Africa Business

Angola annuls winning tender for 4th telecoms operating license - presidency

18/04 Angola's President João Lourenço annulled on Thursday the winning tender for the country’s fourth telecoms operating license and ordered it be re-run to ensure "a clean and transparent process," his office said.  Full story

KCB Group proposes takeover of National Bank via share swap

18/04 Kenya's biggest lender by assets KCB Group has offered to buy National Bank of Kenya through a share swap consisting of one KCB share for every 10 of NBK, joining a. . .  Full story

Nairobi bourse halts trading in shares of banks KCB and NBK

18/04 The Nairobi Securities Exchange (NSE) halted on Thursday the trading of shares in Kenya Commercial Bank and National Bank of Kenya, it said in a statement.. . .  Full story

Nigeria has no intention of cutting fuel subsidy at this time -fin min

18/04 Nigeria has no intention of removing subsidies on petroleum products, its finance minister said on Wednesday after the International Monetary Fund (IMF) advised the country to eliminate them to protect public. . .  Full story

Angola's crude exports to hit lowest level in 13 years in June

17/04 Angola's crude oil exports will fall in June to their lowest level in 13 years due to a shutdown at the Saturno field for maintenance, according to a preliminary loading programme and an industry. . .  Full story

-Ghana 2018/19 cocoa output expected to drop 6 pct due to disease, drought

17/04 Ghana's cocoa output is expected to drop nearly 6 percent this season to 850,000 tonnes because of disease and dry weather, sources at the cocoa regulator, COCOBOD, said on Wednesday.. . .  Full story

Ghana 2018/19 cocoa output expected to drop 6 pct due to disease, drought

17/04 Ghana's cocoa output is expected to drop nearly 6 percent this season to 850,000 tonnes because of disease and dry weather, sources at the cocoa regulator, COCOBOD, said on Wednesday.. . .  Full story

Kenya's NIC Group shareholders approve merger with CBA

17/04 NIC Group's shareholders have approved its merger with the Commercial Bank of Africa, the company said on Wednesday, paving the way for the two companies to combine their operations.. . .  Full story

Nation Media Group 2018 pretax profit down 16.4 pct - Daily Nation

17/04 Kenya's Nation Media Group said on Wednesday its pretax profit fell 16.4 percent to 1.6 billion Kenyan shillings ($15.83 million) in 2018, according to a tweet by the Daily Nation.. . .  Full story

Zambian miner Lumwana says higher taxes will have severe impact on business

16/04 Higher mineral taxes in Zambia will have a severe effect on Lumwana Mining Company's operations, driving its costs up, the copper miner's country manager, Nathan Chishimba, told journalists on Tuesday.. . .  Full story

Nigeria consumer inflation falls slightly to 11.25 pct in March – stats office

16/04 Nigeria's consumer inflation stood at 11.25 percent in March, compared with 11.31 percent in February, the National Bureau of Statistics said on Tuesday.. . .  Full story

South Sudan secures $500 mln financing facility from AfreximBank

15/04 South Sudan has received a $500 million financing facility from African Export Import Bank (Afreximbank) to fund power transmission, infrastructure and farming projects, it said on Monday.. . .  Full story

Zimbabwe reaches agreement with IMF on economic reform programme

11/04 Zimbabwe has reached agreement with the International Monetary Fund (IMF) on a programme of economic policies and structural reforms that could pave the way to the crisis-hit country re-engaging with international. . .  Full story

IMF cuts Tanzania's 2019 economic growth forecast to 4 percent

10/04 The International Monetary Fund lowered its forecast for Tanzania's economic growth this year and in 2020 to around 4 percent from a previous forecast.. . .  Full story

Drought will drag down Kenya's 2019 economic growth, World Bank says

09/04 Dry weather across much of Kenya is likely to curb the country's economic growth this year, the World Bank said on Tuesday, as it cut its forecast to 5.7 percent growth.. . .  Full story

Malawi 2018/19 maize output up 24 pct, minimal effect from cyclone Idai- minister

09/04 Malawi's maize output increased by just over 24 percent in the 2018/19 farming year so far, boosted by favourable weather conditions and government subsidies, the agriculture minister said on Tuesday.. . .  Full story

