Africa Business

Nigeria inflation rate rose slightly in November - stats office

14/12 Nigeria's inflation rate rose slightly in November over the previous year, with price increases across a broad range of products, the statistics office said on Friday,  Full story

China pork prices may rise in 2019 due to swine fever - official

16/12 China's pork prices are likely to climb in 2019 due to tight supply caused by the further spread of African swine fever, an official at the National Development and Reform Commission said in remarks. . .  Full story

Nigeria's president Buhari said economy in "bad shape" -state governor

14/12 Nigeria's President Muhammadu Buhari said the country's economy was in "bad shape", the governor of a northwestern state told reporters on Friday after a meeting with governors from across the country.. . .  Full story

Libya's National Oil against paying 'ransom' to reopen El Sharara field

14/12 Libya's state-owned National Oil Corp. (NOC) said it was against paying a ransom to an armed group that has halted crude production at the country's largest oilfield.. . .  Full story

MTN, Nigerian central bank dispute will be over "very soon" -regulator

13/12 The Nigerian telecoms regulator said on Thursday that an $8.1 billion dispute between South African telecoms group MTN and the Nigerian central bank "is being resolved and very soon it will be over.". . .  Full story

Ivory Coast inflation rises to 1.8 pct year-on-year in November

12/12 Consumer price inflation in Ivory Coast rose to 1.8 percent year-on-year in November, up from 0.8 percent in October, data from the National Statistics Institute showed on Wednesday.. . .  Full story

Nigeria budget minister expects economy to grow by 3 pct in 2019

12/12 Nigeria's economy is expected to grow by 2 percent this year and by 3 percent in 2019, the country's Minister of Budget Udoma Udo Udoma said on Wednesday.. . .  Full story

Zambia's chamber of mines sees 21,000 job cuts due to higher taxes

11/12 Mining companies in Zambia may lay off more than 21,000 workers due to reduced capital expenditure over the next three years if the government introduces higher taxes in January, an industry. . .  Full story

Somalia's GDP growth seen expanding to 3.1 pct in 2018 - IMF

11/12 Somalia's economic growth is expected to pick up in 2018 as it recovers from drought that had reduced farming output, the International Monetary Fund said on Tuesday.. . .  Full story

Tunisia central bank holds key interest rate at 6.75 pct

11/12 Tunisia’s central bank kept its key interest rate unchanged at 6.75 percent on Tuesday.. . .  Full story

Libya's NOC won't negotiate with group that closed Sharara oilfield - chairman

10/12 Libya's National Oil Corporation (NOC) will not pay or negotiate with those who closed Sharara oilfield, NOC Chairman Mustafa Sanalla told a local TV channel on Monday.. . .  Full story

Nigeria's economy grew 1.81 pct in Q3, driven by non-oil sector, stats office says

10/12 Nigeria's economy grew 1.81 percent in the third quarter of 2018 from a year earlier, pushed higher by the non-oil sector, the statistics office said on Monday.. . .  Full story

Sudan's inflation rises slightly in November to 68.93 pct

10/12 Sudan's inflation rose to 68.93 percent in November year-on-year, from 68.44 pct in October, the state statistics agency said on Sunday.. . .  Full story

Kenya's Consolidated Bank says seeking investor to inject 3.5 bln shillings

10/12 Kenya's Consolidated Bank said on Monday it was seeking an investor, either foreign or local, to inject 3.5 billion Kenyan shillings ($34.21 million) as part of its balance sheet reorganisation.. . .  Full story

Nigeria's cabinet agrees to send 2019 budget to parliament

07/12 Nigeria's cabinet has agreed to send the 2019 budget to parliament, the budget minister, Udoma Udo Udoma, said on Friday.. . .  Full story

Ivory Coast withdraws licences of two defaulting cocoa exporters -sources

07/12 Ivory Coast has revoked the licences of two cocoa exporters which relinquished their contracts after they were denied bank financing, two sources at the country's cocoa marketing board CCC said on. . .  Full story

