Accra, Ghana
36°C

GSE Feed

Forex Rate

Southern Africa

South Africa’s central bank says has not instructed banks on ties with KPMG

kpmg

South Africa’s central bank said on Friday it has not instructed banks on how to deal with KPMG after the auditing firm was entangled in a scandal involving business friends of President Jacob Zuma. “The South African Reserve Bank would like to state categorically that it has not instructed banks on what steps they should, or should not take, with ...

Read More »

South Africa’s Eskom asks McKinsey, Trillian to return $117MN

eskom

South Africa’s Eskom has asked consultancy firms McKinsey and Trillian to pay it back 1.6 billion rand ($117 million), saying that an internal inquiry had found that the state power utility’s decisions to make the payments were unlawful. “The interim findings from Eskom investigations into the circumstances surrounding payments made to both the companies point to certain decisions by Eskom, ...

Read More »

Sibanye to boost PGM production as U.S. project comes online

The sun sets behind a shaft outside the mining town of Carletonville, west of Johannesburg, July 7 2015.   REUTERS/Siphiwe Sibeko

South African mining company Sibanye-Stillwater said on Monday production has started three months ahead of schedule at its Montana-based Blitz project, boosting its platinum group metals (PGM) production in the United States. The project is expected to produce approximately 300,000 ounces annually by late 2021/early 2022, increasing total PGM production from Sibanye’s U.S. operations by more than 50 percent to ...

Read More »

Inside South Africa’s olive oil industry

olive-oil_Pixabay-730x480

As world demand increases, South Africa is stepping up to the plate in meeting the shortage of quality, fresh olive oil. Olive oil is no longer simply used for cooking. Its many and varied uses, including its numerous health benefits, are increasingly known and enjoyed by foodies the world over. In South Africa, consumers are blessed with a choice of ...

Read More »

South Africa’s parliament cuts ties with auditor KPMG

KPMG_Flickr-730x480

South Africa’s parliament said on Wednesday it has terminated its contract with KPMG, citing reputational risks after the global auditor was caught up in a scandal involving business friends of President Jacob Zuma. Parliament said this termination includes a contract KPMG has a medical aid scheme for Members of Parliament. KPMG cleared out its South African leadership en masse this ...

Read More »

S.A: Fuel franchising continues to be resilient as economic indicators remain subdued

sasol_petrol_station

The South African fuel retail industry has grown considerably in recent years. In fact, it is one of the few sectors to weather the downgrading, rand volatility and negative growth rates recently experienced. Fuel retail specifically is a highly specialised sector, with operating margins that are affected by a multitude of factors such as oil prices, labour costs, exchange rates and regulations, to mention ...

Read More »

S.African c.bank defies expectations by keeping rates at 6.75%

governor_lesetja_kganyago_-_flickr

South Africa’s central bank kept its benchmark repo rate at 6.75 percent on Thursday, defying expectations of a cut based on easing inflation pressures and a sluggish recovery from a recession in the first half of the year. Of 26 economists polled by Reuters, 17 had predicted a 25 basis point cut and one a 50 basis point reduction. The ...

Read More »

Zimbabwe to pay $1.8BN in foreign arrears only when economy is stronger: finance minister

shutterstock_85467808

Zimbabwe’s Finance Minister on Wednesday said the southern African nation would not be able pay $1.8 billion in arrears to the World Bank and African Development Bank (AfDB) until economic fundamentals improve. Patrick Chinamasa said in a radio interview that a payment plan agreed with foreign lenders in 2015 in Lima, Peru, could only proceed once Zimbabwe has reduced its ...

Read More »

SA’s state-owned companies had been “captured”: Ramaphosa

ANC_600x400

South African Deputy President Cyril Ramaphosa, a leading contender to become head of the ruling ANC in December, stepped up his criticism of the government on Sunday, saying state-owned companies had been “captured” and funds looted from them. Ramaphosa’s remarks during a speech to an African National Congress meeting in the old diamond-mining town of Kimberley were tougher than others ...

Read More »

Zambia GDP growth seen rising to 6.1% by 2020

Zambian-Flag-Flickr

Zambia’s economy will grow by 5.0 percent in 2018, 5.1 percent in 2019 and 6.1 percent in 2020, up from 4.3 percent in 2017, the ministry of finance said in a statement on Sunday. The country’s fiscal deficit is expected to be 7.0 percent in 2017, 6.3 percent in 2018 and 4.3 percent in 2019, then drop to 2.6 percent ...

Read More »
Citi Business News