Africa Business

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

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

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

Mauritius 2019 sugar output seen rising slightly-industry body

31/05 Mauritius sugar production is expected to rise 0.4% this year to 325,000 tonnes on the back of good weather, the Indian Ocean island’s Chamber of Agriculture said on Friday.. . .  Full story

Kenya's inflation falls to 5.49% in May

31/05 Kenya's year-on-year inflation fell to 5.49% in May from 6.58% a month earlier, thanks to lower food prices, the statistics office said on Friday.. . .  Full story

Zimbabwe says mines can pay for power in foreign currency to secure supply

31/05 Zimbabwe mining companies can pay for electricity in foreign currency to guarantee supplies, the energy minister said on Friday, a day after he indicated there could be deeper power cuts in. . .  Full story

Nigerian Senate approves $422 mln payment for fuel subsidy backlog

30/05 Lawmakers in Nigeria's upper house of parliament on Thursday approved a 129 billion naira ($422 million) payment to cover debts to local oil firms related to a fuel subsidy programme.. . .  Full story

Rwanda's bank of Kigali in talks to buy local insurance company Sonarwa - bank CFO

30/05 Bank of Kigali, Rwanda's biggest lender by assets, is in talks to buy local insurance company Sonarwa, the bank's chief financial officer said.. . .  Full story

Tanzania to export 700,000 tonnes of maize to drought-hit Zimbabwe

30/05 Tanzania will export 700,000 tonnes of maize to Zimbabwe after an El Nino-induced drought wilted crops, Tanzania's president said, adding that he hoped the sale would stimulate trade between the two. . .  Full story

Kenyan bank KCB wins shareholder backing for NBK takeover

30/05 Kenya's biggest lender by assets KCB Group on Thursday won shareholder approval for its proposed takeover of National Bank of Kenya in a 10-for-1 share swap transaction.. . .  Full story

Kenya's KCB Group secures shareholder backing for NBK takeover

30/05 Kenya's biggest lender by assets, KCB Group, on Thursday won shareholder approval for its proposed takeover of National Bank of Kenya (NBK) in a 10-for-1 share swap transaction.. . .  Full story

Burundi raises 2019/20 spending by 8%, finance minister says

30/05 Burundi will boost spending by 8% to 1.5 trillion francs ($824.84 million) in its 2019/20 (July-June) fiscal year, as the government ramps up expenditure on healthcare and farming, the finance. . .  Full story

Tanzania, Zambia plan $1.5 bln oil products pipeline - Tanzania minister

28/05 Tanzania and Zambia plan to build a refined products pipeline to transport petroleum between the two countries at a cost of $1.5 billion, Tanzania's Energy minister said on Tuesday.. . .  Full story

Kenya needs to begin reorganizing debt, room for borrowing has shrunk -central bank chief

28/05 Kenya's headroom for new borrowing has shrunk since it tapped the Eurobond market this month and it is time for the country to begin reorganising its debt, central bank governor Patrick. . .  Full story

Zambia to cancel, delay more project loans as debt soars - finance minister

28/05 Zambia will cancel or delay more approved project loans in a bid to reduce its fiscal deficit and reign in debt service payments, Finance Minister Margaret Mwanakatwe said on Tuesday.. . .  Full story

Kenya engages World Bank for $750 mln loan for budget support

28/05 Kenya is negotiating with the World Bank for a $750 million loan for budgetary support, documents on the proposed funding posted on the lender's website showed on Tuesday.. . .  Full story

Algeria discovers new gas field in southwest

27/05 Algeria has made an important gas discovery in the southwest province of Tindouf, Energy Minister Mohamed Arkab said on Monday, which could help the country boost exports and maintain its market share abroad.. . .  Full story

Kenya central bank holds main lending rate, eyes on inflation

27/05 Kenya's central bank left its benchmark lending rate unchanged at 9.0% on Monday but its monetary policy committee said it would keep an eye on recent food and fuel price rises. . .  Full story

Nigeria to issue green bond of up to 15 bln naira - debt office

27/05 Nigeria will issue a green bond of up to 15 billion naira ($49 million) to fund environmental projects, the country's debt office said on Monday.. . .  Full story

