Africa Business

Tunisia's benchmark interest rate held at 7.75 pct

22/03 Tunisia’s central bank has kept its benchmark interest rate unchanged at 7.75 percent, it said on Friday.  Full story

Moroccan phosphate miner OCP's profit jumps 19 percent in 2018

20/03 Morocco's OCP, the world's leading phosphate exporter, reported a 19 percent rise in 2018 full-year net profit to 5.4 billion dirhams ($562.79 million) on Wednesday, citing steady demand and higher prices. . .  Full story

Ghana's Cocobod signs $300 mln loan to refinance bills, finance programs

19/03 Ghana's Cocobod signed a $300 million three-year loan with several international lenders on Tuesday to refinance central bank-raised cocoa bills and finance production enhancement programs, one of the lenders said in a statement.. . .  Full story

Morocco keeps benchmark interest rate unchanged at 2.25 pct

19/03 Morocco’s central bank left its benchmark interest rate flat at 2.25 percent on Tuesday, saying the decision was in line with the inflation and growth outlook.. . .  Full story

Morocco’s BCP 2018 net profit up 3.5 pct

19/03 Morocco’s Banque Centrale Populaire (BCP), one of the country’s biggest lenders, said on Tuesday its first half net profit attributable to shareholders rose 3.5 percent to 2.9 billion dirhams ($302 million).. . .  Full story

Congo Republic cuts external debt on stronger economy, repayments

19/03 Congo Republic has slashed its external debt to 85 percent of GDP, compared with 120 percent just over a year ago, after its economy recovered from a slump and it managed. . .  Full story

IMF mission to visit Tunisia next week to discuss fifth review of loan

19/03 An International Monetary Fund mission will visit Tunisia on March 27 to discuss the fifth review of a loan programme with the country, Minister of Economic Reform Tawfik Rajhi said on. . .  Full story

Kenya Re sees 25 pct dive in full-year net earnings

19/03 Kenya Reinsurance Corp Ltd, which offers re-insurance services to firms across Africa and the Middle East, said on Tuesday it expects its full-year net earnings to plunge more than 25 percent from previous year.. . .  Full story

Algeria deputy PM to make foreign tour to discuss events at home

18/03 Algeria's newly-appointed Deputy Prime Minister Ramtane Lamamra is expected to visit several countries including Russia, China, and some EU nations to explain the crisis in Algeria, a foreign ministry official said.. . .  Full story

Zimbabwe inflation quickens to 59.39 percent year/year in February

15/03 Zimbabwe's inflation rose to a new ten-year high of 59.39 percent year-on-year in February from 56.9 percent in January, pushed by increases in the price of basic goods, the statistics agency. . .  Full story

Kenya bank shares up after court ruling on interest rate caps

15/03 Kenyan banks' share prices rose on the Nairobi Securities Exchange on Friday, a day after a court ruling declared interest rate caps unconstitutional and gave parliament 12 months to review them, traders said.. . .  Full story

Nigeria consumer inflation falls slightly to 11.31 pct in Feb – stats office

15/03 Nigeria's consumer inflation grew 11.31 percent in February from a year earlier, compared to January's 11.37 percent annual growth for January, the National Bureau of Statistics said on Friday.. . .  Full story

Kenya's Commercial Bank of Africa says its shareholders have accepted merger with NIC Group

15/03 Kenya's Commercial Bank of Africa said on Friday its shareholders had accepted a share swap with NIC Group, paving way for its merger.. . .  Full story

Malawi's economy projected to grow 5 percent in 2019 - IMF

14/03 The International Monetary Fund (IMF) said on Thursday that Malawi's economy is expected grow about 5 percent in 2019, supported by a recovery in farming and an improvement in electricity generation.. . .  Full story

Zambia external debt rose to over $10 billion at end 2018: finance minister

11/03 Zambia's external debt rose to $10.05 billion at the end of last year from $8.74 billion at the end of 2017, Finance Minister Margaret Mwanakatwe said on Monday.. . .  Full story

Uganda coffee shipments down slightly in January from year earlier

11/03 Uganda's coffee exports dipped slightly in January compared to the same month a year earlier, according to a report by the state-run regulator Uganda Coffee Development Authority (UCDA).. . .  Full story

