Africa Business

Kenya's finance ministry confirms it sought Eurobond proposals

16h33 Kenya's finance ministry has sought proposals from banks and firms to provide lead manager services for the issuance of a new Eurobond, it said on Wednesday, confirming an earlier source-based report by Reuters.  Full story

Nigerian trade union rejects minimum wage recommendation -spokesman

22/01 A leading Nigerian trade union has rejected a recommendation that the national monthly minimum wage be raised to 27,000 naira ($88) from 18,000 naira, its spokesman said on Tuesday. . .  Full story

Morocco's trade deficit rises 8 pct in 2018

22/01 Morocco's trade deficit rose by 8 percent to 204 billion dirhams ($21.36 billion) compared with a year earlier, the foreign exchange regulator said on Tuesday.. . .  Full story

Nigeria's central bank holds benchmark lending rate at 14 pct

22/01 Nigeria's central bank held its benchmark interest rate at 14 percent, its governor said on Tuesday, following the first meeting of its monetary policy committee this year.. . .  Full story

Nigeria to recommend 27,000 naira minimum wage to lawmakers -labour minister

22/01 Nigeria is to send a bill recommending a national minimum monthly wage of 27,000 naira ($88.15) to lawmakers in the national assembly, labour minister Chris Ngige said on Tuesday.. . .  Full story

Zimbabwe public workers reject latest wage offer after protests

19/01 Zimbabwe's public workers have rejected a second offer to raise their salaries and demanded to be paid in dollars, days after at least three people died in violent anti-government protests.. . .  Full story

Guinea-Bissau's economic growth slows on declining cashew exports

18/01 Economic growth in Guinea-Bissau slumped to 3.8 percent last year from an average of about 6 percent in the previous three years, due largely to a 25 percent drop in cashew exports, the International. . .  Full story

Sudan inflation quickens to 72.9 pct in Dec -state news agency

18/01 Sudan's inflation rate increased to 72.94 percent in December from 68.93 percent in November, state news agency SUNA said on Thursday.. . .  Full story

African growth too slow for expanding workforce - AfDB

17/01 Africa's anticipated healthy annual economic growth of about 4 percent in coming years will still be too slow to create enough jobs for its fast-expanding labour force, a regional loan body said on Thursday.. . .  Full story

Sudan must reform or seek bailout to pull economy out of nosedive

17/01 Sudan must implement radical reforms or seek a bailout from friendly nations to pull its economy out of the downward spiral that helped trigger the nationwide protests now rocking the country, economists and bankers say.. . .  Full story

Big strike paralyses Tunisia, thousands protest over pay row

17/01 Rail, bus and air traffic stopped in Tunisia and street protests drew thousands on Thursday as the huge UGTT union staged a one-day nationwide strike to challenge the government's refusal to raise the salaries. . .  Full story

Zimbabwe's inflation soars to 42 percent Y/Y in December: Zimstats

17/01 Zimbabwe's inflation hit a fresh 10-year high of 42.09 percent year-on-year in December, from 31.01 percent in November, driven by increases in the price of basic goods, the statistical agency Zimstats. . .  Full story

Tunisair says strike to disrupt flight schedule

16/01 Tunisia's state-owned airline Tunisair expects major disruptions to its flights schedule on Thursday due to a planned nationwide strike and urged customers to change bookings, it said on Wednesday.. . .  Full story

Nigeria inflation rises to 11.44 pct y/y in Dec– stats office

16/01 Annual inflation in Nigeria stood at 11.44 percent in December, up from 11.28 percent in November, the National Bureau of Statistics said on Wednesday in a report.. . .  Full story

Kenya 2019/20 budget deficit forecast to fall, overall spending to rise - finance ministry

11/01 Kenya's budget deficit is forecast to fall in the 2019/20 fiscal year, while overall spending will rise, the Finance Ministry said on Friday.. . .  Full story

Kenya's NSE halts equities trading due to technical hitch

08/01 Kenya's Nairobi Securities Exchange said on Tuesday it had stopped trading of shares just before noon due to an unspecified technical hitch, adding it expected the issue to be resolved in. . .  Full story

Congolese mining company leaves ITSCI certification scheme over cost

07/01 Congo's biggest miner of coltan, an ore that is the source of metals used in mobile phones, says it is leaving the ITSCI certification scheme, relied on by major companies as. . .  Full story

Nigerian militant group claims 'warning' strike on Conoil facility

06/01 A Nigerian militant group said on Sunday it had carried out an as yet unconfirmed warning strike on an oil facility owned by local energy firm Conoil on Friday in the southern state of. . .  Full story

Nigerian militant group says carried out "warning" strike on Conoil facility in Bayelsa state

