Africa Business

World Bank approves $114 mln for Nigeria's COVID-19 response

07/08 The World Bank has approved $114 million to help Nigeria tackle its coronavirus pandemic, the global lender said on Friday.. . .  Full story

Co-op Bank Kenya to complete Jamii Bora Bank acquisition this month -central bank

07/08 Co-operative Bank of Kenya will buy 90% of micro lender Jamii Bora Bank and the deal will complete this month, the country's central bank said on Friday, marking further consolidation in. . .  Full story

Nigeria to reopen for international air travel in weeks

06/08 Nigeria will reopen for international air travel in a matter of weeks, the aviation minister said on Thursday, without giving a specific date for the resumption after months of closure due to the global coronavirus. . .  Full story

Nigeria's Access Bank buys loss-making Zambian Cavmont

06/08 The Zambian subsidiary of Nigeria's Access Bank has agreed to buy Cavmont Capital Holdings, the Zambian arm of Namibian financial services group Capricorn, for a nominal fee of 1 kwacha ($0.0014),. . .  Full story

Telkom Kenya says no longer pursuing joint venture with Airtel Kenya -statement

05/08 Telkom Kenya said on Wednesday it was no longer pursuing a proposed joint venture transaction with the Kenyan unit of India's Bharti Airtel.. . .  Full story

Kenya private sector expands at strongest level in a year - PMI

05/08 Activity in Kenya's private sector rose at its fastest pace in a year last month on the back of a gradual easing of coronavirus lockdown measures, a survey showed on Wednesday.. . .  Full story

Morocco to reform state bodies in virus response, Finance Ministry says

04/08 Morocco plans to reform, merge or dissolve some state bodies to reduce their dependency on a state budget hit by the coronavirus pandemic, the finance minister said on Wednesday.. . .  Full story

Nigeria's FBN Holdings injects $66 mln from insurance unit sale into First Bank

03/08 Nigeria's FBN Holdings Plc said on Monday it has sold its life insurance company and invested the proceeds of 25 billion naira ($66 million) as equity into its lending business to. . .  Full story

Ugandan shilling trades stable, commodity flows offer support

03/08 The Uganda shilling traded stable on Monday, supported by hard currency inflows from exporters of commodities like coffee, tea and others.. . .  Full story

Kenya Airways resumes international flights after virus curbs lifted

01/08 Kenya Airways resumed international flights on Saturday, heading to about 30 destinations for the first time since the routes were suspended in March due to the coronavirus.. . .  Full story

IMF approves $171.9 mln to Madagascar to address COVID-19 pandemic -statement

31/07 The International Monetary Fund (IMF) approved $171.9 million of funding to Madagascar, it said on Thursday, bringing the total COVID-19 emergency support to the country to $337.9 million.. . .  Full story

IMF approves $171.9 mln to Madagascar to address COVID-19 pandemic

30/07 The International Monetary Fund (IMF) approved $171.9 million of funding to Madagascar, it said on Thursday, bringing the total COVID-19 emergency support to the country to $337.9 million as the island nation's economy struggles due. . .  Full story

Kenya's inflation falls to 4.36% year-on-year in July

30/07 Kenya's inflation fell to 4.36% year-on-year in July from 4.59% a month earlier, the statistics office said on Thursday.. . .  Full story

Diamond giant De Beers likely to cut jobs after COVID-19 hit

30/07 The chief executive of Anglo American's diamond unit De Beers said a business review would likely lead to some job losses, after COVID-19 crippled global sales of the luxury gems.. . .  Full story

Total says launched calls for tenders for Uganda oil project

30/07 French energy major Total has launched calls for tenders for its Uganda onshore oil project for the next quarter and plans to sanction the project as soon as possible, CEO Patrick. . .  Full story

Nigeria expects to comply with 1.412 mln bpd output quota: oil minister

30/07 Nigeria expects to comply with an oil output quota of 1.412 million barrels per day for May, June and July, the minister of state for petroleum resources said on Thursday.. . .  Full story