Ex-CEO of Tanzania's Bank M charged with fraud, money laundering

08/03 The former chief executive officer of Tanzania's Bank M was charged with fraud and money laundering on Thursday, two months after the central bank revoked the bank's licence.. . .  Full story

Kenya's KCB Group full-year pretax profit jumps 16 pct

06/03 Kenya's KCB Group said on Wednesday its full-year 2018 pretax profit rose 16 percent to 33.9 billion shillings ($339.00 million), helped by higher interest income and a drop in operating. . .  Full story

Kenya's private sector activity slows to 15-month low in Feb -PMI

05/03 Kenya's private sector activity fell in February to its lowest level in 15 months, hurt by slowing consumer demand and growth in output, a survey showed on Tuesday.. . .  Full story

Uganda says Rwanda partially lifts trade blockade

04/03 Rwanda has started to allow trucks carrying goods from Uganda to enter at one of the main crossing points on their shared border, the Ugandan government said on Monday, a sign. . .  Full story

Nigeria's Dangote Cement expects London listing in 2020

01/03 Nigeria's biggest listed firm Dangote Cement said on Friday it has been in talks with several banks over a stock market flotation in London which it expects to be in 2020.. . .  Full story

Kenya says to sell 25-year infrastructure bond this month

01/03 Kenya will sell a 25-year amortized infrastructure bond this month to raise up to 50 billion shillings ($500.25 million), the central bank said on Friday.. . .  Full story

Kenya inflation at 4.14 pct year-on-year in February - stats office

28/02 Kenya's annual inflation was down to 4.14 percent in February from 4.7 percent in January, the statistics office said on Thursday.. . .  Full story

Nigeria's NNPC indicates Egina stream will fall outside OPEC pact

28/02 Nigeria's state oil company NNPC indicated that output from the new ultra deepwater Egina field would be classified as condensate and not oil, adding that the country would conform to a. . .  Full story

eSwatini facing "economic crisis" as investment slows, wage bill balloons -finmin

27/02 eSwatini's economy probably contracted in 2018 and is set to continue faltering as the southern African kingdom faces slowing rates of foreign investment and a fast-growing wage bill, Finance Minister Neal. . .  Full story

Nigeria's Buhari says will continue with inclusive government

27/02 Nigeria's President Muhammadu Buhari said on Wednesday he would continue to engage all parties and keep his government inclusive after being elected for a second four-year term.. . .  Full story

Malawi 2018/19 maize output jumps 27 pct

27/02 Malawi's maize output rose 27 percent to 3.3 million tonnes in the 2018/19 season, helped by abundant rainfall and government subsidies, its agriculture minister said on Thursday.. . .  Full story

Nigeria opposition candidate Atiku says he will challenge election result

27/02 Defeated Nigerian presidential candidate Atiku Abubakar said on Wednesday that he rejected the election results that handed President Muhammadu Buhari a second term and would challenge the outcome in court.. . .  Full story

Nigeria's defeated opposition party says legal process is one way to resolve disputed election results

27/02 Nigeria's defeated main opposition party does not accept the presidential election result and believes the legal process is one way to resolve issues, a party official said on Wednesday.. . .  Full story

Nigeria's Buhari says his administration will intensify security, economic efforts

27/02 Nigeria's newly re-elected President Muhammadu Buhari said on Wednesday his administration will intensify efforts to improve security and bolster the economy.. . .  Full story

Nigeria's electoral commission declares Buhari winner of presidential election

27/02 Nigeria's electoral commission on Wednesday said incumbent Muhammadu Buhari won the country's presidential election.. . .  Full story

Nigeria's main opposition candidate demands halt in release of election results

26/02 Nigeria's main opposition party on Tuesday demanded an immediate halt to the release of presidential election results by the electoral commission until data on voters who took part was made available to all parties in. . .  Full story

Nigeria's President Buhari takes unassailable lead in election - Reuters tally

26/02 Nigeria's President Muhammadu Buhari on Tuesday took an unassailable lead in the country's election race, Reuters data based on results announced in different parts of the country showed.. . .  Full story

Early tally in Nigerian election puts Buhari ahead, opposition rejects it

25/02 President Muhammadu Buhari took an early lead on Monday in initial official results from Nigeria's presidential election but the party of his main challenger quickly rejected the tallies as "incorrect and unacceptable".. . .  Full story

Nigeria's main opposition party says election results "incorrect and unacceptable"