CEO of Kenya Airways resigns, to leave at year end - internal memo

25/05 The chief executive of Kenya Airways has resigned, an internal memo seen by Reuters on Friday said, a potentially destabilising development for the national flag carrier that has been struggling to. . .  Full story

Kenya 2019-20 coffee output to plunge to more than 50-yr low -USDA

25/05 Kenyan coffee production in 2019-20 is seen dropping to 650,000 bags, the U.S. Department of Agriculture (USDA) attache in Nairobi said, representing the country's lowest production in over 50 years, according. . .  Full story

Mali official gold exports increase 15% in 2018 to over 61 T

24/05 * Mali gold exports increase by 15.4% to 61.63 tonnes in 2018, up from 53.4 tonnes in 2017, National Institute of Statistics says, mostly owing to stronger industrial production.. . .  Full story

Kenya's National Cement to invest $36 mln after buying ARM assets

24/05 National Cement Company, which this week signed a deal to buy the Kenyan assets of ARM Cement from its administrator, plans to invest $36 million to modernise the production plants it. . .  Full story

Morocco set to reintroduce customs duty on soft wheat -industry body

22/05 The Moroccan government is expected to reintroduce a customs duty on soft wheat imports to promote sales from the local harvest which has been hit by a lack of rainfall, the president of the. . .  Full story

Tunisia's parliament approves $800 mln bonds plan-lawmakers

22/05 The Tunisian parliament on Wednesday approved a government plan to issue bonds worth up to $800 million this year, lawmakers told Reuters.. . .  Full story

Ghana producer prices flat at 7.1 pct in April: stats office

22/05 Ghana's producer price inflation was flat at 7.1% year-on-year in April, the statistics office said on Wednesday.. . .  Full story

Tanzania says to start cancelling inactive mining licences

22/05 Tanzania will start cancelling inactive mining exploration licences and distribute the acreage to artisanal miners who are able to immediately commence activity in the area, a minister said on Tuesday.. . .  Full story

MTN close to paying off 330 bln naira fine in Nigeria -NCC

22/05 African telecommunications giant MTN has paid 275 billion naira ($898.99 million) toward a 330 billion naira fine imposed on it for not disconnecting unregistered SIM cards, Nigeria's communications agency said. . .  Full story

Zimbabwe's small businesses reel from power cuts

21/05 Nelson Masaka heaves a hindquarter of beef on his shoulder from a truck and trudges inside his butchery shop, wondering out loud how he would survive Zimbabwe's worst power cuts in three years.. . .  Full story

Somalia passes petroleum law, paving way for exploration

20/05 Somalia passed a petroleum sector law on Monday, paving the way for exploration in its waters that could potentially transform the troubled country's economy if hydrocarbon riches are found.. . .  Full story

-Ethiopia starts rationing electricity for homes and industries

20/05 Ethiopia has started to ration electricity for domestic and industrial customers after a drop in water levels in hydroelectric dams led to a production deficit, the minister for water and electricity, Seleshi Bekele, said on. . .  Full story

Nigeria's economic growth slows in Q1 as oil sector shrinks

20/05 Growth in Nigeria's fragile economy slowed to 2.01% in the first quarter as the country's dominant oil sector shrank, the National Bureau of Statistics said on Monday.. . .  Full story

Ethiopia starts rationing electricity for homes and industries

17/05 Ethiopia has started to ration electricity for domestic and industrial customers after a drop in water levels in hydroelectric dams led to a production deficit, the minister for water and electricity, Sileshe Getahun, said on. . .  Full story

Kenya to finalise IMF deal within two months, rate cap "no issue" -Finance Minister

16/05 Kenya expects to finalise a deal with the International Monetary Fund within two months and the lender is not insisting on a removal of the interest rate cap as a precondition. . .  Full story

ICCO director keeps 2018/19 global cocoa output forecast at 4.8 mln T

15/05 A drop in Ghana's cocoa production has not dented the International Cocoa Organization's (ICCO) forecast for global output of 4.8 million tonnes for 2018/19, Executive Director Michel Arrion told Reuters on Wednesday.. . .  Full story

