Africa Business

KCB Group to finalise Imperial Bank deal in September

16/08 KCB Group expects to finalise a takeover of smaller rival Imperial Bank by the end of September, Kenya's biggest bank by assets said on Thursday after reporting higher first-half profits.  Full story

CEO of Kenya's Arm Cement to quit but remain board member

16/08 Arm Cement's chief executive said on Thursday he planned to leave his post as part of a shake-up at the Kenyan cement maker, but would stay on as a board member.. . .  Full story

Nigerian inflation dips in July but remains above single-digit target

15/08 Annual inflation in Nigeria slowed to 11.14 percent in July, its lowest level in more than two years, the National Bureau of Statistics said on Wednesday, but it remained above the. . .  Full story

Algeria's Sidi Rezine refinery to restart production at start of 2019 - official

15/08 The Sidi Rezine refinery in the Algerian capital Algiers will come back online at the beginning of 2019 with an estimated output of 3.6 million tonnes of refined products, a senior official at state. . .  Full story

Nigeria's GT Bank sees 10 pct loan growth this year

14/08 Nigeria's Guaranty Trust Bank (GT Bank) plans to use some of its cash deposits to help grow its loan book by 10 percent by the end of the year after credit. . .  Full story

Nigeria's state-owned oil company considers refinery partnerships

14/08 Nigerian National Petroleum Corporation (NNPC) could allow private investors to install two refineries on two of its sites, the state-owned oil company said on Tuesday.. . .  Full story

Ethiopia plans to build new airport in Oromia region -Fana

14/08 Ethiopian Airlines plans to build a new airport with annual capacity of 80 million passengers in Bishoftu, about 48km southeast of the capital Addis Ababa, state-affiliated media said on Tuesday.. . .  Full story

Uganda central bank holds key lending rate at 9.0 pct

13/08 Uganda central bank held its key lending rate at 9.0 percent on Monday, and its governor said economic growth was robust because of previous rate cuts that had lowered lending rates.. . .  Full story

Malawi tobacco revenue rises 35 percent

10/08 Revenue from Malawi's major export crop tobacco has risen 35 percent compared to last year and could exceed $300 million by the end of the season later this month, industry data. . .  Full story

Billionaire's huge Nigerian oil refinery likely delayed until 2022:sources

10/08 A huge oil refinery being built in Nigeria by Africa's richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of. . .  Full story

Billionaire's huge Nigerian oil refinery likely delayed until 2022 - sources

10/08 A huge oil refinery being built in Nigeria by Africa's richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of the matter said.. . .  Full story

Kenya's tea output jumps 14 pct in the first half of the year

09/08 Kenya's tea production jumped by 14 percent in the first six months of this year to 230.99 mln kg from the same period last year, the regulator Tea Directorate said on. . .  Full story

Nigeria's Notore drops 8.8 pct in one week after debut listing

09/08 Nigeria's Notore Chemical shares dropped to 57 naira each in Thursday's session, losing 8.8 percent in a week after its debut stock market listing in Lagos.. . .  Full story

Nigeria's Zenith Bank sees return to loan growth this year

07/08 Nigeria's Zenith Bank expects to grow its loan book by 2.5 percent this year as a recovering economy and a drive to win business with manufacturers helps to offset a decline in credit in. . .  Full story

Tight liquidity hits Kenyan government debt auctions

07/08 A lack of liquidity in Kenya's money markets has sent the overnight interbank lending rate above the three-month Treasury bill yield and curbed demand for government securities at the weekly auction,. . .  Full story

Tanzania wants to build pipeline to pump gas to Uganda

06/08 Tanzania wants to build a pipeline to pump natural gas to neighbouring Uganda, another step in the two countries' bid to expand energy cooperation.. . .  Full story

Kenya private sector activity expands at a slower pace in July -PMI

03/08 Kenya's private sector activity expanded at a slower pace in July as growth in output and new orders lost steam, a survey showed on Friday.. . .  Full story

Tanzania central bank takes over Bank M

02/08 Tanzania's central bank said on Wednesday it has taken over the management of mid-sized commercial lender Bank M as the lender has critical liquidity problems and is unable to meet its. . .  Full story

