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Nigeria: Adeosun – Only 20% of 69.9 Million Economically Active Nigerians Pay Tax

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Minister of Finance, Kemi Adeosun, has said only 14 million out of the 69.9 million economically active Nigerians pay tax, reflecting a low compliance of 20.03 per cent. Adeosun, who disclosed this at the NSE-Bloomberg CEO Roundtable at the weekend, lamented that, even among the tax payers, there was widespread malpractice that resulted in only part of the actual income ...

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S.Africa’s cenbank governor: currency, price stability aims are supportive of growth

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The South African Reserve Bank’s mandate to keep inflation low and protect the value of the currency is supportive of economic growth, Governor Lesetja Kganyago said on Monday. “If we can keep inflation lower, anchoring inflation expectations, that should in turn generate a lower rate of interest to support the economy,” Kganyago told a business gathering. “We will continue to ...

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Kenya: T-bills uptake falls on low long-term securities demand

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Treasury bills subscription dropped to an average 155.4 per cent last week compared to 209.2 per cent recorded the previous week. Subscription rates for the 91-, 182-, and 364-day government papers came in at 312.5 per cent, 159 per cent and 89 per cent compared to 381.5 per cent, 255.5 per cent and 94.1 per cent the previous week, respectively. ...

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Fitch says South Africa’s new mining rules may deter investment

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Fitch Ratings agency said on Monday that new regulations seeking to accelerate black ownership in South Africa’s mining industry would deter investment. The government published its revised Mining Charter on Thursday, raising the minimum threshold for black ownership of mining companies to 30 percent from 26 percent. But the Chamber of Mines, which represents mining firms, said it would challenge the ...

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Nigeria: We’ve Not Spent U.S.$12 Billion On New Rail Tracks – NRC Boss

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Managing Director of the Nigeria Railway Corporation (NRC), Engr. Fidet Okhiria, has explained that the Federal Government has not spent up to $12bn contrary to what he called misinformation to the public. He said the 186-kilometre Abuja-Kaduna standard gauge which was opened last year had not hit $1bn, further disclosing that the project cost around $830m. Okhiria’s clarification came against ...

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Kenya: Safaricom, EABL rally lifts NSE Sh197bn in four weeks

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Market capitalisation at the Nairobi Securities Exchange has grown by Sh197 billion in the past four weeks, beefed up by gains by Safaricom stock that has in the past week touched an all-time trading high of Sh24. Investor wealth now stands at Sh2.222 trillion, with the market undergoing a revival in the second quarter of the year. The two largest ...

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South Africa central bank hits back against Public Protector

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South Africa’s central bank said on Tuesday a recommendation by the Public Protector to change the constitution to promote growth was unlawful and would hit the regulator’s independence by stripping it of its key aim to protect the currency. “The Reserve Bank has consulted its legal team and has been advised that the remedial action prescribed by the Public Protector ...

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IMF approves $224.8 mln in extra credit for Ivory Coast

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The International Monetary Fund’s Executive Board approved $224.8 million in additional credit for Ivory Coast under an existing lending framework, it said in a statement on Monday. “The Board … approved an augmentation of access under the two arrangements by about US$224.8 million or 25 percent of the country’s quota,” the statement said. Ivory Coast has emerged from a 2011 civil ...

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UK inflation rate unexpectedly rises to four-year high

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UK inflation resumed its upward march last month, accelerating more than forecast to the fastest pace in four years. An increase in prices for computer games, laptops and package holidays – partly reflecting the impact of the weaker pound – lifted the inflation rate to 2.9%, the highest since June 2013. Economists had forecast that it would remain at 2.7%. ...

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