World Bank cuts Zambia’s 2019 GDP growth forecast

08/04 The World Bank sees Zambia's economic growth slowing in 2019, to 3.3 percent from 3.5 percent seen last year, as the southern African nation's growing debt pile and weakening currency put. . .  Full story

Ethiopia inflation up to 11.2 pct in year to March - stats bureau

06/04 Ethiopian inflation rose to 11.2 percent in the year to March, the statistics bureau said on Saturday.. . .  Full story

Nigeria's Oando sells stake in gas company for $41.5 mln to cut debt

04/04 Nigerian oil company Oando said on Thursday it had sold its 25 percent stake in local gas and power company Axxela to majority investor Helios Investment partners for $41.5 million as it works on. . .  Full story

Nigerian debt office expects approval of 1.649 trln naira in borrowing

04/04 Nigeria's debt office said on Thursday it expects the government to approve total borrowing of 1.649 trillion naira ($5.39 billion) in 2019.. . .  Full story

Oando sells 25 pct stake in Nigerian gas company to private equity firm Helios

04/04 Oando has sold its 25 percent stake in Nigerian gas and power company Axxela to majority investor Helios Investment partners for an undisclosed amount, Axxela said on Thursday.. . .  Full story

Kenya forecasts 6.3 pct economic growth in 2019

04/04 Kenya's economy should grow an improved 6.3 percent in 2019, President Uhuru Kenyatta said on Thursday, citing an improved business environment and his government's push to boost manufacturing, food production and. . .  Full story

Tanzania charges Vodacom Tanzania MD with economic crimes -court documents

03/04 Tanzanian authorities on Wednesday charged the managing director of Vodacom Tanzania with economic crimes, court documents seen by Reuters showed.. . .  Full story

Congo's public revenues from mining sector nearly double in 2018

03/04 Democratic Republic of Congo's mining sector paid $1.57 billion in revenues to the government last year, up 91 percent on 2017, finance ministry data showed on Wednesday.. . .  Full story

Nigeria appoints local banks for 3.4 trln naira note issue programme

03/04 Nigeria has appointed local banks for a 3.4 trillion naira promissory note issue programme to settle the backlog of state obligations, the finance minister said on Wednesday.. . .  Full story

Nigeria's Access Bank shares fall 10 pct after completion of Diamond Bank takeover

03/04 Shares in Nigeria's Access Bank fell 10 percent on Wednesday to a two-week low, as they resumed trade following completion of the takeover of rival mid-tier lender Diamond Bank.. . .  Full story

Kenya private sector expansion slowest in 16 months in March -PMI

03/04 The pace of activity in Kenya's private sector edged lower in March to its softest in 16 months, a survey showed on Wednesday.. . .  Full story

Nigeria tax chief expects to raise $2.45 bln from defaulters by end H1 2019

03/04 Nigeria expects to raise around 750 billion naira ($2.45 billion) from tax defaulters by the end of the first half of this year, the country's tax chief said on Tuesday.. . .  Full story

South Sudan targets 70,000 bpd oil production boost by June -minister

01/04 South Sudan is hoping to boost oil production by 70,000 barrels per day (bpd) by June, the minister for petroleum said on Monday, a month before the government and rebels are. . .  Full story

Nairobi Securities Exchange extends trading hours after outage

01/04 Kenya's Nairobi Securities Exchange said on Monday it would extend trading to 5 p.m. (1400 GMT), from the usual 3 p.m. close, after it managed to resolve a technical hitch which. . .  Full story

Morocco's BMCE Bank reports 10 pct drop in 2018 profit, plans capital increase

01/04 BMCE Bank, one of Morocco's largest lenders, reported on Monday a 10 percent fall in its 2018 net profit attributable to shareholders due to a drop in activities in its African. . .  Full story

Uganda central bank holds its key lending rate at 10 pct

01/04 Uganda's central bank on Monday held its benchmark lending rate at 10 percent for the third time in a row, the bank's governor said, citing economic activity which is close to. . .  Full story

Zimbabwe power utility seeks 30 percent tariff increase: report

01/04 Zimbabwe's state-owned power utility ZESA Holdings has applied to the energy regulator to raise its tariff by 30 percent for maintenance of its grid and after the price of inputs like. . .  Full story

Kenya's inflation rises to 4.35 pct yr/yr in March

29/03 Kenya's inflation rose to 4.35 percent year-on-year in March from to 4.14 percent a month earlier, due to rising food prices, the statistics office said on Friday.. . .  Full story

