South Sudan will change the country’s currency, in a move the government says is aimed at improving its beleaguered economy. Information Minister Michael Makuei Lueth broke the news at a press conference in the capital Juba, following a cabinet meeting that approved the change. “The cabinet has decided that the current currency should be changed….This…
Private sectors activity in Africa’s most industrialized nation, South Africa, declined at a slower rate in the month of September as the government relaxed strict lockdown measures imposed to stem the spread of the novel coronavirus. The IHS Markit Purchasing Managers’ Index (PMI) climbed to 49.4 in September from 45.3 in the previous month, illustrating…
British American Tobacco Kenya wrongly received a license from regulators to sell LYFT nicotine pouches, Kenya’s health minister Mutahi Kagwe says. In a letter to Kenya Pharmacy and Poisons Board, Mutahi Kagwe accused the regulator of violating several provisions of the country’s laws when it licensed LYFT. BAT Kenya, which is part of British American…
The World Bank has announced that sub-Saharan African economies will contract by 3.5% in 2020 owing to the coronavirus crisis. The pandemic could also reverse recent economic gains and push 40 million people in the continent into extreme poverty. This marks the region’s first economic recession in 25 years. According to the World Bank, economic…
Ethiopian Airlines have offered operational aid to rival South African Airways (SAA) which includes planes, pilots and maintenance. The goodwill gesture that was announced by the CEO Tewolde GebreMariam, is however not enough for SAA. South African Airways, the national carrier of Africa’s most industrialized nation, requires a cash injection of $600 million to get…
Tanzania has launched a new umbrella organization that will bring together startups operating in the country. The body will be called Tanzania Startup Association (TSA), and its main target is to create a collective network of entrepreneurs and startup founders in Tanzania. Tanzania Startup Association was founded by long time successful entrepreneur Zahoro Muhaji. Muhaji…
The Republic of Congo’s government has announced that the economy will grow by 0.5% in 2021 after a contraction of 8.6% in 2020. The positive economic outlook is driven by renewed optimism for oil futures, as revenues are projected to rise 21% to 1,846.1 billion CFA francs ($3.32 billion), up from 1,525.3 billion CFA francs…
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’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…
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 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…
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…
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….
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’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…
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…
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…
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…
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…
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…