Africa Business

Nigerian unions threaten to resume strike unless government acts on minimum wage

21/10 Nigerian trade unions may resume a nationwide strike if the government fails to publicly agree to a proposed increase in the minimum wage and to set about putting it into law, three union federations. . .  Full story

African bank Oragroup to launch largest ever IPO on Abidjan bourse

19/10 Panafrican banking group Oragroup plans to raise 56.92 billion CFA francs ($101 million) via the largest ever initial public offering (IPO) on the Abidjan Stock Exchange (BRVM), the company said on. . .  Full story

Morocco sees government's budget deficit narrowing in 2019

19/10 Morocco's 2019 draft budget forecasts a deficit narrowing to 3.3 percent of gross domestic product in 2019, down from 3.8 percent expected in 2018, a government statement said on Thursday.. . .  Full story

Mauritius bourse looks to entice African issuers with new index

18/10 The Stock Exchange of Mauritius will launch a new index next month dedicated to African firms to attract more issuers from the continent, its chief executive said.. . .  Full story

Nigeria extends crude-for-product swaps until June 2019 - sources

18/10 Nigeria's state oil firm NNPC has extended its crude-for-product swap contracts, the country's main avenue to meet the bulk of its fuel needs, until June 2019, sources familiar with the matter said.. . .  Full story

Nigerian Senate backs Eurobond issue, warns of debt overhang

17/10 Nigeria's upper house of parliament approved a planned $2.786 billion Eurobond issue on Wednesday but advised the government to limit foreign borrowing and instead boost revenues.. . .  Full story

Ghana growth slows sharply to 5.4 pct in second quarter y/y

17/10 Ghana's economic growth slowed sharply to 5.4 percent year-on-year in the second quarter of 2018, compared to around 11 percent in the same period last year, the statistics office said on. . .  Full story

Nigeria state oil company denies existence of $3.5 bln fuel subsidy fund

17/10 Nigeria's state oil company on Wednesday denied parliament's accusation that it had a $3.5 billion fund to surreptitiously subsidise imports of gasoline.. . .  Full story

Zambian power firm CEC divests from telecoms business

16/10 Copperbelt Energy Corp (CEC) has sold its 50 percent stake in CEC Liquid Telecom to pan-African telecoms group Liquid Telecommunication Holdings Ltd., the power firm said on Tuesday.. . .  Full story

Death toll reaches 60 in Nigerian oil pipeline fire

15/10 Sixty people were killed after a fire broke out on Friday on an oil pipeline in the southeast of Nigeria, a spokesman for the National Emergency Management Agency (NEMA) said on Monday, up from. . .  Full story

Tunisia will not impose new taxes in 2019 - draft budget

15/10 Tunisia will not impose new taxes on citizens next year and will cut the tax burden for some sectors to boost growth, according to a draft budget, after years of tax. . .  Full story

Congolese migrants flood home, Angola denies claims of brutal crackdown

14/10 C ongolese migrants and officials said dozens of people were killed this month in neighbouring Angola in a crackdown on artisanal diamond mining, an accusation Angolan security forces strongly denied.. . .  Full story

Ivory Coast inflation slows to 0.5 pct year-on-year in September

11/10 Consumer price inflation in Ivory Coast slowed to 0.5 percent year-on-year in September, down from 0.9 percent in August, data from the National Statistics Institute showed on Thursday.. . .  Full story

Uganda's SafeBoda ride-hailing service hopes to expand across Africa

11/10 A ride-hailing app for motorcycle taxis that is transforming public transport in Uganda aims to expand to at least 20 other African cities, its co-founder says.. . .  Full story

Buoyant Tunis bourse hopes for state IPOs to draw investors

10/10 Tunisia's stock index is up an impressive 20 percent this year, but is being held back by the fact that the biggest firms are all state-owned and unable to attract private. . .  Full story

IMF, World Bank endorse Zimbabwe's plan to clear arrears -finance minister

10/10 The World Bank and IMF have endorsed Zimbabwe's road map to clear more than $2 billion in foreign arrears at a meeting in Indonesia on Wednesday, the finance minister said, adding. . .  Full story