25/02 Nigeria's main opposition party on Monday said all election results currently being announced by the country's electoral commission are "incorrect and unacceptable".. . .  Full story

Operational hitches in Nigeria's elections a burden on voters - EU observer mission

25/02 The head of the European Union's observer mission to Nigeria's presidential and parliamentary elections said on Monday that the vote had been hit by operational shortcomings that made it difficult for voters.. . .  Full story

KenGen gets contract with Ethiopian Electric Power for geothermal drilling

25/02 Kenya's KenGen on Monday said it secured a multi-million shillings contract to provide geothermal drilling services to state-run Ethiopian Electric Power.. . .  Full story

Observers say dozens killed in Nigeria poll violence

24/02 As many as 39 people were killed in election violence so far in Nigeria, civil society groups said on Sunday, as the country awaits the results of voting in what is forecast to be. . .  Full story

Buhari's stronghold becomes key battleground in tight Nigeria election

24/02 Sunday Nicholas voted for Muhammadu Buhari in Nigeria's 2015 presidential election, but the 32-year-old factory worker in the northern city of Kano was casting his ballot on Saturday for the president's challenger, Atiku Abubakar.. . .  Full story

Nigeria's president and main rival confident as polls close

23/02 Nigeria began counting votes in Saturday's closely-fought presidential election although the electoral commission extended voting in some places where polling stations opened late or ballot machines malfunctioned.. . .  Full story

Islamic State claims election day attack on northeast Nigerian city

23/02 Islamic State on Saturday said it carried out a morning attack on the northeast Nigerian city of Maiduguri as the country holds elections, although the army has denied an attack took place and says. . .  Full story

Nigeria's Buhari casts ballot as polls open in delayed election

23/02 Nigeria's President Muhammadu Buhari cast his ballot in the presidential election on Saturday as polls opened after a week-long delay, television images on Channels TV showed.. . .  Full story

Morocco’s CPI drops to 0.5 pct yr/yr in January- Planning agency

22/02 Morocco’s annual consumer price inflation dropped to 0.5 percent in January from 1.9 percent in December, the high commission for planning said on Friday.. . .  Full story

Nigerian vote tough to call as week-long delay may hurt turnout

22/02 Nigerian teacher Benjamin Shagu flew 500 km (310 miles) from the east of the country to the capital, Abuja, to vote in the presidential election - only for the vote to be delayed for. . .  Full story

Libya's NOC concerned by developments at El Feel oilfield - spokesperson

21/02 Libya's National Oil Corporation (NOC) said on Thursday it was concerned by developments at the south-western El Feel oilfield after eastern-based forces said they had taken control of the field.. . .  Full story

Nigeria's electoral commission says 86.6 percent of voting cards collected

21/02 Nigerian voters have collected 86.6 percent of all the voting cards issued, the chairman of the electoral commission said on Thursday.. . .  Full story

Nigeria opposition candidate Atiku Abubakar would continue Niger Delta amnesty programme - policy advisor

21/02 Nigeria's main opposition presidential candidate Atiku Abubakar would continue the country's Niger Delta amnesty programme, a policy advisor told Reuters on Thursday.. . .  Full story

'Pennies before a steamroller': Nigerian vote delay a reminder of investment risk

20/02 A surprise delay in Nigeria's presidential ballot has served foreign asset managers another reminder of political risk and volatile investment returns in Africa's biggest economy - just days after piling into assets in a bet. . .  Full story

Tunisian central bank sees inflation below 7 pct after rate rise

20/02 Tunisia's central bank chief said he expects inflation to fall below 7 percent following Tuesday's interest rate rise but the government also needs to do more to curb prices.. . .  Full story

Petrol suppliers cut price to encourage Nigerians to travel to vote again

20/02 Nigerian fuel suppliers have cut the price of petrol to encourage people to travel to vote in presidential elections this Saturday after the poll was delayed by a week, the information minister said on. . .  Full story

Tanzania rebases economy, 2015 GDP now 3.8 pct larger - stats office

20/02 Tanzania has changed the base year it uses to calculate economic output to 2015, and data from the National Bureau of Statistics showed its economy was 3.8 percent larger in that. . .  Full story

Zambia's debt weighing on central bank reserves - governor

20/02 Debt servicing costs are putting pressure on Zambia's central bank reserves, Bank of Zambia Governor Denny Kalyalya said during a monetary policy committee briefing on Wednesday, after announcing it would keep. . .  Full story

