Africa Business

Ghana raises 2020/21 cocoa farmgate price by 28%

25/09 Ghana will increase the guaranteed cocoa price it pays to farmers during the upcoming growing season by 28% to 10,560 cedis ($1,837) per tonne President Nana Akufo-Addo said on Thursday.  Full story

Zambia aiming to reduce deficit to 9.3% in 2021 - finmin

25/09 Zambia aims to lower its fiscal deficit and external debt in the coming year after both overshot plans in 2020 due to the coronavirus, Finance Minister Bwalya Ng’andu said in a. . .  Full story

Morocco sells 1 bln euro in dual-tranche bonds - document

24/09 Morocco on Thursday sold bonds worth 1 billion euro split into two tranches of 5-1/2 and 10 years, a document showed.. . .  Full story

Morocco’s Attijariwafa Bank first-half profit down 57.5%

24/09 Attijariwafa Bank, one of Morocco’s biggest lenders, reported on Thursday a 57.5% drop in first-half net profit attributable to shareholders to 1.2 billion dirhams ($130 million), citing a surge in pandemic-related. . .  Full story

Namibia's GDP contracts 11.1% in second quarter

24/09 Namibia's gross domestic product (GDP) contracted by 11.1% year on year in the second quarter from a revised 1.8% contraction in the first quarter, its statistics office said on Thursday.. . .  Full story

Nigeria auction bonds at lower yields after surprise rate cut

23/09 Nigeria sold bonds on Wednesday at yields lower than the secondary market despite double-digit inflation, auction results showed, after an unexpected central bank interest rate cut aimed at stimulating the economy.. . .  Full story

Nigeria's Buhari to send long-awaited oil reform bill to Senate - sources

23/09 Nigerian President Muhammadu Buhari has signed a long-awaited oil-reform bill and it will be formally presented in the Senate as early as next week, four sources familiar with the matter told Reuters.. . .  Full story

Glencore says Kamoto Copper Company ramping up to full production

23/09 Glencore's head of Africa copper on Tuesday said its Democratic Republic of Congo subsidiary Kamoto Copper Company (KCC) is ramping up to full production and should produce 270,000 tonnes of copper. . .  Full story

Zambia pushes to defer dollar-bond interest payments until April 2021

22/09 Zambia launched a vote with its Eurobond holders on Tuesday, proposing to defer interest payments on its three outstanding dollar-denominated bonds until April 14, 2021.. . .  Full story

Libya's NOC lifts force majeure at Zueitina oil terminal

22/09 Libya's National Oil Corporation (NOC) said on Tuesday it was lifting force majeure at the eastern Zueitina oil port after conducting security assessments at the terminal and connected fields.. . .  Full story

B2Gold says Mali political situation 'headed in right direction'

21/09 Gold miner B2Gold on Monday sought to reassure investors that Mali's political situation was improving after a military coup last month hit shares in the company and other Mali-focused miners.. . .  Full story

OPEC watching Libyan oil restart closely, needs time to assess-sources

21/09 OPEC and its allies are watching efforts to resume oil output in Libya very closely, OPEC sources said on Monday, although producers should wait to see if there is a sustainable restart before. . .  Full story

Banks agree $545 million for Congo Republic economy

20/09 A group of banks has agreed more than $545 million worth of funding to boost Congo Republic's long-suffering economy, officials said on Saturday.. . .  Full story

Kenya's central bank licenses first mortgage refinance company

18/09 Kenya's central bank has licensed the country's first mortgage refinance firm, it said on Friday, paving the way for banks to access long-term finance for home loans.. . .  Full story

Gambia's growth seen shrinking to 2% as president eases lockdown

18/09 Gambia's economic growth rate may fall to 2% in 2020 versus a forecast 6% due to the coronavirus, President Adama Barrow said on Thursday, as he relaxed a nighttime curfew but. . .  Full story

IMF approves $1 bln in funds for Angola, adds $765 mln to program

17/09 The International Monetary Fund said on Wednesday it had approved immediate disbursement of $1 billion to Angola under an existing program and increased its total funding access by $765 million to. . .  Full story

South Sudan president replaces finance minister, state TV reports

16/09 South Sudan President Salva Kiir has removed the country's finance minister Salvatore Garang from office, replacing him with Athian Ding Athian, state television reported on Wednesday.. . .  Full story

Ghana's economy contracts for the first time in 37 years

16/09 Ghana's economy contracted for the first time in almost four decades in the second quarter, by an annual 3.2%, as coronavirus restrictions stalled activity, the statistics office said on Wednesday.. . .  Full story

