Africa Business

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 for a new deal, finance minister Henry Rotich said on Thursday.  Full story

-Ethiopia starts rationing electricity for homes and industries

18/05 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

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

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

Malawi 2018/19 maize output up 24 pct, minimal effect from cyclone Idai- minister

09/04 Malawi's maize output increased by just over 24 percent in the 2018/19 farming year so far, boosted by favourable weather conditions and government subsidies, the agriculture minister said on Tuesday.. . .  Full story

World Bank cuts Zambia’s 2019 GDP growth forecast

08/04 The World Bank sees Zambia's economic growth slowing in 2019, to 3.3 percent from 3.5 percent seen last year, as the southern African nation's growing debt pile and weakening currency put. . .  Full story

Ethiopia inflation up to 11.2 pct in year to March - stats bureau

06/04 Ethiopian inflation rose to 11.2 percent in the year to March, the statistics bureau said on Saturday.. . .  Full story

Nigeria's Oando sells stake in gas company for $41.5 mln to cut debt

04/04 Nigerian oil company Oando said on Thursday it had sold its 25 percent stake in local gas and power company Axxela to majority investor Helios Investment partners for $41.5 million as it works on. . .  Full story

Nigerian debt office expects approval of 1.649 trln naira in borrowing

04/04 Nigeria's debt office said on Thursday it expects the government to approve total borrowing of 1.649 trillion naira ($5.39 billion) in 2019.. . .  Full story

Oando sells 25 pct stake in Nigerian gas company to private equity firm Helios

04/04 Oando has sold its 25 percent stake in Nigerian gas and power company Axxela to majority investor Helios Investment partners for an undisclosed amount, Axxela said on Thursday.. . .  Full story

Kenya forecasts 6.3 pct economic growth in 2019

04/04 Kenya's economy should grow an improved 6.3 percent in 2019, President Uhuru Kenyatta said on Thursday, citing an improved business environment and his government's push to boost manufacturing, food production and. . .  Full story

Tanzania charges Vodacom Tanzania MD with economic crimes -court documents

03/04 Tanzanian authorities on Wednesday charged the managing director of Vodacom Tanzania with economic crimes, court documents seen by Reuters showed.. . .  Full story

Congo's public revenues from mining sector nearly double in 2018

03/04 Democratic Republic of Congo's mining sector paid $1.57 billion in revenues to the government last year, up 91 percent on 2017, finance ministry data showed on Wednesday.. . .  Full story

Nigeria appoints local banks for 3.4 trln naira note issue programme

03/04 Nigeria has appointed local banks for a 3.4 trillion naira promissory note issue programme to settle the backlog of state obligations, the finance minister said on Wednesday.. . .  Full story

Nigeria's Access Bank shares fall 10 pct after completion of Diamond Bank takeover

03/04 Shares in Nigeria's Access Bank fell 10 percent on Wednesday to a two-week low, as they resumed trade following completion of the takeover of rival mid-tier lender Diamond Bank.. . .  Full story

Kenya private sector expansion slowest in 16 months in March -PMI

03/04 The pace of activity in Kenya's private sector edged lower in March to its softest in 16 months, a survey showed on Wednesday.. . .  Full story

Nigeria tax chief expects to raise $2.45 bln from defaulters by end H1 2019

03/04 Nigeria expects to raise around 750 billion naira ($2.45 billion) from tax defaulters by the end of the first half of this year, the country's tax chief said on Tuesday.. . .  Full story

South Sudan targets 70,000 bpd oil production boost by June -minister

01/04 South Sudan is hoping to boost oil production by 70,000 barrels per day (bpd) by June, the minister for petroleum said on Monday, a month before the government and rebels are. . .  Full story

Nairobi Securities Exchange extends trading hours after outage

01/04 Kenya's Nairobi Securities Exchange said on Monday it would extend trading to 5 p.m. (1400 GMT), from the usual 3 p.m. close, after it managed to resolve a technical hitch which. . .  Full story

Morocco's BMCE Bank reports 10 pct drop in 2018 profit, plans capital increase

01/04 BMCE Bank, one of Morocco's largest lenders, reported on Monday a 10 percent fall in its 2018 net profit attributable to shareholders due to a drop in activities in its African. . .  Full story

Uganda central bank holds its key lending rate at 10 pct

01/04 Uganda's central bank on Monday held its benchmark lending rate at 10 percent for the third time in a row, the bank's governor said, citing economic activity which is close to. . .  Full story

Zimbabwe power utility seeks 30 percent tariff increase: report

01/04 Zimbabwe's state-owned power utility ZESA Holdings has applied to the energy regulator to raise its tariff by 30 percent for maintenance of its grid and after the price of inputs like. . .  Full story