Africa Business

Rwanda GDP to grow 8% in 2020 -IMF

18/01 Rwanda's economy is expected to grow by 8% this year and in 2021 versus an estimated 8.5% in 2019, boosted by private investment and trade, the International Monetary Fund (IMF) said.  Full story

Amid Kenya power struggle, IMF says investment programme in crisis

17/01 Hundreds of mismanaged infrastructure projects have stalled in Kenya and it will cost around $10 billion to revive them, the IMF said in a report whose findings point to a growing. . .  Full story

Nigeria producing 1.774 mln barrels of crude per day: minister

17/01 Nigeria is currently producing 1.774 million barrels of crude oil per day, its oil minister Timipre Sylva said on Thursday, above an estimate given by state oil firm NNPC in November. . .  Full story

Foreign investors bought less Nigeria bonds last year -debt office

17/01 Foreign investors cut their participation in Nigerian government bond auctions last year, buying just 4.39% of all bonds issued compared with the previous year when they bought 10.99%, a debt office. . .  Full story

Kenya in talks with World Bank for loan of as much as $1 bln

17/01 Kenya is in advanced talks with the World Bank for "a fairly priced" loan of up to 100 billion shillings ($991.57 million), nearly half of its required external funding this fiscal. . .  Full story

Mali's gold production rises 7% in 2019 to record high

16/01 Mali's industrial gold production rose 7% in 2019 to a record 65.1 tonnes, mines ministry statistics showed on Wednesday.. . .  Full story

Ethiopian Airlines to start building new $5 bln airport this year - CEO

15/01 Ethiopian Airlines will start constructing a new $5 billion airport later this year, its chief executive officer was quoted as saying on Wednesday, as the rapidly-expanding carrier outgrows capacity at its. . .  Full story

Ethio Telecom posts 32% rise in H1 revenue

15/01 Ethiopia's state telecoms monopoly Ethio Telecom on Wednesday reported a 32% rise in first-half revenue to 22 billion birr ($693 million).. . .  Full story

Kenya to ditch wide fiscal deficits, finance minister says

15/01 Kenya will no longer set wide budget deficits and will focus on raising funds through revenue collection and minimal borrowing, the finance minister said on Wednesday.. . .  Full story

Kenya's Treasury cuts 2019 growth estimate to 5.6%

15/01 Kenya's finance ministry cut its 2019 economic growth estimate to 5.6%, from an initial estimate of growth of about 6%, saying the move was caused by slower growth in the farming. . .  Full story

Nigeria seeks to boost revenue, support small firms with new finance law

14/01 Nigerian President Muhammadu Buhari has signed into law a new bill that seeks to boost government revenue through a rise in the value-added tax rate while at the same time supporting. . .  Full story

Nigeria's central bank reschedules monetary policy committee meeting

14/01 Nigeria's central bank has rescheduled its first monetary policy committee meeting of 2020 to Jan. 23 and 24, it said in a tweet on Monday.. . .  Full story

Zimbabwe finance minister sticks to 3% growth forecast despite poor rains

13/01 Zimbabwe's finance minister maintained on Monday that the country's economy would grow 3% this year despite poor rains that have hurt some crops and persistent power cuts that have hit mines. . .  Full story

Kenya's stock exchange sees boost from repeal of rate cap

13/01 Kenya's Nairobi Securities Exchange (NSE) expects the removal of a cap on commercial lending rates to spur stocks trading, lifting valuations and attracting new listings, its chief executive said on Monday.. . .  Full story

Kenya's first green bond starts trading on the bourse

13/01 Kenya's first green bond was listed for trading on the Nairobi Securities Exchange on Monday, offering investors the chance to put money into an environmentally-friendly fixed income security for the first. . .  Full story

South Sudan plans environmental audit of oil fields in move to curb pollution

10/01 South Sudan is launching a tender for a comprehensive environmental audit of all its oil-producing fields in a bid to reduce pollution following years of neglect, the government said on Friday.. . .  Full story

World Bank cuts Ethiopia GDP forecast to 6.3% for 2020 fiscal year

09/01 The World Bank has cut Ethiopia's economic growth forecast to 6.3% for the 2020 fiscal year, down from an earlier estimate of 9.0%, citing the growing debt burden of state-owned firms. . .  Full story

