Africa Business

Kenyan central bank holds rates but notes inflation pressure

16h03 Kenya's central bank held its benchmark lending rate at 7.0% on Tuesday, with its monetary policy committee saying it had taken note of emerging local and global inflationary pressures.. . .  Full story

Zimbabwe September inflation ticks up to 51.55% y/y - Zimstat

27/09 Zimbabwe's consumer inflation rate rose to 51.55% year on year in September compared with 50.24% in August, national statistics agency Zimstat said on Monday.. . .  Full story

Heavy rains leave Ivory Coast cocoa farmers split on harvest outlook

27/09 As heavy rains persisted across Ivory Coast's cocoa-growing regions last week, farmers polled by Reuters were divided on whether moisture levels would help the October-to-March main crop or nurture a crop-killing fungal disease.. . .  Full story

Bank of Ghana holds key interest rate at 13.5%

27/09 Ghana’s central bank on Monday kept its main interest rate unchanged at 13.5% with concerns over rising inflation balanced out by optimistic Covid-19 recovery forecasts, Governor Ernest Addison said in a statement.. . .  Full story

Zimbabwe bolsters emissions targets ahead of climate summit

25/09 Zimbabwe has adopted a more ambitious target for emissions reduction ahead of a United Nations climate conference in November, the country's new climate change plan showed.. . .  Full story

Botswana govt sees GDP growth of 4.3% in 2022

23/09 Botswana government estimates that its economy will grow at a rate of 4.3% in 2022, according to a budget strategy document published on Thursday, as the country emerges from the pandemic and reaps benefits. . .  Full story

IMF sees Gambia's GDP returning to 4.9% growth this year

22/09 Gambia's economy should recover to growth of 4.9% in 2021 from a small contraction last year caused by the coronavirus crisis, the International Monetary Fund said on Thursday.. . .  Full story

Nigeria sees 2022 oil production of 1.88 mln bpd, GDP growth of 4.2%

22/09 The Nigerian government expects the country to produce 1.88 million barrels per day of crude oil in 2022 and will use a benchmark oil price of $57 per barrel for its budget planning, according. . .  Full story

NEWSMAKER-Tunisian democracy now in the hands of its solemn president

22/09 Described by those who know him as set in his opinions and trusting of only a tight circle, a former constitutional law professor now holds the future of Tunisia's young democracy in his formally. . .  Full story

Ethiopia creditors' committee meets as Addis seeks new IMF facility

22/09 Ethiopia's creditors' committee held its first meeting on Sept. 16, the state minister of finance said on Wednesday, a key step in a bid to restructure its debts under the joint G20's common framework.. . .  Full story

Global cocoa supply balance seen shifting to deficit in 2021/22

22/09 The global cocoa supply balance is seen shifting from a surplus of 250,000 tonnes in 2020/21 to a deficit of 125,000 tonnes in 2021/22, due mainly to an expected smaller production in Ghana, according. . .  Full story

Nigeria raises $4 billion via Eurobonds -debt office

22/09 Nigeria has raised $4 billion via a Eurobond issue after two days of virtual meetings with global and local investors, the Debt Management Office said on Tuesday.. . .  Full story

Namibia's biggest mobile carrier MTC to raise $210 mln in IPO

21/09 Namibia's biggest mobile operator MTC plans to raise 3.1 billion Namibian dollars ($210 million) in a November listing, as the government seeks to fund its social programmes and cut debt.. . .  Full story

Cocoa farmers in Ivory Coast welcome heavy rains after brief dry spell

20/09 Above average rains were recorded in most of Ivory Coast's cocoa growing regions last week, bolstering the potential for high-yield harvests ahead of the marketing season if accompanied by occasional dry spells, farmers said on. . .  Full story

State-owned Namibian rail operator to cut a quarter of workforce

20/09 State-owned Namibian rail operator TransNamib will cut roughly a quarter of its 1,309 workers in a bid to cut costs amid a slowdown in business, the company's CEO said in a letter seen by. . .  Full story

Nigeria to incorporate state-oil firm NNPC, board appointed

19/09 Nigeria's President Muhammadu Buhari said on Sunday he had appointed a board for state-oil firm NNPC and directed that it should be incorporated within six months, a move that could allow it to sell. . .  Full story

