Corruption risks force Ghana’s government to suspend $500 million gold royalty fund’s London listing
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Corruption risks force Ghana’s government to suspend $500 million gold royalty fund’s London listing

ByBrian Kithinji

The Ghanaian government has pulled back the $500 million listing of its gold royalty fund Agyapa Royalties in London, as concerns mount over transparency and accountability. The main opposition party, National Democratic Congress, has raised fears that the funds would be misappropriated while questioning the listing process. Other civil society groups and independent economists have…

Chevron Nigeria to lay off 25% of its workforce
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Chevron Nigeria to lay off 25% of its workforce

ByBrian Kithinji

Chevron’s Nigerian subsidiary has announced that it will slash its local workforce by 25% in order to offset costs and minimize losses. The oil firm has been operating a joint venture with Nigeria’s state-owned Nigerian National Petroleum Company (NNPC) for decades, but this year has been the toughest financially owing to the weak demand for…

Kenyan private sector activity hit record 29 month-high in September – PMI
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Kenyan private sector activity hit record 29 month-high in September – PMI

ByBrian Kithinji

Kenya’s private sector activity rose by the fastest rate in 29 months in September according to a report released by the Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI). PMI jumped to 56.3 in September from 53.0 in the previous month, driven by an increase in firms resuming operations after President Uhuru Kenyatta eased some…

Zambia Chamber of Mines calls on government to institute tax reform in the mining sector
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Zambia Chamber of Mines calls on government to institute tax reform in the mining sector

ByBrian Kithinji

Zambia Chamber of Mines has asked the government to reform its taxation policies and treat mineral royalty payments as a deductible expense, in order to eliminate double taxations and spur investment in the sector. Since Parliament passed new tax regulations in 2019, mineral royalty payments have not been treated as a deductible expense when calculating…

Mali gold exports rose by 6.5% in 2019 FY
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Mali gold exports rose by 6.5% in 2019 FY

ByBrian Kithinji

External trade data from Mali’s statistics agency reveals that the country’s gold exports rose 6.5% to 65.6 tonnes in 2019 compared with the previous financial year. The Statistics agency delayed release of the data owing to the coronavirus pandemic that has grinded the Malian economy to a halt and led to refocusing of policy, and…

Uganda’s government to finance road construction in neighboring DR Congo
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Uganda’s government to finance road construction in neighboring DR Congo

ByBrian Kithinji

Uganda will finance projects to construct over 200 kilometers of road in its eastern neighbor –DR Congo, so as to boost trade between the two nations. The Democratic Republic of Congo is one of the poorest countries in the world, despite possessing unmatched size and wealth of natural resources. Decades of corruption, mismanagement, and conflict…

Ivory Coast’s cocoa production to drop by 60,000 tonnes
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Ivory Coast’s cocoa production to drop by 60,000 tonnes

ByBrian Kithinji

Cocoa production in Ivory Coast will drop by 60,000 tonnes from last year’s production levels in a move that is set to shake up the global markets. Experts and traders believed that an increase in cocoa production would have an effect in lowering market prices resulting to reduced much-needed revenues for the government in Yamusukro….

Shell to lay off 9000 workers, overhaul its business to embrace clean energy
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Shell to lay off 9000 workers, overhaul its business to embrace clean energy

ByBrian Kithinji

Royal Dutch Shell Plc has announced that it will slash 9,000 jobs globally, as part of the firm’s cost-cutting measures to alleviate the effects of the crude oil crush and overhaul its business to embrace clean energy. The Anglo-Dutch oil giant employed 83,000 workers last year across five continents. The firm says that about $2.5…

Ivory Coast government announces $15.47 billion budget for 2021 financial year
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Ivory Coast government announces $15.47 billion budget for 2021 financial year

ByBrian Kithinji

Ivory Coast’s government has announced a new budget of $15.47 billion for the 2021 financial year, marking an increase of 6.9% on 2020’s budget. According to the Government Spokesman’s Office, the budget’s increase is meant to improve the living standards of people affected by the corona virus pandemic. As such, there are inclusions of social…

South Africa’s tourism sector at risk as government maintains ban on travel from “high risk” nations
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South Africa’s tourism sector at risk as government maintains ban on travel from “high risk” nations

ByBrian Kithinji

South Africa’s government has maintained that leisure travelers from countries with higher coronavirus infection rates will not be allowed to enter the country when the borders reopen on October 1. The list of countries includes the United States, United Kingdom, France, Brazil, India, the Netherlands and Russia. However, business travelers from these countries, which are…

Central Bank Governor projects Kenyan economy to grow by 3.1%
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Central Bank Governor projects Kenyan economy to grow by 3.1%

ByBrian Kithinji

Despite Kenya reeling from the effects of the coronavirus pandemic, the economy is set to expand by 3.1% this year, according to the Central Bank Governor Patrick Njoroge. The forecast reflects growing optimism among policy makers; though the Central Bank Governor’s estimate is the highest. The Ministry of Finance is expecting a growth of around…

Zambian government seeks $1 billion in debt service relief
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Zambian government seeks $1 billion in debt service relief

ByBrian Kithinji

Zambia’s government says that the nation is on the verge of receiving $1 billion in debt service relief should all its requests to official and commercial creditors be granted. The country’s Finance Minister Bwalya Ng’andu revealed in a presentation to creditors that Zambia has made formal requests that aim to wipe out its debt. “We…

Nigerian foreign reserves up $200 million following London court ruling
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Nigerian foreign reserves up $200 million following London court ruling

ByBrian Kithinji

A London court ruling that ordered the release of a guarantee put in place as security for a failed gas project has driven Nigerian foreign reserves by $200 million. The West African state’s dollar reserve had lost 15% of its value in the 2019 financial year, and it was further strained following collapse of oil…

African airlines outperform peers recording 1% increase in international cargo demand
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African airlines outperform peers recording 1% increase in international cargo demand

ByBrian Kithinji

A new report released by International Air Traffic Association (IATA) reveals that African airlines recorded a 1% increase in international cargo demand in August. This marks the fourth consecutive month that continental airlines posted the strongest increase in international demand, as Latin American airlines recorded a steady -26.1% demand compared to last year, European airlines…

New West Africa currency faces delay of up to five years
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New West Africa currency faces delay of up to five years

ByBrian Kithinji

The new West African currency that was earmarked to replace the CFA franc will not launch this year due to the corona virus pandemic. Ivorian President Alassane Quattara revealed the information in a press conference during a visit to the southern city of Bouafle. “We know the eco (proposed name of the new currency) cannot…

UN report reveals Africa is losing $88 billion annually in illicit financial flows
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UN report reveals Africa is losing $88 billion annually in illicit financial flows

ByBrian Kithinji

A new United Nations report has revealed that Africa is losing about $89 billion every year in illicit financial flows involving tax evasion and theft. The figure is more than what the continent receives in development aid. The report released by the United Nations Conference on Trade and Development (UNCTAD) illustrates that the trend has…

Namibia’s government sources for $1.77 million to combat red locusts’ invasion
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Namibia’s government sources for $1.77 million to combat red locusts’ invasion

ByBrian Kithinji

Namibia has become the latest African country to be hit by the scourge of red locusts; with at least 500 hectares of grazing land reported to have been destroyed. The Agriculture ministry says that a total of 4,000 square kilometers have been invaded by locusts in the last month alone. The latest hit areas in…