Kenya's KenGen seeks adviser for sale of emissions reduction units

15/09 Kenya Electricity Generating Co (KenGen), is seeking a transaction adviser for the sale of certified carbon emissions-reduction units, it said.. . .  Full story

Kenya's budget deficit likely to swell, finance minister says

15/09 Kenya's budget deficit for this financial year could increase due to revenue shortfalls and coronavirus-related disruptions, the finance minister said on Tuesday.. . .  Full story

Nigeria annual inflation rises in August as pandemic disrupts activity

15/09 Annual inflation in Nigeria rose in August for the 12th month in a row, reaching a more-than two-year high, as the coronavirus pandemic disrupted the supply of goods and services.. . .  Full story

Nigeria's petrol and power price rises upset business owners

15/09 Daniel Oyelesi, who runs a laundry business in Nigeria's capital Abuja, is reeling from the double whammy of price rises for petrol and electricity imposed in recent weeks that he says. . .  Full story

Pink coffins mark growing death toll of Congo gold mine collapse

14/09 P ink painted coffins lined a hillside in eastern Congo on Monday as rescuers filled them with the bodies of victims of a gold mine cave-in, in which 50 people are feared dead.. . .  Full story

Ghana set to follow Ivory Coast with farm gate cocoa price rise -sources

14/09 Ghana plans to increase the guaranteed farm gate cocoa price paid to farmers by at least 21% to 10,000 cedi ($1,745) per tonne for the next cocoa season starting on Oct.. . .  Full story

Uganda, Tanzania sign agreement for construction of crude oil pipeline

13/09 Tanzania and Uganda signed an agreement on Sunday paving the way for the construction of a crude oil pipeline running from Ugandan oilfields to the Tanzanian port of Tanga, a Tanzanian. . .  Full story

Regional ruling party wins elections in Ethiopia's Tigray region -election commissioner

11/09 The regional ruling Tigray’s People Liberation Front have won elections in the northern Ethiopian region of Tigray, the election commission announced on Friday, as a showdown loomed between the region and. . .  Full story

Malawi's economy to grow 4.5% in 2021: finance minister

11/09 Malawi's economy is likely to expand by 4.5% next year, Finance Minister Felix Lafiel Mlusu said in a budget speech on Friday.. . .  Full story

Malawi's economy to grow 4.5% in 2021 - finance minister

11/09 Malawi's economy is likely to expand by 4.5% next year, Finance Minister Felix Lafiel Mlusu said in a budget speech on Friday.. . .  Full story

U.S development finance institution to fund energy and gas development in Mozambique

10/09 The U.S development finance institution has agreed to loan up to $200 million for a gas-to-power facility in Mozambique and provide $1.5 billion in political risk insurance to develop natural gas reserves in the country's. . .  Full story

Namibian economy contracted more in 2019 than previous estimates

10/09 Namibia’s economy contracted by 1.6% in 2019 compared to growth of 1.1% recorded in 2018, according to revised figures released by the statistics office on Thursday.. . .  Full story

All four of Nigeria's refineries are currently shut down, says NNPC chief

10/09 All four of the refineries in Nigeria, Africa's top oil exporter, are currently shut down, the group managing director of the Nigerian National Petroleum Corporation said on Wednesday.. . .  Full story

Nigeria in talks to give up majority stakes in refineries, NNPC chief says

09/09 Nigeria is holding talks to give up majority stakes in all four of its moribund oil refineries, Mele Kyari, head of the state oil firm NNPC, said on Wednesday.. . .  Full story

Ghana's August consumer price inflation at 10.5% year-on-year, says stats office

09/09 Ghana's consumer price inflation was at 10.5% year-on-year in August, compared with 11.4% in July, mostly driven by falling food prices, the West African nation's statistics office said on Wednesday.. . .  Full story

Malawi's 2020 tobacco output, revenue falls due to wet weather

09/09 Malawi's foreign exchange earnings from tobacco sales fell by nearly a third in 2020 compared to 2019 due to wet weather conditions, a government division in charge of selling the crop. . .  Full story

Kenya gets $750 mln from the World Bank to develop its arid north

09/09 Kenya has secured $750 million from the World Bank for projects aimed at developing the economy of its arid northeastern regions, the World Bank said late on Tuesday.. . .  Full story

Nigeria's Fidelity Bank to sell up to 50 bln naira bond in Q4

08/09 Nigeria's Fidelity Bank plans to issue up to 50 billion naira ($131.3 million) in local bonds by the fourth quarter to refinance existing debt as yields fall, a senior executive said. . .  Full story

