Africa Business

Nigerian teen climate activists create fashion from waste to fight pollution

11h00 In a district of Lagos, Nigeria's megacity, a group of teenagers wade through a mass of plastic bottles, food containers and bags that have blocked a waterway. Wearing gloves and masks, they pick. . .  Full story

Ivory Coast cocoa regulator to reimburse exporters over premium costs

21/04 Ivory Coast's cocoa regulator said it would reimburse exporters for their expenses related to the implementation of a premium meant to combat farmer poverty.. . .  Full story

Kenyan insurer Pula offers lifeline to African farmers hit by climate change

20/04 When Kenyan farmer Waki Munyalo's crop of lentils shrank by three quarters last year because of unusually low rainfall, disaster was averted thanks to a simple remedy that was previously unavailable to most African farmers. . .  Full story

Tunisia raises fuel prices by 5% to reduce budget deficit

19/04 Tunisia raised fuel prices for the third time this year on Monday in an effort to rein in its budget deficit, one of a series of reforms wanted by the country’s international lenders, the. . .  Full story

Ivory Coast rainfall boosts mid-crop expectations in some areas

19/04 Rainfall was mixed last week across Ivory Coast's cocoa-growing regions, bolstering hopes for a strong April-to-September mid-crop in some areas while others are in need of stronger rains, farmers said on Monday.. . .  Full story

Nigeria refines energy reform bill to attract more Big Oil cash

16/04 Nigeria has sweetened the terms of a sweeping oil reform bill in a bid to attract much-needed investment to its oil industry, four people closely involved with the legislation said and a letter from. . .  Full story

Zambia needs to boost tax revenues to curb fiscal deficit - finance ministry

16/04 Zambia needs to improve tax collection as its fiscal deficit remains high, the finance ministry said on Friday, with officials expected to conclude the latest round talks with the International Monetary Fund for an aid. . .  Full story

Algeria's Sonatrach says it has terminated Ain Tsila contract

15/04 Algerian state oil company Sonatrach said on Thursday it had terminated a 2004 contract with Petroceltic PLC, which was later bought by Sunny Hill Energy, for exploration and production in the Ain Tsila gas field.. . .  Full story

Cocoa trader Olam says new EU law may force it to drop some suppliers

14/04 Commodity trader Olam said on Wednesday that new European Union legislation aimed at preventing the import of commodities linked to deforestation and human rights abuses might force it to stop using some of its cocoa. . .  Full story

Zimbabwe seeks new investors for steel company

13/04 Zimbabwe's state-controlled iron and steel company ZISCO has invited new investors to help revive operations at the company that has been the target of interest from Indian and Chinese investors in the past, a company. . .  Full story

More rain needed to strengthen Ivory Coast cocoa mid-crop, say farmers

12/04 Rainfall was above average last week in most of Ivory Coast's cocoa-growing regions but more is still needed to sustain growth of the April-to-September mid-crop, farmers said on Monday.. . .  Full story

Vote counting in Benin after election marked by violent protests

11/04 Vote counting began in Benin on Sunday in a presidential poll that was boycotted by some opposition parties over violence triggered by objections to President Patrice Talon's quest for a second five-year mandate.. . .  Full story

Uganda, Tanzania, oil firms sign accords to build $3.5 bln pipeline

11/04 Uganda, Tanzania and oil firms Total and CNOOC on Sunday signed agreements that will kickstart the construction of a $3.5 billion crude pipeline to help ship crude from fields in western Uganda to international markets.. . .  Full story

Shrinking sea meadows store more carbon than forests. Scientists are racing to track what’s left

08/04 H undreds of miles from the nearest shore, ribbon-like fronds flutter in the ocean currents sweeping across an underwater mountain plateau the size of Switzerland.. . .  Full story

Nigeria's oil regulator revokes four Addax field licences

07/04 Nigeria's oil and gas regulator has revoked four licences held by Addax Petroleum, it said in a statement on Wednesday, a highly unusual move for licences with producing assets.. . .  Full story

Tunisian inflation slows to 4.8% in March

05/04 Tunisia’s annual inflation rate fell to 4.8% in March, from 4.9%in February, official data showed on Monday.. . .  Full story

Guinea-Bissau sets cashew farmgate price at 65 cents per kg

02/04 Guinea-Bissau has set the farmgate price for cashews at 360 CFA francs ($0.65) per kg for the April-to-September commercial campaign, a 28% decrease from the price last season, the government said Friday.. . .  Full story

Tunisia goverment and UGTT union sign deal on economic reforms

31/03 Tunisia's goverment and the powerful UGTT labour union signed an economic reform package on Wednesday that tackles subsidies, taxes and state firms, Prime Minister Hichem Mehcichi said.. . .  Full story

Kenya's inflation edges up to 5.90% in March

31/03 Kenya's year-on-year inflation inched up to 5.90% in March from 5.78% a month earlier, the statistics office said on Wednesday.. . .  Full story