Kenya central banker says still has "plenty of firepower"

30/07 Kenya's central bank governor said on Thursday that policymakers still have "plenty of firepower" to combat impact of the coronavirus crisis on the economy.. . .  Full story

Kenya central bank cuts current account deficit gap forecast to 5.1%

30/07 Kenya's central bank governor said on Thursday that the bank expects the current account deficit this year of 5.1% of GDP, narrower than the previous forecast of 5.8%.. . .  Full story

Kenyan telecoms operator Safaricom picks ex-CEO Joseph as chairman

30/07 Kenya's biggest telecoms operator Safaricom has chosen its former chief executive, Michael Joseph, as board chairman, it said on Thursday.. . .  Full story

Kenyan central bank holds its key lending rate at 7.0%

29/07 Kenya's central bank held its benchmark lending rate at 7.0% for the third time in a row on Wednesday, saying its current easing stance was having the desired effect.. . .  Full story

Tullow Oil sees impairment of up to $1.7 bln on lower price outlook

29/07 Tullow Oil said on Wednesday it was set to book $1.4-1.7 billion in impairments before tax in its half-year results, as it follows larger rivals in lowering its oil price forecasts.. . .  Full story

Kenya to sell 11-year infrastructure bond in August - central bank

28/07 Kenya will sell an 11-year, amortised infrastructure bond to raise 70 billion shillings ($650.26 million) next month, the central bank said on Tuesday.. . .  Full story

Nigeria's Dangote Cement mulls open tender for share buyback, eyes export growth

28/07 Nigeria's biggest listed company Dangote Cement is considering an open tender for a share buyback to return cash to shareholders and is deciding on the size of the programme, its chief. . .  Full story

Ivory Coast cocoa main crop should weather below-average rain

27/07 Rainfall last week in most of Ivory Coast's main cocoa growing regions was below average, but growing conditions are still good enough to ensure the steady development of the October-to-March main crop, farmers said. . .  Full story

Ghana central bank keeps benchmark policy rate steady at 14.5%

27/07 Ghana's central bank on Monday maintained its policy rate at 14.5%, citing a need for macro-economic stability despite the slowdown brought on by the coronavirus pandemic.. . .  Full story

AngloGold Ashanti forecasts higher H1 earnings

27/07 AngloGold Ashanti said on Monday it expects a jump in first-half headline earnings per share (HEPS), helped by an increase in gold price, weaker local currencies, higher foreign exchange gains as well as gains. . .  Full story

Moroccan fertiliser group OCP could quit U.S. if duty imposed, sources say

24/07 Morocco’s OCP group could halt fertiliser sales in the United States if the U.S. Commerce Department imposes an anti-subsidy duty on its products, two senior group officials said on Friday.. . .  Full story

Kenyan recycling firm mixes kitchen waste to boost urban farming

24/07 Kenyan urban farmer Francis Wachira credits a soil recycling company with keeping him afloat financially during the coronavirus crisis: it helped him to start producing herbs and vegetables on his tiny Nairobi plot.. . .  Full story

Ghana slashes 2020 growth forecast to 0.9%

23/07 Ghana's economy will grow at its slowest rate in nearly 40 years in 2020 as it reels from the fallout of the coronavirus pandemic, the finance minister said on Thursday, announcing. . .  Full story

Zimbabwe court suspends police search warrant against Econet

22/07 Zimbabwe's High Court on Wednesday suspended a police search warrant against mobile telecoms firm Econet Wireless which sought to force it to turn over details of subscribers and transactions as part of a money-laundering probe.. . .  Full story

Algeria expects energy revenue to fall $10 bln this year

21/07 Algeria expects its oil and gas revenue to fall to $23 billion this year from $33 billion in 2019, energy minister Abdelmadjid Attar told state radio on Tuesday.. . .  Full story