Kenya shortens tenor of new dual-tranche Eurobond -Refinitiv's IFR

15/05 Kenya shortened on Wednesday the tenor of its new dual-tranche Eurobond issue to seven and 12 years from the 12- and 31-year issues it had previously planned, due to changes in. . .  Full story

Tunisia's economic growth slows to 1.1 pct in first quarter

15/05 Tunisia's economic growth slowed to 1.1 percent year-on-year in the first quarter of 2019, as agricultural activity declined, the state statistics institute said on Wednesday.. . .  Full story

Somalia's economic growth pace could rise to 3% in 2019 - IMF

14/05 Somalia's economy continues to recover, with growth expected to strengthen to 3% in 2019 from 2.8% last year, while inflation could ease to 3% from 3.2% over the same period, the. . .  Full story

Kenyan watchdog approves Commercial Bank of Africa and NIC Group merger

13/05 The Competition Authority of Kenya approved on Monday a proposed merger between Kenya's Commercial Bank of Africa and NIC Group, the regulator said in a statement.. . .  Full story

Kenya's Equity Group reports 6 pct rise in Q1 pretax profit

09/05 Kenya's Equity Group Holdings said on Thursday its first quarter pretax profit rose 6 percent to 8.84 billion shillings ($87.44 million).. . .  Full story

Angolan president sacks chair of state energy firm Sonangol

08/05 Angola's President João Lourenço on Wednesday sacked Carlos Saturnino as chair of state energy firm Sonangol in the midst of one of the worst fuel shortages to hit Africa's second-largest crude producer in years.. . .  Full story

Zambia's 2019 maize output expected to fall 16 pct to 2 mln tonnes

08/05 Zambia's 2019 maize production is expected to fall 16 percent to about 2 million tonnes from 2.39 million tonnes last year, the country's Agriculture Minister Michael Katambo said on Wednesday.. . .  Full story

Corruption, payment delays stifle Kenyan manufacturers - survey

08/05 Kenyan manufacturers are largely operating below capacity and say economic growth prospects are dim due to a cash crunch, drought and corruption, a survey by their umbrella association showed.. . .  Full story

Angola president calls for resolution to fuel crisis

07/05 Angola's President João Lourenço called on Tuesday for a quick resolution to the fuel crisis plaguing the capital Luanda and cities around the country, causing long queues in Africa's second-largest crude producer.. . .  Full story

Kenya house committee opposes Kenya Airways' takeover of main airport

07/05 The Kenyan parliament's transport committee has opposed a proposed takeover of the running of Nairobi's Jomo Kenyatta International Airport (JKIA) by struggling carrier Kenya Airways, a lawmaker told Reuters on Tuesday.. . .  Full story

Kenya PMI falls in April, first contraction in 17 months

06/05 Activity in Kenya's private sector contracted for the first time in 17 months in April, hurt by drought and strained cash flows, a survey showed on Monday.. . .  Full story

Kenya's KCB Group looks to buy banks in Rwanda, DRC -CEO

06/05 Kenya's biggest lender by assets, KCB Group, plans to buy a bank in Rwanda and one in the Democratic Republic of the Congo (DRC), its chief executive said.. . .  Full story

Algeria's energy exports down, trade deficit up in Q1 -customs

06/05 Algeria's first quarter energy earnings fell 1.68 percent year on year, official figures showed on Sunday.. . .  Full story

Tunisia's annual inflation falls to 6.9 percent in April

04/05 Tunisia's annual inflation rate in April slowed to 6.9 percent from 7.1 percent in March, official data showed on Saturday.. . .  Full story

Nigeria's NNPC reveals 132 firms companies bid for oil swaps

03/05 Nigerian state oil company NNPC said that 132 companies had bid for the right to swap the nation's crude oil for fuels as a tender for the deals closed on Thursday.. . .  Full story

Tunisian parliament rejects govt plan to issue up to $800 mln in bonds

03/05 Tunisia's parliament said on Thursday it has rejected a government plan to issue up to $800 million in bonds this year, in a severe blow to the government which is seeking to secure funding. . .  Full story

