Russia to build its first naval base on the continent in Sudan
| | |

Russia to build its first naval base on the continent in Sudan

Russia will build a naval base on Sudan’s Red Sea coast, its first in Africa, as the Kremlin seeks to expand its global military footprint and cement its burgeoning trade and defense ties with the continent. The Russian navy has been directed to proceed with plans to construct a base for 300 personnel and space…

McKinsey to repay South Africa $40 million
| | |

McKinsey to repay South Africa $40 million

McKinsey will pay back over $40 million to South Africa after a judicial inquiry into alleged corruption in Africa’s most industrialized country revealed irregularities in contracts that the global consulting firm had with a local partner at government-owned companies. McKinsey had already paid $65.7 million to South Africa in 2018 after it worked with the…

Zambia’s economy to shrink by 3%, finance minister says
| | |

Zambia’s economy to shrink by 3%, finance minister says

Zambia’s Finance Minister Bwalya Ng’andu projects the country’s economy will contract by at least 3% in 2020, as manufacturing, retail and wholesale trade, tourism and travel industry post negative growth rates. The copper producing nation became Africa’s first pandemic-era sovereign country to debt default last month, after it failed to pay a $42.5 million coupon…