Angolan oil giant Sonangol lost $4 billion last year in pandemic

17/09 Angolan state oil giant Sonangol registered a $4.1 billion net loss in 2020 as the COVID-19 pandemic hollowed out sales and the company struggles to lighten its large debt with asset sales, according to. . .  Full story

Safaricom confirms $300 mln Kenya Power smart meter proposal

17/09 Kenyan telecoms operator Safaricom,, said on Friday it had submitted a proposal to Kenya Power for the installation of a $300 million smart meter system at the utility, confirming documents seen by Reuters.. . .  Full story

Nigeria to hold investor calls ahead of $3 bln Eurobond sale

16/09 Nigeria has asked its Eurobond managers to arrange calls with global and local investors this week and next ahead of a planned issuance, the government's debt office said on Thursday.. . .  Full story

Safaricom offers $288 mln smart metre system to cut Kenya Power losses

16/09 Kenya's biggest telecoms operator, Safaricom, is in talks with Kenya Power to install a 31.7 billion shillings ($288 million) smart metering system for the utility to slash power losses, documents showed on Thursday.. . .  Full story

Libya's Hariga port to return to normal operations, NOC says

15/09 Libya's Hariga oil terminal will immediately return to normal operations, the National Oil Corporation (NOC) media office said on Wednesday, and the port manager said protesters were withdrawing.. . .  Full story

Ghana's GDP at 3.9% in second quarter, stats office says

15/09 Ghana's economy grew 3.9% in the second quarter of 2021, the statistics service said on Wednesday.. . .  Full story

Sudanese exports increase to $2.53 billion in first half of 2021

13/09 Sudan exported goods worth $2.53 billion in the first half of the year, up 68% from the same period last year, the central bank said on Monday, describing the amount as "insufficient" compared to. . .  Full story

Ivory Coast weather expected to help start of main cocoa crop

13/09 Below average rains were recorded last week in most of Ivory Coast's cocoa growing regions but high soil moisture content from previous rains would help the strong development of the October-to-March main crop, farmers said. . .  Full story

Nobel laureate Doudna's biotech Mammoth hits over $1 bln in valuation

09/09 Mammoth Biosciences, co-founded by Nobel laureate Jennifer Doudna, touched a valuation of more than $1 billion after raising $150 million in its latest funding round.. . .  Full story

COVID-19 pushes Kenya's economy into first contraction in nearly 30 years

09/09 Kenya's economic output contracted for the first time in nearly three decades last year, pummeled by the impact of the coronavirus crisis that hit key sectors like tourism, official data showed on Thursday.. . .  Full story

MTN says it has renewed operating licence in Nigeria

08/09 MTN Nigeria has renewed its operating spectrum and services licences in Nigeria for another 10 years from September, the local unit of South Africa's MTN said on Wednesday.. . .  Full story

Zimbabwe plans $100 million bond sale on dollar exchange

08/09 Zimbabwe plans to sell its first U.S. dollar-denominated bond on the recently launched Victoria Falls Stock Exchange (VFX) before the end of the year to raise up to $100 million, a person familiar with. . .  Full story

Ghana August consumer price inflation at 9.7% year-on-year

08/09 Ghana's consumer price inflation was at 9.7% year-on-year in August compared with 9% in the previous month, the West African nation's statistics service said on Wednesday.. . .  Full story

Heavy rains in Ivory Coast augur large, quality cocoa crop -farmers

06/09 Above-average rains last week in most of Ivory Coast's cocoa-growing regions augur a larger, better-quality October-to-March main crop compared with last year, farmers said on Monday.. . .  Full story

Nigeria oil delta audit finds 13,700 bad projects, 362 bank accounts

02/09 Billions of dollars in funding aimed at developing the Niger Delta, Nigeria's volatile and impoverished oil-producing region, have been lost over the past two decades, the Nigerian government said on Thursday, citing a new forensic. . .  Full story

Zambia central bank holds rates, reserves boosted by IMF drawing rights

01/09 Zambia's central bank left its benchmark interest rate unchanged at 8.5% on Wednesday, and the bank's governor said tougher fiscal discipline and concluding an agreement on an IMF lending programme were critical for economic stability.. . .  Full story

Ethiopia doubles banks' cash reserve ratio to stem inflation

31/08 Ethiopia's central bank has doubled the cash reserve ratio requirement for commercial banks to 10% in a bid to tame rising inflation, it said on Tuesday.. . .  Full story