Kenya clamps down on gambling ads, says industry endangering lives

02/05 Kenya introduced new gambling regulations on Thursday, including banning advertising outdoors and on social media, the interior minister said, after highlighting last month how it had become a problem for the young and poor.. . .  Full story

Angolan exchange set for first IPOs in 2019: bourse CEO

02/05 Angola, Africa's second largest oil producer, should see its first ever initial public offerings this year as the country establishes a domestic stock exchange with the privatisation of multiple state companies,. . .  Full story

Kenya to lower fiscal deficit to 5.6 pct in 2019/20 fiscal year

02/05 Kenya will cut its budget deficit to 5.6 percent of GDP in its 2019/20 (July-June) fiscal year from a revised 6.1 percent of GDP in this fiscal year, the Treasury said. . .  Full story

Ivory Coast 2019/20 cotton exports to hit record high: USDA attache

02/05 Ivory Coast, Africa's fourth-largest cotton producer, is expected to export record amounts of cotton in the 2019/20 season, according to an report by a U.S. Department of Agriculture attache published on. . .  Full story

Ivory Coast 2019/20 cotton exports to hit record high -USDA attache

01/05 Ivory Coast, Africa's fourth-largest cotton producer, is expected to export record amounts of cotton in the 2019/20 season, according to an report by a U.S. Department of Agriculture attache published on Wednesday.. . .  Full story

Nigeria's Senate hikes 2019 budget with focus on security

30/04 Nigeria's Senate on Tuesday hiked the 2019 budget to 8.91 trillion naira ($29 bln) after boosting its expenditure on security to help the government combat rising militancy and kidnapping across the. . .  Full story

Ivory Coast acts to avert defaults on cocoa export contracts this season

30/04 Top cocoa producer Ivory Coast has averted defaults on export contracts this season by letting multinational commodities companies buy at-risk contracts from local exporters, exporters and sources at the cocoa regulator said on Tuesday.. . .  Full story

Kenya's inflation shoots up to 6.58 pct in April due to food, fuel prices

30/04 Kenya's inflation shot up in April to its highest level since September 2017 due to rising food, electricity and fuel prices, the statistics office said on Tuesday.. . .  Full story

Kenya's Equity Group Holdings in talks over buying African bank stakes - statement

30/04 Kenya's Equity Group Holdings said on Tuesday it had entered discussions with London-listed financial services firm Atlas Mara Limited about buying stakes in banks in Rwanda, Zambia, Mozambique and Tanzania.. . .  Full story

Kenya's Equity Group in deal to buy African bank stakes

30/04 Kenya's Equity Group Holdings said on Tuesday it was in discussions with London-listed financial services firm Atlas Mara Limited about acquiring stakes in banks in Rwanda, Zambia, Mozambique and Tanzania.. . .  Full story

Safaricom Signs Collaboration Agreement With Equity

29/04 Equity Group Holdings Ltd:. . .  Full story

South Sudan oil exports disrupted by Port Sudan protests

26/04 South Sudan's oil exports have been disrupted after oil workers in the city of Port Sudan in neighbouring Sudan went on strike and joined widespread anti-government protests, a government spokesman said.. . .  Full story

Kenyan economy to grow at least 6 pct in 2019, finance minister says

25/04 Kenya's economy is likely to expand by at least 6 percent this year, the country's finance minister said on Thursday, sticking to rosy government forecasts despite delayed rains that could hit agriculture, a mainstay. . .  Full story

Farms spur Kenya growth rebound in 2018 - statistics office

25/04 Kenya's economy expanded by 6.3 percent last year, the statistics office said on Thursday, helped by adequate rainfall which spurred agriculture, a mainstay of the economy.. . .  Full story

Tanzania denies blocking release of scathing IMF report

23/04 Tanzania on Tuesday denied blocking the publication of a critical International Monetary Fund report that accuses President John Magufuli's government of undermining economic growth with "unpredictable and interventionist" policies.. . .  Full story

