Africa Business

Ivory Coast cocoa farmers bullish about mid-crop despite poor rains

15h59 Rainfall was poor last week in most of Ivory Coast's cocoa regions, but good soil moisture content from previous rains left farmers optimistic for the upcoming mid-crop harvest.. . .  Full story

Nigeria seeks asset managers for $2.6 bln new infrastructure firm

27/02 Nigeria's central bank is seeking asset managers for a new $2.6 bln infrastructure investment company set up to develop the country's crumbling transport networks and boost economic growth.. . .  Full story

Hormuud Telecom awarded Somalia's first mobile money licence

27/02 Somalia awarded its first mobile money licence to Hormuud Telecom on Saturday, in a move aimed at formalising the Horn of Africa country's digital payments system and integrating it with the global financial infrastructure.. . .  Full story

Kenya's inflation at 5.78% year-on-year in February - Stats Office

27/02 Kenya's inflation was at 5.78% year-on-year in February, compared to 5.69% in January, the statistics office said on Saturday. (Reporting by Omar Mohammed; Editing by Toby Chopra). . .  Full story

Vaccine hoarding threatens global supply via COVAX - WHO

26/02 Countries seeking their own COVID-19 vaccine doses are making deals with drug companies that threaten the supply for the global COVAX programme for poor and middle-income countries, the World Health Organization said on Friday.. . .  Full story

Malawi lowers 2021 growth forecast, sees wider budget deficit

26/02 Malawi lowered its economic growth forecast for this year to 3.5%, from 4.5% seen previously, Finance Minister Felix Mlusu said in a mid-year budget statement on Friday.. . .  Full story

Nigeria losing 200,000 barrels a day to theft, vandalism, state oil firm says

25/02 Nigeria is losing 200,000 barrels of crude oil a day because of theft and vandalism, the head of the state oil company said, underscoring how insecurity is causing vast financial losses for the West. . .  Full story

Botswana cbank to keep policy accommodative, sees inflation rising into target range

25/02 Botswana's central bank expects inflation to rise above 3% in the second quarter for mainly transitory reasons, and will keep monetary policy accommodative, it said on Thursday.. . .  Full story

Nigeria's Senate approves president's nominee for anti-corruption chief

24/02 Nigeria's Senate on Wednesday unanimously approved a new anti-corruption chief nominated by President Muhammadu Buhari.. . .  Full story

Heriot Reit HY HEPS 39.05 CENTS

23/02 Heriot Reit Ltd:. . .  Full story

Ivory Coast to launch agricultural commodities exchange in March

23/02 Ivory Coast's new agricultural commodities exchange will begin operations late next month by listing of raw cashew nuts, kola nuts and corn, its chief executive said on Tuesday.. . .  Full story

Nigeria extends oil-for-fuel swap contracts until June - NNPC

22/02 Nigerian state oil company NNPC has extended until June its contracts with private companies to swap crude oil for fuels, a company spokesman told Reuters.. . .  Full story

Ivory Coast seeks to sell 100,000 tonnes of cocoa as buyers haggle

22/02 Ivory Coast's cocoa regulator is seeking to sell around 100,000 tonnes of cocoa held by domestic traders who had bought the beans from farmers but lack access to the international export market, industry sources. . .  Full story

Consolidated Infrastructure Group Announces Sale Of Tractionel Group

22/02 Consolidated Infrastructure Group Ltd :. . .  Full story

Clientele HY Diluted HEPS 58.57 Cents

22/02 Clientele Ltd:. . .  Full story

Ivory Coast rains revive hopes for a good cocoa crop

22/02 Exceptionally abundant rain over most of Ivory Coast's cocoa regions last week revived expectations of a healthy April-to-September mid-crop after weeks of drought and heat in central regions, farmers said on Monday.. . .  Full story

Ivory Coast 2020/21 cocoa arrivals reach 1.491 mln T by Feb. 21

22/02 Cocoa arrivals at ports in top grower Ivory Coast reached 1.491 million tonnes between Oct. 1 and Feb. 21, exporters estimated on Monday, down 1.3% from the 1.511 million tonnes delivered over the same. . .  Full story

