Mali’s transitional government to review all mining contracts
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Mali’s transitional government to review all mining contracts

ByBrian Kithinji

Mali’s interim President Bah N’daw has announced that the government will review mining conventions signed with companies by previous administrations. The directive follows recommendations that were issued from the country’s auditor general citing corruption and undervaluing of the country’s interests in the contracts. While Mali is one of Africa’s largest gold producers, it remains one…

Ivory Coast’s cocoa industry decry drop in exports
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Ivory Coast’s cocoa industry decry drop in exports

ByBrian Kithinji

Ivory Coast is the world largest cocoa producer, and this year it has been unable to sell most of its produce due to the ongoing pandemic. The coronavirus pandemic has led to global grinding dropping 4% on average and general demand for the produce drop sharply. As a result, the West African nation has been…

South African Airways receives $650 million bailout as government targets return to the skies
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South African Airways receives $650 million bailout as government targets return to the skies

ByBrian Kithinji

South African Airways (SAA) has received a new $650 million bailout in the mid-term budget released by the South African government. The state-owned airline has been under bankruptcy protection since December, and after the government imposed a strict coronavirus lockdown in March, has flown only repatriation and cargo flights. South African Airways financial woes have…

Total announces second major gas discovery in South Africa
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Total announces second major gas discovery in South Africa

ByBrian Kithinji

Total has announced a second significant gas condensate discovery in the Outeniqua Basin, located 175 kilometers off the southern coast of South Africa. The French oil giant’s announcement follows an adjacent discovery made in 2019, which provided huge hopes of petroleum riches for Africa’s most developed nation, South Africa produces 41,319 million cubic feet of…

U.N. climate agency warns Africa’s economy and food supplies will be hit hard by climate change
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U.N. climate agency warns Africa’s economy and food supplies will be hit hard by climate change

ByBrian Kithinji

The World Meteorological Organization (WMO) has warned that Africa is suffering from the impacts of climate change, and worse is yet to come for the continent’s food supplies, health and economy. According to the U.N. climate agency, temperatures have been rising in Africa at a comparable rate to other continents but the region is exceptionally…

South Africa to impose export tax on chrome ore
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South Africa to impose export tax on chrome ore

ByBrian Kithinji

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…

PayPal launches cryptocurrency service triggering surge in bitcoin prices
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PayPal launches cryptocurrency service triggering surge in bitcoin prices

ByBrian Kithinji

Global payments provider firm PayPal has announced that it will allow customers to hold bitcoins and other virtual coins its online wallet, and shop using cryptocurrencies at the 26 million merchants on its network. Through this move, the California based company could aid bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods across…

Botswana’s economy to grow 7.7% in 2021 as diamond industry picks up
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Botswana’s economy to grow 7.7% in 2021 as diamond industry picks up

ByBrian Kithinji

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…

NASA to launch 4G mobile network on the moon
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NASA to launch 4G mobile network on the moon

ByBrian Kithinji

As the world hurtles towards 5G mobile network, NASA has selected Finish tech company Nokia to construct the first-ever 4G mobile network on the moon. Nokia’s U.S. industrial research arm, Bell Labs, is offering up its infrastructure to NASA to assist build out the lunar network. An announcement from Nokia claims that the network will…

Kenya’s economy dropped by 5.7% in second quarter
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Kenya’s economy dropped by 5.7% in second quarter

ByBrian Kithinji

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…

South Africa President Ramaphosa outlines COVID-19 recovery plan, warns debt levels are unsustainable
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South Africa President Ramaphosa outlines COVID-19 recovery plan, warns debt levels are unsustainable

ByBrian Kithinji

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…

Zimbabwe’s 2020 inflation rate projected to fall to 134%
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Zimbabwe’s 2020 inflation rate projected to fall to 134%

ByBrian Kithinji

Zimbabwe’s average annual inflation rate will drop to 134% in 2020, according to a new report published by the Ministry of Finance. The Southern African country has been grappling with dire economic declines for more than ten years, with runaway inflation hitting the 659.4% mark in September. As a result, there have been severe shortages…

Uber to offer medicine delivery services in South Africa
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Uber to offer medicine delivery services in South Africa

ByBrian Kithinji

Uber Eats has launched a new app-based over-the-counter medicine delivery service in South Africa. The unit of the U.S. ride-hailing service, Uber Technologies, holds a dominant share in South Africa’s $600 million food dispatching market. However, the company believes that it can also hold a huge swathe in the lucrative medicines delivery market, currently held…

Piracy incidents in the Gulf of Guinea up 40%
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Piracy incidents in the Gulf of Guinea up 40%

ByBrian Kithinji

The International Maritime Bureau (IMB) has revealed that piracy kidnappings have increased by 40% in the Gulf of Guinea in the first nine months of 2020; and the regions accounts for 95% of global maritime kidnappings. This region off West Africa’s coast has become the new front for piracy, as eight more seafarers were kidnapped…

Ethiopia postpones planned privatization of Ethiopian Airlines
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Ethiopia postpones planned privatization of Ethiopian Airlines

ByBrian Kithinji

Ethiopia’s Finance Ministry has postponed the planned privatization of Africa’s most profitable airline – Ethiopian Airlines, as it aims to maintain current capacity of its flagship carrier. In a press conference, Minister of Finance Ahmed Shed said, “With the currency efficiency and competitiveness, the plan of the government is to make Ethiopian airlines more strong….

South Africa’s economy to contract by 8%, IMF projects 3% growth in 2021
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South Africa’s economy to contract by 8%, IMF projects 3% growth in 2021

ByBrian Kithinji

South Africa’s economy will contract by 8% in 2020, though the International Monetary Fund projects a 3% growth in the 2021 financial year in its World Economic Outlook report. The IMF’s 2021 growth forecast is 0.5% less its previous estimate released in June, and in line with projections by the Ministry of Finance. President Cyril…

Rwanda’s Kigali International Finance Centre inks financial pact with French Bpifrance
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Rwanda’s Kigali International Finance Centre inks financial pact with French Bpifrance

ByBrian Kithinji

Rwanda’s Kigali International Finance Centre (KIFC) has signed a financial agreement with French public investment bank Bpifrance that sets the path for the two public institutions to support and promote business exchange and economic cooperation between both nations. The agreement is particularly a major milestone for the Kigali International Finance Centre as it aims to…

Zambia set to default external debt
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Zambia set to default external debt

ByBrian Kithinji

Zambia is set to default on its external debt when the copper producing nation misses $118 million in interest payments on Eurobonds due from October 14 to March 2021. The Southern African country is banking on a comprehensive debt restructuring plan but without help from its largest creditor, China, as well as a substantial macroeconomic…

Nigeria Vice President denies government will issue Eurobonds
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Nigeria Vice President denies government will issue Eurobonds

ByBrian Kithinji

Vice President Yemi Osinbajo has denied Nigeria will issue Eurobonds due to their hefty expenses and instead look for alternative ways to raise funds to support the economy as it battles a looming recession. In a news conference, Osinbajo said, “We are not likely going to explore again the Eurobond market because we are trying…

Denel requests South Africa’s finance ministry for $231 million bail out
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Denel requests South Africa’s finance ministry for $231 million bail out

ByBrian Kithinji

South African state owned defence company, Denel, has requested for $231 million bail out from the National Treasury over the next three years. Denel manufactures military equipment for South Africa’s armed forces, and has been embroiled in a financial crisis made worse by the ongoing coronavirus pandemic. The firm has struggled to pay salaries of…