Africa Business

Zambia introduces maize price cap to keep it affordable

25/08 Zambia has introduced a cap on the price of maize to keep the staple food affordable, sparking protest from commercial farmers who accused the government of bringing back price controls.  Full story

Tanzania central bank threatens hefty fines for lenders over data compliance

25/08 Tanzania's central bank has given banks and financial institutions three months to establish data centres in the East African nation, saying it will impose hefty fines on lenders that fail to. . .  Full story

South Sudan makes minor oil discovery, first since independence

22/08 South Sudan has made a small oil discovery in Northern Upper Nile State, its first since independence in 2011 when exploration was interrupted by war and instability, the oil minister said on Thursday.. . .  Full story

Zimbabwe charges former Mugabe deputy with abuse of office

22/08 Phelekezela Mphoko, a former deputy to ousted Zimbabwe president Robert Mugabe, was charged on Wednesday with criminal abuse of office, his lawyer said, in the latest move by the new anti-corruption. . .  Full story

Zimbabwe July inflation at 21.04 % mth/mth - statistics office

21/08 Zimbabwe's month-on-month inflation rate fell to 21.04% in July compared to 32.96% the previous month as prices of basic goods increased at a slower pace, statistical agency ZIMSTATS said on Wednesday.. . .  Full story

Nigerian annual inflation at 11.08% in July - stats office

16/08 Annual inflation in Nigeria stood at 11.08% in July, compared with 11.22% in June, the National Bureau of Statistics said on Friday in a report.. . .  Full story

Ghana yet to decide on cocoa farmgate price -Cocobod

15/08 Ghana will not make a decision on a cocoa farmgate price until an industry committee meets to discuss it in September, a spokesman for the Ghana Cocoa Board (Cocobod) said on Thursday.. . .  Full story

Kenya approves issuance of first green bond

15/08 Kenya has approved its first ever issuance of a green bond, which will raise 5 billion shillings ($48.45 million) for student accommodation, the capital markets regulator CMA said on Thursday.. . .  Full story

Kenyan bank KCB Group H1 profit rises, parks more money for bad loans

15/08 KCB Group, Kenya's biggest lender by assets, on Thursday posted a 5% rise in first-half pretax profit boosted by growth across segments, and said it set aside more money to cover. . .  Full story

Kenya tax revenue up 11% in 2018/19, short of government target

14/08 Kenya's government revenues grew 11% in the 2018/19 (July-June) fiscal year, the tax authority said on Wednesday, but this fell short of the target set for the year.. . .  Full story

Ivory Coast's main cocoa crop harvest could start early Sept - farmers

13/08 The harvest for Ivory Coast's main cocoa crop could start at the beginning of September, weeks earlier than last year because of heavy rain over the past month, farmers told Reuters on Tuesday.. . .  Full story

Landlocked eSwatini report says ministers must tighten belts to help lift economy

11/08 The Kingdom of eSwatini is looking at cutting cabinet ministers' housing, travel and entertainment allowances as part of attempts to revive the economy of the southern African country formerly known as. . .  Full story

Nigeria's huge Dangote oil refinery delayed until end of 2020

10/08 Africa's largest oil refinery will not be finished until the end of 2020 due to problems importing steel and other equipment, executives at Dangote, which is building the facility in the. . .  Full story

Kenyan regulator says shareholders will decide if bank merger goes ahead

08/08 Kenyan lender KCB Group's takeover of state-backed National Bank of Kenya will go ahead if its offer is accepted by 75% of National's shareholders, the markets regulator said on Thursday.. . .  Full story

Kenyan lawmakers say govt should reject KCB's acquisition of NBK

08/08 A Kenyan parliamentary committee recommended on Wednesday that the government should reject KCB Group's acquisition of the majority state-owned National Bank of Kenya and instead raise capital by selling additional shares.. . .  Full story

Kenya's NSE-20 share index at 10-year low amid woes

07/08 The Kenyan stock exchange's main index dropped to a 10-year low on Wednesday as foreign investors fled amid turmoil in global markets and profit-taking hit banking stocks, analysts said.. . .  Full story

