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Africa Business

Ethiopia appoints new central bank governor

18/06 Ethiopia appointed a new central bank governor on Monday, state-affiliated media said, in a move that follows major economic reforms.. . .  Full story

Kenya's Safaricom opposes planned tax increase on mobile cash transfers

18/06 Kenya's biggest mobile phone operator Safaricom is opposed to a proposed tax rise on mobile phone based cash transfers that its chief finance officer said on Monday would discourage the drive towards modern payments systems.. . .  Full story

Nigeria's Buhari will sign off 2018 budget on Tuesday, minister says

15/06 Nigerian President Muhammadu Buhari will sign the government's long-delayed budget into law on Tuesday, Information Minister Lai Mohammed said on Friday.. . .  Full story

Zambia delays borrowing plans indefinitely - finance minister

14/06 Zambia has decided to delay all planned borrowing indefinitely, its finance minister said on Thursday, slowing down the accumulation of new debt amid worries about the risk of distress.. . .  Full story

Kenya to repeal rate cap, introduce 'Robin Hood' tax

14/06 Kenya's Finance Minister Henry Rotich on Thursday said he would propose repealing a cap on commercial lending rates, a move cheered by bankers who had said the ceiling had hurt credit growth and access.. . .  Full story

Rwanda's overall spending to rise 16 pct in 2018/19, sees higher GDP growth

14/06 Rwanda plans to raise spending by 16 percent in the 2018/19 (July-June) fiscal year to 2.44 trillion francs ($2.87 billion), its finance minister said on Thursday.. . .  Full story

Kenya proposes amending banking act in a move that will repeal rate cap

14/06 Kenya's Finance Minister Henry Rotich on Thursday said he would propose to repeal a cap on commercial lending rates, as he presented a budget including a new tax on financial transactions.. . .  Full story

Malawian telecoms company TNM's 2017 profit up 60 percent

14/06 Telkom Networks Malawi reported a 60 percent jump in annual after tax profit on Thursday, thanks to a strong showing from its voice call services.. . .  Full story

Kenya's Finance Minister proposes reforms to boost bank lending

14/06 Kenya's government will introduce a set of reforms for the financial sector aimed at boosting private sector credit growth after it was hit by a cap on commercial interest rates introduced in 2016, the. . .  Full story

Sierra Leone in fourth bid to launch oil sector with licensing round

14/06 Seeking to capitalise on higher oil prices, Sierra Leone has extended the deadline of a fourth oil licensing round for five deep water offshore blocks until September 27, officials told Reuters.. . .  Full story

Kenya small business payments boost from CBA-fintech tie-up

13/06 Kenya's biggest privately owned bank, CBA, has teamed up with a local financial technology company to speed up payments for goods or services delivered by suppliers, its chief executive said on Wednesday.. . .  Full story

UK issues travel warning after Mozambique attacks

13/06 Britain advised citizens on Tuesday against travelling to an area in northeastern Mozambique after a series of attacks by groups with links to Islamic militants.. . .  Full story

War-torn South Sudan issues higher denomination banknotes amid soaring inflation

11/06 South Sudan's central bank said on Monday it will issue higher denomination banknotes, enabling citizens to carry fewer notes as rampant inflation continues to devalue the local currency.. . .  Full story

Kenya to sell 25-year Treasury bond this month - central bank

08/06 Kenya will sell a 25-year Treasury bond worth 40 billion shillings ($396 million)this month, the central bank said on Friday.. . .  Full story

Cupric Canyon to start construction of Botswana copper mine in October

07/06 Private equity firm Cupric Canyon will begin construction of its Khoemacau copper project in Botswana in October, with first sales of the metal expected in 2021, a company executive said on Thursday.. . .  Full story

Nigeria recovers $98 mln with tax evasion amnesty -finance ministry

06/06 Nigeria's government has recovered around 30 billion naira ($98 million) from individuals and companies through a tax amnesty scheme, the finance ministry said on Wednesday.. . .  Full story

Tanzania sees GDP growth at 7.2 pct this year -finance minister

04/06 Tanzania's economy is expected to grow by 7.2 percent in 2018, up from around 7.1 percent last year, and the fiscal deficit will increase on the back of higher infrastructure spending, the finance minister said. . .  Full story

Kenya proposes new corporate tax rate that would be highest in East Africa

31/05 Kenya's treasury has proposed a 35 percent corporate tax for companies on annual income of more than 500 million Kenyan shillings ($4.9 million).. . .  Full story

