Africa Business

Kenya's KCB Group's nine-month net profit jumps 6%

15h34 Kenya's KCB Group posted a 6% increase in its net profit to 19.2 billion shillings ($187.59 million) compared with a year earlier, it said on Wednesday.  Full story

Kenya's KCB Group's nine-month profit rises 6%

15h58 Kenya's biggest bank by assets KCB Group reported on Wednesday a 6% increase in net profit for the first nine months of this year to 19.2 billion shillings ($187.59 million.. . .  Full story

Zimbabwe bans new electric water heaters to save energy

14h20 Zimbabwe is banning the installation of new electric water heaters in a bid to save power, energy regulations published on Wednesday showed, at a time when the country is enduring rolling. . .  Full story

Mozambique GDP growth seen at 5.5% in 2020 -IMF

11h15 Mozambique's economic growth rate will hit 5.5% in 2020, the International Monetary Fund forecast on Wednesday, saying the southern African nation will benefit from factors including reconstruction efforts following two devastating. . .  Full story

Kenya's finance ministry asks parliament to hike 2019/20 budget -reports

09h39 Kenya's finance ministry has requested parliament to increase the 2019/20 (July-June) budget by 86.4 billion shillings ($844 million) for power, rail and road projects, Business Daily and Daily Nation newspapers said. . .  Full story

Kenya's Silverstone Air suspends all flights

12/11 Kenya's Silverstone Air is suspending all flights effective Nov. 12, it said on Tuesday, after an accident last month badly injured a woman and an incident in which a plane was. . .  Full story

Cargo handled by Kenya's Mombasa port up 9% January-September - port operator

12/11 Kenya’s main port of Mombasa handled 9% more cargo in the first nine months of this year compared with the same period in 2018, due to greater handling capacity and more. . .  Full story

Congo central bank lowers 2019 GDP growth forecast to 4.6%

11/11 The Congolese central bank expects the economy to grow 4.6% in 2019, after revising down an earlier estimate of 5.1% during a policy meeting on Friday.. . .  Full story

Flurry of spot cargoes sell as new IMO rules loom

09/11 Angolan crude cargoes flew off the shelf this week as refiners mopped up heavy, sweet oil that produces high yields of fuel that will comply with new IMO rules on shipping. . .  Full story

Zambia's president vows to contain debt within sustainable levels

09/11 Zambia is committed to ensuring that debt is contained within sustainable levels through continued austerity measures, President Edgar Lungu said on Friday.. . .  Full story

Ghana to change laws on licences to spur oil production

06/11 Ghana plans to revise its laws on oil and gas licences in an effort to spur production and will revoke licences from four companies that have not developed their assets, its deputy energy minister. . .  Full story

Kenyan lenders target small and medium businesses with digital loans

06/11 A group of Kenyan banks on Wednesday committed 10 billion Kenyan shillings ($97 million) in loans to small and medium businesses under a new mobile phone-based loan service targeting a fast-growing. . .  Full story

Ghana to revoke four petroleum licences for lack of development - deputy minister

06/11 Ghana will revoke four petroleum exploration licences from companies that are not developing the assets, the country's deputy minister for petroleum said on Wednesday.. . .  Full story

DR Congo Hydrocarbons Minister says change of power in country encouraging investment

06/11 Democratic Republic of Congo's Hydrocarbons Minister Rubens Muhima said on Wednesday that the country's recent change in power at the ballot box had encouraged oil investment, with tenders expected to be. . .  Full story

Ghana deputy energy minister says laws must change for more offshore exploration

06/11 Ghana's Deputy Energy Minister Amin Adam said on Wednesday that domestic laws must be changed to allow companies already producing to further explore offshore areas for more oil.. . .  Full story

Uganda energy minister invites bidding on five oil blocks

06/11 Uganda's Energy Minister Irene Muloni on Wednesday invited bidding on five blocks, speaking at an African oil conference in Cape Town.. . .  Full story

Senegal announces launch of oil and gas licensing round

05/11 Senegal on Tuesday announced a new oil and gas licensing round for three offshore blocks as the country prepares to tap rich reserves in a bid to boost revenues.. . .  Full story

Nigerian president signs bill amending offshore oil output act

04/11 Nigeria's President Muhammadu Buhari signed a bill into law on Monday that amends legislation on agreements related to offshore oil production, according to the president's Twitter account.. . .  Full story

African Development Bank board eyes 125% capital increase - Ivorian president

01/11 The African Development Bank's board of governors may approve a 125% capital increase to $225 billion on Thursday, Ivory Coast President Alassane Ouattara said.. . .  Full story

