Zimbabwe’s economy boosted by rise in diaspora remittances
| | |

Zimbabwe’s economy boosted by rise in diaspora remittances

Remittances by Zimbabweans in diaspora almost doubled in the first four months of the year providing a timely boost to the country’s struggling economy. According to Central Bank Governor John Mangudya, remittances soared to $411 million in the first four months of 2021, compared with $221.9 million during the same period in the previous year….

Chinese brands dominate Africa’s rebounding smartphone market

Chinese brands dominate Africa’s rebounding smartphone market

Africa’s smartphone market rebounded strongly in the first quarter of 2021 following a difficult year characterized by the coronavirus pandemic, a report from the International Data Corporation (IDC) indicates. The continent’s smartphone sales rose by 16.8% to 23.4 million units in the first three months of the year compared to a similar period in 2020….

Ghana’s inflation rate hits record low of 7.5% as central bank cuts lending rates
| | |

Ghana’s inflation rate hits record low of 7.5% as central bank cuts lending rates

Ghana’s inflation rate dropped to a record low in May, defying targets set by the central bank and economists. Consumer inflation in the West African nation fell to 7.5% from 8.5% in April, Samuel Kobina, Government Statistician told reporters in Accra. Prices climbed 0.8% in the same month. “Last month we saw food inflation was…

South Africa’s business confidence jumps to pre-pandemic levels despite record unemployment
| | |

South Africa’s business confidence jumps to pre-pandemic levels despite record unemployment

Business confidence in South Africa skyrocketed to pre-pandemic levels according to a quarterly business confidence index published on Wednesday by Rand Merchant Bank (RMB) unit and Stellenbosch University’s Bureau for Economic Research. The index jumped to 50 in the second quarter, up from 35 in the preceding three months, the highest level since the end…

How one of Africa’s oldest airlines is plotting a comeback
| | | |

How one of Africa’s oldest airlines is plotting a comeback

Sudan Airways has walked the proverbial journey to the top and back. In December 2011, the national carrier had 1700 employees, but fast forward today it only has one operational aircraft, an A320-200, formerly operated by Comoro Islands Airline. Unlike most African airlines that suffered their demise due to rampant corruption and chronic mismanagement, Sudan…

Zimbabwe’s diamond production set to increase by 30% in 2021
| | |

Zimbabwe’s diamond production set to increase by 30% in 2021

Zimbabwe’s state miner has announced it will be able to increase production of diamonds by about 30% to 3 million carats this year thanks to newly enhanced mining methods. Zimbabwe Consolidated Diamond Company’s mines in the east of the country have so far met monthly targets of 200,000 carats, Chief Executive Officer Mark Mabhudhu said…

Kenya, Rwanda, Uganda and Tanzania top trade complaints at WTO
| | | |

Kenya, Rwanda, Uganda and Tanzania top trade complaints at WTO

(This is a transcript of the podcast posted on Monday, May 31st 2021. You can listen to the podcast by clicking on this link: https://open.spotify.com/episode/5Fywfw2gGqK3VK72Zu3Jof?si=cF9tgqY0Q5Kh_6964ZoIGA&nd=1) Welcome to The Weekly Beat by Mansa with your hosts, Arnold Segawa, Maggie Mutesi, and Dumi Jere. Giving you all the info on Africa’s big finance and economic stories, The…

How Mozambique’s history of violence is dashing hopes of economic progress
| | | |

How Mozambique’s history of violence is dashing hopes of economic progress

There is no saying that is so common in the minds of Mozambique citizens above the age of 40 than, “Here we go again.” Ever since the Southern African country gained sovereignty from Portugal in 1975 following a bloody grueling war of independence, it has been plagued by successive armed insurgencies that have killed and…

Why diamond-rich Botswana must diversify its economy
| | | |

Why diamond-rich Botswana must diversify its economy

As a duck is to water, the word “diamond” is synonymous with this southern African nation. Since the beginning of the 20th century, Botswana’s diamonds have topped the world’s ornament market bringing huge revenues to the government and transforming the country into an upper middle income economy. But as with any reliance lies the risk…

Nigeria’s economy exits recession with 0.11% growth in fourth quarter
| | |

Nigeria’s economy exits recession with 0.11% growth in fourth quarter

Nigeria’s economy surprisingly came out of a recession in the fourth quarter, fuelled by growth in the agriculture and telecommunications industry that offset a sharp drop in oil production. Africa’s largest economy recorded a gross domestic product (GDP) growth of 0.11% in the three months through December from a year eariler, compared with a drop…