Kenyan solar energy firm signs 40 MW power deal with state-run utility

31/05 A private Kenyan power firm has signed a 20-year deal to sell 40 megawatts it will generate from a solar plant it is building to the East African nation's state-run distributor,. . .  Full story

Kenya's inflation edges up to 3.95 pct yr/yr in May

31/05 Kenya's inflation rose to 3.95 percent year-on-year in May from 3.73 percent the previous month, the statistics office said on Thursday.. . .  Full story

Malawi’s domestic debt to more than quadruple in next fiscal year

29/05 Malawi's domestic debt is likely to more than quadruple in the next financial year as the government tries to cover falling public revenues, the finance minister said on Tuesday.. . .  Full story

Afreximbank to give Angola $2 billion in financing support

29/05 The African Export-Import Bank (Afreximbank) said on Tuesday it is arranging up to $2 billion in financing support to Angola for essential imports including food items and pharmaceuticals.. . .  Full story

Ivory Coast Jan-Apr cotton exports slide 0.5 pct

29/05 Ivory Coast exported 158,635 tonnes of cotton over the first four months of 2018, down about 0.5 percent from a year earlier, provisional port data showed on Tuesday.. . .  Full story

Kenya's central bank governor calls for regulation of fintech lenders

29/05 A boom in lending by financial technology (fintech) firms in Kenya has led to an increase in predatory lending practices, the country's central bank governor said on Tuesday, calling for the. . .  Full story

Algeria annual inflation drops in April to 4.3 pct

28/05 Algeria's annual inflation declined to 4.3 percent in April from 4.6 percent the previous month due to a slight fall in prices of some foodstuffs, official data showed on Monday.. . .  Full story

Kenya central bank holds main lending rate at 9.5 pct

28/05 Kenya's central bank held its benchmark lending rate at 9.5 percent on Monday, saying the impact of the previous cut was yet to be fully felt.. . .  Full story

Fire broke out on onshore oil rig operated by Depthwize in Nigeria's Niger Delta -witnesses

26/05 A fire broke out on an onshore oil rig in Nigeria's Niger Delta on Saturday, three witnesses told Reuters, adding that the fire was still burning as of noon.. . .  Full story

Ivory Coast needs over $1 bln for reforestation strategy - minister

26/05 Ivory Coast will call upon donors as well as timber and cocoa companies to help finance a reforestation strategy it estimates will cost 616 billion CFA francs ($1 billion) over 10. . .  Full story

Ivory Coast needs over $1 bln for reforestation strategy

25/05 Ivory Coast will ask donors, timber firms and cocoa companies to help finance a reforestation strategy costing 616 billion CFA francs ($1 billion) over 10 years, the country's water and forests minister said on. . .  Full story

Nigerian stocks fall to lowest level in more than four months

25/05 Nigeria's main stock index fell to its lowest level in more than four months on Friday after shares in banking and consumer goods companies declined.. . .  Full story

Angola central bank holds benchmark rate at 18 percent

24/05 Angola's central bank said on Thursday it has left its benchmark interest rate unchanged at 18 percent at a meeting of its monetary policy committee.. . .  Full story

Kenya's Treasury avoids dealing with rate cap in draft law

24/05 Kenya's Treasury avoided mentioning a cap on commercial-bank lending rates in a draft law on the conduct of the financial sector that was published for public comment late on Wednesday.. . .  Full story

Ethiopia opens telecoms sector to limited competition

23/05 Ethiopia's state-run telecoms monopoly has agreed to allow some local firms to provide internet services through its infrastructure, a move seen as spurring competition and expanding the data market, officials said.. . .  Full story

Ghana producer price inflation rises to 6.4 pct in April

23/05 Ghana's producer price inflation rose to 6.4 percent year-on-year in April from 3.7 percent in March, the statistics office said on Wednesday.. . .  Full story

Angola cuts tax rates for development of marginal oil fields

22/05 Angola has halved headline tax rates for marginal oil fields as part of a series of laws to drive investment and reverse declining output in Africa's second largest crude producer.. . .  Full story

Drought, armyworms cut Malawi maize crop by 19 pct - minister

21/05 Malawi's maize output declined by 19.4 percent in the 2017/18 farming year to 2.8 million tons due to damage caused by drought and crop-eating armyworms, Agriculture Minister Joseph Mwanamvekha said on. . .  Full story

Nigeria's economic growth slows for first time since end of recession

21/05 Nigeria's economic growth slowed in the first quarter of 2018 for the first time since the country pulled out of recession last year as the non-oil sector struggled, the National Bureau. . .  Full story