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Southern Africa

Inside South Africa’s olive oil industry

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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 ...

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South Africa’s parliament cuts ties with auditor KPMG

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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 ...

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

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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 ...

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

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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 ...

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

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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 ...

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

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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 ...

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Zambia GDP growth seen rising to 6.1% by 2020

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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 ...

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Zim retailers raise alarm on food shortages

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Retailers in Zimbabwe want the central bank to put a speedy end to foreign payment bottlenecks for suppliers of goods and commodities to shops in the country. This comes as shortages have started to emerge, owing to a foreign currency crunch. Pick n Pay, in partnership with Zimbabwe’s TM Supermarkets and OK Zimbabwe, are the largest retailers in Zimbabwe. They ...

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BLSA wants details on Hawks investigation against Gordhan

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Business Leadership South Africa (BLSA) aired its concern on Wednesday about former finance minister Pravin Gordhan’s alleged victimisation by the Hawks. It called on the Hawks to confirm whether they are indeed investigating Gordhan. “The business community has lost confidence that the SA Revenue Service (SARS), the Hawks and the National Prosecuting Authority (NPA) are independent and are acting without ...

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South Africa aims to pass delayed mining law by December: minister

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Amendments to South Africa’s mineral resources law are expected to be passed by December and provide greater investor certainty, Mines Minister Mosebenzi Zwane said on Thursday. Changes to the Mineral and Petroleum Resources Development Act were initially passed by parliament three years ago but were then sent back to lawmakers by President Jacob Zuma in 2015 due to concerns over ...

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Ghana Business News