Featured
Russia’s Return to Africa
Once an important player on the African continent, Russia has renewed its aspirations for economic, military, and trade ties with...
Gabon: Depressed in Economic Crisis, Government Fuels Investor Mistrust by Expropriating Veolia-SEEG
Gabon’s government had juste illegally seized French environmental services group Veolia’s SEEG unit and intends to terminate its contract to distribute water and electricity in the country: the latest in a larger, overarching economic and political crisis.
Africa gets its first smartphone manufacturing facility in Nigeria
While mobile phone penetration has been rapidly increasing throughout Africa for several years, until now, all the smartphones sold on...
First Female Head of UN Economic Commission for Africa: Vera Songwe
The Economic Commission for Africa has appointed Cameroonian economist and banking executive Vera Songwe as the new Executive Secretary; the first time in history a woman has held this role.
Cameroon Tastes Success with its Penja Pepper Export
Cameroon’s coveted Penja Pepper is economically transforming the lives of those who farm it.
Latest Updates from Reuters
Africa’s major central banks embarking on policy easing cycle ride
By Vuyani Ndaba JOHANNESBURG (Reuters) – Africa’s major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops...
Former Etisalat Nigeria, 9mobile, is open to new investors: CEO
By Chijioke Ohuocha LAGOS (Reuters) – Telecoms group 9mobile is open to new investors but will continue to manage the business in the meantime, its chief executive said on Wednesday at an event to officially announce the company’s new name to replace Etisalat Nigeria. UAE’s Etisalat terminated its management agreement with its Nigerian business in...
Guinea Bissau reaches $47 mln deal on submarine cable
BISSAU (Reuters) – Guinea Bissau has agreed a memorandum of understanding with the World Bank, Orange and MTN for a $47 million project to link the country to a submarine telecoms cable connecting Africa with Europe, the government said on Wednesday. Under the agreement, French telecoms company Orange and South Africa’s MTN Group will form...
Ghana president says will not extend three-year IMF aid programme
ACCRA (Reuters) – Ghana will not extend its three-year aid programme with the International Monetary Fund beyond April 2018, President Nana Akufo-Addo said on Tuesday, despite continuing fiscal difficulties. The president’s announcement is a surprise turnaround after government officials said last month that Ghana was considering a request by the Washington lender to extend the...
Leaders
South Africa’s Q1 business confidence rises 11 points to 45
South Africa's business confidence rose in the first quarter by 11 points in a sign that the country's economy is picking up pace, a survey showed on Wednesday.
Shell, Eni preempt any U.S. probe over Nigeria with filings
Oil giants Royal Dutch Shell and Eni have voluntarily filed to U.S. authorities internal probes into how they acquired a giant field in Nigeria as the companies seek to fight corruption allegations in Europe and Africa.
Barclays Africa lifts profit, looks to Nigeria for growth
Barclays Africa Group, South Africa's No.2 lender by market value, reported a 4 percent rise in annual profit on Thursday, thanks to a substantial decline in impairments. Normalised diluted headline EPS, the primary measure of profit in South Africa that strips out one-off items, came in at 1,837.7 cents in the year ended December compared with 1,769.4 a year earlier.
South Africa economic confidence to get a lift after cabinet reshuffle.
Confidence in South Africa's economy will get a boost after Monday's cabinet reshuffle by President Cyril Ramaphosa returned trusted hands to crucial budget-related ministries, a Reuters poll showed on Thursday.
Politics
Mali militia says it obtains U.S. military vehicle from Niger raid
A Malian militia said on Wednesday it had obtained a sport utility vehicle abandoned by U.S. special forces in neighboring Niger during a deadly ambush last October, and offered to return it to the United States.
South Africa’s Q1 business confidence rises 11 points to 45
South Africa's business confidence rose in the first quarter by 11 points in a sign that the country's economy is picking up pace, a survey showed on Wednesday.
Nigeria increases excise duties on tobacco and alcohol
Nigeria's President Muhammadu Buhari has approved an increase in excise duties on tobacco and alcoholic beverages, the finance ministry said in a statement on Sunday.
IMF tells Ghana to adopt new revenue plan before April review
Ghana must legislate new measures to boost revenues by at least 0.5 percent of gross domestic product before the IMF reviews a $918 million credit deal next month, the Fund said.
Business
Making a Mark in Africa: Global Brands Dominate
With Africa being one of the fastest growing markets for consumer goods worldwide, global brands have increasingly focused their efforts on the continent’s vibrant economies. Two major factors are worth noting here; Household consumption in Africa has outpaced GDP growth, and GDP growth across Africa is consistently outperforming global averages. Consumer expenditure in Africa has...
Russia’s Return to Africa
Once an important player on the African continent, Russia has renewed its aspirations for economic, military, and trade ties with several African nations. From Algeria to Zimbabwe, Russia is investing in energy and resource projects, lending military and diplomatic support to embattled African leaders, and once again positioning itself as an influential presence in the...
South Africa’s Gold Fields ties up with Canada’s Asanko in Ghana
JOHANNESBURG (Reuters) – South Africa’s Gold Fields will buy a near 50 percent share of Asanko Gold Inc’s Ghana subsidiary and take a stake in the Canadian miner in a $202.6 million deal announced on Thursday. Investors were cautious, questioning whether the African joint venture would make a return any time soon and sending Gold...
Djibouti plans new container terminal to bolster transport hub aspirations
Djibouti is in talks with French shipping company CMA CGM to develop a new container terminal at an initial cost of $660 million as part of the tiny African country's bid to expand into a sea and air transport hub for the continent.