Kenyan finance minister welcomes NIC Bank, CBA merger talks

07/12 Merger talks between NIC Bank and Commercial Bank of Africa were welcome, because a deal would help strengthen the financial sector, Kenya's finance minister said on Friday.. . .  Full story

Kenya's NIC Bank and Commercial Bank of Africa to explore merger

06/12 Kenya's NIC Bank and Commercial Bank of Africa will hold talks on a potential merger, to combine their separate expertise in retail and corporate banking, they said in a joint statement. . .  Full story

Tunisia's inflation stable at 7.4 pct in November

05/12 Tunisia’s inflation rate remained at 7.4 percent in November, the third consecutive month at that figure, official data showed on Wednesday.. . .  Full story

Kenya private sector activity slows slightly in November: PMI

05/12 Kenya's private sector expanded at a slower pace in November compared with the previous month, a survey showed on Wednesday.. . .  Full story

Zimbabwe doctors strike again for better pay as economy struggles

04/12 Zimbabwean doctors at public hospitals went on strike on Monday for the second time this year to demand better pay and conditions, a union official said, as President Emmerson Mnangagwa's government. . .  Full story

Sudan decides to allow private sector to export gold - PM on twitter

03/12 Sudan has decided to allow the private sector to export gold, Sudanese Prime Minister Moataz Moussa said in a message on his Twitter account on Monday.. . .  Full story

IMF agrees new loan programme for Sierra Leone

02/12 The International Monetary Fund (IMF) board has approved a new $172 million loan programme for Sierra Leone to help the West African country combat rising inflation and lacklustre economic growth.. . .  Full story

Rwanda's economy to grow 7.2 percent this year - IMF

01/12 The International Monetary Fund (IMF) said it expected Rwanda's economy to grow a projected 7.2 percent this year, up from 6.1 percent last year.. . .  Full story

Nigeria's Diamond Bank in talks to raise medium-term funding

30/11 Nigeria's Diamond Bank is in talks with a multilateral agency to raise medium-term funding over a 5-year period and will repay a $200 million Eurobond due in May on maturity from. . .  Full story

Kenya's inflation edges up to 5.58 pct in November

30/11 Kenya's annual inflation inched up to 5.58 percent in November from 5.53 percent a month earlier, the statistics office said on Friday.. . .  Full story

Rwanda's Bank of Kigali to set aside $40 mln for lending to firms

30/11 Rwanda's Bank of Kigali will spend more than half of the $67.5 million it raised from a cash call this month to boost lending to local firms, its chief executive said.. . .  Full story

Kenya's HF Group warns of lower FY profit on declining interest income

30/11 Mortgage-focused lender HF Group Plc warned on Friday its 2018 net earnings would be 25 percent lower than the previous year, after posting a nine-month loss.. . .  Full story

World Bank sees Nigerian 2018 GDP growth at under 2 percent

29/11 The World Bank expects Nigeria's economy to grow slightly less than 2 percent this year, largely driven by the non-oil industry and services sectors, as the approach of elections keeps foreign. . .  Full story

Zimbabwe on course to meet budget deficit targets - finmin

28/11 Zimbabwe is on track to meet a narrower budget deficit of 5 percent of GDP in 2019 from an estimated 11.7 percent this year, Finance Minister Mthuli Ncube said on Wednesday.. . .  Full story

Kenyan central bank holds main lending rate at 9.0 pct

27/11 Kenya's central bank held its benchmark lending rate at 9.0 percent on Tuesday, saying inflation remained within a band favoured by the government.. . .  Full story

Zimbabwe sees no radical change for platinum, diamond ownership

27/11 Zimbabwe does not plan to change its ownership rules for diamonds and platinum, its mining minister said on Monday, denting hopes among some miners the country will open up ownership as. . .  Full story

