Africa Business

Rwanda expects 10.2% economic growth in 2021 -finance minister

13/01 Rwanda expects its economy to have grown 10.2% in 2021 after contracting 3.4% a year earlier, helped by improved performance in agriculture, recovery in industry and construction, the finance minister said.. . .  Full story

Ghana at growing risk of debt crunch, analysts warn

13/01 Fast-rising debt levels and choking interest payments are putting Ghana at growing risk of a debt crisis, economists are warning.. . .  Full story

Ghana plans to issue $4.05 billion in bonds in first quarter

11/01 Ghana plans to issue 24.5 billion cedi ($4.05 billion) of bonds in the first quarter of 2022, according to the government's issuance calendar seen on Tuesday.. . .  Full story

Kenya suffers nationwide blackout after major transmission line breaks

11/01 Kenya is experiencing a nationwide power outage after a high voltage transmission line connecting the capital broke, state-controlled utility Kenya Power said on Tuesday.. . .  Full story

Gabon oil and utilities workers strike over COVID-19 measures

11/01 Gabon's oil workers' union and water and electricity workers' union began a general strike on Tuesday in protest against COVID-19 restrictions and the cost of PCR tests, they said.. . .  Full story

Light rains in Ivory Coast should boost cocoa mid-crop, say farmers 

10/01 Above-average light rains last week across most of Ivory Coast’s cocoa-growing regions sustained hopes of a good start to the April-to-September mid-crop, farmers said on Monday.. . .  Full story

Nigeria is working on COVID-19 vaccine, president says

06/01 Nigeria is working to develop a COVID-19 vaccine, President Muhammadu Buhari said in a televised interview on Thursday, as the country battles growing cases of the virus.. . .  Full story

Kenya private sector activity up to 14-month high in Dec -PMI

05/01 Kenya's private sector activity expanded slightly in December to reach a 14-month high as COVID-19 restrictions were eased locally and abroad, a survey showed on Wednesday.. . .  Full story

Congo central bank expects to cut main rate to 7.5% in 2022

04/01 Democratic Republic of Congo's central bank said it expected to cut its main interest rate in 2022 from 8.5% to 7.5% following a period of macroeconomic stability.. . .  Full story

South Sudan's president names Moses Makur Deng as central bank head

03/01 South Sudan's President Salva Kiir has appointed Moses Makur Deng as the new central bank governor, replacing Dier Tong Ngor, state television said on Monday.. . .  Full story

Mozambique president and wife test positive for COVID-19

03/01 Mozambique's President Filipe Nyusi and his wife Isaura have tested positive for COVID-19 and are isolating, the president's office said on Monday.. . .  Full story

Light rains welcomed in Ivory Coast as cocoa mid-crop develops

03/01 A second consecutive week of light rain and mild winds across Ivory Coast’s cocoa growing regions could spell good news for the April-to-September mid-crop, farmers said on Monday.. . .  Full story

Algeria's Sonatrach to invest $39 billion in 2022-2026, CEO says

02/01 Algeria will invest $39 billion in its energy sector from 2022 to 2026 to maintain its hydrocarbon output, Sonatrach's CEO Tewfiq Hakkar told state TV ALG24.. . .  Full story

Libyan spending was $18 billion in 2021, government says

30/12 Libyan state spending was 84 billion dinars ($18 billion) in 2021 and there was no fiscal deficit, the spokesperson for the transitional Government of National Unity, Mohamed Hamuda, told a news conference on Thursday.. . .  Full story

Impoverished Ethiopia seeks extra $2.5 bln to rebuild from war

30/12 Ethiopia wants to pass a supplementary budget worth 122 billion birr ($2.5 billion) to help finance programmes to rebuild areas destroyed by war and provide humanitarian aid, the finance ministry said on Thursday.. . .  Full story

Light rain, sun bode well for Ivory Coast cocoa mid-crop

27/12 Above average rain, sun and only mild winds last week bode well for Ivory Coast's April-September cocoa mid-crop and the end of the October-March main crop, farmers said on Monday.. . .  Full story

Eyeing IMF deal, Zambia asks creditors to evaluate debt proposals

24/12 Zambia's finance minister Situmbeko Musokotwane has asked holders of its defaulted debt to quickly evaluate restructuring proposals that are part of a $1.4 billion aid deal agreed with the IMF, he said in a. . .  Full story

Kenya aims to issue two Eurobonds by June - finance minister

24/12 Kenya will issue two Eurobonds by June next year to raise funds to support the 2021/22 (July-June) budget in East Africa's leading economy and to repay another sovereign bond maturing in 2024, Finance Minister. . .  Full story

Kenya to replace nominal debt ceiling with debt anchor -finmin

23/12 Kenya aims to replace a nominal legal public debt ceiling with a debt anchor by the end of June 2022, Finance Minister Ukur Yatani has said.. . .  Full story

Ivory Coast 2021/22 cocoa port arrivals down 12-13%, CCC director says

22/12 Cocoa arrivals at ports in top grower Ivory Coast are down between 12% and 13% from the same period last year and are likely to stay down for the rest of the season, the. . .  Full story

Malawi GDP projected to grow by 5% in 2022 -president

21/12 Malawi's GDP is projected to grow by 5% in 2022, President Lazarus Chakwera said on Tuesday, compared with a projected figure for the current year of 2.2%.. . .  Full story