Kenya seeks 150 billion shilling syndicated loan -Business Daily

07/08 Kenya has sent out invitations to international commercial banks to subscribe to a syndicated loan worth up to 150 billion shillings ($1.45 billion), the Business Daily reported on Wednesday.. . .  Full story

AfDB approves $98 mln financing for Ethiopia-Djibouti road project

07/08 The African Development Bank (AfDB) has approved a $98 million financial package for Ethiopia for a road transport corridor project to neighbouring Djibouti, it said late on Tuesday.. . .  Full story

Ivory Coast president affirms commitment to $2,600/T cocoa floor price

06/08 Ivory Coast and Ghana will not sell cocoa from the 2020-21 crop for less than $2,600 per tonne, Ivorian President Alassane Ouattara said on Tuesday, affirming his country's resolve to stick to a deal. . .  Full story

Ghana to raise cocoa farmers’ prices by 5.2% -sources

06/08 Ghana will raise cocoa farmgate prices by 5.2% for the 2019/20 season, the first increase in four years, following strong sales of export contracts to chocolate makers and cocoa houses, industry. . .  Full story

Kenya private sector activity little changed in July -PMI

05/08 Kenya's private sector activity was little changed in July, as firms struggled to cope with increased demand, a survey showed on Monday.. . .  Full story

Kenyan tea glut pushes prices to multi-year lows, trade body says

02/08 Kenyan tea prices have slumped to their lowest level in at least five years due to excess supplies and weak demand in the main export markets, the East African Tea Trade. . .  Full story

Zimbabwe T-Bill auction oversubscribed after seven-year hiatus

02/08 Zimbabwe's central bank said on Friday its first Treasury Bill auction in seven years, aimed at raising $3.25 million, was oversubscribed more than four times as the government started open market. . .  Full story

Pandemic bonds face scrutiny after Ebola outbreak yet to trigger payout

01/08 World Bank funding instruments issued to help emerging countries swiftly tackle pandemics have come under the spotlight after the latest deadly Ebola outbreak has yet to trigger a payout.. . .  Full story

Nigerian stocks recover after hitting two-year low

01/08 Nigerian shares steadied on Thursday, after two days of losses, as the biggest company Dangote Cement traded flat and the second biggest listed firm MTN Nigeria gained.. . .  Full story

Kenyan lender Equity Group's H1 pretax profit jumps 10%

01/08 Kenyan lender Equity Group's pretax profit rose 10% to 17 billion shillings ($164.81 million) in the first half of this year, helped by higher interest and commissions income, it said on. . .  Full story

Nigerian stocks drop to lowest in more than two years

01/08 Nigerian stocks fell to their lowest level in more than two years on Thursday after shares in the banking sector and Dangote Cement declined.. . .  Full story

Kenya's inflation rises to 6.27% in year to July

31/07 Kenya's year-on-year inflation rose to 6.27% in July from 5.70% in the previous month, the statistics office said on Wednesday.. . .  Full story

KenGen's latest geothermal plant adds 79 MW to grid

30/07 Kenya Electricity Generating Co (KenGen) has added 79 megawatts to the national grid from a new geothermal plant, and the remainder of a total 158 MW to be produced by the. . .  Full story

Ivory Coast rains to boost cocoa main crop - farmers

29/07 Above-average rainfall last week in most of Ivory Coast's cocoa growing regions will boost the October-to-March main crop, but more sun is still needed, farmers said on Monday.. . .  Full story

Nigeria plots course to membership of Africa's planned free trade zone

29/07 Nigeria is backing its commitment to join Africa's recently agreed free trade zone by setting up a committee to implement the agreement, and promising new laws where necessary to enact membership. . .  Full story

Tanzania's economic growth slows in first quarter as construction softens

28/07 Tanzania's economic growth slowed to 6.6% year-on-year in the first quarter of 2019 from 7.5% in the same period a year earlier, official data showed on Sunday, weighed down by softer. . .  Full story