Zambia delays replacing VAT with sales tax until July -finance minister

29/03 Zambia will delay replacing Value Added Tax (VAT) with a non-refundable sales tax for three months until July, Finance Minister Margaret Mwanakatwe said on Friday.. . .  Full story

Nigeria aims to borrow at home and abroad to fund 2019 budget: fin min

28/03 Nigeria plans to tap concessionary long-term loans to finance its 2019 budget in addition to borrowing at home, Finance Minister Zainab Ahmed said on Wednesday.. . .  Full story

Namibia's economy to rebound from recession this year - finance minister

27/03 The Namibian economy is expected to rebound from recession this year and grow by as much 1 percent, finance minister Calle Schlettwein said on Wednesday.. . .  Full story

Uganda coffee exports down 17 pct yr/yr in Feb - industry regulator

27/03 Uganda's coffee exports dropped 17 percent year-on-year in February, undercut by scant rains in some coffee growing areas, the state-run regulator Uganda Coffee Development Authority (UCDA) said.. . .  Full story

Nigeria and MTN trade legal arguments over $2bn tax bill

26/03 Lawyers representing Nigeria's attorney general on Tuesday appeared in court to argue that telecoms company MTN Group did not have grounds to oppose a $2 billion tax bill, legal teams for both sides said.. . .  Full story

Kenya's Equity Group 2018 pretax profit up on rising interest income

26/03 Kenya's Equity Group Holdings said on Tuesday its 2018 pretax profit rose 6 percent to 28.5 billion shillings ($282.74 million), helped by rising interest income.. . .  Full story

Tunisia's benchmark interest rate held at 7.75 pct

22/03 Tunisia’s central bank has kept its benchmark interest rate unchanged at 7.75 percent, it said on Friday.. . .  Full story

Moroccan phosphate miner OCP's profit jumps 19 percent in 2018

20/03 Morocco's OCP, the world's leading phosphate exporter, reported a 19 percent rise in 2018 full-year net profit to 5.4 billion dirhams ($562.79 million) on Wednesday, citing steady demand and higher prices. . .  Full story

Ghana's Cocobod signs $300 mln loan to refinance bills, finance programs

19/03 Ghana's Cocobod signed a $300 million three-year loan with several international lenders on Tuesday to refinance central bank-raised cocoa bills and finance production enhancement programs, one of the lenders said in a statement.. . .  Full story

Morocco keeps benchmark interest rate unchanged at 2.25 pct

19/03 Morocco’s central bank left its benchmark interest rate flat at 2.25 percent on Tuesday, saying the decision was in line with the inflation and growth outlook.. . .  Full story

Morocco’s BCP 2018 net profit up 3.5 pct

19/03 Morocco’s Banque Centrale Populaire (BCP), one of the country’s biggest lenders, said on Tuesday its first half net profit attributable to shareholders rose 3.5 percent to 2.9 billion dirhams ($302 million).. . .  Full story

Congo Republic cuts external debt on stronger economy, repayments

19/03 Congo Republic has slashed its external debt to 85 percent of GDP, compared with 120 percent just over a year ago, after its economy recovered from a slump and it managed. . .  Full story

IMF mission to visit Tunisia next week to discuss fifth review of loan

19/03 An International Monetary Fund mission will visit Tunisia on March 27 to discuss the fifth review of a loan programme with the country, Minister of Economic Reform Tawfik Rajhi said on. . .  Full story

Kenya Re sees 25 pct dive in full-year net earnings

19/03 Kenya Reinsurance Corp Ltd, which offers re-insurance services to firms across Africa and the Middle East, said on Tuesday it expects its full-year net earnings to plunge more than 25 percent from previous year.. . .  Full story

Algeria deputy PM to make foreign tour to discuss events at home

18/03 Algeria's newly-appointed Deputy Prime Minister Ramtane Lamamra is expected to visit several countries including Russia, China, and some EU nations to explain the crisis in Algeria, a foreign ministry official said.. . .  Full story

Zimbabwe inflation quickens to 59.39 percent year/year in February

15/03 Zimbabwe's inflation rose to a new ten-year high of 59.39 percent year-on-year in February from 56.9 percent in January, pushed by increases in the price of basic goods, the statistics agency. . .  Full story