EU envisages 1 bln euros aid to Ivory Coast to meet sustainable cocoa laws

20/02 The European Union envisages providing around one billion euros over six years to aid Ivory Coast's cocoa sector as it adapts to EU supply chain laws due to be introduced later this year, its. . .  Full story

EU plans 1 bln euros aid to Ivory Coast to meet sustainable cocoa laws

19/02 The European Union plans to provide around one billion euros over six years to aid Ivory Cost's cocoa sector as it adapts to EU supply chain laws due to be introduced later this year,. . .  Full story

Ivory Coast lost 47,000 hectares of forest to cocoa production in 2020, environmental group says

18/02 Ivory Coast lost 47,000 hectares (116,000 acres) of forest in its cocoa-growing regions in 2020, an environmental group said on Thursday, despite industry pledges to halt deforestation.. . .  Full story

Nairobi airport seen ready to switch from fruit to vaccines

18/02 Kenya's main airport in Nairobi will find it easy to switch from handling fruit to importing vaccines because it already has extensive cold storage, a leading logistics executive says.. . .  Full story

EU supports more funds for IMF, extension of debt relief for poor countries

16/02 European Union finance ministers on Tuesday backed the idea of boosting IMF funding and extending debt relief for the poorest countries to help the global fight against the COVID-19 crisis.. . .  Full story

Pembury Lifestyle Provides Update On Verityhurst Deal

15/02 Pembury Lifestyle Group Ltd:. . .  Full story

Dry weather and heat threaten Ivory Coast's cocoa crop

15/02 Dry weather and heat last week in Ivory Coast's central cocoa-growing regions threatened to reduce the quantity and quality of the April-to-September mid-crop, farmers said on Monday, while conditions remained good in other regions.. . .  Full story

Uganda central bank holds key lending rate, says economy has lost momentum

15/02 Uganda's central bank kept its key lending rate at 7% on Monday, saying the pace of economic recovery had lost momentum since its last monetary policy meeting in December.. . .  Full story

Afreximbank loans Zimbabwe $1.4 billion in just over two years

12/02 Zimbabwe borrowed $1.4 billion in three separate loans from the African Export Import Bank (Afreximbank) between May 2017 and December 2019, Finance Minister Mthuli Ncube said on Friday.. . .  Full story

Kenya has to raise its debt ceiling, finance ministry says

12/02 Kenya has to raise its debt ceiling of 9.0 trillion shillings ($82.30 billion) to accommodate fiscal deficits for upcoming financial years, the finance ministry said.. . .  Full story

Uganda projects public debt to surge to nearly 50% of GDP by June

11/02 Uganda projects public debt will surge to nearly half its annual economic output by June this year, driven by fresh borrowing to fund financial stimulus packages for its COVID-hit economy.. . .  Full story

Libya oil guards say they stopped blockade at Hariga port

10/02 Libya's Petroleum Facilities Guards have stopped blockading the port of Hariga at Tobruk after being paid, they said in a video statement on Wednesday whose authenticity was confirmed by a guards member.. . .  Full story

Ivory Coast slashes cocoa quality premium to revive weak sales

10/02 Ivory Coast has reduced a quality premium that cocoa exporters pay for the mid-crop harvest by 320 pounds ($443) per tonne to turn it into a discount, in an effort to revive weak sales. . .  Full story

Kenya launches $34 mln project to tackle effects of climate change

10/02 Kenya on Wednesday launched a $34 million project aimed at cushioning the effects of drought caused by climate change, targeting communities living in arid regions of the country.. . .  Full story

WTO to meet to decide on next director-general on Feb. 15

09/02 The World Trade Organization said on Tuesday that its top decision-making body, the General Council, will meet on February 15 to decide on the next director-general.. . .  Full story

Ivory Coast raises 850 million euros in re-opened Eurobond sale

09/02 Ivory Coast has raised 850 million euros ($1.03 billion) in a re-opened Eurobond sale that was oversubscribed 3.4 times, the finance ministry said.. . .  Full story