Kenya orders review of power purchase agreements as losses mount

31/03 Kenya's President Uhuru Kenyatta has set up a team to review power purchase agreements signed over the years by the state power distributor, which has been making losses in the recent past.. . .  Full story

Sub-Saharan Africa economies to grow 2.3%-3.4% this year - World Bank

31/03 Sub-Saharan Africa is expected to post economic growth of 2.3%-3.4% this year, the World Bank said in a new report on Wednesday, bouncing back from a pandemic-induced 2.0% contraction last year.. . .  Full story

IMF approves $312.4 mln credit facility for Madagascar

30/03 The International Monetary Fund's executive board has approved a $312.4 million extended credit facility arrangement for Madagascar to help it cushion the effects of the COVID-19 pandemic and climate-related shocks, the fund said.. . .  Full story

Kenya central bank holds benchmark lending rate at 7.0%

29/03 Kenya's central bank held its benchmark lending rate at 7.0% on Monday, the seventh 'hold' decision in a row, saying that a package of measures unveiled since last year had protected the economy from substantial. . .  Full story

Ivory Coast farmers bullish about mid-crop as rainfall increases

29/03 Above average rains mixed with sun last week in most of Ivory Coast’s cocoa-producing regions have bolstered expectations for a strong April-to-September mid-crop, farmers said on Monday.. . .  Full story

Kenya's Equity Group says 2020 pretax profit drops 30%

29/03 Kenya's Equity Group Holdings said on Monday that full-year 2020 pretax profit fell 30% to 22.17 billion shillings ($202 million), as its loan loss provisions rose due to effects of the COVID-19 pandemic.. . .  Full story

Sudan eligible for assistance under the enhanced heavily indebted poor countries initiative -IMF, World Bank

26/03 The International Monetary Fund and the World Bank said on Friday in a joint statement they consider Sudan eligible for assistance under the enhanced heavily indebted poor countries (HIPC) initiative based on a preliminary assessment.. . .  Full story

Zambia to resume talks with IMF, meets some creditors

26/03 Zambia, Africa's first pandemic-era sovereign default, will resume virtual talks with the International Monetary Fund next week as it seeks to stabilise its debt-burdened economy, its finance ministry said in a statement on Friday.. . .  Full story

Nigeria's state oil firm says subsidising pump prices no longer tenable

25/03 Nigeria's state oil firm is spending up to $315 million a month on fuel subsidies for consumers, a burden that is becoming untenable, its head said on Thursday.. . .  Full story

West African monetary union to see 5.8% growth in 2021

25/03 The West African monetary union (UEMOA) will see combined growth of 5.8% in 2021 as member countries recover from the economic fallout of the coronavirus pandemic, UEMOA President Alassane Ouattara said on Thursday.. . .  Full story

Middle East Diamond Resources Proposes Sale Of Stepford Gold Deposit

24/03 Middle East Diamond Resources Ltd :. . .  Full story

Absa Bank Kenya 2020 pretax profit falls on increased impairments

23/03 Absa Bank Kenya on Tuesday reported a 47% drop in 2020 pretax profit reflecting higher impairments due to effects of the pandemic.. . .  Full story

Ugandan power distributor Umeme's 2020 pretax profit plunges 69%

23/03 Uganda's only power distributor Umeme Limited said on Tuesday its 2020's pretax profit plunged 69% as electricity sales plummeted due to anti-coronavirus measures including a nationwide lockdown.. . .  Full story

Karooooo Launches IPO In U.S.

23/03 Karooooo:. . .  Full story

Rising oil boosts Nigeria's 2021 budget but creates fuel price headache

22/03 Nigeria is optimistic about funding its 2021 budget due to rising oil prices, but is engaged in a "tussle" with organised labour over how it can end fuel subsidies without harming the poor, Finance. . .  Full story

Bank of Ghana holds prime interest rate at 14.5%

22/03 Ghana's central bank held its prime interest rate at 14.5% on Monday and said headline inflation rose in February to slightly above the bank's upper band of the medium-term target, driven mainly by non-food prices.. . .  Full story

In Tanzania, eyes turn to succession after president's death

18/03 Tanzania's leadership faced calls for a smooth succession on Thursday after President John Magufuli, Africa's most vehement coronavirus sceptic, died following an 18-day absence from public life that drew speculation about his health.. . .  Full story

Kenya's KCB Group expects restructured loans to halve in Q2

18/03 KCB Group, Kenya's top l ender by assets, expects the proportion of loans it restructured last year to fall by half in the second quarter, senior company executives said on Thursday.. . .  Full story

Tanzania's President John Magufuli dead at 61

17/03 Tanzania's President John Magufuli, one of Africa's most prominent coronavirus sceptics, has died aged 61, Vice President Samia Suluhu Hassan said on Wednesday after a more than two-week absence from public life that led to. . .  Full story