Kenya bank shares up after court ruling on interest rate caps

15/03 Kenyan banks' share prices rose on the Nairobi Securities Exchange on Friday, a day after a court ruling declared interest rate caps unconstitutional and gave parliament 12 months to review them, traders said.. . .  Full story

Nigeria consumer inflation falls slightly to 11.31 pct in Feb – stats office

15/03 Nigeria's consumer inflation grew 11.31 percent in February from a year earlier, compared to January's 11.37 percent annual growth for January, the National Bureau of Statistics said on Friday.. . .  Full story

Kenya's Commercial Bank of Africa says its shareholders have accepted merger with NIC Group

15/03 Kenya's Commercial Bank of Africa said on Friday its shareholders had accepted a share swap with NIC Group, paving way for its merger.. . .  Full story

Malawi's economy projected to grow 5 percent in 2019 - IMF

14/03 The International Monetary Fund (IMF) said on Thursday that Malawi's economy is expected grow about 5 percent in 2019, supported by a recovery in farming and an improvement in electricity generation.. . .  Full story

Zambia external debt rose to over $10 billion at end 2018: finance minister

11/03 Zambia's external debt rose to $10.05 billion at the end of last year from $8.74 billion at the end of 2017, Finance Minister Margaret Mwanakatwe said on Monday.. . .  Full story

Uganda coffee shipments down slightly in January from year earlier

11/03 Uganda's coffee exports dipped slightly in January compared to the same month a year earlier, according to a report by the state-run regulator Uganda Coffee Development Authority (UCDA).. . .  Full story

Ex-CEO of Tanzania's Bank M charged with fraud, money laundering

08/03 The former chief executive officer of Tanzania's Bank M was charged with fraud and money laundering on Thursday, two months after the central bank revoked the bank's licence.. . .  Full story

Kenya's KCB Group full-year pretax profit jumps 16 pct

06/03 Kenya's KCB Group said on Wednesday its full-year 2018 pretax profit rose 16 percent to 33.9 billion shillings ($339.00 million), helped by higher interest income and a drop in operating. . .  Full story

Kenya's private sector activity slows to 15-month low in Feb -PMI

05/03 Kenya's private sector activity fell in February to its lowest level in 15 months, hurt by slowing consumer demand and growth in output, a survey showed on Tuesday.. . .  Full story

Uganda says Rwanda partially lifts trade blockade

04/03 Rwanda has started to allow trucks carrying goods from Uganda to enter at one of the main crossing points on their shared border, the Ugandan government said on Monday, a sign. . .  Full story

Nigeria's Dangote Cement expects London listing in 2020

01/03 Nigeria's biggest listed firm Dangote Cement said on Friday it has been in talks with several banks over a stock market flotation in London which it expects to be in 2020.. . .  Full story

Kenya says to sell 25-year infrastructure bond this month

01/03 Kenya will sell a 25-year amortized infrastructure bond this month to raise up to 50 billion shillings ($500.25 million), the central bank said on Friday.. . .  Full story

Kenya inflation at 4.14 pct year-on-year in February - stats office

28/02 Kenya's annual inflation was down to 4.14 percent in February from 4.7 percent in January, the statistics office said on Thursday.. . .  Full story

Nigeria's NNPC indicates Egina stream will fall outside OPEC pact

28/02 Nigeria's state oil company NNPC indicated that output from the new ultra deepwater Egina field would be classified as condensate and not oil, adding that the country would conform to a. . .  Full story

eSwatini facing "economic crisis" as investment slows, wage bill balloons -finmin

27/02 eSwatini's economy probably contracted in 2018 and is set to continue faltering as the southern African kingdom faces slowing rates of foreign investment and a fast-growing wage bill, Finance Minister Neal. . .  Full story

Nigeria's Buhari says will continue with inclusive government

27/02 Nigeria's President Muhammadu Buhari said on Wednesday he would continue to engage all parties and keep his government inclusive after being elected for a second four-year term.. . .  Full story

Malawi 2018/19 maize output jumps 27 pct

27/02 Malawi's maize output rose 27 percent to 3.3 million tonnes in the 2018/19 season, helped by abundant rainfall and government subsidies, its agriculture minister said on Thursday.. . .  Full story