Kenya paves way for green bonds in 2019 with new rules

20/02 Kenya set the stage for the country's first green bond with new rules on Wednesday, part of efforts to diversify its capital markets.. . .  Full story

Tunisia's central bank raises key rate to 7.75 pct to curb inflation

20/02 Tunisia's central bank on Tuesday raised its key interest rate to 7.75 pct from 6.75 pct to combat high inflation, the bank said, the third such hike in the past 12. . .  Full story

Nigeria's electoral commission allows resumption of campaigning after vote delay -statement

18/02 Nigeria's electoral commission approved on Monday the resumption of political campaigning, the body said in a statement, after the general elections were delayed by a week last Saturday.. . .  Full story

Nigeria's main opposition party accuses Buhari of "jungle justice" threat

18/02 Nigeria's main opposition on Monday said President Muhammadu Buhari's threat to use soldiers to deal with any attempts to tamper with voting material during a delayed vote was a "direct call for jungle justice".. . .  Full story

Nigeria commission says transport delays behind vote postponement

16/02 Nigeria's presidential election was delayed by a week due to delays in transporting electoral material and was not a result of external pressure, the chairman of the electoral commission said on Saturday.. . .  Full story

Nigeria opposition candidate Atiku Abubakar urges voters to be patient

16/02 Nigerian opposition candidate Atiku Abubakar on Saturday appealed to voters to be patient following the postponement of a presidential election by a week.. . .  Full story

Morocco’s competition council advises against fuel price cap

15/02 Capping fuel prices would not be in the best interests of consumers or the economy, the head of Morocco’s competition regulator said on Friday, opposing a government plan to restore price. . .  Full story

Zimbabwe inflation quickens to 56.9 percent in January

15/02 Zimbabwe's inflation accelerated to a new 10-year high of 56.9 percent year-on-year in January, from 42.09 percent in December, propelled by increases in the price of basic goods and beer, the. . .  Full story

Uganda's economy seen expanding at 6.3 pct in 2018/19 - IMF

15/02 Uganda's economy is expected to grow 6.3 percent in the 2018/19 (Jul-Jun) fiscal year, slightly higher than the 2018 rate, helped by robust activity in sectors including manufacturing and construction, the. . .  Full story

Namibia's central bank expects first economic growth in three years

13/02 Namibia's central bank expects the domestic economy to grow in 2019 for the first time in three years, Bank of Namibia Deputy Governor Ebson Uanguta said on Wednesday.. . .  Full story

Nigeria's 2019 elections

12/02 Nigerians vote on Feb. 16 to choose a president to lead Africa's biggest oil producing nation. Here are selected stories on the election: > Economy haunts Nigerian president at ballot box > The men who. . .  Full story

Sluggish economy haunts Nigerian president at ballot box

12/02 Timi Soleye returned home to Nigeria from the United States to set up a gas logistics business six years ago, encouraged by predictions of growth and an expanding middle class.. . .  Full story

Tanzania's economy seen expanding by 7.3 pct this year - central bank

11/02 Tanzania's economy is forecast to grow at 7.3 percent in 2019, from an estimated 7.2 percent last year, helped by public infrastructure investments and favourable weather, a central bank report said.. . .  Full story

The men who would lead Nigeria: the presidency, power and petroleum

11/02 Nigeria had more than 70 candidates for president when campaigning began for Saturday's elections.. . .  Full story

recognised govt of Libya says its forces reach El Sharara oil field

10/02 Forces belonging to the internationally-recognised government of Libya reached the El Sharara oil field on Sunday, a Tripoli-based government source said.. . .  Full story

Algeria energy revenues up 15 pct in 2018, trade deficit down

10/02 Algeria's energy earnings rose 15.27 percent in 2018 from the previous year due to higher global oil prices, the government said on Saturday.. . .  Full story

Zimbabwe miner RioZim again suspends production over dollar payments

08/02 Zimbabwean gold miner RioZim said on Friday it had suspended production at its three mines for the second time in four months because the central bank had failed to pay it. . .  Full story

Botswana sees budget surplus in 2020 - finance minister

07/02 Botswana plans to swing back to a budget surplus in 2020 after three straight years of deficits, Finance minister Kenneth Matambo said on Thursday.. . .  Full story