06/01 A Nigerian militant group on Sunday said it carried out a "warning" strike on an oil facility owned by energy company Conoil in the southern state of Bayelsa on Friday. . .  Full story

Zambia says audit shows mining firms in arrears to government

04/01 The Zambia Revenue Authority (ZRA) said on Friday an audit shows mining companies owe the government more than the state is due to pay them in tax refunds.. . .  Full story

Libya suspends oil exports due to bad weather - sources

03/01 Libya's oil exports have been suspended as bad weather conditions forced the OPEC country to shut all its export terminals, a local shipping agent and a Libyan oil source told Reuters on Thursday.. . .  Full story

Morocco’s economic growth to slow to 2.7 pct in Q4- planning agency

02/01 Morocco’s economic growth is expected to have dipped to 2.7 percent in the fourth quarter of 2018 from 3 percent the previous quarter, the planning agency said on Wednesday, citing a. . .  Full story

Nigeria's crude output rises to 2.09 mln bpd in 2018

02/01 Nigeria's crude oil production rose to 2.09 million barrels a day in 2018 compared with 1.86 million bpd the year before, the state oil company, the Nigerian National Petroleum Corporation (NNPC),. . .  Full story

Niger expects GDP growth to rise to 6.5 pct in 2019

02/01 Niger expects economic growth to rise to 6.5 percent in 2019 from 5.2 percent last year, owing in part to significant investments in the oil sector, President Mahamadou Issoufou has said.. . .  Full story

Zambia's 2018 copper output to be above last year's 800,000 tonnes

31/12 Zambia's 2018 copper production is projected to rise above the 800,000 tonnes produced last year, its Minister of Finance Margaret Mwanakatwe said in a statement on Monday.. . .  Full story

Tanzania seeks buyers for surplus cashew nut output -minister

28/12 Tanzania's government plans to sell around 150,000 tonnes of surplus cashew nuts to private buyers as factories will be unable to process all the stock bought up by government from farmers, its agriculture minister said.. . .  Full story

Ivorian cocoa arrivals seen at 725,809 T by Nov 30

26/12 *Cocoa arrivals at ports in top grower Ivory Coast reached 725,809 tonnes between Oct. 1 and Nov. 30, CCC data showed on Wednesday, up about 48 percent from 551,020 tonnes in. . .  Full story

Nigeria leader presents 8.83 trln naira 2019 budget to raucous lawmakers

19/12 Nigeria's President Muhammadu Buhari presented an 8.83 trillion naira ($28.80 billion) budget for 2019 on Wednesday, laying out plans to drive growth to a raucous parliament that highlighted divisions two months before an election.. . .  Full story

Nigeria's president presents 8.83 trln naira budget for 2019

19/12 Nigerian President Muhammadu Buhari presented a 8.83 trillion naira ($28.80 billion) budget for 2019 to parliament on Wednesday, and laid out a plan to drive growth two months before elections.. . .  Full story

Nigeria unemployment rises to 23.1 pct in Q3 from 18.1 pct year earlier -stats office

19/12 Nigeria's unemployment rate stood at 23.1 percent of the work force in the third quarter, up from 18.1 percent a year earlier, the head of the statistics office Yemi Kale said. . .  Full story

Nigeria's first gold refinery plans to triple capacity in five years

18/12 Nigeria's first gold refinery is expected to more than triple its capacity within five years after operations begin next June, an executive at the company developing it said on Tuesday.. . .  Full story

IMF approves $3 billion Precautionary and Liquidity Line for Morocco

18/12 The IMF has approved financing of about $2.97 billion in the form of a Precautionary and Liquidity Line (PLL) to help Morocco ward off external economic shocks.. . .  Full story

China pork prices may rise in 2019 due to swine fever - official

16/12 China's pork prices are likely to climb in 2019 due to tight supply caused by the further spread of African swine fever, an official at the National Development and Reform Commission said in remarks. . .  Full story

Nigeria's president Buhari said economy in "bad shape" -state governor

14/12 Nigeria's President Muhammadu Buhari said the country's economy was in "bad shape", the governor of a northwestern state told reporters on Friday after a meeting with governors from across the country.. . .  Full story

Libya's National Oil against paying 'ransom' to reopen El Sharara field

14/12 Libya's state-owned National Oil Corp. (NOC) said it was against paying a ransom to an armed group that has halted crude production at the country's largest oilfield.. . .  Full story

Nigeria inflation rate rose slightly in November - stats office

14/12 Nigeria's inflation rate rose slightly in November over the previous year, with price increases across a broad range of products, the statistics office said on Friday,. . .  Full story

MTN, Nigerian central bank dispute will be over "very soon" -regulator

13/12 The Nigerian telecoms regulator said on Thursday that an $8.1 billion dispute between South African telecoms group MTN and the Nigerian central bank "is being resolved and very soon it will be over.". . .  Full story