Nigeria opposition candidate Atiku says he will challenge election result

27/02 Defeated Nigerian presidential candidate Atiku Abubakar said on Wednesday that he rejected the election results that handed President Muhammadu Buhari a second term and would challenge the outcome in court.. . .  Full story

Nigeria's defeated opposition party says legal process is one way to resolve disputed election results

27/02 Nigeria's defeated main opposition party does not accept the presidential election result and believes the legal process is one way to resolve issues, a party official said on Wednesday.. . .  Full story

Nigeria's Buhari says his administration will intensify security, economic efforts

27/02 Nigeria's newly re-elected President Muhammadu Buhari said on Wednesday his administration will intensify efforts to improve security and bolster the economy.. . .  Full story

Nigeria's electoral commission declares Buhari winner of presidential election

27/02 Nigeria's electoral commission on Wednesday said incumbent Muhammadu Buhari won the country's presidential election.. . .  Full story

Nigeria's main opposition candidate demands halt in release of election results

26/02 Nigeria's main opposition party on Tuesday demanded an immediate halt to the release of presidential election results by the electoral commission until data on voters who took part was made available to all parties in. . .  Full story

Nigeria's President Buhari takes unassailable lead in election - Reuters tally

26/02 Nigeria's President Muhammadu Buhari on Tuesday took an unassailable lead in the country's election race, Reuters data based on results announced in different parts of the country showed.. . .  Full story

Early tally in Nigerian election puts Buhari ahead, opposition rejects it

25/02 President Muhammadu Buhari took an early lead on Monday in initial official results from Nigeria's presidential election but the party of his main challenger quickly rejected the tallies as "incorrect and unacceptable".. . .  Full story

Nigeria's main opposition party says election results "incorrect and unacceptable"

25/02 Nigeria's main opposition party on Monday said all election results currently being announced by the country's electoral commission are "incorrect and unacceptable".. . .  Full story

Operational hitches in Nigeria's elections a burden on voters - EU observer mission

25/02 The head of the European Union's observer mission to Nigeria's presidential and parliamentary elections said on Monday that the vote had been hit by operational shortcomings that made it difficult for voters.. . .  Full story

KenGen gets contract with Ethiopian Electric Power for geothermal drilling

25/02 Kenya's KenGen on Monday said it secured a multi-million shillings contract to provide geothermal drilling services to state-run Ethiopian Electric Power.. . .  Full story

Observers say dozens killed in Nigeria poll violence

24/02 As many as 39 people were killed in election violence so far in Nigeria, civil society groups said on Sunday, as the country awaits the results of voting in what is forecast to be. . .  Full story

Buhari's stronghold becomes key battleground in tight Nigeria election

24/02 Sunday Nicholas voted for Muhammadu Buhari in Nigeria's 2015 presidential election, but the 32-year-old factory worker in the northern city of Kano was casting his ballot on Saturday for the president's challenger, Atiku Abubakar.. . .  Full story

Nigeria's president and main rival confident as polls close

23/02 Nigeria began counting votes in Saturday's closely-fought presidential election although the electoral commission extended voting in some places where polling stations opened late or ballot machines malfunctioned.. . .  Full story

Islamic State claims election day attack on northeast Nigerian city

23/02 Islamic State on Saturday said it carried out a morning attack on the northeast Nigerian city of Maiduguri as the country holds elections, although the army has denied an attack took place and says. . .  Full story

Nigeria's Buhari casts ballot as polls open in delayed election

23/02 Nigeria's President Muhammadu Buhari cast his ballot in the presidential election on Saturday as polls opened after a week-long delay, television images on Channels TV showed.. . .  Full story

Morocco’s CPI drops to 0.5 pct yr/yr in January- Planning agency

22/02 Morocco’s annual consumer price inflation dropped to 0.5 percent in January from 1.9 percent in December, the high commission for planning said on Friday.. . .  Full story

Nigerian vote tough to call as week-long delay may hurt turnout

22/02 Nigerian teacher Benjamin Shagu flew 500 km (310 miles) from the east of the country to the capital, Abuja, to vote in the presidential election - only for the vote to be delayed for. . .  Full story

Libya's NOC concerned by developments at El Feel oilfield - spokesperson

21/02 Libya's National Oil Corporation (NOC) said on Thursday it was concerned by developments at the south-western El Feel oilfield after eastern-based forces said they had taken control of the field.. . .  Full story