Malawi economy to grow by 5% in 2019 vs 4% in 2018: central bank

26/07 Malawi's economy is expected to grow by 5% this year, up from 4% the previous year and in line with IMF projections, boosted by better agriculture output, the central bank said.. . .  Full story

Tanzania to sell a million tons of maize and flour to Kenya

25/07 Tanzania will sell neighbouring Kenya one million tons of maize and flour within a year to help curb a food shortage, a senior agriculture ministry official said on Thursday.. . .  Full story

Nigeria's NNPC secures $3.15 bln to develop oil mining licence

23/07 Nigeria's state oil company has secured $3.15 billion from Sterling Oil Exploration and Energy Production Company Limited to develop oil mining licence 13, it said in a statement on Twitter. . .  Full story

Kenya's Consolidated Bank extends its bond maturity by 3 months

22/07 The Consolidated Bank of Kenya has extended the maturity of its 2 billion shilling ($19.39 million) medium-term note by three months to allow its biggest shareholder, the government, to inject more. . .  Full story

Zambia first-half copper output down 4% –mines ministry

18/07 Zambia's copper production dropped 4% to 393,419 tonnes in the first six months of the year, ministry of mines data showed on Thursday.. . .  Full story

Nigeria's state oil firm awards oil-for-fuel swap deals - sources

16/07 Nigerian state oil firm NNPC issued award letters on Monday for highly sought-after contracts to exchange crude oil for imported fuel, oil industry sources told Reuters.. . .  Full story

Abruptly appointed Zambian finance minister to review sales tax plan

15/07 Zambian President Edgar Lungu abruptly fired his finance minister on Monday, appointing in her place the respected deputy head of the central bank, who said he might further delay a sales. . .  Full story

Zambia dollar bonds soar after president swaps finance minister

15/07 Zambia's dollar-denominated government bonds jumped on Monday after the country's president sacked Finance Minister Margaret Mwanakatwe and appointed central bank deputy governor Bwalya Ng'andu to replace her.. . .  Full story

Tanzania's central bank sacks CEO of state-run bank

14/07 Tanzania's central bank has removed the chief executive of the state-run TIB Corporate Bank with immediate effect, citing poor performance of the financial institution.. . .  Full story

Tanzanian central bank fines lender for breaching rules

13/07 Tanzania's central bank on Saturday said it had fined Diamond Trust Bank Tanzania Limited 1 billion Tanzanian shillings ($435,000) for breaching regulatory rules on data and service availability. . . .  Full story

Morocco’s budget deficit grows to 21.8 bln dirhams in first half

13/07 Morocco’s budget deficit rose to 21.8 billion dirhams ($2.28 billion) in the first six months of 2019, up from 20.4 billion dirhams in the same period the previous year, the treasury. . .  Full story

United Nations chief calls for more support for cyclone-hit Mozambique

11/07 U.N. Secretary General Antonio Guterres on Thursday called on the international community to provide more aid to Mozambique, where two cyclones spurred by climate change killed hundreds and wrought widespread destruction. . .  Full story

-Nigeria to force lending by capping deposits at central bank

11/07 Nigeria plans to encourage lending by capping banks' interest-bearing deposits at the central bank, the latest in a series of measures aimed at reviving an economy stuck with low growth.. . .  Full story

Nigeria to force lending by capping deposits at central bank

11/07 Nigeria plans to encourage lending by capping banks' interest-bearing deposits at the central bank, the latest in a series of measures aimed at reviving an economy stuck with low growth.. . .  Full story

Morocco prepares to launch tender for 230 MW plant in Atlas mountains

10/07 The Moroccan agency for sustainable energy (Masen) said it opened on Tuesday the first stage in a tender process to build, operate and maintain a 230 megawatt solar plant near the. . .  Full story

Zimbabwe public workers reject government's $21 million pay rise-union official

09/07 Zimbabwe's government on Tuesday offered its workers 180 million Zimbabwe dollars ($21 million) additional pay for the July to December period, which unions rejected as inadequate in the face of soaring. . .  Full story

