan's annual inflation jumps to 254% in November

10/12 Sudan's annual inflation accelerated to 254.23% in November from 229.85% in October, the state statistics office said on Thursday.. . .  Full story

Ghana to raise up to $5 billion on international capital markets

10/12 Ghana intends to raise up to $5 billion in 2021 on international capital markets to support budget expenditures, buy back outstanding Eurobonds and allow the government to refinance domestic debt, the finance ministry said on. . .  Full story

IMF to assess plan for indebted Zambia in coming weeks

09/12 The International Monetary Fund said on Wednesday that it will assess a possible support programme for debt-strained Zambia in the coming weeks.. . .  Full story

Conservationists trying to save Kenyan giraffes stranded on flooding island

09/12 Conservationists are working to rescue giraffes stranded on an island in Lake Boringo in western Kenya after heavy rains led to the flooding of their rangeland habitat, threatening the animals with drowning.. . .  Full story

Zimbabwe inflation at 401.66% in November -Zimstats

08/12 Zimbabwe's inflation rate eased to 401.66% in November year-on-year from 471.25% the previous month, statistical agency Zimstats said on Tuesday.. . .  Full story

Zambia requests financing arrangement with the IMF

08/12 Zambian authorities formally requested a financing arrangement from the International Monetary Fund (IMF), the Fund said on Tuesday, to help the southern African copper producer navigate a debt crisis.. . .  Full story

Gambia's economy to shrink 1.5% in 2020, finance ministry says

04/12 Gambia's economy will contract 1.5% in 2020 versus a previous estimate of 6.5% growth as a result of the impact of the coronavirus pandemic on tourism, the finance ministry said on Friday.. . .  Full story

INSIGHT-Threats, detentions and frozen assets: Nigeria's protesters depict pattern of intimidation

03/12 At 7 a.m. on a recent Saturday, Onomene Adene received a call from a man whose voice she did not recognise.. . .  Full story

Regulations needed to stem cocoa sector abuses - report

01/12 Regulations are needed to end poverty, human rights abuses and deforestation in the cocoa sector after two decades of voluntary interventions that have had little to no impact, a major report on cocoa sustainability said. . .  Full story