Africa Business

Zimbabwe's inflation at highest in a decade as dollar shortage bites

13/11 Inflation in Zimbabwe soared last month to its highest level since 2008, official data showed on Tuesday, after a severe dollar shortage led to a surge in prices of food, drinks and clothes.  Full story

Management contributed to collapse of Nigeria's Skye Bank -deposit insurer

13/11 The management of Nigerian failed lender Skye Bank contributed to the collapse of the mid-tier bank, the country's deposit insurance agency said on Monday.. . .  Full story

Nigerian telecoms regulator approves Teleology takeover of 9-mobile

13/11 Nigeria's telecoms regulator has approved the transfer of debt-laden 9-mobile to new investor Teleology, a statement from Teleology said on Monday. . .  Full story

Nigeria's Diamond Bank says not in merger or acquisition talks

12/11 Nigeria's Diamond Bank is not in merger or acquisition talks with any institution after saying it was aware of speculation that rival Access Bank plans to acquire it, the mid-tier lender. . .  Full story

Zimbabwe invites bids for struggling national airline

12/11 Zimbabwe has invited bids for the state-owned airline as President Emmerson Mnangagwa's government pushes ahead with a drive to privatise and end state funding to loss-making firms, Air Zimbabwe's administrator said. . .  Full story

IMF sees Namibia’s GDP contracting in 2018

10/11 The International Monetary Fund (IMF) projects that Namibia’s GDP will contract in 2018, pushing out its forecast for growth to next year when it sees support from strong mining production and. . .  Full story

Kenyan private equity firm raises $155m in second round funding

09/11 Catalyst Principal Partners, a Kenyan private equity firm, has raised $155 million in its second round of funding, securing capital from local pension funds and international investors, it said on Friday.. . .  Full story

Nigeria's Diamond Bank has not received offers of cash from investors

09/11 Nigeria's Diamond Bank said on Friday that no investors had come forward to inject cash into the company and that its board was reviewing all strategic options.. . .  Full story

Tunisia trade deficit widens to record $5.5 billion

08/11 Tunisia’s trade deficit widened by 2‮1‬ percent year-on-year in the first 1‮0‬ months of 201‮8‬ to a record 15.9 billion dinars ($5.52 billion), state news agency TAP said on Thursday.. . .  Full story

Zimbabwe sees 2019 budget deficit at 4 percent of GDP

08/11 Zimbabwe wants to reduce its budget deficit to 4 percent of gross domestic product in 2019, down from an 11.1 percent forecast this year through various expenditure cuts, Finance Minister Mthuli. . .  Full story

Zimbabwe's Econet to list banking, mobile money unit separately

08/11 Econet Wireless Zimbabwe will split off and separately list its financial and insurance businesses on the Zimbabwe Stock Exchange if shareholders approve the plan later this month, the company said on. . .  Full story

Mozambique says Eurobond restructuring a relief for budget

08/11 Mozambique's agreement with the bulk of its creditors to restructure a $726.5 million Eurobond was "a relief for the budget", Finance Minister Adriano Maleiane said on Thursday.. . .  Full story

Burundi to set up capital market for firms this year

07/11 Burundi plans to establish a securities exchange before the end of this year for companies to raise funds after a slowdown in commercial bank lending, a senior central bank official said.. . .  Full story

Nigerian unions, government agree minimum wage to avert strike

06/11 Nigerian trade unions and the government agreed a minimum wage proposal to avert a nationwide strike that was to have shut down Africa's biggest economy on Tuesday, a union official said.. . .  Full story

Unemployment in Morocco drops slightly to 10 pct in Q3

05/11 Morocco's unemployment rate dropped to 10 percent at the end of September, down from 10.6 percent a year earlier, the planning agency said on Monday citing a growth in jobs created in the services. . .  Full story

Mali on track for GDP growth of 5 pct in 2018: IMF

05/11 Mali's economy is forecast to grow by 5 percent this year, down from 5.3 percent in 2017, the International Monetary Fund said.. . .  Full story

Kenya's Equity Bank's 9-mth pretax profit up 8 pct

05/11 Kenya's Equity Bank reported an 8 percent rise in 9-month pretax profit on Monday driven by higher interest income.. . .  Full story

Kenyan private sector activity rebounds in October: PMI

05/11 Growth in the Kenyan private sector rebounded in October, after cost pressures held it back the previous month, a survey showed on Monday.. . .  Full story

Angola expects economy to grow 2.8 pct in 2019 - minister

01/11 Economic growth in Angola, Africa's No. 2 crude producer, is expected to quicken to 2.8 percent in 2019 from a contraction of 1.1 percent this year, the Economic Development Minister Manuel. . .  Full story