Tanzania's vice president announces death of President Magufuli on state TV

17/03 Tanzania's Vice President Samia Sulhu Hassan on Wednesday announced the death of President John Magufuli on state television.. . .  Full story

Kenyan lender KCB Group posts 30% drop in full-year pretax profit

17/03 Kenya's KCB Group, the country's top lender by assets, on Wednesday reported a 30% drop in pretax profit last year, while net profit fell 22%, hurt by increased provisions for loan losses and the. . .  Full story

Texton Property Fund HY HEPS 11.03 Cents

17/03 Texton Property Fund Ltd:. . .  Full story

Middle East Diamond Resources Renews Cautionary Announcement

16/03 Middle East Diamond Resources Ltd :. . .  Full story

Ivory Coast rains will improve quality of cocoa mid-crop, farmers say

15/03 Above-average rains mixed with sun last week in most of Ivory Coast's cocoa-growing regions stood to boost the quality of the April-to-September mid-crop, farmers said on Monday.. . .  Full story

Nigeria says no increase in pump prices after regulator sparks confusion

12/03 Nigeria has not increased gasoline pump prices, its fuel regulator said on Friday, after sparking confusion at fuel stations and a public backlash by apparently flagging a big rise was on the cards.. . .  Full story

Sudan annual inflation remains above 300% in February

11/03 Sudan's annual inflation jumped to 330.78% in February from 304.33% in January, hitting the highest level in decades, as food and drink prices continue to rise, the Central Bureau of Statistics said on Thursday.. . .  Full story

Fortress Reit HY HEPS FFA 35,73 Cents

10/03 Fortress Reit Ltd:. . .  Full story

Nigerian stock exchange wins approval for public listing

10/03 The Nigerian stock exchange said on Wednesday it has won regulatory approval paving way for a public listing of its shares. The exchange, the second biggest in sub-Saharan Africa and one of the main entry. . .  Full story

Kenya to shun debt re-organisation under G20's common framework

10/03 Kenya will not seek to overhaul its debt under a G20 initiative because it fears that would curtail its ability to raise funds from global capital markets, a senior Treasury official said on Wednesday.. . .  Full story

More platinum deficits to come after record undersupply in 2020 - WPIC

10/03 The global platinum market will be roughly balanced this year after a record undersupply of almost a million ounces in 2020, but more deficits loom as demand picks up, the World Platinum Investment Council. . .  Full story

Congo bans mining in South Kivu village after gold rush

04/03 A gold rush drawing thousands to a village in Congo's South Kivu province has driven authorities to ban mining there until more oversight is established, the provincial mines minister said on Thursday.. . .  Full story

Mozambique's GDP likely declined by 1.3% in 2020 - World Bank

04/03 Mozambique's economy likely registered its first contraction in nearly three decades last year due to the COVID-19 pandemic, further compromising years of "hard-won" development gains, the World Bank said on Thursday.. . .  Full story

Kenya's 2021/22 budget deficit target must not exceed 7.5% of GDP -parliamentary committee

04/03 A Kenyan parliamentary committee said on Thursday that it will reject the government's 2021/22 budget plan if the deficit goal is set at more than the currently proposed 7.5% of GDP.. . .  Full story

Kenyan lender Equity starts $685 mln loan facility for small firms

03/03 Kenya's Equity Group Holdings said on Wednesday it had launched a lending facility worth 75 billion shillings ($685 million) to help small and medium-sized enterprises (SMEs) recover from the economic impact of the COVID-19 pandemic.. . .  Full story

Congo's cobalt and copper production jumped in 2020, central bank says

03/03 The Democratic Republic of Congo produced 85,855 tonnes of cobalt in 2020, up 10% from 2019, the central bank said on Wednesday, with copper production also jumping 11.8% year-on-year.. . .  Full story

EU should keep borrowing limits suspended in 2022 - Commission

03/03 The European Union should keep borrowing limits for governments suspended in 2022, as it has this year and last, to help the 27-nation bloc's economies return to pre-pandemic levels, the European Commission said on Wednesday.. . .  Full story

Zimbabwe expects maize output to more than triple this year

03/03 Zimbabwe expects to harvest up to 2.8 million tonnes of the maize this year, three times 2020 output thanks to higher than usual rainfall, official data showed on Wednesday.. . .  Full story

Fuel queues form in Nigeria over fears of gasoline price hikes

02/03 Queues for fuel formed across Nigeria on Tuesday over fears of a rise in gasoline costs, even as the state oil company promised consumers that prices would remain stable.. . .  Full story

Ugandan auto firm aims to start producing buses this year

02/03 Ugandan state auto firm Kiira Motors Corporation says it will commence producing buses by July and aims to put out 1,030 units this year, as it moves to enter a market now served by. . .  Full story

Ivory Coast cocoa farmers bullish about mid-crop despite poor rains

01/03 Rainfall was poor last week in most of Ivory Coast's cocoa regions, but good soil moisture content from previous rains left farmers optimistic for the upcoming mid-crop harvest.. . .  Full story