Africa Business

Zambia cuts 2019 economic growth forecast after drought

13/09 Zambia has cut its 2019 economic growth forecast, President Edgar Lungu said on Friday, citing adverse weather conditions that have affected crop production and electricity generation at hydropower plants.  Full story

Tanzania plans to extend its gas pipeline network

16/09 Tanzania said on Monday it planned to construct a 30-km pipeline to extend the country's natural gas supply network from the capital Dar es Salaam to the nearby town of Bagamoyo. . .  Full story

Nigeria plans VAT increase in push to raise non-oil revenue

13/09 Nigeria plans to increase value-added tax on goods, the finance minister said, as Africa's biggest oil exporter seeks to reduce its reliance on crude sales.. . .  Full story

Kenya targets officials' overseas trips in "brutal" spending cuts

12/09 Kenya plans "brutal" cuts to spending, including on government officials' overseas trips, in an effort to rein in the fiscal deficit, its acting finance minister said on Thursday.. . .  Full story

Nigeria plans VAT increase in push to raise non-oil revenues

12/09 Nigeria plans to increase value-added tax on goods, the finance minister said, as Africa's biggest oil exporter seeks to reduce its reliance on crude sales.. . .  Full story

Mozambique to continue debt restructuring talks despite 'tuna bond' court ruling

11/09 Mozambique will continue to negotiate debt restructuring with creditors, despite a court ruling that a government-guaranteed $850 million Eurobond issued by the state fishing company Ematum SA in 2013 was illegal, the finance minister said. . .  Full story

Kenyan lawmakers discuss court-ordered changes to rate cap law

11/09 Kenyan lawmakers on Tuesday debated changes to a law capping commercial interest rates after the High Court gave parliament an ultimatum to alter the law to comply with the constitution.. . .  Full story

Zambia central bank opposes bid to remove oversight of public debt

11/09 Zambia's central bank said on Wednesday it opposed government moves to remove lawmakers' oversight over acquiring more public debt.. . .  Full story

Malawi's economy to grow 5% in 2019, 7% in 2020 - finance minister

10/09 Malawi expects its gross domestic product to expand by 5% in 2019 and by 7% in 2020 as the return of rainfall after severe drought boosts agricultural production, Finance Minister Joseph. . .  Full story

Mozambique gets green light for Eurobond debt swap plan

09/09 Creditors holding 99.5% of Mozambique's Eurobond support its debt restructuring proposal, the country's government said in a statement on Monday, paving the way for an overhaul of part of its heavy debt burden.. . .  Full story

Malawi's economy to grow 5% in 2019 -finance minister

09/09 Malawi forecast gross domestic product (GDP) will expand by 5% in 2019 and by 7% in 2020 as the return of rainfall after severe drought boosts agricultural production, Finance Minister Joseph Mwanamvekha said on. . .  Full story

Somalia economic growth likely to inch up this year, World Bank says

09/09 Somalia's economy is expected to grow by 2.9% this year, from 2.8% last year, before growth quickens to 3.2-3.5% in the medium term, the World Bank said on Monday.. . .  Full story

Nigeria uses tax credits for private firms to boost infrastructure

05/09 Nigeria is using a system of tax credits to encourage private companies to share the cost of infrastructure projects as part of a drive to diversify Africa's biggest economy away from. . .  Full story

Morocco’s trade deficit deepens 4.3% year/year Jan-July

04/09 Morocco's trade deficit widened by 4.3% to 122.8 billion dirhams ($12.7 billion) in the first seven months of 2019 compared with the same period last year, the country's foreign exchange regulator. . .  Full story

Kenya PMI falls to 52.9 in August

04/09 Kenya's private sector activity dropped in August to its lowest level since May, with cashflow problems hurting performance, a survey showed on Wednesday.. . .  Full story

Nigeria's economic growth slows for second quarter

03/09 Year-on-year growth in Nigeria's economy slowed to 1.94% in the three months to the end of June, the second quarter in a row of decline as the country struggles to shake. . .  Full story

Kenya's central bank approves Kenya's KCB Group acquisition of NBK

02/09 Kenya's central bank on Monday approved KCB Group's acquisition of National Bank of Kenya.. . .  Full story

Flooding fears in Ivory Coast's cocoa regions as disease spreads

02/09 Heavy rain in Ivory Coast's cocoa-growing regions threatens to compromise bean quality, raising fears of flooding and crop disease, farmers said on Monday.. . .  Full story

Libya's oil and gas revenues rose to $2.1 billion in July -NOC

01/09 Libya's National Oil Corporation (NOC) said on Sunday that its revenues rose to $2.1 billion in July, up 23% from the previous month.. . .  Full story

Ruptured pipeline in Nigeria's Delta state spilled oil - NNPC chief

31/08 A pipeline that ruptured on Friday in Nigeria's Delta state spilled oil, but has been contained, the head of state oil company NNPC said on Saturday.. . .  Full story

Gas pipeline in Nigeria's Delta state shut following breach

31/08 A gas pipeline in Nigeria's Delta state was shut down on Friday following a breach, according to state oil company NNPC and local authorities.. . .  Full story

Bank of Kigali’s first-half pretax profit falls 3%

30/08 Rwanda’s biggest lender Bank of Kigali said on Friday its first-half pretax profit fell 3% to 21.5 billion Rwandan francs ($24.00 million), hit by rising non-performing loans.. . .  Full story

Kenya's inflation falls to 5.0% year-on-year in August

30/08 Kenya's inflation fell to 5.0% year-on-year in August from 6.27% a month earlier, helped by falling food prices, the statistics office said on Friday.. . .  Full story

Kenya's Nation Media Group says H1 2019 pretax profit falls 24%

28/08 Kenya's Nation Media Group said its pretax profit fell to 580.8 million shillings ($5.6 million) in the first half of 2019 from 761.8 million shillings in the same period a. . .  Full story

Kenya's Nation Media Group first-half profit falls 24%

28/08 Kenya's Nation Media Group said its pretax profit fell 24% in the first half of this year, hurt by slowing turnover due to falling advertising revenue.. . .  Full story

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