Ivory Coast tax collection up 5% in 2019

09/01 Ivory Coast collected 2.25 trillion CFA franc ($3.86 billion) in taxes in 2019, up 4.7% over the previous year, and expects to collect 2.72 trillion CFA francs in 2020, tax chief. . .  Full story

Kenya's KCB Group injects 5 bln shillings into NBK after acquisition

09/01 Kenya's biggest lender by assets, KCB Group, has injected 5 billion shillings ($49.31 million) into National Bank of Kenya (NBK), which it acquired last year, it said on Thursday.. . .  Full story

Ethiopia GDP forecast to grow 10.8% in 2019/20 -central bank

07/01 Ethiopia's economy is expected to grow at a faster pace in its 2019/20 fiscal year from the previous year, helped by improvements in its financial sector, its central bank said.. . .  Full story

Creditors of Kenyan retailer Nakumatt vote to unwind the chain - administrator

07/01 Creditors of Kenyan retailer Nakumatt voted on Tuesday to unwind the chain after effort to rescue it failed, its administrator said.. . .  Full story

Ivory Coast 2019/20 cocoa arrivals 1,153,000 T by Jan. 5 -exporters' estimates

06/01 Cocoa arrivals at ports in top grower Ivory Coast reached 1,153,000 tonnes between Oct. 1 and Jan. 5, 2020, exporters estimated on Monday, up 3.6% from 1,113,000 tonnes in the same. . .  Full story

Kenya plans to refinance or exchange commercial debt with cheaper options

06/01 Kenya plans to refinance or substitute commercial loans with cheaper options from friendly nations or development financiers, its acting finance minister said on Monday.. . .  Full story

Zimbabwe's CBZ bank issues bonds under scheme to raise funds for maize, soy farming

06/01 Zimbabwe's largest bank CBZ launched two bond issues on Monday, seeking to raise $80.6 million to finance maize and soybean farming, as the country faces another drought that could worsen an. . .  Full story

East Libyan oil terminals shut due to bad weather - port sources

05/01 All the four east Libyan oil export terminals were closed on Sunday due to bad weather, port sources said.. . .  Full story

Kenya says starts spraying of locusts seen as threat to food security

04/01 Kenya said on Saturday it had started aerial spraying in three counties in the country's north to try to head off a locust invasion which has already caused extensive damage to farmland in neighbouring. . .  Full story

Morocco’s trade deficit widens 2.3% year/year in Jan-Nov

02/01 Morocco’s trade deficit widened by 2.3% to 191.8 billion dirhams ($20 billion) in the first 11 months of 2019 compared with the same period in 2018, the foreign exchange regulator said on Thursday.. . .  Full story

Kenya's economy expands by 5.1% y/y in Q3 2019 - stats office

31/12 Kenya’s economy expanded more slowly year-on-year in the third quarter of this year than in the same period last year, the statistics office said on Tuesday.. . .  Full story

Uganda plans to borrow nearly $2 bln to fund 2020/21 budget

30/12 Uganda said it plans to borrow 6.9 trillion shillings ($1.89 billion) from external lenders in the 2020/2021 (July-June) fiscal year to partly finance its budget, which could come under pressure as. . .  Full story

Mali lowers 2019/20 cotton crop forecast to 691,300 tonnes

28/12 Mali's cotton harvest for 2019/2020 will likely amount to around 691,300 tonnes, around 14% less than earlier forecast, state-owned Malian Company for Textile Development (CMDT) said on Friday, citing preliminary figures.. . .  Full story

Ethiopia charges former head of state electricity firm, others with corruption

27/12 Ethiopia on Friday charged the former head of the state electricity company and the former deputy head of military-run industrial conglomerate METEC with corruption in relation to the giant hydroelectric dam the country is building.. . .  Full story

Ivory Coast 2019/20 cocoa port arrivals seen at 972,000 T by Dec 22 - exporters

23/12 Cocoa arrivals at ports in top grower Ivory Coast reached 972,000 tonnes between Oct. 1 and Dec. 22, exporters estimated on Monday, up 1.5% from 958,000 tonnes over the same period. . .  Full story

Eastern Libyan force warns against transporting military equipment in civilian planes

22/12 The eastern-based Libyan National Army force said on Sunday it had monitored a Boeing 747-412 that had flown from Istanbul to Libya carrying military equipment.. . .  Full story

Exports of Nigerian Qua Iboe crude oil to rise, Bonny to fall in February - programme