IMF approves $7.6 mln debt relief to Burundi to cushion Covid-19 effects

21/07 The International Monetary Fund said on Monday it had approved $7.6 million debt relief to Burundi to help address the economic impact of the COVID-19 pandemic.. . .  Full story

Kenya's No.2 retailer seeks strategic investor as supplier debts mount

21/07 Kenyan supermarket chain Tuskys is seeking a strategic investor before the end of this month as one way to raise funds, the competition watchdog said on Monday after it told the. . .  Full story

Zimbabwe's Econet asks court to suspend warrant in money laundering case

20/07 Zimbabwean mobile phone operator Econet Wireless on Monday sought a court order to suspend a police warrant seeking information on its transactions because this would violate the privacy of the company. . .  Full story

Kenyan lender I&M to buy 90% stake in Orient Bank Uganda

20/07 Kenyan lender I&M Holdings has struck a deal to buy 90% of the shares in Orient Bank Uganda, it said in a filing released by the Nairobi bourse on Monday.. . .  Full story

EXCLUSIVE-Pact to aid poor cocoa farmers in peril as COVID-19 hits demand

20/07 The steepest dive in cocoa demand in a decade has thrown into jeopardy a plan by top producers Ivory Coast and Ghana to guarantee some two million farmers a living wage, sources within. . .  Full story

Nigeria inflation rises in June, food and healthcare cost weigh

18/07 Annual inflation in Nigeria rose for a 10th straight month in June, lifted by food and healthcare costs, the statistics office said on Friday, after the coronavirus pandemic disrupted logistics and. . .  Full story

Zimbabwe accuses mobile phone operator Econet of money laundering

18/07 Zimbabwean police have issued a warrant against the largest mobile phone operator Econet Wireless to hand over a list of its mobile money transactions and subscribers because authorities suspect it of involvement in money laundering,. . .  Full story

Pact to aid poor cocoa farmers in peril as COVID-19 hits demand

17/07 The steepest dive in cocoa demand in a decade has thrown into jeopardy a plan by top producers Ivory Coast and Ghana to guarantee some two million farmers a living wage, sources within. . .  Full story

Nigerian inflation rises for 10 months in a row in June

17/07 Annual inflation in Nigeria rose for a 10th straight month in June, lifted by higher food and healthcare costs, the statistics office said on Friday, as the coronavirus pandemic disrupted logistics.. . .  Full story

Nigeria hopes gold mining reforms can bring in $500 mln a year

16/07 Nigeria hopes changes it has made to gold mining regulation will earn the government $500 million a year in royalties and taxes and create 250,000 jobs, President Muhammadu Buhari said on. . .  Full story

Zambia health minister denies corruption charges in court

16/07 Zambia's Health Minister on Thursday appeared before a Lusaka magistrate and denied four counts of corruption involving alleged purchase of business shares and property with suspected proceeds of crime.. . .  Full story

Namibia allows timber exports to resume under strict conditions

15/07 Namibia has resumed the transport and export of timber, mostly rosewood, under strict new conditions ending a ban imposed in March, the Environment and Forestry ministry said on Wednesday.. . .  Full story

Zambia's economy to shrink 4.2% in 2020 -finance minister

15/07 Zambia expects its gross domestic product to shrink by around 4.2% in 2020, more than the 2.6% contraction forecast by the central bank in May, finance minister Bwalya Ng'andu said on. . .  Full story

Congo gives mines month to end COVID restrictions

15/07 The Democratic Republic of Congo has given copper and cobalt mining companies a month to stop confining workers on site away from their families as part of COVID-19 restrictions and return to normal operations,. . .  Full story

S&P downgrades Kenya's outlook to 'negative' on coronavirus pressures

15/07 S&P Global Ratings on Tuesday revised Kenya's outlook to 'negative' from 'stable', citing that the coronavirus pandemic will slow the country's GDP growth significantly in 2020 and weigh on its. . .  Full story