Congo copper sales increase 10% in H1, cobalt up 15%

31/08 Copper sales in Democratic Republic of Congo rose 10% in the first half of 2021 compared to the same period last year, while cobalt sales climbed 15%, the mines ministry said on Tuesday.. . .  Full story

Kenya's inflation edges up to 6.57% in August

31/08 Kenya's year-on-year inflation rate inched up to 6.57% in August from a revised 6.55% the previous month, the statistics office said on Tuesday. . (Reporting by Duncan Miriri Editing by Mark Potter). . .  Full story

Nigeria to launch Eurobond on Oct. 11, with Lagos, NY roadshows

30/08 Nigeria will launch its planned Eurobond issue on Oct. 11, its finance minister said on Monday.. . .  Full story

Ivory Coast set for bumper cocoa crop after heavy rains

30/08 Plentiful rains last week in most of Ivory Coast's cocoa growing regions will help produce a large and good quality crop during the first three months of the October-to-March harvest, farmers said on Monday.. . .  Full story

Botswana lifts 2021 economic growth forecast to 9.7%

30/08 Botswana now expects economic growth of 9.7% in 2021, compared with the 8.8% forecast in February, helped by higher diamond sales and a recent rebasing of GDP accounts, Finance Minister Peggy Serame told Reuters. . .  Full story

Zambia's new finance minister to prioritise IMF talks

27/08 Zambia's newly-appointed finance minister on Friday pledged to conclude talks with the IMF on a lending programme by October, as he seeks to pull the southern African country out of its protracted debt crisis.. . .  Full story

Zambia's new finance minister determined to conclude IMF talks by Sept-Oct

27/08 Zambia's newly-installed Finance Minister Situmbeko Musokotwane said on Friday he was determined to conclude talks with the IMF over a financing programme by September-October.. . .  Full story

Nigeria's state oil company turns a profit for first time, president says

26/08 The Nigerian National Petroleum Corporation (NNPC) has made a profit for the first time in its 44-year history, generating an income of 287 billion naira ($698 million) after tax in 2020, President Muhammadu Buhari. . .  Full story

Kenya Airways narrows first-half pretax loss by 20%

26/08 Kenya Airways' first-half pretax loss narrowed by 20% to 11.5 billion shillings ($104.83 million), it said on Thursday, as higher cargo volumes and lower costs offset a drop in passenger numbers.. . .  Full story

Absa Bank Kenya first-half pretax profit leaps to 7.95 bln shillings

26/08 Absa Bank Kenya's first-half pretax profit surged to 7.95 billion shillings ($72.48 million) from 1.6 billion shillings a year earlier, helped by rising in interest income and a drop in loan impairments, it said on. . .  Full story

Dangote oil refinery will buy at least 300,000 barrels of Nigeria's output, NNPC says

25/08 Dangote's oil refinery will buy at least 300,000 barrels per day of Nigeria's crude production, the state oil firm said on Wednesday, after the government granted approval for a 20% equity purchase in the. . .  Full story

Kenya's KenGen says it has 2 mln more emission reduction credits

25/08 Kenya Electricity Generating Company's (KenGen) certified emission reduction credits (CERs) available for sale have more than tripled, it said on Wednesday.. . .  Full story

Zambia's new president vows to cut 'unsustainable' public debt

24/08 New President Hakainde Hichilema pledged on Tuesday to tackle Zambia's "unsustainable" debt, lamenting that the national budget was overwhelmed by the cost of servicing it.. . .  Full story

Ivory Coast cocoa farmers expect strong main crop after good weather

23/08 Another week of heavy rains in Ivory Coast's cocoa growing regions has raised farmers' expectations for a strong October-to-March main crop, with some already anticipating a harvest as abundant as the previous season.. . .  Full story

Ghana cocoa board expects production to total 1.06 mln tonnes in 2020/21 season

19/08 Ghana Cocoa Board expects production in the 2020/21 season of 1.06 million tonnes, with 1.03 million tonnes already recorded and only six weeks of the season left, CEO Joseph Boahen Aidoo said on Thursday. (Reporting. . .  Full story

Kenya's KCB Group posts profit jump, says crisis has bottomed out

19/08 Kenya's biggest bank by assets, KCB Group, posted a 70% surge in first-half pretax profit on Thursday and said the worst of the coronavirus crisis was behind it.. . .  Full story

Namibia cuts 2021 growth forecast to 1.4% as it holds rates

18/08 Namibia's central bank has cut its forecast for economic growth this year to 1.4% from an earlier forecast of 2.7%, its governor said on Wednesday, as the bank held its main lending rate at. . .  Full story

Nigeria's inflation eases for 4th straight month in July on food prices

17/08 Nigeria's annual inflation dipped for the fourth straight month in July to 17.38% thanks to a slow-down in food price increases, the statistics office figures showed on Tuesday, ahead of second quarter output data. . .  Full story

Drones, navies, attack boats: Will they be enough to tackle the world's latest piracy hotspot?