Uganda central bank holds its key lending rate at 10 pct

07/02 Uganda's central bank held its benchmark lending rate at 10 percent for the second time in a row on Thursday, citing subdued inflation, the bank's governor said.. . .  Full story

Libya's sovereign wealth fund chairman detained -official

07/02 The chairman of Libya's LIA sovereign wealth fund, Ali Mahmoud Hassan Mohamed, was detained on Wednesday for an investigation into alleged "corruption and exploitation of (his) position," an official in the attorney general's office said.. . .  Full story

Angola's Endiama sees diamond output rising to 13.8 mln carats by 2022

06/02 Angola's state-owned diamond firm Endiama sees production rising to 13.8 million carats in 2022 compared with 9.5 million carats forecast for this year, a senior official said on Wednesday.. . .  Full story

Morocco’s unemployment rate drops to 9.8 pct in 2018 - planning agency

05/02 Morocco’s unemployment rate dropped to 9.8 percent in 2018 from 10.2 percent in 2017 with services topping job creating sectors, the planning agency said on Tuesday.. . .  Full story

Kenya's PMI falls to 53.2 in January from 53.6 in December

05/02 Kenya's private sector activity slowed slightly in January, hurt by a dip in the growth rate for new orders, although output rose, a survey showed on Tuesday.. . .  Full story

Botswana forecasts slower economic growth, deficit unchanged

04/02 Botswana's economy is expected to expand at a slower pace in 2019 compared with last year, Finance Minister Kenneth Matambo said on Monday.. . .  Full story

Zambia fires CEO of state mining investment arm ZCCM-IH

01/02 Zambia has fired Pius Kasolo, the chief executive of state mining investment arm Zambia Consolidated Copper Mines Investment Holding (ZCCM-IH), Mines Minister Richard Musukwa said on Friday, without giving a reason.. . .  Full story

Kenya inflation falls, helped by lower transport costs

31/01 Kenya's annual inflation fell in January, helped by falling transport prices, the statistics office said on Thursday.. . .  Full story

Kenya's NIC to merge with Commercial Bank of Africa -NIC chairman

31/01 Kenya's NIC will merge with the country's biggest privately owned bank, Commercial Bank of Africa (CBA), to create the third-biggest bank in the region, the chairman of NIC said on Thursday.. . .  Full story

Ivory Coast 2018 cotton exports up 13 pct

29/01 Ivory Coast exported 366,871 tonnes of cotton in 2018, up around 13 percent from the previous year, provisional port data showed on Tuesday.. . .  Full story

Kenya central bank holds main lending rate at 9.0 pct

28/01 Kenya's central bank held its benchmark lending rate at 9.0 percent on Monday, the bank's monetary policy committee said, saying inflation was anchored within the target range.. . .  Full story

Zambia's mining investment arm ups stake in Copperbelt Energy

28/01 Zambia's state mining investment arm is increasing its shareholding in Copperbelt Energy Corporation (CEC) by four percent, its CEO said on Monday.. . .  Full story

Kenyan bank KCB looks to M&A deals for growth -CEO

28/01 KCB Group, Kenya's biggest bank by assets, is looking to bolster growth by joining a wave of consolidation in the country's banking industry in the next few years, its chief executive. . .  Full story

Climate Investment Funds to issue $500 mln green bond this year or next

27/01 The Climate Investment Funds (CIF) plans to raise $500 million this year or next by issuing a green bond to finance renewable energy projects, the organisation's head said on Sunday.. . .  Full story

Diamond Bank rises as Access Bank sets completion date for merger

25/01 Shares in Diamond Bank rose 10 percent on Friday to a three week high, a day after rival Access Bank said it was aiming to complete a $235 million takeover of. . .  Full story

Madagascar names Richard Randriamandranto as finance minister

24/01 Madagascar has appointed Richard Randriamandranto as its economy and finance minister, Valery Ramonjavelo, secretary general of the presidency, said on Thursday.. . .  Full story

Nigeria's Access Bank sees no need to raise equity raise in Diamond Bank merger

24/01 Nigeria's Access Bank sees no need to raise equity capital as part of its merger with local rival Diamond Bank, Access chief executive Herbert Wigwe said on Thursday.. . .  Full story

Kenya's finance ministry confirms it sought Eurobond proposals

23/01 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. . .  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