Malawi tobacco revenue jumps 60 pct this year

10/10 Malawi's tobacco revenue, a mainstay of the southern African nation's economy, jumped 60 percent in the 2018 season, industry figures showed on Wednesday.. . .  Full story

Nigeria's Buhari asks lawmakers to approve $2.79 bln Eurobond -letter

09/10 Nigerian President Muhammadu Buhari on Tuesday asked lawmakers to approve the issuance of a $2.79 billion Eurobond, in a letter read in the upper chamber of parliament.. . .  Full story

IMF expects 4 pct growth in Malawi in 2019, economy performing well

06/10 The International Monetary Fund (IMF) said it expected Malawi's economy to grow by around 4 percent in 2019, followed by a rise to 6-7 percent over the medium term.. . .  Full story

Zimbabwe puts troubled national airline under administration

06/10 Zimbabwe has appointed an independent administrator to run its loss-making national airline to try and revive its fortunes, according to an official notice.. . .  Full story

Zimbabwe rebases data, boosting nominal size of economy by 40 percent

05/10 Zimbabwe's statistics agency has rebased key data, in an unexpected move that Finance Minister Mthuli Ncube said on Friday had increased the nominal size of its economy by more than 40. . .  Full story

Kenya's earnings from tourism to climb 15 pct this year, minister says

04/10 Kenya is likely to earn 15 percent more this year from tourism as the number of visitors grows by 17 to 18 percent, the country's tourism minister said.. . .  Full story

Libyan state oil firm delays energy conference after HQ attack

03/10 Libya’s state oil company National Oil Corp (NOC) said on Wednesday it had postponed a conference in the eastern city of Benghazi for 15 days following an attack on its Tripoli headquarters last month.. . .  Full story

Uganda central bank raises key lending rate at 10 pct

03/10 Uganda's central bank raised its key lending rate to 10 percent on Wednesday, a one percentage point jump from August's 9.0 percent, amid rising inflation.. . .  Full story

Kenya private sector activity expands at a slower pace in Sept: PMI

03/10 Kenya's private sector activity expanded at a slower pace in September, mainly due to cost pressures and uncertainty over new tax measures, a survey showed on Wednesday.. . .  Full story

Liberia central bank denies it lost $100 million

03/10 Liberia's central bank did not lose more than $100 million in newly printed notes, its governor said on Tuesday, disputing prior government statements that have sparked outrage and a federal investigation.. . .  Full story

Zambia's finance minister to meet IMF officials next week

02/10 Zambia's Finance Minister Margaret Mwanakatwe said on Tuesday she will meet with top International Monetary Fund (IMF) officials next week in Indonesia as Africa's no.2 copper producer tries to address mounting. . .  Full story

Zimbabwe's economic reform plan to push GDP growth to 5 pct - cenbank

01/10 Zimbabwe's economy will grow faster than expected in 2018, from an estimate of 4.5 percent to 5 percent, the central bank said on Monday as the new government implements reforms. . .  Full story

Nigerian umbrella trade union suspends nationwide strike

30/09 A Nigerian umbrella trade union suspended a nationwide strike on its fourth day on Sunday, after the government agreed to hold a meeting to discuss increasing the minimum wage, a union official said.. . .  Full story

IMF disburses $245 mln loan tranche to Tunisia - official source

29/09 The International Monetary Fund on Friday approved the payment of a $245 million loan tranche to Tunisia, the fifth under its loan programme with the North African country, an official source. . .  Full story

Botswana's economy rebounds in second quarter of 2018

28/09 Botswana's economy expanded by 2.4 percent in the second quarter of this year from the previous three months after contracting 1.5 percent in the first quarter, data from the statistics office. . .  Full story

New fuel tax pushes Kenya inflation to highest in 11 months

28/09 Kenyan inflation rose to its highest rate in nearly a year in September, the statistics office said on Friday, reflecting the impact of a new value added tax on fuel.. . .  Full story