Zimbabwe's Mangudya to get second term as central bank governor -report

01/11 President Emmerson Mnangagwa will retain John Mangudya for a second term as governor of the Reserve Bank of Zimbabwe, a state-owned newspaper reported on Thursday.. . .  Full story

Tunisia central bank holds interest rate at 6.75 pct

01/11 Tunisia's central bank kept its key interest rate unchanged at 6.75 percent, it said on Thursday.. . .  Full story

Zimbabwe's RioZim shuts mines over forex shortages

31/10 Zimbabwe's gold miner RioZim has closed its three mines due to a shortage of dollars, the company said in a letter to the central bank seen by Reuters on Wednesday.. . .  Full story

Kenya's inflation at 5.53 pct yr/yr in October

31/10 Kenya's inflation fell to 5.53 percent year-on-year in October from 5.70 percent a month earlier, the statistics office said on Wednesday.. . .  Full story

Ivory Coast on track for record cocoa harvest in 2018/19

31/10 Ivory Coast is on track for a record cocoa harvest in the 2018/19 season of 2.2 million tonnes, up from about 2 million tonnes last season, due to favourable weather and new plantations, farmers,. . .  Full story

Kenya's 2018/19 foreign borrowing to depend on global financial markets

31/10 Kenya will make a final decision on the amount of foreign borrowing in its 2018/19 (July-June) fiscal year after it has studied conditions in global financial markets, the finance minister told. . .  Full story

World Bank approves $1.2 bln in grants, loans to Ethiopia

31/10 The World Bank has approved $1.2 billion in grants and loans to Ethiopia.. . .  Full story

Ocean Shock: Fishmeal factories plunder Africa

30/10 Greyhound Bay was once a place where old ships came to die. A wild stretch of coast on the western edge of the Sahara, its shallows made a convenient, if desolate, spot to scuttle. . .  Full story

Seychelles raises $15 million with world's first blue bond

30/10 Seychelles has raised $15 million by offering the world's first blue bond, raised from investors to finance ocean-based projects, to expand its marine protected areas and boost its fisheries sector.. . .  Full story

Zimbabwe's 2018 budget deficit seen at 11.1 percent of GDP

29/10 Zimbabwe's budget deficit will more than double to 11.1 percent of gross domestic product this year from an initial forecast of 5 percent due to runaway government spending, a senior treasury. . .  Full story

Benin raises 2018 economic growth forecast to 6.5 percent

27/10 Benin's government raised its economic growth forecast for this year to 6.5 percent, up from an earlier estimate of 6 percent, and said it anticipates 6.5 percent growth in 2019 too.. . .  Full story

Ethiopia announces $7 bln in new road, power public-private projects

26/10 Ethiopia announced $7 billion worth of new road and power supply projects on Friday, according to the state-affiliated Fana news agency.. . .  Full story

Nigeria's Diamond Bank hit 4-month high as traders eyes fresh capital

26/10 Shares in Nigeria's Diamond Bank rose to a four month high on Thursday, a day after the bank said four of its directors have resigned, in a move that could pave. . .  Full story

Namibia says economy to shrink 0.2 percent this year

24/10 Namibia's economy will contract 0.2 percent this year, down from a forecast of 1 percent growth in July, due to a weak performance in the manufacturing and construction sectors, Finance Minister. . .  Full story

-Sudan PM announces 'strict austerity' in emergency economic reforms

24/10 Sudan's Prime Minister Moataz Moussa announced to parliament on Wednesday a 15-month emergency economic-reform plan, including "further strict austerity measures", to begin this month.. . .  Full story

Malawi inflation to average between 9.3 pct and 9.5 pct in 2018 - cbank

24/10 Malawi's inflation is expected to remain in single digits this year and average between 9.3 percent and 9.5 percent, central bank governor Dalitso Kabambe said on Wednesday.. . .  Full story

IMF bumps Kenya's debt distress risk to moderate from low

24/10 Kenya's risk of defaulting on debt repayments has increased to moderate from low, the International Monetary Fund (IMF) has said, citing the government's public investment drive and revenue shortfalls in recent. . .  Full story

Uganda September coffee exports down 14 pct from a year earlier

24/10 Uganda's coffee shipments last month declined 14.2 percent compared to September last year, the sector regulator Uganda Coffee Development Authority (UCDA) said.. . .  Full story

Kenyan ARM Cement's administrator seeks asset sale to cut debt, keep it afloat

22/10 The administrator of Kenya's debt-laden ARM Cement will ask its creditors for support to keep the company running by selling some of ARM's assets to cut debt, as well as a. . .  Full story

Maroc Telecom reports 7 pct rise in third-quarter profit

22/10 Maroc Telecom, Morocco's largest telecoms operator, on Monday reported a 7 percent rise in unadjusted third-quarter profit attributable to shareholders compared to the same period last year.. . .  Full story

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