Emmerson gets go-ahead for Moroccan potash plant

09/02 London-listed mining company Emmerson Plc said on Tuesday it had received a licence from authorities in Morocco giving it exclusive rights to develop a $400 million potash plant.. . .  Full story

Tanzania expects public spending to rise 4% in year from July, budget papers show

08/02 Tanzania expects its public spending to rise 4% in the fiscal year starting in July due to high debt-servicing costs and a growing wage bill, according to budget papers presented on Monday to parliament.. . .  Full story

Tunisian banks agree 250 mln euro syndicated loan for the government

05/02 Tunisian banks have agreed a 250 million euro syndicated loan to be used by the government to finance the 2021 budget, a senior official told Reuters on Friday.. . .  Full story

Nigeria targets unclaimed dividends, dormant accounts to fund deficit

04/02 Nigeria plans to use unclaimed dividends held by companies and dormant bank accounts to finance its growing deficit and revive an economy hobbled by low oil prices, an official said.. . .  Full story

Is the 'free ride' over for poor countries' bondholders?

02/02 One year into the coronavirus pandemic, Ethiopia looks set to become a test case for how the world's poorest countries deal with huge debt increases as the crisis bites.. . .  Full story

Mali gold production hits fresh high in 2020

02/02 Mali's industrial gold production reached 65.2 tonnes in 2020, slightly higher than the previous year's record production of 65.1 tonnes, mines ministry statistics showed on Tuesday.. . .  Full story

Kenyan recycles plastic waste into bricks stronger than concrete

02/02 Nzambi Matee hurls a brick hard against a school footpath constructed from bricks made of recycled plastic that her factory turns out in the Kenyan capital.. . .  Full story

Ethiopia's debt relief request to put other DSSI nations under scrutiny - Morgan Stanley

01/02 Ethiopia's request for debt relief in recent days is likely to put other poor countries also eligible for the G20's Debt Service Suspension Initiative (DSSI) under bond market pressure, Morgan Stanley analysts said on Monday.. . .  Full story

Ethiopia updates debt sustainability assessment with IMF help

01/02 Ethiopia is updating its debt sustainability assessment with International Monetary Fund help and will then talk to official creditors, its finance ministry said in an apparent attempt to allay market concerns over a possible restructuring. . .  Full story

Hundreds of dead pelicans in Senegal test positive for H5N1 bird flu

29/01 Some 750 pelicans found dead in a UNESCO World Heritage site in northern Senegal last week have tested positive for H5N1 bird flu, the head of the parks authority told Reuters on Friday.. . .  Full story

Ethiopia to seek debt relief under G20 debt framework - ministry

29/01 Ethiopia plans to seek a restructuring of its sovereign debt under a new G20 common framework and is looking at all the available options, the country's finance ministry told Reuters on Friday.. . .  Full story

Kenya's inflation at 5.69% year-on-year in January - Stats Office

29/01 Kenya's inflation was at 5.69% year-on-year in January, compared to 5.62 in December, the Statistics Office said on Friday.. . .  Full story

Congo prime minister accepts no confidence vote, freeing president from alliance

28/01 Democratic Republic of Congo's Prime Minister Sylvestre Ilunga Ilunkamba said on Thursday he accepted parliament's vote of no confidence in his government, opening the way for President Felix Tshisekedi to appoint his loyalists to key. . .  Full story

Kenya aims to 'reconfigure' external debt, central banker says

28/01 Kenya's government aims to "reconfigure" its external debt, its central bank governor said on Thursday, without immediately elaborating.. . .  Full story

-Kenya's economy shrinks in Q3 2020 as COVID hits tourism

28/01 Kenya's economy shrank 1.1% year-on-year in third quarter of 2020 compared with growth of 5.8% in the same period in 2019, the statistics office said on Thursday, as the COVID-19 pandemic slashed tourist flows. . .  Full story

Kenya central bank holds main lending rate for sixth time in a row

27/01 Kenya's central bank held its benchmark lending rate at 7.0% on Wednesday, the bank's monetary policy committee said, and said that measures it had put in place since March have helped mitigate COVID-19's effect on. . .  Full story