Morocco’s BCP Bank's first half net profit rises 1.8 percent

27/09 Morocco’s Banque Centrale Populaire (BCP), one of the country’s biggest lenders, said on Thursday that its first half net profit rose by 1.8 percent due to improved operating risk management.. . .  Full story

IMF sees Ethiopian economic growth rising to 8.5 pct in 2018/19

27/09 Ethiopia's economy is forecast to expand 8.5 percent in the July 2018-June 2019 period, from 7.5 percent in the previous fiscal year, the International Monetary Fund said on Wednesday.. . .  Full story

World Bank approves first grants to Somalia in 30 years

26/09 The World Bank has approved $80 million in grants to Somalia to fund public finance reforms, marking the first disbursement to the government of the conflict-ridden country in 30 years, the. . .  Full story

Ghana's cocoa output to reach 1 mln tonnes and more in a few years - Cocobod

26/09 Ghana's cocobod regulator expects the country's annual cocoa output to rise to 1 million tonnes and more in a few years, boosted by enhanced farming methods such as artificial pollination, its. . .  Full story

Kenya central bank says rate setting meeting will be Tuesday

25/09 Kenya's central bank said on Monday its Monetary Policy Committee would meet to set rates on Tuesday, Sept. 25.. . .  Full story

Nigeria bourse suspends trading in Skye Bank after license revoked

24/09 Nigeria's Stock Exchange suspended trading in the shares of Skye Bank on Monday after the central bank withdrew the lender's operating license and created a bridge bank to take over its assets.. . .  Full story

Nigeria's central bank withdraws Skye Bank's operating licence

21/09 Nigeria's central bank has revoked Skye Bank's operating licence and a bridge bank called Polaris has been created to take over the lender's assets, the financial regulator said on Friday.. . .  Full story

World bank disburses $500 million loan to support Tunisia budget - source

21/09 The World Bank has disbursed a $500 million loan to support Tunisia's budget, an official source told Reuters on Thursday.. . .  Full story

World Bank sees Zambia 2018 economic growth below 4 percent

20/09 The World Bank expects Zambia's economy to grow less that 4 percent this year, lower than an April projection of 4.1 percent, it said on Thursday.. . .  Full story

Liberia loses $104 mln in central bank cash, bans 15 from foreign travel

19/09 Fifteen Liberians, including the son of former president Ellen Johnson Sirleaf, are banned from leaving the country while the government investigates the whereabouts of $104 million in missing cash intended for. . .  Full story

eSwatini police, crowd clash during wage, pension fund protests

19/09 Public sector workers clashed with police in eSwatini on Tuesday, as they marched through the streets of the country's second biggest town as part of wider protests to demand higher wages. . .  Full story

Botswana's 2018 budget deficit to widen to 2.3 pct of GDP

18/09 Botswana sees its 2018 budget deficit widening to 2.3 percent of gross domestic product from a previous projection of 1.8 percent due to a downward revision in its mineral revenue forecast,. . .  Full story

Tunisia's 2019 debt payments to hit record of more than $3 bln

17/09 Tunisia's debt repayments will rise to a record level of more than 9 billion dinars ($3.24 billion) next year, the finance minister said on Monday.. . .  Full story

Zimbabwe's agriculture authority issues $75 million grain bills to buy maize

17/09 Zimbabwe's Agriculture Marketing Authority (AMA) has issued $75 million in grain bills to purchase maize from farmers, the authority's financial advisor CBZ Bank said on Monday.. . .  Full story

Nigeria's inflation rate rises for first time in a year and a half

14/09 Nigeria's inflation rate rose in August over the previous year for the first time in a year and a half, driven by food prices, the statistics office said on Friday.. . .  Full story

Tunisia needs $2.53 bln in external financing next year -senior official

14/09 Tunisia needs around 7 billion dinars ($2.53 billion) in external financing in 2019 and plans to issue $1 billion in bonds in early October to help cover 2018's deficit, a senior. . .  Full story

