Economy contracts in South Africa as elections loom
With general elections looming in 2024, South Africa grapples with high unemployment
Botswana’s extended import ban hampers regional trade
Local farmers welcome the move, while neighboring producers raise concerns about its impact on regional trade.
Kenyan court blocks firm sell-offs
The court’s decision is a major setback for the government’s economic reform agenda.
Bitcoin surpasses $41,000 amid optimism for ETF approval
Total value of crypto market rises over 3.77% to around $1.54T
Tanzania signs major land-based carbon credit deal
Tanzania has signed a groundbreaking deal for one of East Africa’s biggest land-based carbon credit projects.
South Africa extends $2.5 billion lifeline to port operator Transnet
Transnet, responsible for operating Africa’s largest rail freight network and all ports, will immediately access 22.8 billion rand to address debt
Zambian inflation hits 20-month high amid kwacha depreciation
Statistician-General Mulenga Musepa disclosed that consumer prices rose by 12.9% from the preceding year
Ethiopia secures $1.5 billion debt relief agreement
The nation’s financial stability has been adversely affected by the two-year conflict in the northern Tigray region
Africa’s economic outlook dims amid global uncertainty
Africa’s economic growth is being hindered by global factors, such as the war in Ukraine and the slowdown in China’s economy.
Court OK’s $10B French-led East African pipeline project
A court threw out a lawsuit against a $10 billion oil pipeline project in East Africa due to a procedural issue.
Cocoa output in Africa declines, raising global deficit concerns
Fears of a global cocoa deficit are mounting as African output dwindles, potentially affecting chocolate production and prices.
Report shows Zimbabwe as fastest growing exporter of blueberries
The country has witnessed an unparalleled surge in blueberry exports
Nigerians seek relief from high cooking gas prices with biofuel
Nigerians are embracing biofuel as a way to escape the financial burden of expensive cooking gas, while also contributing to environmental sustainability.
Kenya launches privatization initiative, 11 companies up for sale
As part of a comprehensive strategy to increase government revenue amid growing debt obligations, this action forms one segment of a broader plan to privatize over 35 state-owned enterprises
Mozambique refines ambitious $80 billion energy transition plan
Additionally, plans include expanding the national electricity grid and transitioning to electric vehicles to curtail emissions from the transportation sector
Somalia becomes newest member of East Africa’s regional trade bloc
Somalia — whose President Hassan Sheikh Mohamud was at the summit — joins Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan, Tanzania and Uganda
Angola, Nigeria push for higher oil production in OPEC talks
Angola and Nigeria, two key members of the Organization of the Petroleum Exporting Countries (OPEC), are aiming to secure higher oil production quotas as part of ongoing negotiations within the group.
South Africa keeps rates on hold amid inflation concerns
South Africa’s central bank maintains its hawkish stance, keeping the lending rate at 8.25 pct for the third consecutive meeting.
Mali enters agreement with Russia to construct gold refinery
The agreement spans a duration of four years but does not outline specific timelines for the construction process
EU and COMESA finalize a $40 million trade agreement
Agreement to support financing for trade competitiveness among bloc’s 21 member states
Africa will have $20T economic impact by 2050 – report
The Atlantic Council underscores the need for a fresh perspective, asserting that Africa’s burgeoning population, youthful demographics, abundant natural resources, and strategic geographical location position it as a key player in revitalizing the world economy. According to their recent report, focusing on Africa is imperative for global economic resurgence, highlighting its potential to be at the center of transformative growth.
Zambia’s debt restructuring bid stalled over more relief demands
Zambia’s efforts to restructure its debt have been dealt a major blow as official creditors have rejected a revised deal to rework $3 billion of Eurobonds. The country’s official creditor committee (OCC), which includes China, Japan, and the Paris Club of creditor nations, said that the deal did not offer comparable relief to both commercial and official creditors.
Germany pledges $4.3 billion ‘green’ investment in Africa
The German government has pledged to invest 4 billion euros ($4.37 billion) in African green energy projects until 2030.
Durban: Months needed to clear S Africa’s chaotic port backlog
Transnet expects to clear the backlog of 63 ships at the Port of Durban in 7 to 15 weeks. The delay is causing concern among importers, who fear they will miss the crucial Christmas shopping season.