Life Healthcare Q1 Revenue Up About 5% On Like-For-Like Basis

27/01 Life Healthcare Group Holdings Ltd :. . .  Full story

Tanzania economy to grow by 6% this year vs 5.5% last year -central bank

26/01 Tanzania's economy is expected to expand by 6% or more this year from an estimated 5.5% last year, the central bank said, buoyed by the expected global economic recovery and faster private sector credit. . .  Full story

Ivory Coast weather lifts mid-crop cocoa outlook

25/01 Rainfall was below average last week in most of Ivory Coast's cocoa growing regions but good soil moisture content was helping the development of trees for the April-to-September mid-crop, farmers said on Monday.. . .  Full story

Nigerian lawmakers target April or May to pass oil reform bill

25/01 Nigeria's parliament will pass the long-delayed Petroleum Industry Bill by the second quarter of 2021, Senate President Ahmed Lawan said during a parliamentary session on Monday.. . .  Full story

Ivory coast 2020/21 cocoa arrivals dip 5.8% to 1.271 mln tonnes year-on-year by Jan 24- exporters estimates

25/01 Cocoa arrivals at ports in top grower Ivory Coast dipped 5.8 percent to 1.271 million tonnes between Oct. 1 and Jan. 24 compared to the same period the previous season, exporters said on Monday.. . .  Full story

IMF urges deficit control in Tunisia even as protesters demand jobs

23/01 The International Monetary Fund (IMF) warned on Friday that Tunisia's fiscal deficit could exceed 9% of GDP and urged the country to control energy subsides, transfers to state companies and wages, even as protesters have. . .  Full story

Ivory Coast rains, sun support abundant cocoa mid-crop, farmers say

18/01 Above average light rains mixed with spells of sunshine last week in most of Ivory Coast's cocoa regions provided the right growing conditions for the April-to-September mid-crop, farmers said on Monday.. . .  Full story

Zambia hires communication adviser over debt restructuring

16/01 Indebted Zambia has appointed communication firm Highgate Advisory Ltd as it negotiates with creditors to restore its debt to sustainable levels, Secretary to the Treasury Fredson Yamba said. Zambia, Africa's second-largest copper producer, is seeking debt. . .  Full story

Kenya Airways plans more pay cuts due to pandemic -memo

15/01 Kenya Airways plans further pay cuts for employees of as much as 30% after the airline was hit by the coronavirus pandemic that has caused a slump in air travel, an internal memo showed. . .  Full story

Nigeria's senate president vows action on long-delayed oil reform law

12/01 Nigeria's senate president said that despite forces "working desperately" to derail a long-delayed oil overhaul bill, lawmakers will push the bill through the national assembly.. . .  Full story

Tech investors eye Africa's education and financial sectors

12/01 Africa's education and financial services sectors offer the best opportunities in the post-COVID-19 period, as the pandemic speeds up a shift into digital ways of living and working, two prominent investors said on Tuesday.. . .  Full story

Uganda converts some bonds due this month to longer tenures amid cash squeeze

11/01 Uganda said on Monday it had converted some treasury bonds maturing on Jan. 21 into different, longer tenures that will now come due between 2023-2040 as a cash crunch triggered by the effects of. . .  Full story

Ivory Coast cocoa farmers get boost from rainy weather

11/01 Unseasonably heavy rains mixed with sun last week in most of Ivory Coast's cocoa regions, improving prospects for the April-to-September mid-crop harvest, farmers said on Monday.. . .  Full story

Nigeria's NNPC seeks $1 bln oil prepay to revamp Port Harcourt refinery

07/01 Nigeria's state oil firm NNPC is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt, seven sources familiar with the discussions. . .  Full story

Record rise in government debt will hit emerging markets harder, Fitch says

06/01 A record increase in government debt globally will hit emerging markets disproportionately, with developing nations not benefiting from lower interest rates and debt service burdens providing a cause for concern, Fitch Ratings said on Wednesday.. . .  Full story

Kenya private sector activity inches up in December -PMI

06/01 Kenya's private sector activity increased only slightly in December as firms struggled with a jump in prices of materials and shortages in some cases, a survey showed on Wednesday.. . .  Full story