African Development Bank approves record capital boost of 125% to $208 bln

31/10 The African Development Bank's board approved a 125% capital increase to $208 billion on Thursday, the largest in the lender's history, AfDB President Akinwumi Adesina said.. . .  Full story

Kenyan bank shares extend gains on hopes rate cap will be lifted

31/10 Kenyan bank shares rose in early trading on Thursday, Refinitiv data showed, extending their gains for a second day after news that parliament has inched closer to lifting a cap on. . .  Full story

Zambia statistics agency raises 2018 GDP growth figure to 4% -final data

31/10 Zambia's gross domestic product grew 4% in 2018, the country's statistics agency said on Thursday, in a final reading that exceeded an initial figure of 3.7%.. . .  Full story

Kenya's economy to grow at a faster pace next year -World Bank

31/10 Kenya's economy is likely to expand by 6.0% next year, rising from projected growth of 5.8% this year, due to a favourable weather outlook, the World Bank said on Thursday.. . .  Full story

Kenya raises 2019/20 budget deficit for second time in a month -Treasury document

30/10 Kenya has revised up its expected 2019/2020 fiscal deficit for the second time in a matter of weeks as East Africa's richest economy tries to cut spending amid a struggle to. . .  Full story

Kenyan parliamentary panel recommends rate cap repeal

30/10 Kenya's parliament should repeal a cap on commercial lending rates in line with the president's demands, the finance committee of the legislature said in a report seen by Reuters on Wednesday.. . .  Full story

South Sudan to offer 14 oil blocks for licensing by Q1 2020 - oil minister

29/10 South Sudan plans to offer 14 oil blocks to exploration companies in a licensing round by the first quarter 2020, its oil minister said on Tuesday.. . .  Full story

Kenya to scale back commercial borrowing, Treasury official says

28/10 Kenya will reduce its borrowing from capital markets in the next three years to make its repayments schedule more bearable, a senior Treasury official said on Monday.. . .  Full story

Kenya's KenGen to delay full-year results by a month

28/10 KenGen, Kenya's biggest electricity producer, will delay by a month the publication of its financial results for the year ended June, the company said over the weekend.. . .  Full story

Tanzania Q2 GDP growth rises to 7.2 pct v 6.1 pct -statistics bureau

27/10 Tanzania's economy grew by 7.2 percent year-on-year in the second quarter of 2019, up from 6.1 percent in the same period a year ago, buoyed by growth in construction, mining and. . .  Full story

Nigeria has no plans to go to international debt market this year

26/10 Nigeria has no plans to tap the international debt market this year due to the time constraints before the end of its budget cycle, the head of the government's debt office. . .  Full story

Uganda says coffee exports in 2019/2020 crop year to rise 16%

23/10 Uganda forecasts its coffee exports in the 2019-2020 crop year will be about 16% higher from the previous period, boosted by favourable weather and expanding acreage as new trees mature, an. . .  Full story

Namibia's economy to shrink again in 2019 - finance minister

22/10 Namibia's economy is set to shrink by 1.5% in 2019 after contracting 0.1% in the previous year as a broad slowdown triggered by severe drought, weak investment and falling consumer. . .  Full story

Morocco's CPI rises 0.3% in September: planning agency

22/10 Morocco's consumer price index was up 0.3% in September from a year earlier, slowing from an 0.8% rise in the previous month, the high commission for planning said on Tuesday.. . .  Full story

Uganda says its economy 11% larger after rebasing

22/10 Uganda said on Monday its economy was 11.6% larger than earlier thought after it rebased its calculations, a move economists said was to incorporate new sectors whose output had grown in. . .  Full story

Nigeria's Qua Iboe, Forcados crude oil exports to fall in December

21/10 Exports of Nigeria's Forcados and Qua Iboe crude oil streams will fall in December, according to loading programmes.. . .  Full story

Morocco forecasts stable 2020 fiscal deficit of 3.5%

19/10 Morocco's fiscal deficit is expected to be unchanged at 3.5% of gross domestic product in 2020, the government’s draft budget showed.. . .  Full story

Kenya's president refuses to sign the budget over rate cap

17/10 Kenyan President Uhuru Kenyatta has demanded that lawmakers remove a cap on commercial lending rates, refusing to approve the 2019/20 (July-June) budget unless the limit is lifted, a document sent to. . .  Full story