Kenya's inflation rises to 4.35 pct year-on-year in July

31/07 Kenya's inflation rose slightly to 4.35 percent year-on-year in July from 4.28 percent a month earlier, the statistics office said on Tuesday.. . .  Full story

Exposure to debt-stricken cocoa exporter rocks Ivory Coast banks

31/07 Heavy debt exposure to Ivory Coast's largest domestic cocoa exporter, which was ordered into liquidation this month, risks destabilising the West African nation's banking sector, bank officials said on Tuesday.. . .  Full story

Kenyan central bank cuts main lending rate to 9.0 pct

30/07 Kenya's central bank cut its benchmark lending rate to 9.0 percent on Monday from 9.50 percent, the monetary policy committee said, adding inflation expectations were well anchored within the target range.. . .  Full story

Ivory Coast court orders liquidation of cocoa exporter SAF-Cacao

27/07 A court in Ivory Coast has ordered the liquidation of SAF-Cacao, the world's top cocoa grower's leading exporter, over debts owed to the Coffee and Cocoa Council marketing board, the company's. . .  Full story

Heavy rain damages cocoa flowers ahead of Ivory Coast main crop

26/07 Heavy rain in Ivory Coast's cocoa-growing regions has damaged flowers and small pods on trees, pod counters and farmers said, raising concern for the development of the upcoming main crop.. . .  Full story

Kenyan lender CBA upgrades app to offer highest mobile phone loan

26/07 Kenya's largest privately owned bank CBA Group has upgraded its Loop mobile phone banking service to allow it to offer loans of up to 3 million shillings ($29,880), the highest mobile. . .  Full story

Court reinstates Kenya Re's chief executive - Business Daily

25/07 Kenya's employment and labour relations court has reinstated Kenya Reinsurance Corp's sacked chief executive Jadiah Mwarania, the Business Daily newspaper reported on Wednesday.. . .  Full story

Swollen shoot disease worsening in heart of Ivory Coast cocoa belt

24/07 Swollen shoot disease is worsening in the heart of Ivory Coast's cocoa belt with some plantations seeing a significant drop in production, farmers and exporters said on Tuesday.. . .  Full story

Central bank says to start talks with KCB Bank on Imperial Bank sale

24/07 Kenya's central bank said on Tuesday it would enter talks with KCB Bank Kenya Limited, the country's biggest bank by assets, to buy Imperial Bank, a small lender that has been. . .  Full story

Algeria's economic policy may accelerate inflation: IMF

24/07 OPEC member Algeria's decision to turn to monetary financing to cut budget deficits could cause higher inflation as its non-oil sector remains weak, the International Monetary Fund (IMF) said.. . .  Full story

Nigeria to devise green bond issuance programme by end 2018

20/07 Nigeria's debt office will devise a green bond programme before the end of 2018 to raise funds for environmental projects, a junior minister for the environment said on Friday.. . .  Full story

Morocco’s CPI eases to 2.5 y/y in June

20/07 Morocco’s consumer price inflation slowed to 2.5 percent year-on-year in June from 2.6 percent in May, the High Planning Commission said on Friday.. . .  Full story

Ethiopian Airlines says it is in talks for stake in Eritrean Airlines

19/07 Ethiopian Airlines is in talks to take a stake in Eritrean Airlines and a study will be conducted to determine the size of the acquisition, the Ethiopian carrier's chief executive said. . .  Full story

Zambia to share data on austerity measures with IMF - finance minister

19/07 Zambia will share data on its planned austerity measures with the International Monetary Fund (IMF) to get the lender's feedback on their appropriateness for macroeconomic sustainability, its minister of finance said. . .  Full story

Kenyan court temporarily suspends "Robin Hood" tax on bank transfers

19/07 Kenya's High Court has temporarily suspended a "Robin Hood" tax on bank transfers of over 500,000 shillings ($5,000) imposed at the start of the month, the Kenya Bankers Association (KBA) said. . .  Full story

Namibia nets $218 million loan from African Development Bank

19/07 Namibia secured a $218 million loan from the African Development Bank, the second tranche of a quarter billion dollar facility from the development lender to help the country finance its budget. . .  Full story