Ivory Coast inflation rises to 1.8 pct year-on-year in November

12/12 Consumer price inflation in Ivory Coast rose to 1.8 percent year-on-year in November, up from 0.8 percent in October, data from the National Statistics Institute showed on Wednesday.. . .  Full story

Nigeria budget minister expects economy to grow by 3 pct in 2019

12/12 Nigeria's economy is expected to grow by 2 percent this year and by 3 percent in 2019, the country's Minister of Budget Udoma Udo Udoma said on Wednesday.. . .  Full story

Zambia's chamber of mines sees 21,000 job cuts due to higher taxes

11/12 Mining companies in Zambia may lay off more than 21,000 workers due to reduced capital expenditure over the next three years if the government introduces higher taxes in January, an industry. . .  Full story

Somalia's GDP growth seen expanding to 3.1 pct in 2018 - IMF

11/12 Somalia's economic growth is expected to pick up in 2018 as it recovers from drought that had reduced farming output, the International Monetary Fund said on Tuesday.. . .  Full story

Tunisia central bank holds key interest rate at 6.75 pct

11/12 Tunisia’s central bank kept its key interest rate unchanged at 6.75 percent on Tuesday.. . .  Full story

Libya's NOC won't negotiate with group that closed Sharara oilfield - chairman

10/12 Libya's National Oil Corporation (NOC) will not pay or negotiate with those who closed Sharara oilfield, NOC Chairman Mustafa Sanalla told a local TV channel on Monday.. . .  Full story

Nigeria's economy grew 1.81 pct in Q3, driven by non-oil sector, stats office says

10/12 Nigeria's economy grew 1.81 percent in the third quarter of 2018 from a year earlier, pushed higher by the non-oil sector, the statistics office said on Monday.. . .  Full story

Sudan's inflation rises slightly in November to 68.93 pct

10/12 Sudan's inflation rose to 68.93 percent in November year-on-year, from 68.44 pct in October, the state statistics agency said on Sunday.. . .  Full story

Kenya's Consolidated Bank says seeking investor to inject 3.5 bln shillings

10/12 Kenya's Consolidated Bank said on Monday it was seeking an investor, either foreign or local, to inject 3.5 billion Kenyan shillings ($34.21 million) as part of its balance sheet reorganisation.. . .  Full story

Nigeria's cabinet agrees to send 2019 budget to parliament

07/12 Nigeria's cabinet has agreed to send the 2019 budget to parliament, the budget minister, Udoma Udo Udoma, said on Friday.. . .  Full story

Ivory Coast withdraws licences of two defaulting cocoa exporters -sources

07/12 Ivory Coast has revoked the licences of two cocoa exporters which relinquished their contracts after they were denied bank financing, two sources at the country's cocoa marketing board CCC said on. . .  Full story

Kenyan finance minister welcomes NIC Bank, CBA merger talks

07/12 Merger talks between NIC Bank and Commercial Bank of Africa were welcome, because a deal would help strengthen the financial sector, Kenya's finance minister said on Friday.. . .  Full story

Kenya's NIC Bank and Commercial Bank of Africa to explore merger

06/12 Kenya's NIC Bank and Commercial Bank of Africa will hold talks on a potential merger, to combine their separate expertise in retail and corporate banking, they said in a joint statement. . .  Full story

Tunisia's inflation stable at 7.4 pct in November

05/12 Tunisia’s inflation rate remained at 7.4 percent in November, the third consecutive month at that figure, official data showed on Wednesday.. . .  Full story

Kenya private sector activity slows slightly in November: PMI

05/12 Kenya's private sector expanded at a slower pace in November compared with the previous month, a survey showed on Wednesday.. . .  Full story

Zimbabwe doctors strike again for better pay as economy struggles

04/12 Zimbabwean doctors at public hospitals went on strike on Monday for the second time this year to demand better pay and conditions, a union official said, as President Emmerson Mnangagwa's government. . .  Full story

Sudan decides to allow private sector to export gold - PM on twitter

03/12 Sudan has decided to allow the private sector to export gold, Sudanese Prime Minister Moataz Moussa said in a message on his Twitter account on Monday.. . .  Full story

IMF agrees new loan programme for Sierra Leone

02/12 The International Monetary Fund (IMF) board has approved a new $172 million loan programme for Sierra Leone to help the West African country combat rising inflation and lacklustre economic growth.. . .  Full story

Rwanda's economy to grow 7.2 percent this year - IMF

01/12 The International Monetary Fund (IMF) said it expected Rwanda's economy to grow a projected 7.2 percent this year, up from 6.1 percent last year.. . .  Full story