21/12 Exports of Nigerian Qua Iboe crude oil are set to rise in February, while those of Bonny Light will fall, according to preliminary programmes seen by traders.. . .  Full story

Angolan term allocations, Nigerian programmes emerge

21/12 Angolan state oil company Sonangol finalized its term allocations for cargoes in February while preliminary export programmes for key Nigerian grades emerged.. . .  Full story

Tanzania secures $272 mln African Development Bank loan for new airport

20/12 Tanzania has secured a $272 million loan from the African Development Bank (AfDB) to build a new international airport at its administrative capital Dodoma, part of a programme to expand the. . .  Full story

Ethiopia proposes cutting sugar tax in privatisation drive

20/12 Ethiopia plans to cut an excise tax on sugar to 20% from 33% ahead of its privatisation of the sugar industry, according to a draft law in parliament, part of efforts. . .  Full story

AngloGold aims to produce 350,000–400,000 oz of gold a year from Ghana mine

20/12 AngloGold Ashanti said it expects its Obuasi gold mine in Ghana to produce about 350,000 to 400,000 ounces per year for the first ten years, after achieving its first gold pour since it was. . .  Full story

IMF board approves financing package to pave way for Somalia debt relief

19/12 The International Monetary Fund's executive board has approved a financing plan that will help the IMF cover its share of debt relief for Somalia, IMF Managing Director Kristalina Georgieva said in. . .  Full story

Nigeria's Buhari approves record 2020 budget, on time for his first time

18/12 Nigeria's President Muhammadu Buhari approved a record 10.59 trillion naira ($34.62 billion) budget for 2020 on Tuesday, marking the leader's first spending plan not beset by major delays.. . .  Full story

Nigerian inflation climbs for third month as prices rise across the board

17/12 Annual inflation in Nigeria rose for the third straight month in November, marking the longest run of increases in almost two years as prices climbed across all categories measured by the. . .  Full story

Mozambique GDP to rise to 4% in 2020 - central bank governor

17/12 Mozambique's central bank expects its gross domestic product to rise to 4% in 2020 thanks in part to rebuilding efforts after two devastating cyclones this year, its governor Rogerio Zandamela. . .  Full story

Zambia approves cannabis exports to boost economy

17/12 Zambia has legalised the production and export of cannabis for economic and medicinal purposes, the government's chief spokeswoman said on Monday, becoming the latest country to shift its position on the. . .  Full story

IMF approves $368 mln loan to Congo to meet 'urgent' balance of payment needs

17/12 The International Monetary Fund (IMF) board has approved the disbursement of around $368 million to Democratic Republic of Congo, the Fund said on Monday - a resumption of lending to. . .  Full story

Ivory Coast's cocoa belt welcomes rain ahead of Harmattan winds

16/12 Farmers in Ivory Coast's cocoa-growing regions welcomed heavier-than-usual rainfall after weeks of hot and dry weather had threatened the main crop, they told Reuters on Monday.. . .  Full story

Rwanda GDP growth surges in Q3 2019

12/12 Rwanda's economic growth shot up in the third quarter of this year, lifted by improved performance in manufacturing, construction and services, the statistics office said on Thursday.. . .  Full story

Famine stalks millions in South Sudan after droughts, floods - U.N.

12/12 Famine threatens the lives of up to 5.5 million people in South Sudan, where droughts and flooding have destroyed crops and livestock, compounding "intense political instability", the United Nations warned on Thursday.. . .  Full story

Ivory Coast farmers push back against cocoa output cap

12/12 Cocoa farmers in Ivory Coast say they plan to ramp up production and establish new plantations, potentially jeopardising a new policy to cap output and boost prices from next year.. . .  Full story

Ethiopia deploys police in universities to stop ethnic violence

11/12 Ethiopia's federal police were deployed to universities across the country on Tuesday, the government said, as authorities sought to calm ethnic tensions which have claimed the lives of seven students in. . .  Full story

Rwanda's inflation jumps to 6.9% year-on-year in November - stats office

10/12 Rwanda's year-on-year inflation rose to 6.9% in November from 4.4% a month earlier, the statistics office said on Tuesday, reflecting an increase in the prices of food items in local markets.. . .  Full story

Uganda central bank holds its key lending rate at 9.0%

09/12 Uganda central bank held its key lending rate at 9.0% on Monday, its governor said, adding that economic activity was moderating.. . .  Full story