Nigeria's Senate to investigate "anomalies" in renewal of oil leases

18/07 Nigeria's upper house of parliament will investigate anomalies in the renewal of oil leases by the ministry of petroleum, it said on Wednesday.. . .  Full story

Kenya to launch Nairobi financial centre later this year-finmin

18/07 Kenya will launch its international financial centre in the capital Nairobi later this year to attract large foreign financial firms and boost capital flows, its finance minister said on Wednesday.. . .  Full story

Namibia's economy to grow by 1 pct in 2018: finance minister

16/07 Namibia's economy will expand by at least 1 percent this year and by double that by 2020, Finance Minister Calle Schlettwein said on Monday, following a recession last year in a. . .  Full story

Kenya Power CEO under arrest over allegations of economic crimes - police

15/07 Kenya Power's Chief Executive Officer gave himself up to police on Sunday and was in their custody, police said, a day after the east African country said it wanted to charge him over alleged. . .  Full story

Police arrest ex-CEO of Kenya Power company

14/07 Kenyan authorities said on Saturday they had arrested a former chief executive officer of the state-run distributor Kenya Power on suspicion of economic crimes and wanted to charge the current chief executive.. . .  Full story

Kenyan bank KCB could seek partner in Ethiopia as country opens up

13/07 KCB Group, Kenya's biggest bank by assets, will look at partnering with a local bank in Ethiopia, where a potential liberalisation of foreign investment rules could open up a market of 100 million people.. . .  Full story

Libya 1st-half 2018 oil revenue $11.4 bln - central bank

11/07 Libya's central bank (CBL) said on Tuesday the country had earned 15.6 billion Libyan dinars ($11.4 billion) in oil revenue in the first six months of the year, accounting for more than 93 percent. . .  Full story

Nigerian lawmakers to investigate state oil firm over remittances

10/07 Nigerian lawmakers voted on Tuesday to investigate the state oil firm over a shortfall in revenue remittances to government coffers, in a motion passed by the lower house of parliament.. . .  Full story

Kenya's ARM Cement's shares plunge on bond payment report

10/07 Shares of Kenya's ARM Cement dropped by the maximum daily limit of 10 percent on Tuesday after a newspaper reported that it had missed a bond interest payment.. . .  Full story

Nigeria to offer 12.7 bln naira mining contract to eight firms

04/07 Nigeria will offer a 12.7 billion naira ($41.6 million) mining contract to eight companies in exploration and consultancy, its junior mining minister said on Wednesday, adding both foreign and local firms were encouraged to participate.. . .  Full story

Tunisia raises fuel prices, third hike this year 

22/06 Tunisia raised fuel prices on Friday by 4 percent, the third hike this year as the government seeks to a cut budget deficit, a key requirement of international lenders.. . .  Full story

World Bank approves $455 million loan for Tanzania power projects

21/06 The World Bank has approved a $455 million loan to Tanzania under its International Development Assistance (IDA) programme to support financing of power projects in the East African nation.. . .  Full story

Zambia aiming for power prices that reflect costs by end 2018

21/06 Zambia plans to introduce electricity tariffs that reflect the cost of production by the end of this year, a senior government official said on Thursday, a move that could increase costs for economically vital. . .  Full story

Ethiopia appoints new central bank governor

18/06 Ethiopia appointed a new central bank governor on Monday, state-affiliated media said, in a move that follows major economic reforms.. . .  Full story

Kenya's Safaricom opposes planned tax increase on mobile cash transfers

18/06 Kenya's biggest mobile phone operator Safaricom is opposed to a proposed tax rise on mobile phone based cash transfers that its chief finance officer said on Monday would discourage the drive towards modern payments systems.. . .  Full story

Nigeria's Buhari will sign off 2018 budget on Tuesday, minister says

15/06 Nigerian President Muhammadu Buhari will sign the government's long-delayed budget into law on Tuesday, Information Minister Lai Mohammed said on Friday.. . .  Full story