Nigeria's electoral commission says 86.6 percent of voting cards collected

21/02 Nigerian voters have collected 86.6 percent of all the voting cards issued, the chairman of the electoral commission said on Thursday.. . .  Full story

Nigeria opposition candidate Atiku Abubakar would continue Niger Delta amnesty programme - policy advisor

21/02 Nigeria's main opposition presidential candidate Atiku Abubakar would continue the country's Niger Delta amnesty programme, a policy advisor told Reuters on Thursday.. . .  Full story

'Pennies before a steamroller': Nigerian vote delay a reminder of investment risk

20/02 A surprise delay in Nigeria's presidential ballot has served foreign asset managers another reminder of political risk and volatile investment returns in Africa's biggest economy - just days after piling into assets in a bet. . .  Full story

Tunisian central bank sees inflation below 7 pct after rate rise

20/02 Tunisia's central bank chief said he expects inflation to fall below 7 percent following Tuesday's interest rate rise but the government also needs to do more to curb prices.. . .  Full story

Petrol suppliers cut price to encourage Nigerians to travel to vote again

20/02 Nigerian fuel suppliers have cut the price of petrol to encourage people to travel to vote in presidential elections this Saturday after the poll was delayed by a week, the information minister said on. . .  Full story

Tanzania rebases economy, 2015 GDP now 3.8 pct larger - stats office

20/02 Tanzania has changed the base year it uses to calculate economic output to 2015, and data from the National Bureau of Statistics showed its economy was 3.8 percent larger in that. . .  Full story

Zambia's debt weighing on central bank reserves - governor

20/02 Debt servicing costs are putting pressure on Zambia's central bank reserves, Bank of Zambia Governor Denny Kalyalya said during a monetary policy committee briefing on Wednesday, after announcing it would keep. . .  Full story

Kenya paves way for green bonds in 2019 with new rules

20/02 Kenya set the stage for the country's first green bond with new rules on Wednesday, part of efforts to diversify its capital markets.. . .  Full story

Tunisia's central bank raises key rate to 7.75 pct to curb inflation

20/02 Tunisia's central bank on Tuesday raised its key interest rate to 7.75 pct from 6.75 pct to combat high inflation, the bank said, the third such hike in the past 12. . .  Full story

Nigeria's electoral commission allows resumption of campaigning after vote delay -statement

18/02 Nigeria's electoral commission approved on Monday the resumption of political campaigning, the body said in a statement, after the general elections were delayed by a week last Saturday.. . .  Full story

Nigeria's main opposition party accuses Buhari of "jungle justice" threat

18/02 Nigeria's main opposition on Monday said President Muhammadu Buhari's threat to use soldiers to deal with any attempts to tamper with voting material during a delayed vote was a "direct call for jungle justice".. . .  Full story

Nigeria commission says transport delays behind vote postponement

16/02 Nigeria's presidential election was delayed by a week due to delays in transporting electoral material and was not a result of external pressure, the chairman of the electoral commission said on Saturday.. . .  Full story

Nigeria opposition candidate Atiku Abubakar urges voters to be patient

16/02 Nigerian opposition candidate Atiku Abubakar on Saturday appealed to voters to be patient following the postponement of a presidential election by a week.. . .  Full story

Morocco’s competition council advises against fuel price cap

15/02 Capping fuel prices would not be in the best interests of consumers or the economy, the head of Morocco’s competition regulator said on Friday, opposing a government plan to restore price. . .  Full story

Zimbabwe inflation quickens to 56.9 percent in January

15/02 Zimbabwe's inflation accelerated to a new 10-year high of 56.9 percent year-on-year in January, from 42.09 percent in December, propelled by increases in the price of basic goods and beer, the. . .  Full story

Uganda's economy seen expanding at 6.3 pct in 2018/19 - IMF

15/02 Uganda's economy is expected to grow 6.3 percent in the 2018/19 (Jul-Jun) fiscal year, slightly higher than the 2018 rate, helped by robust activity in sectors including manufacturing and construction, the. . .  Full story

Namibia's central bank expects first economic growth in three years

13/02 Namibia's central bank expects the domestic economy to grow in 2019 for the first time in three years, Bank of Namibia Deputy Governor Ebson Uanguta said on Wednesday.. . .  Full story