As debt piles up, Angola flags failing state firms

08/09 Angola's state auditor said some government-owned companies were a net drain on the finances of sub-Saharan Africa's third-biggest economy while oil giant Sonangol failed to report its results, state news agency. . .  Full story

Nigeria's Buhari calls electricity price rise, petrol deregulation crucial decisions

07/09 Nigeria's increase in electricity prices and the deregulation of petroleum sector were crucial decisions taken at the start of year, a statement by President Muhammadu Buhari said on Monday.. . .  Full story

Ethiopia to sell 5% stake of state-run telecom co to citizens - media

07/09 Ethiopia plans to sell a 5% stake in its state-run telecom firm to its citizens as part of measures to break up the monopoly, state-affiliated Fana Broadcasting said on Monday, quoting. . .  Full story

Kenya to launch diesel price stabilisation fund

07/09 Kenya plans to start a diesel price stabilisation fund, a senior energy ministry official said on Monday, the first attempt by the East African nation to reduce volatility in the price. . .  Full story

MTN takes challenges against Ghana market regulator to Supreme Court

05/09 MTN's unit in Ghana said on Saturday that it had sought review from the Supreme Court after a high court this week dismissed its challenge to a move by the telecommunications. . .  Full story

Malawi's economy to shrink 1.9% in 2020, president says

05/09 Malawi's economy will contract 1.9% this year because of instability caused by a presidential election re-run and the COVID-19 pandemic, President Lazarus Chakwera said in a state of the nation address. . .  Full story

Malawi's economy to shrink 1.9% in 2020 - President Chakwera

04/09 Malawi's economy will see a contraction of 1.9% this year from estimated growth of 5.5% due to the political instability earlier in the year and the impact of the coronavirus pandemic,. . .  Full story

Nigeria 'no longer in the business of fixing' fuel prices, oil minister says

03/09 Nigeria is "no longer in the business of fixing" fuel prices, Timipre Sylva, the minister of state for oil, said on Thursday.. . .  Full story

Ghana court dismisses MTN's challenge against market regulator

03/09 A high court in Ghana has dismissed the local MTN unit's challenge to a move by the national telecommunications regulator aimed at exposing it to greater competition, the company said on. . .  Full story

Kenya August private sector activity growth slows, firms cut staff

03/09 Growth in Kenya's private sector activity slowed in August, hurt by firms laying off staff to help cut their costs, a survey showed on Thursday.. . .  Full story

Private creditor debt relief for Africa may be long-term positive -rating agency

03/09 Private sector involvement in a debt relief scheme for African countries could prove positive in the long-run if it encourages investment and bolsters debt sustainability, Scope Ratings said in a report. . .  Full story

Nigeria's gasoline price to hit record in naira terms in Sept -PPMC circular

02/09 Nigeria's gasoline price will hit its highest ever in naira terms this month, according to a notice from a state oil subsidiary seen by Reuters.. . .  Full story

Mauritius central bank revokes Century Banking Corp's licence

02/09 Mauritius' central bank has revoked the banking licence of Century Banking Corporation Ltd, it said on Wednesday, without stating the reasons for the move.. . .  Full story

Morocco’s trade deficit shrinks 18.2% year/year

02/09 Morocco's trade deficit shrank by 18% to 100 billion dirhams ($11 billion) in the first seven months of 2020, the foreign exchange regulator said on Tuesday.. . .  Full story

Nigeria sets capital rules for mobile money licences

01/09 Nigeria's central bank said it will grant more licences for payment service banks but set a minimum capital base of $13 million, which could deter telecoms firms and some other potential. . .  Full story

Botswana plans to add 600 MW of coal-fired and solar power by 2026

31/08 Botswana plans to add more 600 megawatts (MW) of solar and coal-fired power in the next six years as the country looks to wean itself off imports while also eyeing power. . .  Full story

Zimbabwe tobacco sales down 23.5% after poor rains

31/08 Sales of Zimbabwe's tobacco, the second largest foreign currency earner, fell 23.52% to 178.7 million kilograms this year, official data showed on Monday, after production was affected by lower rainfall.. . .  Full story

Nigeria pays $14 mln for fuel in June despite subsidy removal - NNPC

31/08 Nigeria's state oil company recorded a 5.34 billion naira ($14 million) cost for fuel in June, months after it changed its pricing method in an effort to eliminate subsidies.. . .  Full story