Kenya's Centum H1 pretax profit soars on higher investments

26/11 Kenya's Centum Investment Co Plc said on Monday its first-half pretax profit surged 35 percent to 2.39 billion shillings ($23.36 million), aided by higher investments.. . .  Full story

Energy revenues cut Algeria trade deficit in Jan-Oct - customs

25/11 Algeria's energy earnings rose 18.21 percent in the first 10 months of this year from the same period in 2017, pushing down the trade deficit by 58.65 percent, official figures showed. . .  Full story

Kenya Power gets tough on late bill payers after profit plunges

23/11 Kenya Power Co said on Friday it will be much tougher on chasing unpaid bills after its provisions for bad debts surged in the financial year through June, sending its full-year. . .  Full story

Bank of Kigali's $67.5 mln cash call gets 108 pct subscription rate

23/11 Rwanda's Bank of Kigali said on Friday its 60 billion francs ($67.50 million) rights issue was 108 percent subscribed.. . .  Full story

Sudan inflation eases slightly in Oct to 68.44 pct - stats agency

22/11 Sudan's annual inflation eased slightly to 68.44 percent in October from 68.64 percent in September, due to lower food and drink prices, the state statistics agency said on Thursday.. . .  Full story

Moroccan inflation stable at 1.1 pct y/y in October

22/11 Morocco's annual inflation rate stayed at 1.1 percent in October, the High Planning Commission said on Thursday.. . .  Full story

Ivory Coast inflation rises to 0.8 pct year-on-year in October

20/11 Consumer price inflation in Ivory Coast rose to 0.8 percent year-on-year in October, up from 0.5 percent in September, data from the National Statistics Institute showed on Monday.. . .  Full story

Zimbabwe to let gold, platinum mines retain higher dollar earnings

19/11 Zimbabwe will allow gold and platinum mining companies to retain up to 55 percent of their earnings in dollars, government and central bank officials said on Monday, as authorities in the. . .  Full story

Morocco’s Mutandis launches IPO to raise 400 mln dirhams in Casablanca

17/11 Morocco’s Mutandis received a green light on Friday to launch an initial pubic offering (IPO) to raise 400 million dirhams ($42.1 million), only the second this year on the Casablanca stock. . .  Full story

Kenya central bank upholds fines against lenders for suspect transactions

16/11 Kenya's central bank has upheld the fines it imposed in September against five top commercial lenders for a failure to report suspicious transactions in connection with the theft of funds at. . .  Full story

Zambia plans to transform state power utility into viable firm

16/11 Zambia has started implementing measures aimed at transforming state-owned Zesco Ltd into a viable and efficient public power utility company, the government said on Thursday.. . .  Full story

MTN Rwanda close to finalising a 50 bln franc syndicated loan

15/11 MTN Rwanda, the biggest telecoms operator in the East African nation, is close to sealing a deal for a 50 billion franc ($56.29 million) syndicated loan to be used to. . .  Full story

Zimbabwe's inflation at highest in a decade as dollar shortage bites

13/11 Inflation in Zimbabwe soared last month to its highest level since 2008, official data showed on Tuesday, after a severe dollar shortage led to a surge in prices of food, drinks. . .  Full story

Management contributed to collapse of Nigeria's Skye Bank -deposit insurer

13/11 The management of Nigerian failed lender Skye Bank contributed to the collapse of the mid-tier bank, the country's deposit insurance agency said on Monday.. . .  Full story

Nigerian telecoms regulator approves Teleology takeover of 9-mobile

13/11 Nigeria's telecoms regulator has approved the transfer of debt-laden 9-mobile to new investor Teleology, a statement from Teleology said on Monday. . .  Full story

Nigeria's Diamond Bank says not in merger or acquisition talks

12/11 Nigeria's Diamond Bank is not in merger or acquisition talks with any institution after saying it was aware of speculation that rival Access Bank plans to acquire it, the mid-tier lender. . .  Full story