Ghana agrees with Ivory Coast to announce bean prices at start of cocoa season

13/09 Ghana and Ivory Coast have agreed to coordinate the announcement of bean prices with the opening of cocoa season, part of a bid by the world's top producers to harmonise operations. . .  Full story

Kenyan central bank fines five banks a total of $3.89 mln

12/09 Kenya's central bank on Wednesday said it had fined five commercial banks a total of 392.5 million shillings ($3.89 million) in connection with the theft of funds at the National Youth. . .  Full story

Tunisia's August trade deficit up 20 pct yr/yr

12/09 Tunisia’s trade deficit widened by about 20 percent year on year in the first eight months of 2018 to 12.2 billion dinars ($4.39 billion), a record level, official data showed on. . .  Full story

Algeria does not need loans, should diversify economy: World Bank

07/09 Algeria, whose oil- and gas-dependent economy has suffered from sharp falls in the oil price since 2014, has enough money and does not need foreign loans, the World Bank vice-president for. . .  Full story

Kenya economic growth to be curbed by new tax on fuel -industry

07/09 Kenya's economic growth momentum for this year could be snuffed out if a widely unpopular 16 percent Value Added Tax on fuel is maintained, the country's chamber of commerce said on. . .  Full story

Tunisia's inflation stabilizes at 7.5 pct in August

07/09 Tunisia's inflation rate stabilized at 7.5 percent in August, unchanged from July, official data showed on Friday.. . .  Full story

Zambia aims to limit fiscal deficit to 5.1 pct of GDP by 2021

07/09 Zambia plans to limit its fiscal deficit to 5.1 percent of GDP by 2021 from 7.8 percent in 2018, the ministry of finance said in a statement on Thursday.. . .  Full story

African gas output could make up 10 pct of global total by 2040 -official

05/09 African production of natural gas could contribute as much as 10 percent of the global total by 2040, an expansion of around 530 billion cubic metres, the secretary general of the. . .  Full story

Kenya private sector expansion rebounds in August -PMI

05/09 Kenya's private sector activity expanded at a faster pace in August after dropping to a six-month low in the previous month as output and new orders for firms recovered, a survey. . .  Full story

Bank of Kigali sells 30 pct of insurance arm to Mauritius' Swan

04/09 Rwanda's Bank of Kigali has sold a 30 percent stake in its general insurance business to Swan General of Mauritius for 860 million francs ($978,116.13), the bank's chief financial officer told. . .  Full story

Nigerian stocks fall to more than one-year low

03/09 Nigerian stocks tumbled 2.75 percent in early trade on Monday to their lowest level in more than a year, dragged down by its biggest listed company, Dangote Cement.. . .  Full story

Kenya imposes 16 percent VAT on petroleum products, defying lawmakers

01/09 Kenya's revenue authority imposed a 16 percent value added tax on all petroleum products on Saturday, defying lawmakers who had voted earlier this week to delay the levy for two years due to concerns. . .  Full story

Kenya inflation at 4.04 pct in August - stats office

31/08 Kenya’s inflation fell slightly to 4.04 percent year-on-year in August from 4.35 percent a month earlier, the statistics office said on Friday.. . .  Full story

Kenya's parliament approves retaining interest rate cap, against IMF wishes

30/08 The Kenyan parliament voted on Thursday to retain the cap on commercial interest rates which the International Monetary Fund has insisted must be scrapped or modified in return for a new standby arrangement.. . .  Full story

Kenya's parliament approves retaining interest rate cap against IMF wishes

30/08 The Kenyan parliament voted on Thursday to retain the cap on commercial interest rates which the International Monetary Fund has insisted must be scrapped or modified in return for a new. . .  Full story

Zambia's external debt rises to $9.4 billion - finance ministry

30/08 Zambia's external debt rose to $9.37 billion at the end of June from $8.7 billion in December last year, the ministry of finance said on Thursday.. . .  Full story