Nigeria's Diamond Bank in talks to raise medium-term funding

30/11 Nigeria's Diamond Bank is in talks with a multilateral agency to raise medium-term funding over a 5-year period and will repay a $200 million Eurobond due in May on maturity from. . .  Full story

Kenya's inflation edges up to 5.58 pct in November

30/11 Kenya's annual inflation inched up to 5.58 percent in November from 5.53 percent a month earlier, the statistics office said on Friday.. . .  Full story

Rwanda's Bank of Kigali to set aside $40 mln for lending to firms

30/11 Rwanda's Bank of Kigali will spend more than half of the $67.5 million it raised from a cash call this month to boost lending to local firms, its chief executive said.. . .  Full story

Kenya's HF Group warns of lower FY profit on declining interest income

30/11 Mortgage-focused lender HF Group Plc warned on Friday its 2018 net earnings would be 25 percent lower than the previous year, after posting a nine-month loss.. . .  Full story

World Bank sees Nigerian 2018 GDP growth at under 2 percent

29/11 The World Bank expects Nigeria's economy to grow slightly less than 2 percent this year, largely driven by the non-oil industry and services sectors, as the approach of elections keeps foreign. . .  Full story

Zimbabwe on course to meet budget deficit targets - finmin

28/11 Zimbabwe is on track to meet a narrower budget deficit of 5 percent of GDP in 2019 from an estimated 11.7 percent this year, Finance Minister Mthuli Ncube said on Wednesday.. . .  Full story

Kenyan central bank holds main lending rate at 9.0 pct

27/11 Kenya's central bank held its benchmark lending rate at 9.0 percent on Tuesday, saying inflation remained within a band favoured by the government.. . .  Full story

Zimbabwe sees no radical change for platinum, diamond ownership

27/11 Zimbabwe does not plan to change its ownership rules for diamonds and platinum, its mining minister said on Monday, denting hopes among some miners the country will open up ownership as. . .  Full story

Kenya's Centum H1 pretax profit soars on higher investments

26/11 Kenya's Centum Investment Co Plc said on Monday its first-half pretax profit surged 35 percent to 2.39 billion shillings ($23.36 million), aided by higher investments.. . .  Full story

Energy revenues cut Algeria trade deficit in Jan-Oct - customs

25/11 Algeria's energy earnings rose 18.21 percent in the first 10 months of this year from the same period in 2017, pushing down the trade deficit by 58.65 percent, official figures showed. . .  Full story

Kenya Power gets tough on late bill payers after profit plunges

23/11 Kenya Power Co said on Friday it will be much tougher on chasing unpaid bills after its provisions for bad debts surged in the financial year through June, sending its full-year. . .  Full story

Bank of Kigali's $67.5 mln cash call gets 108 pct subscription rate

23/11 Rwanda's Bank of Kigali said on Friday its 60 billion francs ($67.50 million) rights issue was 108 percent subscribed.. . .  Full story

Sudan inflation eases slightly in Oct to 68.44 pct - stats agency

22/11 Sudan's annual inflation eased slightly to 68.44 percent in October from 68.64 percent in September, due to lower food and drink prices, the state statistics agency said on Thursday.. . .  Full story

Moroccan inflation stable at 1.1 pct y/y in October

22/11 Morocco's annual inflation rate stayed at 1.1 percent in October, the High Planning Commission said on Thursday.. . .  Full story

Ivory Coast inflation rises to 0.8 pct year-on-year in October

20/11 Consumer price inflation in Ivory Coast rose to 0.8 percent year-on-year in October, up from 0.5 percent in September, data from the National Statistics Institute showed on Monday.. . .  Full story

Zimbabwe to let gold, platinum mines retain higher dollar earnings

19/11 Zimbabwe will allow gold and platinum mining companies to retain up to 55 percent of their earnings in dollars, government and central bank officials said on Monday, as authorities in the. . .  Full story

Morocco’s Mutandis launches IPO to raise 400 mln dirhams in Casablanca

17/11 Morocco’s Mutandis received a green light on Friday to launch an initial pubic offering (IPO) to raise 400 million dirhams ($42.1 million), only the second this year on the Casablanca stock. . .  Full story

Kenya central bank upholds fines against lenders for suspect transactions

16/11 Kenya's central bank has upheld the fines it imposed in September against five top commercial lenders for a failure to report suspicious transactions in connection with the theft of funds at. . .  Full story

Zambia plans to transform state power utility into viable firm

16/11 Zambia has started implementing measures aimed at transforming state-owned Zesco Ltd into a viable and efficient public power utility company, the government said on Thursday.. . .  Full story

MTN Rwanda close to finalising a 50 bln franc syndicated loan

15/11 MTN Rwanda, the biggest telecoms operator in the East African nation, is close to sealing a deal for a 50 billion franc ($56.29 million) syndicated loan to be used to. . .  Full story

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. . .  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