South Sudan 2019/20 spending to more than double - finmin

08/07 South Sudan's finance minister unveiled dramatically higher spending for the 2019/20 fiscal year to be partly funded by increased oil revenues, following criticism from the IMF for deep cuts in prior. . .  Full story

Tunisia's tourism revenues jump 42.5% in the first half of 2019

08/07 Tunisia’s tourism revenues soared 42.5% in the first half of 2019 to $692 million compared to the same period last year, official figures showed on Monday.. . .  Full story

Congolese army fires in the air during protest near Glencore plant

08/07 Congolese soldiers fired in the air on Monday as illegal miners protested outside a metallurgical plant on a copper and cobalt concession run by Glencore, a witness said.. . .  Full story

Tunisia expects this year's grain harvest to rise to 2.1 mln tonnes -ministry

05/07 Tunisia expects its grain harvest to jump to 2.1 million tonnes this year, up from about 1.4 million tonnes in 2018, the agriculture ministry said on Friday.. . .  Full story

Morocco’s Q2 economic growth slows to 2.4%, planning agency says

03/07 Morocco’s economic growth slowed to 2.6% in the second quarter from 2.8% in the first quarter, the country's planning agency said on Wednesday, citing a drop in agricultural activity.. . .  Full story

Kenyan private sector activity jumps in June -PMI

03/07 Kenya's private sector activity jumped in June, helped by increased local and external demand for goods, a survey showed on Wednesday, but there were concerns about cashflows, partly arising from late. . .  Full story

Ivory Coast economic growth seen near unchanged in 2019 at 7.5% - IMF

02/07 Ivory Coast's economy is expected to grow by 7.5% this year, in line with 7.4 percent last year, and medium-term growth will remain strong, the International Monetary Fund said on Tuesday.. . .  Full story

Ethiopia's economy seen expanding at 9.2% in 2019/20 FY

01/07 Ethiopia's economy is projected to expand at 9.2% in 2019/2020 fiscal year, up from a growth rate of 7.7% in previous year, according to the prime minister, Abiy Ahmed.. . .  Full story

Kenya's Q1 economic growth slows, hurt by agriculture

28/06 Kenya's economic growth slowed in the first quarter of this year compared with the same period last year due to dry weather which curbed the farming sector, the statistics office said. . .  Full story

Zimbabwe moves to keep a lid on maize prices after drought

28/06 Zimbabwe has banned farmers from selling maize to anyone other than the state Grain Market Board as the government moves to keep prices of the staple crop down after a severe. . .  Full story

Kenya's inflation at 5.70% year-on-year in June

28/06 Kenya's inflation rose slightly to 5.70% year-on-year in June from 5.49% a month earlier, the statistics office said on Friday.. . .  Full story

Nigerian stocks dip to 5-week low

27/06 Nigerian stocks dropped to its lowest in five weeks on Thursday after heavyweight Dangote Cement declined.. . .  Full story

Morocco’s BMCE Bank to raise $199 mln in share issue

27/06 BMCE Bank, one of Morocco's largest lenders, said it has secured approval from the market regulator to raise 1.9 billion dirhams ($199 million) by issuing new shares and a rights issue on the. . .  Full story

Zambia directs state power firm to take cost-cutting measures

27/06 Zambia's Zesco Ltd should freeze staff hiring, merge some of its departments and take other steps to cut costs and make the state power utility more efficient, a government body said.. . .  Full story

NNPC gets temporary alternate board chair, replacing outgoing Kachikwu

26/06 Nigeria's President Muhammadu Buhari has appointed a temporary alternate chairman for state oil company NNPC, the company said in a statement.. . .  Full story

Nigerian court adjourns Oando case against securities regulator to 22 July

24/06 A federal court in Lagos on Monday adjourned until 22 July a case brought by local oil firm Oando to halt management changes the country's securities and exchange commission is trying. . .  Full story