Tunisia central bank holds key interest rate unchanged at 6.75 pct

30/08 Tunisia’s central bank kept its key interest rate unchanged at 6.75 percent on Thursday, the bank said.. . .  Full story

Nigerian vice president sees economy picking up after sluggish Q2

29/08 Nigeria's economy is expected to perform much better in the second half of the year, Vice President Yemi Osinbajo said on Wednesday, following sluggish growth in the second quarter.. . .  Full story

Cameroon cocoa exporters, farmers flee crisis in Anglophone region

29/08 Cocoa firms operating in Cameroon have moved staff out of the Anglophone region of the country and farmers are abandoning their crops in the area, as violence between separatists and security forces intensifies, exporters and. . .  Full story

Tunisia sees 2019 economic growth rising to 3.5 pct

29/08 Tunisia expects economic growth to accelerate to 3.5 percent of next year from the 2.9 percent expected in 2018, driven by a recovery of the tourism industry and an expanding agricultural. . .  Full story

Steinhoff's board to meet this week over asset sales to pay debt

29/08 Crisis-hit Steinhoff's board will meet on Thursday and Friday to work out which assets it needs to sell to pay down its debt, the retailer's chairwoman told a parliamentary panel on. . .  Full story

Malawi maize output down 28 pct after drought, armyworm outbreak

28/08 Malawi's maize output declined by 28 percent in the 2017/18 farming year due to damage caused by drought and crop-eating armyworms, a government report showed on Tuesday.. . .  Full story

Nigerian economy loses momentum in Q2 as oil sector contracts

27/08 Nigeria's economic growth dipped to 1.50 percent year on year between April and June, the statistics office said on Monday, extending a slowdown into a second quarter as the oil sector. . .  Full story

Kenya parliamentary committee proposes retaining upper limit of lending rate cap -document

24/08 A Kenyan parliamentary committee has proposed that the east African economy retains the upper limit of commercial lending rates at 4 percentage points above central bank rate, as passed into law. . .  Full story

Ivory Coast to auction cocoa crop in advance to guarantee price for season

22/08 Ivory Coast's Cocoa Coffee Council (CCC) has decided to auction all of its cocoa production to exporters in advance in order to set a guaranteed price throughout the season for producers,. . .  Full story

Zambia copper output up 10.6 pct in first half of 2018 - central bank

22/08 Zambian copper output rose 10.6 percent to 402,222 tonnes in the first half of the year, the central bank governor Denny Kalyalya said on Wednesday.. . .  Full story

Zambia raises 2018 fiscal deficit forecast to 7.8 percent: central bank

22/08 Zambia has raised its 2018 forecast for the country's fiscal deficit to 7.8 percent of gross domestic product from an initial estimate of 6.1 percent, governor Denny Kalyalya said on Wednesday.. . .  Full story

Ivory Coast bank woes threaten to slow early cocoa purchases

20/08 Poor liquidity within Ivory Coast's banking system caused by the collapse of the top cocoa producer's largest domestic exporter risks hindering exports at the start of the upcoming main crop, exporters. . .  Full story

Nairobi Securities Exchange suspends trading of Kenya's ARM Cement

20/08 The Nairobi Securities Exchange (NSE) said on Monday it had suspended trading of Kenya's ARM Cement three days after it was put under administration.. . .  Full story

CEO of Kenya's Arm Cement to quit but remain board member

16/08 Arm Cement's chief executive said on Thursday he planned to leave his post as part of a shake-up at the Kenyan cement maker, but would stay on as a board member.. . .  Full story

KCB Group to finalise Imperial Bank deal in September

16/08 KCB Group expects to finalise a takeover of smaller rival Imperial Bank by the end of September, Kenya's biggest bank by assets said on Thursday after reporting higher first-half profits.. . .  Full story

Nigerian inflation dips in July but remains above single-digit target

15/08 Annual inflation in Nigeria slowed to 11.14 percent in July, its lowest level in more than two years, the National Bureau of Statistics said on Wednesday, but it remained above the. . .  Full story

