Category: Africa
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South Africa’s FinMin says economic recovery is underway
Improved electricity supply, an easing drought and a depreciation of the rand currency are underpinning a recovery in the South African economy, Finance Minister Pravin Gordhan said on Monday. Gordhan’s comments echo the view of analysts who in a Reuters poll published last week forecast that rising commodity prices would also provide a fillip to…
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Zimbabwe: RBZ, Sakunda Seal Fuel Import Deal
The Reserve Bank of Zimbabwe has sealed a deal with local petroleum giant Sakunda Holdings that will see the firm supplying the country with 160 million litres of fuel to ensure adequate supplies during the festive season. The deal, which became effective at the beginning of this month, was hammered under a structured facility in…
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Nigeria: President Buhari – 2017 Budget Will End Recession
President Muhammadu Buhari has expressed confidence that the 2017 budget proposals which he will lay before the National Assembly on Wednesday would get the nation “out of its economic woes.” President Buhari in his 2016 Eid el-Maulud message to the nation yesterday said: “As we use the memorable occasion of this celebration to reflect on…
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Nigeria: CBN Discovers Over N2 Million Counterfeit Notes in Kano
The Central Bank of Nigeria (CBN) has disclosed that from January to November 2016 financial year; the Central Bank has discovered, N2,97120.00 counterfeit currency notes in circulation in Kano State as against N2, 101,400.00 discovered in 2015. This was disclosed by the CBN branch controller Kano State, Mrs. Abubakar Ameena Pindar during the 2015/2016 Kano…
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Zimbabwe: Rbz Orders Cash Withdrawal Charges
THE Reserve Bank of Zimbabwe (RBZ) has ordered banks to reduce charges between 1% and 1.25% of amount withdrawn for Automated Teller Machines (ATM) and over the counter. The order by RBZ comes after local financial institution increased withdrawal bank charges taking advantage of the cash shortages as depositors were now relying on multiple electronic…
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South Africa’s Sibanye Gold to buy Stillwater Mining
South Africa’s Sibanye Gold will pay $2.2 billion for U.S.-based Stillwater Mining, Sibanye said on Friday, extending its push into platinum group metals. Sibanye has entered into a definitive agreement to acquire all of the outstanding common stock of Stillwater Mining for $18.00 per share in cash, a 23 percent premium on the firm’s closing…
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Tanzania: Coal Debate Lingers Despite Dangote’s Assurance to JPM
The owner of the Mtwara-based Dangote cement factory, Mr Aliko Dngote, says he is against his company’s decision to import coal and gypsum for use at the factory. According to Africa’s richest man, importing goods that are locally available amounts to importing poverty into Tanzania and exporting jobs outside the country, adding that his company…
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Tanzania: Egyptian Investors Eye Tanzania Health Sector
Egyptian business executes have said they are interested in investing in Tanzania. They recently toured Tanzania to explore investment opportunities. Delegation leader Moustaf Nour told The Citizen that Tanzania’s abundant resources and conducive environment were attractive for investors. The World Bank’s Doing Business Report, released in October 2016 ranked Tanzania No. 132, up from No.…
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Former AfDB President Donald Kaberuka gets new post
Dr. Donald Kaberuka, the seventh president and a former chairman of the board of directors of the African Development Bank Group and a former finance minister of the Republic of Rwanda, has joined The Boston Consulting Group (BCG) as a senior advisor to its Public Sector, Social Impact, and Financial Institutions practices, the firm announced…
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Oil minister says Congo Republic oil output to reach 300,000 bpd in 2018 – oil minister
Congo Republic expects oil output to rise to some 300,000 barrels per day in 2018, up from around 250,000 bpd now, partly due to a new deep offshore field due to come online next year, the oil minister said on Thursday. Moho Nord, the second project issued on the Moho Bilondo offshore licence, is due…