Kenya central bank to rule on 2020 dividend issuance by banks

31/08 Kenya's central bank will have to approve any plans by commercial lenders to issue dividends for this year, it said in a memo to bank executives seen by Reuters on Monday,. . .  Full story

Angola to join oil and extractives transparency group

30/08 Angola plans to join the Extractive Industries Transparency Initiative (EITI), an international effort to fight corruption in revenues from oil, gas and mineral extraction.. . .  Full story

Guinness Nigeria posts first annual loss in four years, shares fall

28/08 Guinness Nigeria slumped to an annual pretax loss of 17.07 billion naira ($45 million), its first in four years, hurt by writedowns and coronavirus-induced disruptions, sending its shares almost 9% lower. . .  Full story

Nigerian lawmakers order probe into $18 bln NLNG dividend

28/08 Nigerian lawmakers have instructed the country's most senior accountant to investigate payments totalling $18 billion as dividends from Nigeria's investment in Nigeria Liquefied Natural Gas (NLNG) between 2004 and 2019, a. . .  Full story

Kenya Airways losses deepen, expects more challenges ahead

28/08 Kenya Airways expects its full-year 2020 revenues to drop by between 60 billion shillings ($555.30 million) and 70 billion shillings, higher than its previous estimate, its chief executive said on Friday.. . .  Full story

Nigeria might fall into recession as virus takes toll, budget office says

28/08 Nigeria might fall into recession in the third quarter, the head of the country's budget office said on Thursday, citing the impact of low oil prices and the coronavirus pandemic on. . .  Full story

Kenya Airways sees drop in revenues of between 60 and 70 bln shillings for 2020

28/08 Kenya Airways expects to see a drop in revenues of between 60 billion Kenyan shillings ($555.30 million) and 70 billion shillings for full year 2020, its chief executive said on. . .  Full story

Nigeria to resume international flights from Sept 5 -aviation authority

27/08 Nigeria will resume international flights from Sept. 5, the head of the aviation regulatory body said on Thursday, marking a week-long delay to the resumption date previously announced by the government.. . .  Full story

African Development Bank re-elects Akinwumi Adesina as president

27/08 The African Development Bank (AfDB) said on Thursday its board had re-elected Akinwumi Adesina for a second five-year term as AfDB president.. . .  Full story

Uganda's coffee exports surge 17% in July on output from new trees

27/08 Uganda's coffee exports rose 17.2% in July from the same month last year, boosted by output from maturing new coffee trees and easing coronavirus restrictions, the sector regulator said on Thursday.. . .  Full story

Nigeria approves auditors for Delta region development agency probe

27/08 Nigeria's government has approved auditors led by Ernst & Young to examine the finances of a government organisation set up in 2000 to develop the oil-rich but poor Niger Delta region,. . .  Full story

Nigeria says Q3 and Q4 GDP to reflect further economic slowdown -presidency

26/08 Nigeria expects the third and fourth quarters to reflect the continued effects of a slowdown, after the economy contracted by 6.1% in the second quarter, the presidency said on Wednesday.. . .  Full story

Nigeria cocoa output to fall in 2020/21 on virus, dry weather -cocoa association

26/08 Nigerian cocoa output is likely to drop by at least 20% this season as measures aimed at curbing the spread of the novel coronavirus and drier weather increase the chances of a poor harvest,. . .  Full story

Botswana sees risk of no De Beers sales deal by end-2020

26/08 Botswana's government said there is a risk it will be unable to renew a 10-year sales agreement with De Beers before the end of December, when the current one expires, as. . .  Full story

South Sudan seeks $250 million loan from African Exim Bank

25/08 Cash-strapped South Sudan is seeking a $250 million loan from the African Export-Import Bank, the deputy minister of agriculture said, to implement a long-delayed peace agreement, fight COVID-19 and support food security.. . .  Full story

IMF says central banks must be independent after change of Zambia's governor

24/08 The International Monetary Fund said on Monday central banks' independence must be maintained, in a statement in response to a change of Zambia's central bank governor.. . .  Full story

Nigeria's economy contracts by 6.1% y/y in Q2 - stats office

24/08 Nigeria's economy contracted by 6.1% in the second quarter of 2020 from a year earlier, the statistics office said on Monday, with lockdowns in its two main cities and low oil. . .  Full story

Nigeria's economy shrinks 6% in second quarter on oil crash, pandemic double whammy

24/08 Nigeria's economy contracted by 6.1% in the second quarter of 2020 from a year earlier, the statistics office said on Monday, with lockdowns in its two main cities and low oil prices taking their. . .  Full story