Zimbabwe bread price jumps 60%, but shortages persist

16/10 The price of bread, Zimbabwe's second most-consumed staple, jumped 60% overnight due to escalating costs of production, the national bakers' association said on Wednesday, adding more woes to consumers grappling with. . .  Full story

Nigeria's land borders closed to all goods -customs chief

16/10 Nigeria has closed its land borders to all movement of goods and has no timeline for reopening them, the head of the nation's customs agency said, as part of an effort. . .  Full story

Nigeria inflation rises in September from near four-year low

15/10 Higher food prices helped push up annual inflation in Nigeria last month after three consecutive months of declines, the National Bureau of Statistics said on Tuesday.. . .  Full story

Heavy rains in Ivory Coast threaten cocoa crop

14/10 Unusually heavy rain last week in most of Ivory Coast's main cocoa growing regions has disturbed the development of the October-to-March main crop and disease is spreading in some plantations, farmers said on Monday.. . .  Full story

Nigerian crude diffs crash as freight rates bite

12/10 Differentials for Nigerian crude oil grades continued to crash on Friday with the key grade being shown at its lowest level since 2005 owing to still rising freight rates as a. . .  Full story

Nigerian president offers record $34 billion budget for 2020

08/10 Nigerian President Muhammadu Buhari presented a record 10.33 trillion-naira ($33.8 billion) budget for 2020 to lawmakers on Tuesday as he aims to spur growth in Africa's largest economy at the start of his second. . .  Full story

Nigerian president offers record 10.33 trln-naira budget for 2020

08/10 Nigerian President Muhammadu Buhari presented a record 10.33 trillion-naira ($33.8 billion) budget for 2020 to lawmakers on Tuesday, the first spending plan since his re-election in February.. . .  Full story

Botswana forecasts slower GDP growth, wider deficit this year

08/10 Botswana's economy is expected to grow at a slower pace this year compared to last year, the deputy secretary in the ministry of finance said on Tuesday, with the services sector. . .  Full story

Zimbabwe economy seen contracting up to 6% in 2019 -treasury document

07/10 Zimbabwe's economy is projected to contract by up to 6% this year due to a drought that hit farming output and electricity generation but is expected to rebound next year on. . .  Full story

Morocco's trade deficit widens 2.4% year on year in Jan-August

07/10 Morocco's trade deficit widened by 2.4% to 140 billion dirhams ($14.5 billion) in the first eight months of 2019 compared with the same period last year, the country's foreign exchange regulator. . .  Full story

Tripoli gov't gives Libya's NOC $1 billion in funding

06/10 Libya's internationally recognised government said it had allocated 1.5 billion Libyan dinars ($1.06 billion) for the National Oil Corporation (NOC) to maintain oil production in 2019-2020, according to a resolution shared. . .  Full story

Congo says IMF is considering new financial support

05/10 The International Monetary Fund (IMF) will consider renewing financial support to Democratic Republic of Congo within the next six months, the government in Kinshasa said on Saturday.. . .  Full story

Ethio Telecom appoints evaluator for assets, seeks advisor for privatisation

04/10 Ethio Telecom has appointed international consulting firm KPMG to evaluate its assets, and an advisor on the privatisation process will be appointed soon, a senior finance ministry official said on Thursday.. . .  Full story

Tunisian annual inflation unchanged at 6.7% in Sept

04/10 Tunisia's annual inflation rate was unchanged in September at 6.7%, official data showed on Friday.. . .  Full story

Nigerian lawmakers increase 2020 budget outline based on higher oil price

03/10 Nigeria's legislature on Thursday increased the value of the country's 2020 budget outline to 10.729 trillion naira ($35 billion) based on expectations of higher oil prices.. . .  Full story

New orders fuel Kenya's private sector activity in Sept -PMI

03/10 Kenya's private sector activity grew for the fifth straight month in September, boosted by an increase in new orders for businesses, a survey showed on Thursday.. . .  Full story

Nigeria's central bank pressures lenders with loan requirement increase

03/10 Nigeria's central bank has increased its target for lending by commercial banks for the second time in three months, to help boost growth. Banks that miss the target will face higher. . .  Full story

Libya's oil revenues dip to around $2 bln in August -NOC statement 

02/10 Libya’s National Oil Corp (NOC) said on Wednesday that August revenues dropped to around $2 billion, a 5% decline from July.. . .  Full story

Ethiopian Airlines annual revenue up 29% -govt official

02/10 Ethiopian Airlines' operating revenue jumped nearly 30% in the year to July 31, a senior government official said on Tuesday, helped by a surge in passenger numbers.. . .  Full story