Kenya’s government is planning to defer around $690 million in debt payments, a sharp u-turn after it declined to join the G20 coronavirus debt relief initiative earlier this year. In May, the Ministry of Finance said that it would not seek suspension of debt payments under the G20’s Debt Service Suspension Initiative (DSSI`) aimed at…
Mauritius second biggest bank anticipates squeezed margins and asset-quality ratios to worsen after profit declined due to increased impairment charges. In a statement emailed by the Stock Exchange of Mauritius, SBM Holdings says that it’s nine-month attributable profit dropped to $20.6 million from a restated amount of $37.1 million mainly because of impairment charges of…
Fresh from winning re-election, Tanzanian President John Magufuli has re-appointed Philip Mpango as finance minister and promised continued reforms to the mining sector as his government targets 8% annual economic growth in the next five years. Magufuli won a controversial poll in October that the U.S. State Department and election observers said was marred by…
Zambia has become Africa’s first pandemic-era sovereign defaulter after the copper producing nation failed to pay an overdue Eurobond coupon before a 30-day grace period elapsed on Friday. Finance Minister Bwalya Ng’andu insisted the country wasn’t in a position to make the payment and sought a reprieve until April. “They will not support the standstill…
Kenya’s biggest bank by assets has put on hold plans to expand into Ethiopia where fighting between the federal government and the restive Tigray region has killed hundreds of civilians, and now expects to only restructure 20% to 22% of its loans by the end of the year due to the fallout from COVID-19. Kenya…
Gold mining giant Endeavour Mining is in talks with the much smaller Teranga Gold over a merger which if successful would mark the latest in a series of deals involving the West African gold industry. Increased consolidation of mining firms operating in Western Africa enhances miners’ abilities to manage increasing security costs especially in the…
Mozambique’s government moved to filed provisional embezzlement, money laundering and abuse of office charges against former finance minister Manuel Chang over $2 billion in state-guaranteed debt borrowed during his term in office. Chang has been in custody in neighboring South Africa since December 2018, despite being sought by both Mozambique and the United States to…
South African state defence company Denel has received a reprieve after the government eased the terms of $37 million bailout it received for the financial year that ends in March 2021. The Ministry of Finance had allocated the bailout to pay off guaranteed debt, but Denel requested for permission to use the outstanding $13 million…
Nigerian Minister of Finance, Budget and National Planning Zainab Ahmed has said that the country’s total public debt may hit $100.8 billion by December 2021. Ahmed made the statements when she appeared before the Senate Committee on Local and Foreign Debts. There have been growing concerns among the public and economists over Nigeria’s debt stock….
South Sudan’s President Salva Kiir has fired Central Bank governor Jamal Wani, as the country battles a struggling economy. The announcement was made in a presidential decree read on State-run TV SSBC, which also included the appointment of Dier Tong to replace Mr. Wani. The president did not give reasons for firing Mr. Wani, but…
A report released by the Mogadishu-based Hiraal Institute has revealed that Somali Islamic extremist group al Shabaab collects as much tax as the government through a sophisticated system that involves levies on activities ranging from importing goods to irrigating crops. The report was based on 70 interviews with businessmen, government officials, al Shabaab defectors and…
Even before the euphoria in Sudan had settled down following the country’s removal from the U.S. list of state sponsors of terrorism, protests began as citizens came into reckoning with the entirety of the deal. Not only had Sudan agreed to pay $335 million as compensation to the victims of the U.S. Embassy bombings in…
Heightened corruption fears have led South African investigators to begin a widespread probe of the government’s coronavirus spending worth $636.2 million. In a submission to parliament, the Special Investigation Unit (SIU) revealed that the amount they are investigation is more than double a previous figure that was under investigation two months ago. South Africa has…
South Africa’s cabinet has approved sweeping policies to lift the domestic ferrochrome industry including through an export tax on chrome ore. While reading the cabinet statement, Minister in the Presidency Jackson Mthembu said, “The interventions include the proposed introduction of the export tax on chrome ore, the usage of energy efficiency technologies on smelters, and…
Botswana’s government has approached the World Bank for budgetary support as the country’s economy suffers from a dip in revenues due to the ongoing COVID-19 pandemic. Botswana’s economy dropped by 24% in the second quarter of 2020, as coronavirus enforced lockdowns at home and across the world slowed down domestic economic activity and limited diamond…
American firm Stripe has purchased Nigerian fintech startup Paystack, as it aims to taps into the fast growing online market in Africa. Bothe companies announced the acquisition, which is believed to be worth $200 million. The figure is reflection of the strength of Nigeria’s and Sub-Saharan Africa’s online market. “The African internet economy is expanding…
Botswana’s finance minister has revealed that the country’s economy will grow by 7.7% in 2021, from a contraction projection of 8.9% in 2020, on the back of improved sentiment in the global diamond industry. Botswana’s economy dropped by 24% in the second quarter of 2020, as coronavirus enforced lockdowns at home and across the world…
Ethiopian Prime Minister Abiy Ahmed has announced that the country’s economy grew 6.1% in 2019/20 financial year. The Ministry of Finance in June, said that the economy was projected to grow 9% for the same period. In a speech to lawmakers, PM Abiy said, “For eight months we registered a healthy economic growth but after…
Kenya’s economy contracted by 5.7% in the second quarter of 2020, from a growth of 5.3% in the same period in 2019, data from the Kenya National Bureau of Statistics (KNBS) indicates. The main sectors of the economy that were hit hardest include accommodation & tourism, and the education sectors, recording declines of 83.3% and…
President Cyril Ramaphosa unveiled a plan on Friday, to return South Africa’s economy back on track by focusing on massive public works and job-creation. Following a record gross domestic product (GDP) contraction in the second quarter, Ramaphosa said that his plan will unlock more than 60 billion dollars in investment in the next four years…