17/08 Helicopters hover above a patrol vessel in Nigeria's frenetic Apapa port as attack boats zoom past. On the dock, drones emblazoned with the Nigerian flag sit ready to deploy – all part of a. . .  Full story

Kenya's Equity Group H1 2021 pretax profit rises to 23.83 bln shillings

17/08 Kenya's Equity Group said on Tuesday its pretax profit rose to 23.83 billion shillings ($218.02 million)in first half 2021 from 11.98 billion shillings in the same period last year, due to higher interest income. . .  Full story

Heavy rains in Ivory Coast bode well for upcoming cocoa crop, say farmers

16/08 Heavy rains across most of Ivory Coast's cocoa-growing regions last week have rekindled hopes for an early start to the October-to-March main crop, farmers said on Monday.. . .  Full story

Nigeria's Buhari signs historic oil overhaul bill into law

16/08 Nigerian President Muhammadu Buhari signed into law an oil overhaul bill that has been in the works for nearly two decades, a presidential spokesman said on Monday.. . .  Full story

Hichilema faces task of reviving Zambian economy after landslide win

16/08 Zambian President Edgar Lungu conceded defeat on Monday, after a landslide election win by opposition leader Hakainde Hichilema, who will face the challenge of reviving an economy in turmoil.. . .  Full story

Trailing after early count, Zambian president questions if vote fair

14/08 Zambian President Edgar Lungu, trailing after early results, said on Saturday the presidential and parliamentary election was "not free and fair" after incidents of violence in three provinces.. . .  Full story

Libyan oil output down 60,000-70,000 bpd on leak

11/08 A pipeline leak reduced oil output in Libya by 60,000-70,000 barrels per day on Tuesday, National Oil Corporation said.. . .  Full story

Who are you? African firms eye trade boost from global business card

10/08 His company may have been operating for 61 years, but that counts for nothing when Second Muguyo, finance manager at Zimbabwean copper and silver goods manufacturer Copperwares, tries to access overseas credit.. . .  Full story

Weather chills farmers' hopes for Ivory Coast main-crop cocoa

09/08 An uncommonly cold week across Ivory Coast's cocoa-growing regions has tempered hopes for a strong start to the upcoming main crop, which is due to begin in October as the rainy season draws to. . .  Full story

Nigeria's Wema Bank exploring M&A opportunities, eyes share sale

06/08 Nigeria's Wema Bank is seeking opportunities to acquire a fintech firm to boost its customer base and transactions or a merger with another commercial bank, Deputy Chief Executive Moruf Oseni said on Friday.. . .  Full story

Kenya's economy to grow by 6.6% in 2022, same as 2021 forecast

05/08 Kenya's economy is expected to grow by 6.6% in 2022, unchanged from this year's projection, the finance ministry said, with the main risks being the COVID-19 pandemic and political activity ahead of an August. . .  Full story

-NNPC to buy 20% stake in Dangote's oil refinery for $2.76 bln

04/08 Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday.. . .  Full story


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Ivory Coast to build 200 MW LNG plant, says energy minister

03/08 Ivory Coast is in talks to build a 200 megawatt power plant fuelled by liquefied natural gas (LNG) as it seeks to avoid outages that rocked the country earlier this year, Mines and Energy. . .  Full story

Rwanda raises $620 million through a 10-year Eurobond

03/08 Rwanda raised $620 million through a 10-year Eurobond, the finance ministry said late on Monday, part of which will go towards retiring an outstanding dollar bond.. . .  Full story

Ivory Coast's cocoa mid-crop needs more rain for strong finish

02/08 Cocoa farmers in top grower Ivory Coast said on Monday that additional moisture would be needed for the April-to-September mid-crop to reach its maximum potential, following a week of lacklustre rainfall.. . .  Full story