Morocco's central bank keeps benchmark interest rate at 1.5%

21/12 Morocco’s central bank held its benchmark interest rate at an all-time low of 1.5% on Tuesday, saying its monetary policy was accommodative and consistent with the economic outlook.. . .  Full story

Ivory Coast dockers suspend strike that threatened cocoa bean exports

20/12 Dockers in Ivory Coast's two main ports of Abidjan and San Pedro have suspended a week-long strike while negotiations are held with the government, a union spokesperson said on Monday.. . .  Full story

Light rains and mild wind help Ivory Coast cocoa crop, say farmers 

20/12 Light rains and mild seasonal winds in most of Ivory Coast’s cocoa growing regions last week should boost the quality and size of the October-to-March main crop, farmers said on Monday.. . .  Full story

Dockers' strike threatens Ivory Coast cocoa bean exports

17/12 A week-long strike by dockers in Ivory Coast's two main ports of Abidjan and San Pedro could hurt cocoa bean exports from the world's top cocoa producing nation after workers blocked access to the. . .  Full story

Power distributor Kenya Power to cut consumer tariffs by 15%

16/12 Kenya Power, the east African country's electricity distributor, said on Thursday it would cut tariffs for consumers by 15% beginning this month as part of President Uhuru Kenyatta's initiative to reduce the cost of energy.. . .  Full story

Senegal's president calls on Africa to harmonise oil legislation

16/12 Africa needs harmonised oil legislation to avoid ruinous competition among its oil-producing nations as they vie for investors, Senegal's President Macky Sall told an oil conference on Thursday.. . .  Full story

Nigeria to receive $210 mln loan for agricultural sector

14/12 The African Development Bank (AfDB) will lend Nigeria $210 million to support smallholder farmers producing strategic crops and livestock, the bank said on Tuesday.. . .  Full story

Uneven rainfall in Ivory Coast leaves some cocoa farmers keen for more

13/12 Mixed rainfall across Ivory Coast's cocoa regions last week has left some farmers pinning their harvest hopes on more downpours, while others on Monday remained confident of a good crop.. . .  Full story

Congo parliament commission asks government to scrap unpopular phone levy

13/12 A parliamentary commission in the Democratic Republic of Congo has recommended the government scrap an unpopular "phone tax", saying it has not been able to trace the funds raised so far, according to a. . .  Full story

Nigeria's state oil firm posts $346 million trading surplus in June

12/12 Nigeria's state oil company recorded a 141.96 billion naira ($346 million) trading surplus in June after recovering from a 37.46 billion naira deficit the previous month, the company said on Sunday.. . .  Full story

IMF sees Morocco's economic growth at 6.3% in 2021, about 3% in 2022

10/12 Morocco's economy is expected to grow 6.3% in 2021, one of the highest rates in the Middle East and North Africa region, before slowing to around 3% next year, the International Monetary Fund said. . .  Full story

Tunisia's govt seeks deal with IMF in 1st qtr of 2022 -central bank governor

09/12 Tunisia's central bank Governor Maroaune Abassi said on Thursday the government hopes to reach an agreement with the International Monetary Fund in the first quarter of next year on a rescue program.. . .  Full story

Congo an economic 'bright spot' in Africa, says IMF chief

08/12 Democratic Republic of Congo is a rare "bright spot" in Africa's economic performance as high commodity prices and government reform improve finances, the head of the International Monetary Fund said on Wednesday.. . .  Full story

Zambia's ex-foreign minister arrested on corruption charges

07/12 Zambian anti-graft authorities on Tuesday arrested former foreign minister Joseph Malanji for possession of property suspected to be proceeds of crime.. . .  Full story

Zimbabwe central bank keeps main policy rate at 60%

07/12 Zimbabwe's central bank maintained its main policy rate at 60%, citing macroeconomic stability, governor John Mangudya said in a statement on Tuesday.. . .  Full story

More rain needed to extend Ivory Coast cocoa crop, say farmers

06/12 Rains were below average last week in most of Ivory Coast's cocoa-growing regions, with more needed to ensure the harvest is strong in February and March, farmers said on Monday.. . .  Full story

Ethiopia's inflation slows to 33.0% yr/yr in November, from 34.2% a month earlier

06/12 Ethiopia's inflation slowed to 33% year-on-year in November from 34.2% a month earlier, the statistics office said on Monday.. . .  Full story

Kenya's NSE launches day trading to boost liquidity

03/12 Kenya's Nairobi Securities Exchange has launched day trading, it said on Friday, allowing investors to buy and sell securities multiple times in a single day, to increase liquidity at the bourse.. . .  Full story

IFC leading 10 GW of renewables projects in emerging world

02/12 Investment group International Finance Corporation (IFC) has driven projects financing more than 10 gigawatts of renewable energy in the emerging world, its global head of mining said, enough to power 10 million U.S. homes.. . .  Full story

Ivory Coast's main cocoa crop likely to finish low, buyers and farmers say

01/12 Cocoa production in top producer Ivory Coast is down 10% percent from the same period last season, port arrival figures show, and farmers and buyers worry the trend could continue through the end of. . .  Full story