Ivory Coast, Ghana proposed cocoa price floor lacks other growers' support

21/06 A cocoa price floor of $2,600 per tonne agreed by Ivory Coast and Ghana with buyers for the 2020/21 season lacks the support of other producing nations, the vice president of. . .  Full story

Ivory Coast cocoa mid-crop to reach record 600,000 T - exporters and pod counters

21/06 Ivory Coast's cocoa mid-crop is expected to reach a record 600,000 tonnes this season, exporters and pod counters said on Friday, up 20% from the previous season.. . .  Full story

Heavy rains dampen Nigeria's 2018/19 cocoa outlook

20/06 Heavy rainfall and poor sunshine across Nigeria's cocoa-growing regions raises the likelihood of black pod disease which would hurt the main crop this season, an industry body said on Thursday.. . .  Full story

Marketing division manager Kyari to head Nigerian state oil firm

20/06 Nigerian President Muhammadu Buhari has appointed a new group managing director of the Nigerian National Petroleum Corporation (NNPC), the state oil firm said on Thursday, one of his first appointments since. . .  Full story

Nigeria to consider its industries in Africa free trade zone decision

20/06 Nigeria will consider the interests of its industries in deciding whether to sign up to a $3 trillion Africa free-trade agreement, President Muhammadu Buhari said in a meeting with local manufacturers. . .  Full story

Namibia targets $1 billion worth of investments

20/06 Namibia is to host a two-day economic summit which is expected to attract at least $1 billion worth of investments over the next two years, the Ministry of Information and Communications. . .  Full story

Kenya slashes 2030 power production targets as usage still low-media

20/06 Kenya has cut its target for expanding its electricity output by 2030 by nearly 30% as demand is growing more slowly than expected, its energy minister was quoted as saying.. . .  Full story

Malawi president appoints economist Mwanamvekha as finance minister

20/06 Malawian President Peter Mutharika has appointed minister of agriculture Joseph Mwanamvekha, an economist and former banker, as finance minister in his new cabinet, the chief secretary to the government said on. . .  Full story

Kenyan parliament committee proposes nationalisation of Kenya Airways

18/06 A Kenyan parliamentary committee on Tuesday recommended the nationalisation of loss-making Kenya Airways as part of efforts to turn the airline around, a draft report said.. . .  Full story

Uganda central bank holds key lending rate, sees faster GDP growth

18/06 Uganda's central bank held its key lending rate on Tuesday and forecast faster economic growth for 2019/20.. . .  Full story

Cargo handled by Kenya's Mombasa port up 6% in eleven months to May

18/06 Kenya’s main port of Mombasa handled 6.3% more cargo in the last eleven months thanks to higher efficiency, a surge in imports and greater capacity after the port was expanded, the. . .  Full story

From poo to food: Kenyan toilet waste key for new animal feed

17/06 Kenyan farmer Victor Kyalo's chickens have doubled the number of eggs they are laying. The reason: Human excrement.. . .  Full story

Zimbabwe inflation soars to 10-year high of 97.85% year/year in May

17/06 Zimbabwe’s annual inflation raced to a 10-year high of 97.85% in May from 75.86% the previous month, the national statistics agency Zimstats said on Monday.. . .  Full story

Kenyan parliament will block repeal of rate cap, lawmaker says

17/06 Kenya's parliament will block an attempt to repeal a cap on commercial lending rates, the lawmaker who sponsored the law imposing the cap said on Monday.. . .  Full story

Kenya to raise capital gains tax to shore up revenues

13/06 Kenya will more than double its capital gains tax rate to 12.5% from 5% to bring it in line with international standards, Finance Minister Henry Rotich said in budget proposals to parliament on Thursday.. . .  Full story

Disease lowers Ghanaian cocoa output, processors must import -sources

13/06 Bad weather and crop disease have hampered the cocoa crop in second-largest producer Ghana, forcing processors there to import beans at rates higher than usual, sources familiar with the matter told Reuters.. . .  Full story