Total and Mozambique sign security pact for $20 bln natural gas project

24/08 French oil major Total has signed a security pact with the Mozambique government to protect a $20 billion natural gas (LNG) project being developed in the southern African country, the company. . .  Full story

Zambian president fires central bank governor in surprise move

22/08 Zambian President Edgar Lungu on Saturday summarily dismissed central bank governor Denny Kalyalya and replaced him with former deputy finance minister Christopher Mphanza Mvunga, a statement from State House said.. . .  Full story

Zimbabwe central bank keeps main lending rate at 35%

21/08 Zimbabwe's central bank said on Friday it had kept its main lending rate at 35%, part of efforts to reduce excess liquidity that could be used to buy foreign currency and. . .  Full story

Kenyan all-female conservation ranger unit patrols amid COVID-19

21/08 Purity Amleset Lakara has spent the year capturing armed poachers, running from an aggressive buffalo, and relaxing around a campfire reading "A Day Before my Wedding" as she prepares for her. . .  Full story

Ivory Coast, Ghana create joint body to coordinate cocoa policies

20/08 The world's two largest cocoa producers, Ivory Coast and Ghana, have created a joint body to improve coordination in research, price setting and the fight against child labour, the Ivorian government said on. . .  Full story

U.N. Security Council condemns mutiny in Mali, urges soldiers return to barracks

19/08 The United Nations Security Council on Wednesday condemned a mutiny in Mali and urged the soldiers involved to immediately release all government officials they had detained and and return to their barracks without delay.. . .  Full story

Zambia central bank cuts main lending rate by 125 bps to 8.0%

19/08 Zambia's central bank cut its benchmark lending rate by 125 basis points to 8.0% to safeguard financial sector stability and protect livelihoods in the wake of the COVID-19 pandemic, it said. . .  Full story

Nigeria's $1.5 bln World Bank loan delayed over reforms -sources

18/08 The World Bank is unlikely to approve a much-needed $1.5 billion for Nigeria in August as planned due to concerns over desired reforms, three sources familiar with the talks told Reuters.. . .  Full story

Congo central bank raises 2020 GDP forecast to -1.7%

18/08 Democratic Republic of Congo's central bank said on Monday it expected the economy to contract -1.7% in 2020, improving on an earlier forecast of a -2.4% contraction due to higher mining. . .  Full story

Nigeria eyes record 12.65 trillion naira spending plan for 2021 - document

18/08 Nigeria expects to spend a record 12.65 trillion naira ($33.20 billion) in 2021 despite severe revenue constraints, according to an outlook released by the Finance Ministry on Monday.. . .  Full story

Nigerian inflation rises for 11th month in July as import disruption weigh

17/08 Annual inflation in Nigeria rose for the 11th straight month in July, the statistics office said on Monday, as the novel coronavirus pandemic took its toll on imports and logistics.. . .  Full story

Ghana's fiscal deficit seen narrowing to 9.4% in 2021

17/08 Ghana's fiscal deficit is projected to narrow from 11.4% of gross domestic product (GDP) in 2020 to 9.4% in 2021, the finance ministry said in a budget document on Monday.. . .  Full story

Congo's central bank makes huge rate hike to 18.5%

16/08 The central bank of Democratic Republic of Congo has raised the main interest rate to 18.5% from 7.5%, central bank official Plante Kibadhi said on Saturday.. . .  Full story

Zimbabwe's July y/y inflation at 837.5%

15/08 Zimbabwe's inflation was 837.53% year-on-year in July compared to 737.26% the previous month, state statistics body Zimstat said on Saturday.. . .  Full story

Nigeria's unemployment rate 27.1% in Q2 -NBS

14/08 More than a quarter of Nigeria's workers were not in the labour force in the second quarter of this year, the National Bureau of Statistics said on Friday, in the country's. . .  Full story

Kenya's KCB Group sees quarter of its loans restructured by year-end - CEO

13/08 KCB Group, Kenya's biggest bank by assets, expects the proportion of loans it will restructure due to effects of the novel coronavirus to hit 25% of its total loans by December, its chief executive. . .  Full story

Congo to meet miners to debate copper concentrate export waivers

13/08 Mining companies and copper and cobalt buyers have been invited to a meeting in Kinshasa next week to discuss if there is a way to maintain waivers to an export ban. . .  Full story

Kenya's KCB Group H1 after-tax profit plummets 40% due to COVID-19

12/08 Kenya's KCB Group said on Wednesday its after-tax profit plummeted in the first half, hit by the effects of the novel coronavirus pandemic, and that it expected strained business conditions for. . .  Full story