Algeria's Sidi Rezine refinery to restart production at start of 2019 - official

15/08 The Sidi Rezine refinery in the Algerian capital Algiers will come back online at the beginning of 2019 with an estimated output of 3.6 million tonnes of refined products, a senior official at state. . .  Full story

Nigeria's GT Bank sees 10 pct loan growth this year

14/08 Nigeria's Guaranty Trust Bank (GT Bank) plans to use some of its cash deposits to help grow its loan book by 10 percent by the end of the year after credit. . .  Full story

Nigeria's state-owned oil company considers refinery partnerships

14/08 Nigerian National Petroleum Corporation (NNPC) could allow private investors to install two refineries on two of its sites, the state-owned oil company said on Tuesday.. . .  Full story

Ethiopia plans to build new airport in Oromia region -Fana

14/08 Ethiopian Airlines plans to build a new airport with annual capacity of 80 million passengers in Bishoftu, about 48km southeast of the capital Addis Ababa, state-affiliated media said on Tuesday.. . .  Full story

Uganda central bank holds key lending rate at 9.0 pct

13/08 Uganda central bank held its key lending rate at 9.0 percent on Monday, and its governor said economic growth was robust because of previous rate cuts that had lowered lending rates.. . .  Full story

Malawi tobacco revenue rises 35 percent

10/08 Revenue from Malawi's major export crop tobacco has risen 35 percent compared to last year and could exceed $300 million by the end of the season later this month, industry data. . .  Full story

Billionaire's huge Nigerian oil refinery likely delayed until 2022:sources

10/08 A huge oil refinery being built in Nigeria by Africa's richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of. . .  Full story

Billionaire's huge Nigerian oil refinery likely delayed until 2022 - sources

10/08 A huge oil refinery being built in Nigeria by Africa's richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of the matter said.. . .  Full story

Kenya's tea output jumps 14 pct in the first half of the year

09/08 Kenya's tea production jumped by 14 percent in the first six months of this year to 230.99 mln kg from the same period last year, the regulator Tea Directorate said on. . .  Full story

Nigeria's Notore drops 8.8 pct in one week after debut listing

09/08 Nigeria's Notore Chemical shares dropped to 57 naira each in Thursday's session, losing 8.8 percent in a week after its debut stock market listing in Lagos.. . .  Full story

Nigeria's Zenith Bank sees return to loan growth this year

07/08 Nigeria's Zenith Bank expects to grow its loan book by 2.5 percent this year as a recovering economy and a drive to win business with manufacturers helps to offset a decline in credit in. . .  Full story

Tight liquidity hits Kenyan government debt auctions

07/08 A lack of liquidity in Kenya's money markets has sent the overnight interbank lending rate above the three-month Treasury bill yield and curbed demand for government securities at the weekly auction,. . .  Full story

Tanzania wants to build pipeline to pump gas to Uganda

06/08 Tanzania wants to build a pipeline to pump natural gas to neighbouring Uganda, another step in the two countries' bid to expand energy cooperation.. . .  Full story

Kenya private sector activity expands at a slower pace in July -PMI

03/08 Kenya's private sector activity expanded at a slower pace in July as growth in output and new orders lost steam, a survey showed on Friday.. . .  Full story

Tanzania central bank takes over Bank M

02/08 Tanzania's central bank said on Wednesday it has taken over the management of mid-sized commercial lender Bank M as the lender has critical liquidity problems and is unable to meet its. . .  Full story

Kenya's inflation rises to 4.35 pct year-on-year in July

31/07 Kenya's inflation rose slightly to 4.35 percent year-on-year in July from 4.28 percent a month earlier, the statistics office said on Tuesday.. . .  Full story

Exposure to debt-stricken cocoa exporter rocks Ivory Coast banks

31/07 Heavy debt exposure to Ivory Coast's largest domestic cocoa exporter, which was ordered into liquidation this month, risks destabilising the West African nation's banking sector, bank officials said on Tuesday.. . .  Full story