South Sudanese president appoints new oil minister

12/06 The South Sudanese president has appointed a new petroleum minister, removing Ezekiel Lol Gatkuoth, the presidential spokesman told Reuters on Wednesday, but the reasons for the move were unclear.. . .  Full story

Nigeria's economy is expected to grow 2.7% this year, President Buhari says

12/06 Nigeria's economy is expected to grow 2.7% this year, President Muhammadu Buhari said on Wednesday, in his first public speech since his inauguration for a second term last month.. . .  Full story

Centum Investment profit up, to sell stake in drinks firms

12/06 Kenya's Centum Investment expects to complete a sale of its stakes in two drinks firms in the next four months, chief executive officer James Mworia said on Wednesday, after the company. . .  Full story

Ethiopia forecasts 9% growth, plans higher spending in 2019/2020

11/06 Ethiopia's economy is projected to grow by 9% in 2019/2020, finance minister Ahmed Shide told lawmakers on Tuesday as he presented plans to raise spending in one of Africa's fastest-growing economies.. . .  Full story

Ethiopia finance minister proposes 386.9 billion birr for 2019/2020 budget

11/06 Ethiopia's finance minister Ahmed Shide proposed to parliament on Tuesday 386.9 billion birr ($13.48 billion) in government spending for the 2019/2020 budget.. . .  Full story

Mauritius says economic growth may climb to 4.1 pct in 2020

11/06 Mauritius expects its economy will expand by 4.1 percent next year up from 3.9 percent this year, while the fiscal deficit will remain flat in the fiscal year beginning July from. . .  Full story

Rwanda re-opens border with Uganda to trucks for 12 days

10/06 Rwanda said on Monday it would re-open its busiest border post with Uganda to cargo trucks for 12 days, more than three months after it was closed amid tensions between the two neighbours triggered. . .  Full story

Ethiopia 2019/20 coffee exports to rise to record high -USDA

07/06 Ethiopia, Africa's top coffee producer, is expected to export a record-high 4 million 60-kg bags of coffee in 2019/20, the U.S. Department of Agriculture attache in Addis Ababa said, as yields. . .  Full story

Namibia's economy expected to contract again in 2019 - IMF

05/06 Namibia's economy will mildly contract again in 2019 due to poor rains and reduced diamond production but economic growth will return in 2020, the International Monetary Fund said on Wednesday.. . .  Full story

Mozambique's top court says state-guaranteed Eurobond illegal

05/06 Mozambique's top court has ruled that a government-guaranteed $850 million Eurobond issued by state-run tuna-fishing company Ematum in 2013 was illegal, court documents showed.. . .  Full story

Kenya private sector activity rebounds in May: PMI

05/06 Kenya's private sector activity grew modestly in May, rebounding from the first contraction since 2017 registered in the previous month, a survey showed on Wednesday.. . .  Full story

CEO of Nigeria's Oando gets five-year director ban - watchdog

01/06 Nigeria's financial watchdog said on Friday it had barred the CEO of oil firm Oando, Wale Tinubu, from directing public companies for five years over financial infractions - though he dismissed. . .  Full story

CEO of Nigeria's Oando rejects ban imposed by watchdog

31/05 The CEO of Nigerian oil company Oando said on Friday he rejected the conclusion of the financial watchdog which barred him from directing public companies for five years over a series of financial infractions.. . .  Full story

Tunisia central bank holds key interest rate unchanged at 7.75 pct- bank

31/05 Tunisia's central bank has kept its key interest rate unchanged at 7.75 percent, the bank said on Friday.. . .  Full story

Zimbabwe abstains from external borrowing to build fiscal discipline - IMF

31/05 Zimbabwe will not borrow externally and will cut reliance on the central bank to finance deficits during an IMF staff-monitored programme in a bid to set a track record of fiscal. . .  Full story

Bravura to spend over $50 mln to explore for platinum in Zimbabwe

31/05 Bravura Consortium will spend more than $50 million to explore for and mine platinum in Zimbabwe, the Southern African country's mines minister said on Friday, after both parties signed the agreement.. . .  Full story