Plans are underway for Ghana to launch social bonds, a first in Africa, capitalizing on an instrument that has boomed since the COVID-19 pandemic began. The government plans to borrow up to $5 billion on international markets this year, and use the proceeds from these sustainable bonds to forge ahead with a free secondary-school initiative…
Sudan’s acting energy and mining minister Khairy Abdel Rahman has announced a cut in pump prices for petrol and diesel for consumers. The transitional government, that came into power after the ouster of long time autocrat former President Omar Bashir in 2019, has been phasing out fuel subsidies to help reduce a gaping budget deficit…
Ugandan security forces have killed forty one people over two days in operations to quell protests triggered by the controversial arrest of presidential candidate Bobi Wine as the government scuttled to send military troops in armored vehicles to rein in on growing peaceful protests. In a statement, police added that 65 people had been injured…
Zambia Minister of Mines Richard Musukwa says that the copper producing nation is seeking a compromise solution with bondholders and does not expect them to seize its mining assets even though it defaulted on part of its debt last week. Musukwa also said that Zambia has no plans to sell its shares in mining companies…
Manufacturers in Kenya have launched standards aimed at enhancing efficiency and accountability at the ports and border points in the country. The Standard Operating Procedures (SOPs) developed by Kenya Association of Manufacturers (KAM) seek to ensure better and more efficient entry operations to facilitate trade and enhance the fight against illicit trade. Speaking at the…
South Africa has signed a Sugar Master Plan agreed by the government, farmers, industrial users and retailers in the $908 million sugar industry that aims at stemming a crisis caused by a flood of cheap imports and a tax on sugar-sweetened drinks that lowered demand from beverage makers. The plan has been touted as an…
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…
Kenya’s tea output grew by 4% between July and October compared to a similar period last year due to favorable weather in the highlands. Produce of crop climbed to 373.8 million kilograms in the third quarter compared to 359.6 million kilograms in 2019. Kenya Tea Development Agency, the country’s biggest tea producer, said in a…
African nations recorded the worst governance performance in 2019 for the first time in nearly a decade due to a widening deterioration in human rights, security, and rule of law, a survey published by the Ibrahim Index of African Governance (IIAG) indicates. IIAG is the most comprehensive survey of its kind on the continent rating…
Nigeria’s government has lifted a ban on flights to the oil producing nation by Air France, Lufthansa, KLM and Qatar Airways. The West African country barred a number of global airlines when it resumed international flights on September 5 following a prolonged lockdown aimed at halting the spread of the novel coronavirus. At the time,…
Time flies everywhere in the world. But not in Western Sahara’s de facto capital, Tifariti. As European colonization in the African continent crumbled in the mid to late 20th century, it brought about euphoria and optimism of a splendid future of self-governance. That was similarly the case in Western Sahara, a country larger in size…
Ethiopia’s 12-day old conflict has entered a new front after Tigray forces fired rockets at the airport in Eritrea’s capital Asmara on Saturday evening. Tigrayan leader Debretsion Gebremichael told reporters that “Fighting is still continuing on several fronts” in Ethiopia as regional diplomats confirmed the cross border attack that saw two of the rockets fired…
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…
South Africa’s 630 megawatt (MW) Thabametsi coal-based power plant project in northern Limpopo province has hit a new setback after Japanese group Marubeni Corp announced its pullout. Marubeni’s decision was influenced by the withdrawal of some South African investors and South Korea’s state-run Korea Electric Power Corp (KEPCO) last month. “As per our policy that…
With South Africa battling record unemployment of 30.8% in the third quarter, President Cyril Ramaphosa has announced that travel to all countries will resume in an effort to boost the struggling tourism, aviation and hospitality sectors. Africa’s most advanced economy has the highest number of confirmed coronavirus cases in Africa, and fifth globally, with more…
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…
Botswana has signed an agreement with the World Health Organization’s co-led global vaccine distribution scheme to buy coronavirus vaccines for at least 20% of its population. The southern African country does not qualify for subsidized vaccines under the COVAX scheme unlike most African countries because it is classified as an upper middle income country. Neighboring…