Zimbabwe invites bids for struggling national airline

12/11 Zimbabwe has invited bids for the state-owned airline as President Emmerson Mnangagwa's government pushes ahead with a drive to privatise and end state funding to loss-making firms, Air Zimbabwe's administrator said. . .  Full story

IMF sees Namibia’s GDP contracting in 2018

10/11 The International Monetary Fund (IMF) projects that Namibia’s GDP will contract in 2018, pushing out its forecast for growth to next year when it sees support from strong mining production and. . .  Full story

Kenyan private equity firm raises $155m in second round funding

09/11 Catalyst Principal Partners, a Kenyan private equity firm, has raised $155 million in its second round of funding, securing capital from local pension funds and international investors, it said on Friday.. . .  Full story

Nigeria's Diamond Bank has not received offers of cash from investors

09/11 Nigeria's Diamond Bank said on Friday that no investors had come forward to inject cash into the company and that its board was reviewing all strategic options.. . .  Full story

Tunisia trade deficit widens to record $5.5 billion

08/11 Tunisia’s trade deficit widened by 2‮1‬ percent year-on-year in the first 1‮0‬ months of 201‮8‬ to a record 15.9 billion dinars ($5.52 billion), state news agency TAP said on Thursday.. . .  Full story

Zimbabwe sees 2019 budget deficit at 4 percent of GDP

08/11 Zimbabwe wants to reduce its budget deficit to 4 percent of gross domestic product in 2019, down from an 11.1 percent forecast this year through various expenditure cuts, Finance Minister Mthuli. . .  Full story

Zimbabwe's Econet to list banking, mobile money unit separately

08/11 Econet Wireless Zimbabwe will split off and separately list its financial and insurance businesses on the Zimbabwe Stock Exchange if shareholders approve the plan later this month, the company said on. . .  Full story

Mozambique says Eurobond restructuring a relief for budget

08/11 Mozambique's agreement with the bulk of its creditors to restructure a $726.5 million Eurobond was "a relief for the budget", Finance Minister Adriano Maleiane said on Thursday.. . .  Full story

Burundi to set up capital market for firms this year

07/11 Burundi plans to establish a securities exchange before the end of this year for companies to raise funds after a slowdown in commercial bank lending, a senior central bank official said.. . .  Full story

Nigerian unions, government agree minimum wage to avert strike

06/11 Nigerian trade unions and the government agreed a minimum wage proposal to avert a nationwide strike that was to have shut down Africa's biggest economy on Tuesday, a union official said.. . .  Full story

Unemployment in Morocco drops slightly to 10 pct in Q3

05/11 Morocco's unemployment rate dropped to 10 percent at the end of September, down from 10.6 percent a year earlier, the planning agency said on Monday citing a growth in jobs created in the services. . .  Full story

Mali on track for GDP growth of 5 pct in 2018: IMF

05/11 Mali's economy is forecast to grow by 5 percent this year, down from 5.3 percent in 2017, the International Monetary Fund said.. . .  Full story

Kenya's Equity Bank's 9-mth pretax profit up 8 pct

05/11 Kenya's Equity Bank reported an 8 percent rise in 9-month pretax profit on Monday driven by higher interest income.. . .  Full story

Kenyan private sector activity rebounds in October: PMI

05/11 Growth in the Kenyan private sector rebounded in October, after cost pressures held it back the previous month, a survey showed on Monday.. . .  Full story

Angola expects economy to grow 2.8 pct in 2019 - minister

01/11 Economic growth in Angola, Africa's No. 2 crude producer, is expected to quicken to 2.8 percent in 2019 from a contraction of 1.1 percent this year, the Economic Development Minister Manuel. . .  Full story

Zimbabwe's Mangudya to get second term as central bank governor -report

01/11 President Emmerson Mnangagwa will retain John Mangudya for a second term as governor of the Reserve Bank of Zimbabwe, a state-owned newspaper reported on Thursday.. . .  Full story