Zambia delays borrowing plans indefinitely - finance minister

14/06 Zambia has decided to delay all planned borrowing indefinitely, its finance minister said on Thursday, slowing down the accumulation of new debt amid worries about the risk of distress.. . .  Full story

Kenya to repeal rate cap, introduce 'Robin Hood' tax

14/06 Kenya's Finance Minister Henry Rotich on Thursday said he would propose repealing a cap on commercial lending rates, a move cheered by bankers who had said the ceiling had hurt credit growth and access.. . .  Full story

Rwanda's overall spending to rise 16 pct in 2018/19, sees higher GDP growth

14/06 Rwanda plans to raise spending by 16 percent in the 2018/19 (July-June) fiscal year to 2.44 trillion francs ($2.87 billion), its finance minister said on Thursday.. . .  Full story

Kenya proposes amending banking act in a move that will repeal rate cap

14/06 Kenya's Finance Minister Henry Rotich on Thursday said he would propose to repeal a cap on commercial lending rates, as he presented a budget including a new tax on financial transactions.. . .  Full story

Malawian telecoms company TNM's 2017 profit up 60 percent

14/06 Telkom Networks Malawi reported a 60 percent jump in annual after tax profit on Thursday, thanks to a strong showing from its voice call services.. . .  Full story

Kenya's Finance Minister proposes reforms to boost bank lending

14/06 Kenya's government will introduce a set of reforms for the financial sector aimed at boosting private sector credit growth after it was hit by a cap on commercial interest rates introduced in 2016, the. . .  Full story

Sierra Leone in fourth bid to launch oil sector with licensing round

14/06 Seeking to capitalise on higher oil prices, Sierra Leone has extended the deadline of a fourth oil licensing round for five deep water offshore blocks until September 27, officials told Reuters.. . .  Full story

Kenya small business payments boost from CBA-fintech tie-up

13/06 Kenya's biggest privately owned bank, CBA, has teamed up with a local financial technology company to speed up payments for goods or services delivered by suppliers, its chief executive said on Wednesday.. . .  Full story

UK issues travel warning after Mozambique attacks

13/06 Britain advised citizens on Tuesday against travelling to an area in northeastern Mozambique after a series of attacks by groups with links to Islamic militants.. . .  Full story

War-torn South Sudan issues higher denomination banknotes amid soaring inflation

11/06 South Sudan's central bank said on Monday it will issue higher denomination banknotes, enabling citizens to carry fewer notes as rampant inflation continues to devalue the local currency.. . .  Full story

Kenya to sell 25-year Treasury bond this month - central bank

08/06 Kenya will sell a 25-year Treasury bond worth 40 billion shillings ($396 million)this month, the central bank said on Friday.. . .  Full story

Cupric Canyon to start construction of Botswana copper mine in October

07/06 Private equity firm Cupric Canyon will begin construction of its Khoemacau copper project in Botswana in October, with first sales of the metal expected in 2021, a company executive said on Thursday.. . .  Full story

Nigeria recovers $98 mln with tax evasion amnesty -finance ministry

06/06 Nigeria's government has recovered around 30 billion naira ($98 million) from individuals and companies through a tax amnesty scheme, the finance ministry said on Wednesday.. . .  Full story

Tanzania sees GDP growth at 7.2 pct this year -finance minister

04/06 Tanzania's economy is expected to grow by 7.2 percent in 2018, up from around 7.1 percent last year, and the fiscal deficit will increase on the back of higher infrastructure spending, the finance minister said. . .  Full story

Kenya proposes new corporate tax rate that would be highest in East Africa

31/05 Kenya's treasury has proposed a 35 percent corporate tax for companies on annual income of more than 500 million Kenyan shillings ($4.9 million).. . .  Full story

Kenyan solar energy firm signs 40 MW power deal with state-run utility

31/05 A private Kenyan power firm has signed a 20-year deal to sell 40 megawatts it will generate from a solar plant it is building to the East African nation's state-run distributor,. . .  Full story

Kenya's inflation edges up to 3.95 pct yr/yr in May

31/05 Kenya's inflation rose to 3.95 percent year-on-year in May from 3.73 percent the previous month, the statistics office said on Thursday.. . .  Full story