Exports of four main Nigerian crude grades to rise in June - programmes

23/04 Exports of Nigeria's four main crude oil grades are set to jump in June to 895,000 barrels per day (bpd) from 740,000 bpd in May, according to preliminary loading programmes.. . .  Full story

Angola annuls winning tender for 4th telecoms operating license - presidency

18/04 Angola's President João Lourenço annulled on Thursday the winning tender for the country’s fourth telecoms operating license and ordered it be re-run to ensure "a clean and transparent process," his office. . .  Full story

KCB Group proposes takeover of National Bank via share swap

18/04 Kenya's biggest lender by assets KCB Group has offered to buy National Bank of Kenya through a share swap consisting of one KCB share for every 10 of NBK, joining a. . .  Full story

Nairobi bourse halts trading in shares of banks KCB and NBK

18/04 The Nairobi Securities Exchange (NSE) halted on Thursday the trading of shares in Kenya Commercial Bank and National Bank of Kenya, it said in a statement.. . .  Full story

Nigeria has no intention of cutting fuel subsidy at this time -fin min

18/04 Nigeria has no intention of removing subsidies on petroleum products, its finance minister said on Wednesday after the International Monetary Fund (IMF) advised the country to eliminate them to protect public. . .  Full story

Angola's crude exports to hit lowest level in 13 years in June

17/04 Angola's crude oil exports will fall in June to their lowest level in 13 years due to a shutdown at the Saturno field for maintenance, according to a preliminary loading programme and an industry. . .  Full story

-Ghana 2018/19 cocoa output expected to drop 6 pct due to disease, drought

17/04 Ghana's cocoa output is expected to drop nearly 6 percent this season to 850,000 tonnes because of disease and dry weather, sources at the cocoa regulator, COCOBOD, said on Wednesday.. . .  Full story

Ghana 2018/19 cocoa output expected to drop 6 pct due to disease, drought

17/04 Ghana's cocoa output is expected to drop nearly 6 percent this season to 850,000 tonnes because of disease and dry weather, sources at the cocoa regulator, COCOBOD, said on Wednesday.. . .  Full story

Kenya's NIC Group shareholders approve merger with CBA

17/04 NIC Group's shareholders have approved its merger with the Commercial Bank of Africa, the company said on Wednesday, paving the way for the two companies to combine their operations.. . .  Full story

Nation Media Group 2018 pretax profit down 16.4 pct - Daily Nation

17/04 Kenya's Nation Media Group said on Wednesday its pretax profit fell 16.4 percent to 1.6 billion Kenyan shillings ($15.83 million) in 2018, according to a tweet by the Daily Nation.. . .  Full story

Zambian miner Lumwana says higher taxes will have severe impact on business

16/04 Higher mineral taxes in Zambia will have a severe effect on Lumwana Mining Company's operations, driving its costs up, the copper miner's country manager, Nathan Chishimba, told journalists on Tuesday.. . .  Full story

Nigeria consumer inflation falls slightly to 11.25 pct in March – stats office

16/04 Nigeria's consumer inflation stood at 11.25 percent in March, compared with 11.31 percent in February, the National Bureau of Statistics said on Tuesday.. . .  Full story

South Sudan secures $500 mln financing facility from AfreximBank

15/04 South Sudan has received a $500 million financing facility from African Export Import Bank (Afreximbank) to fund power transmission, infrastructure and farming projects, it said on Monday.. . .  Full story

Zimbabwe reaches agreement with IMF on economic reform programme

11/04 Zimbabwe has reached agreement with the International Monetary Fund (IMF) on a programme of economic policies and structural reforms that could pave the way to the crisis-hit country re-engaging with international. . .  Full story

IMF cuts Tanzania's 2019 economic growth forecast to 4 percent

10/04 The International Monetary Fund lowered its forecast for Tanzania's economic growth this year and in 2020 to around 4 percent from a previous forecast.. . .  Full story

Drought will drag down Kenya's 2019 economic growth, World Bank says

09/04 Dry weather across much of Kenya is likely to curb the country's economic growth this year, the World Bank said on Tuesday, as it cut its forecast to 5.7 percent growth.. . .  Full story