Tunisia central bank holds interest rate at 6.75 pct

01/11 Tunisia's central bank kept its key interest rate unchanged at 6.75 percent, it said on Thursday.. . .  Full story

Zimbabwe's RioZim shuts mines over forex shortages

31/10 Zimbabwe's gold miner RioZim has closed its three mines due to a shortage of dollars, the company said in a letter to the central bank seen by Reuters on Wednesday.. . .  Full story

Kenya's inflation at 5.53 pct yr/yr in October

31/10 Kenya's inflation fell to 5.53 percent year-on-year in October from 5.70 percent a month earlier, the statistics office said on Wednesday.. . .  Full story

Ivory Coast on track for record cocoa harvest in 2018/19

31/10 Ivory Coast is on track for a record cocoa harvest in the 2018/19 season of 2.2 million tonnes, up from about 2 million tonnes last season, due to favourable weather and new plantations, farmers,. . .  Full story

Kenya's 2018/19 foreign borrowing to depend on global financial markets

31/10 Kenya will make a final decision on the amount of foreign borrowing in its 2018/19 (July-June) fiscal year after it has studied conditions in global financial markets, the finance minister told. . .  Full story

World Bank approves $1.2 bln in grants, loans to Ethiopia

31/10 The World Bank has approved $1.2 billion in grants and loans to Ethiopia.. . .  Full story

Ocean Shock: Fishmeal factories plunder Africa

30/10 Greyhound Bay was once a place where old ships came to die. A wild stretch of coast on the western edge of the Sahara, its shallows made a convenient, if desolate, spot to scuttle. . .  Full story

Seychelles raises $15 million with world's first blue bond

30/10 Seychelles has raised $15 million by offering the world's first blue bond, raised from investors to finance ocean-based projects, to expand its marine protected areas and boost its fisheries sector.. . .  Full story

Zimbabwe's 2018 budget deficit seen at 11.1 percent of GDP

29/10 Zimbabwe's budget deficit will more than double to 11.1 percent of gross domestic product this year from an initial forecast of 5 percent due to runaway government spending, a senior treasury. . .  Full story

Benin raises 2018 economic growth forecast to 6.5 percent

27/10 Benin's government raised its economic growth forecast for this year to 6.5 percent, up from an earlier estimate of 6 percent, and said it anticipates 6.5 percent growth in 2019 too.. . .  Full story

Ethiopia announces $7 bln in new road, power public-private projects

26/10 Ethiopia announced $7 billion worth of new road and power supply projects on Friday, according to the state-affiliated Fana news agency.. . .  Full story

Nigeria's Diamond Bank hit 4-month high as traders eyes fresh capital

26/10 Shares in Nigeria's Diamond Bank rose to a four month high on Thursday, a day after the bank said four of its directors have resigned, in a move that could pave. . .  Full story

Namibia says economy to shrink 0.2 percent this year

24/10 Namibia's economy will contract 0.2 percent this year, down from a forecast of 1 percent growth in July, due to a weak performance in the manufacturing and construction sectors, Finance Minister. . .  Full story

-Sudan PM announces 'strict austerity' in emergency economic reforms

24/10 Sudan's Prime Minister Moataz Moussa announced to parliament on Wednesday a 15-month emergency economic-reform plan, including "further strict austerity measures", to begin this month.. . .  Full story

Malawi inflation to average between 9.3 pct and 9.5 pct in 2018 - cbank

24/10 Malawi's inflation is expected to remain in single digits this year and average between 9.3 percent and 9.5 percent, central bank governor Dalitso Kabambe said on Wednesday.. . .  Full story

IMF bumps Kenya's debt distress risk to moderate from low

24/10 Kenya's risk of defaulting on debt repayments has increased to moderate from low, the International Monetary Fund (IMF) has said, citing the government's public investment drive and revenue shortfalls in recent. . .  Full story