DR Congo’s economy grew 0.8% in 2020 propelled by strong mineral activity
| | |

DR Congo’s economy grew 0.8% in 2020 propelled by strong mineral activity

Democratic Republic of Congo’s economy thwarted a projected COVID-19 pandemic-induced recession in 2020 to grow 0.8% boosted by strong returns in the mining sector, a central bank official announced on Tuesday. The official, Plante Kibadhi, said in a tweet that economy is expected to grow by 3.2% this year. DR Congo has been spared the…

Zambia’s central bank raises benchmark rate as it scales back projects to ease debt relief talks
| | |

Zambia’s central bank raises benchmark rate as it scales back projects to ease debt relief talks

Zambia’s central bank has increased its benchmark interest rate to 8.5% from 8%, marking the first such raise since November 2019. In explaining the move, Governor Christopher Mvunga told reporters that the increase will bring down “spiraling” inflation that is at a five-year high and prop up the economy. It came after two days of…

Nigeria’s economic woes prolong as inflation rate continues to rise
| | |

Nigeria’s economic woes prolong as inflation rate continues to rise

Nigeria’s annual inflation rate jumped 0.72% to 16.47% in January from the previous month, marking a 17th monthly increase as the effects of the COVID-19 pandemic weighed on the index. Africa’s most populous country is facing its worst economic recession in 37 years, triggered by a COVID-19 pandemic-induced crash in global crude oil prices that…

MTN Group projects 2020 earnings to double on the back of $1.67 billion divestment plan
| | |

MTN Group projects 2020 earnings to double on the back of $1.67 billion divestment plan

South Africa’s largest mobile operator by subscribers – MTN Group – projects its 2020 earnings to almost double, powered by gains from the sale of Ghana and Uganda tower joint ventures. MTN is in the middle of a $1.67 billion divestment plan aimed at simplifying its portfolio and reducing debt over the next three to…

Angola requests Dutch court to hand over Dos Santos-linked $500 million assets
| | | |

Angola requests Dutch court to hand over Dos Santos-linked $500 million assets

Angola’s government has formally asked a Dutch court to hand over a $500 million stake in the Portuguese oil company Galp linked to Isabel Dos Santos, the daughter of ex-president Jose Eduardo dos Santos. As part of the request, Angola says that top officials of the former regime took advantage of high oil prices in…

Coca-Cola to sell $669 million stake in South African bottling unit
| | |

Coca-Cola to sell $669 million stake in South African bottling unit

Coca-Cola will sell a stake in its South African bottling unit to local investors for $669 million, in order for the beverages firm to comply with South Africa’s post-apartheid racial equity policies. Coca-Cola also confirmed in a statement that the deal was a condition for its 2016 buyout of former partner SABMiller, now part of…

Ghana, U.K. ink post-Brexit trade deal
| | |

Ghana, U.K. ink post-Brexit trade deal

Ghana has signed an interim trade agreement with the U.K., one of the last bilateral deals hanging in the balance following Britain’s withdrawal from the European Union. The signed agreement restores the duty-free and quota-free access Ghanaian exporters had to the U.K. market pre-Brexit, according to a joint statement posted on the U.K. government website….

Zambia‘s government eyes IMF loan before August elections
| | |

Zambia‘s government eyes IMF loan before August elections

Zambia’s government expects to secure an International Monetary Fund (IMF) loan before nationwide elections are held in August. In November, the copper producing nation became Africa’s first pandemic-era sovereign defaulter after missing a coupon payment on one of its $3 billion of Eurobonds. Holders of the notes have set a deal with the Washington-based lender…

South Africa’s Denel suffers $130 million loss in 2019/20
| | |

South Africa’s Denel suffers $130 million loss in 2019/20

South Africa’s state-owned defense firm Denel made a $129.8 million loss in the 2019/20 financial year compared to a $98.2 million loss in the previous year. 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. In October, Denel requested for…

Chad to receive $560 million from IMF
| | |

Chad to receive $560 million from IMF

The International Monetary Fund (IMF) has agreed to provide Chad with $560 million to support its economy under the extended credit facility and extended fund facility, pending a final approval. The financing will support Chad’s economic recovery at a time the Central African country is battling the effects of the COVID-19 pandemic and heightened terrorism…