Malawi’s domestic debt to more than quadruple in next fiscal year

29/05 Malawi's domestic debt is likely to more than quadruple in the next financial year as the government tries to cover falling public revenues, the finance minister said on Tuesday.. . .  Full story

Afreximbank to give Angola $2 billion in financing support

29/05 The African Export-Import Bank (Afreximbank) said on Tuesday it is arranging up to $2 billion in financing support to Angola for essential imports including food items and pharmaceuticals.. . .  Full story

Ivory Coast Jan-Apr cotton exports slide 0.5 pct

29/05 Ivory Coast exported 158,635 tonnes of cotton over the first four months of 2018, down about 0.5 percent from a year earlier, provisional port data showed on Tuesday.. . .  Full story

Kenya's central bank governor calls for regulation of fintech lenders

29/05 A boom in lending by financial technology (fintech) firms in Kenya has led to an increase in predatory lending practices, the country's central bank governor said on Tuesday, calling for the. . .  Full story

Algeria annual inflation drops in April to 4.3 pct

28/05 Algeria's annual inflation declined to 4.3 percent in April from 4.6 percent the previous month due to a slight fall in prices of some foodstuffs, official data showed on Monday.. . .  Full story

Kenya central bank holds main lending rate at 9.5 pct

28/05 Kenya's central bank held its benchmark lending rate at 9.5 percent on Monday, saying the impact of the previous cut was yet to be fully felt.. . .  Full story

Fire broke out on onshore oil rig operated by Depthwize in Nigeria's Niger Delta -witnesses

26/05 A fire broke out on an onshore oil rig in Nigeria's Niger Delta on Saturday, three witnesses told Reuters, adding that the fire was still burning as of noon.. . .  Full story

Ivory Coast needs over $1 bln for reforestation strategy - minister

26/05 Ivory Coast will call upon donors as well as timber and cocoa companies to help finance a reforestation strategy it estimates will cost 616 billion CFA francs ($1 billion) over 10. . .  Full story

Ivory Coast needs over $1 bln for reforestation strategy

25/05 Ivory Coast will ask donors, timber firms and cocoa companies to help finance a reforestation strategy costing 616 billion CFA francs ($1 billion) over 10 years, the country's water and forests minister said on. . .  Full story

Nigerian stocks fall to lowest level in more than four months

25/05 Nigeria's main stock index fell to its lowest level in more than four months on Friday after shares in banking and consumer goods companies declined.. . .  Full story

Angola central bank holds benchmark rate at 18 percent

24/05 Angola's central bank said on Thursday it has left its benchmark interest rate unchanged at 18 percent at a meeting of its monetary policy committee.. . .  Full story

Kenya's Treasury avoids dealing with rate cap in draft law

24/05 Kenya's Treasury avoided mentioning a cap on commercial-bank lending rates in a draft law on the conduct of the financial sector that was published for public comment late on Wednesday.. . .  Full story

Ethiopia opens telecoms sector to limited competition

23/05 Ethiopia's state-run telecoms monopoly has agreed to allow some local firms to provide internet services through its infrastructure, a move seen as spurring competition and expanding the data market, officials said.. . .  Full story

Ghana producer price inflation rises to 6.4 pct in April

23/05 Ghana's producer price inflation rose to 6.4 percent year-on-year in April from 3.7 percent in March, the statistics office said on Wednesday.. . .  Full story

Angola cuts tax rates for development of marginal oil fields

22/05 Angola has halved headline tax rates for marginal oil fields as part of a series of laws to drive investment and reverse declining output in Africa's second largest crude producer.. . .  Full story

Drought, armyworms cut Malawi maize crop by 19 pct - minister

21/05 Malawi's maize output declined by 19.4 percent in the 2017/18 farming year to 2.8 million tons due to damage caused by drought and crop-eating armyworms, Agriculture Minister Joseph Mwanamvekha said on. . .  Full story

Nigeria's economic growth slows for first time since end of recession

21/05 Nigeria's economic growth slowed in the first quarter of 2018 for the first time since the country pulled out of recession last year as the non-oil sector struggled, the National Bureau. . .  Full story