Zimbabwe inflation at 737.26% y/y in June - Zimstat

14/07 Zimbabwe's inflation was at 737.26% year-on-year in June compared to 785.55% the previous month, as prices of basic goods continue to rise beyond the reach of most citizens, Zimstat, a state. . .  Full story

Congo gives mines month to release confined workers

14/07 The Democratic Republic of Congo has given copper and cobalt mining companies a month to stop confining workers on site away from their families to stop the spread of coronavirus, the labour minister said. . .  Full story

Crisis-hit Moroccans join 'informal economy' as job market shrinks

14/07 The coronavirus crisis is expected to expand Morocco's informal economy of people who work for cash, reducing tax revenue and leaving many without social protection, the head of the state planning. . .  Full story

Botswana expects economy to shrink less in 2020 than previously forecast

14/07 Botswana expects its economy to shrink by 8.9% in 2020, less than its previous forecast for a 13.3% contraction, boosted by better-than-expected mining output and a shorter lockdown, the central bank said on Tuesday.. . .  Full story

Botswana expects smaller economic contraction in 2020 than previous forecast

14/07 Botswana expects its economy to shrink by 8.9% in 2020, less severe than its previous forecast for a 13.3% contraction, boosted by better than expected mining output and a shorter lockdown,. . .  Full story

Morocco plans $624 mln aid package for RAM airlines

13/07 The Moroccan government plans a package of 6 billion dirhams ($624 million) in aid to state carrier Royal Air Maroc (RAM) to help it get through the pandemic crisis, Finance Minister Mohamed Benchaaboun said. . .  Full story

Congo central bank keeps 2020 economic growth forecast at -2.4%

11/07 The Democratic Republic of Congo's central bank kept its 2020 economic growth forecast unchanged at -2.4% because of the uncertainty over the COVID-19 pandemic.. . .  Full story

Nigeria's President Buhari to sign revised 2020 budget into law on Friday -presidency

10/07 Nigeria's President Muhammadu Buhari will on Friday sign into law a 10.8 trillion naira ($28.38 billion) revised 2020 budget passed by lawmakers last month, the presidency said on Twitter on Thursday.. . .  Full story

Nigeria's excess crude account held $72.41 million as of July 7: finance minister

10/07 Nigeria's excess crude account held $72.41 million as of July 7, the country's finance minister said on Thursday.. . .  Full story

Zambia copper production rises to 342,734 tonnes in first five months of 2020 - govt

09/07 Zambia's copper production increased to 342,734 tonnes in the first five months of this year, from 330,024 tonnes in the same period of 2019, the ministry of mines said on Thursday.. . .  Full story

Kenya to sell 5-yr,10-yr and 15-yr bonds in July - cenbank

09/07 Kenya will sell five-year, 10-year and 15-year Treasury bonds to raise a total 60 billion shillings ($561.53 million) this month, the central bank said on Thursday.. . .  Full story

Kenyan shilling weakens against dollar

09/07 The Kenyan shilling weakened on Thursday due to increased dollar demand from the energy sector and general merchants as businesses reopen following recent easing of movement restrictions, traders said.. . .  Full story

Malawi appoints Wilson Banda as new central bank governor

09/07 Malawi's new President Lazarus Chakwera has appointed Wilson Banda, a former central bank official, as its new governor, a government statement said on Wednesday.. . .  Full story

Tunisia's budget deficit in 2020 will be more than 5 percent of GDP

08/07 Tunisia's budget deficit in 2020 will be more than 5 percent of GDP, compared to 3 percent previously due to the coronavirus crisis, the finance minister said on Wednesday.. . .  Full story

Uganda growth to sink as low as 0.4% this year - World Bank

08/07 Ugandan economic growth is set to plunge to as low as 0.4% in 2020 from 5.6% last year as the coronavirus crisis batters the east African economy ahead of presidential elections. . .  Full story