Uganda September coffee exports down 14 pct from a year earlier

24/10 Uganda's coffee shipments last month declined 14.2 percent compared to September last year, the sector regulator Uganda Coffee Development Authority (UCDA) said.. . .  Full story

Kenyan ARM Cement's administrator seeks asset sale to cut debt, keep it afloat

22/10 The administrator of Kenya's debt-laden ARM Cement will ask its creditors for support to keep the company running by selling some of ARM's assets to cut debt, as well as a. . .  Full story

Maroc Telecom reports 7 pct rise in third-quarter profit

22/10 Maroc Telecom, Morocco's largest telecoms operator, on Monday reported a 7 percent rise in unadjusted third-quarter profit attributable to shareholders compared to the same period last year.. . .  Full story

Nigerian unions threaten to resume strike unless government acts on minimum wage

21/10 Nigerian trade unions may resume a nationwide strike if the government fails to publicly agree to a proposed increase in the minimum wage and to set about putting it into law, three union federations. . .  Full story

African bank Oragroup to launch largest ever IPO on Abidjan bourse

19/10 Panafrican banking group Oragroup plans to raise 56.92 billion CFA francs ($101 million) via the largest ever initial public offering (IPO) on the Abidjan Stock Exchange (BRVM), the company said on. . .  Full story

Morocco sees government's budget deficit narrowing in 2019

19/10 Morocco's 2019 draft budget forecasts a deficit narrowing to 3.3 percent of gross domestic product in 2019, down from 3.8 percent expected in 2018, a government statement said on Thursday.. . .  Full story

Mauritius bourse looks to entice African issuers with new index

18/10 The Stock Exchange of Mauritius will launch a new index next month dedicated to African firms to attract more issuers from the continent, its chief executive said.. . .  Full story

Nigeria extends crude-for-product swaps until June 2019 - sources

18/10 Nigeria's state oil firm NNPC has extended its crude-for-product swap contracts, the country's main avenue to meet the bulk of its fuel needs, until June 2019, sources familiar with the matter said.. . .  Full story

Nigerian Senate backs Eurobond issue, warns of debt overhang

17/10 Nigeria's upper house of parliament approved a planned $2.786 billion Eurobond issue on Wednesday but advised the government to limit foreign borrowing and instead boost revenues.. . .  Full story

Ghana growth slows sharply to 5.4 pct in second quarter y/y

17/10 Ghana's economic growth slowed sharply to 5.4 percent year-on-year in the second quarter of 2018, compared to around 11 percent in the same period last year, the statistics office said on. . .  Full story

Nigeria state oil company denies existence of $3.5 bln fuel subsidy fund

17/10 Nigeria's state oil company on Wednesday denied parliament's accusation that it had a $3.5 billion fund to surreptitiously subsidise imports of gasoline.. . .  Full story

Zambian power firm CEC divests from telecoms business

16/10 Copperbelt Energy Corp (CEC) has sold its 50 percent stake in CEC Liquid Telecom to pan-African telecoms group Liquid Telecommunication Holdings Ltd., the power firm said on Tuesday.. . .  Full story

Death toll reaches 60 in Nigerian oil pipeline fire

15/10 Sixty people were killed after a fire broke out on Friday on an oil pipeline in the southeast of Nigeria, a spokesman for the National Emergency Management Agency (NEMA) said on Monday, up from. . .  Full story

Tunisia will not impose new taxes in 2019 - draft budget

15/10 Tunisia will not impose new taxes on citizens next year and will cut the tax burden for some sectors to boost growth, according to a draft budget, after years of tax. . .  Full story

Congolese migrants flood home, Angola denies claims of brutal crackdown

14/10 C ongolese migrants and officials said dozens of people were killed this month in neighbouring Angola in a crackdown on artisanal diamond mining, an accusation Angolan security forces strongly denied.. . .  Full story