Category: Africa
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South Africa says gas-to-power projects to cost around $3.7 bln
South Africa’s planned gas-to-power projects will cost around 50 billion rand ($3.7 billion) and will require 1.6 million tonnes a year of gas imports, department of energy official Karen Breytenbach said on Tuesday. South Africa will announce preferred bidders for gas-to-power projects by the end of March as part of efforts to diversify electricity production…
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Sierra Leone will cut govt spending by 30 pct
Sierra Leone will cut the cost of running its government by 30 percent to try to tackle an economic crisis triggered by falls in commodity prices and the aftermath of an Ebola epidemic, President Ernest Bai Koroma said in a statement. The measures will come into effect immediately and continue for the rest of the…
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Algerian, Tunisian Press Agencies Renew Cooperation Agreement
The National press agency Algeria Press Service (APS) and its Tunisian counterpart Tunis Afrique Presse (TAP) renewed Sunday, in Algiers, the cooperation agreement linking the two agencies. The cooperation agreement, signed by the Director General of APS Abdelhamid Kacha and Chief Executive Officer of TAP Hamida El Bour, follows the previous cooperation agreements signed between…
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South Africa may be over the worst of its economic downturn – FinMin Gordhan
South Africa may be over the worst of its economic downturn with potential growth of over one percent next year, Finance Minister Pravin Gordhan said on Monday, noting President Jacob Zuma had expressed confidence in him. Speaking to reporters on the sidelines of the FT Africa Summit, Gordhan also said the country, which is teetering…
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Kenya:Strong shilling hurting exports in region
The Kenyan shilling is nearly 20 per cent overvalued against the dollar in real terms rendering the manufacturing sector uncompetitive in the regional export markets, economists at Renaissance Capital say. The analysts estimate the fair value of the shilling based on the real effective exchange rate (Reer) should be 119 units to the dollar. Reer…
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Kenya:Planned road expansion overshoots initial budget by Sh8.3bn
Conversion of the James Gichuru Road-Rironi section of the Nairobi-Nakuru road into a six lane highway will cost Sh8.3 billion more than was announced in July, according to an audit report submitted to the National Environment Management Authority (Nema). The report says that expansion of the road will cost Sh24.7 billion or Sh8.3 billion higher…
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Algeria: European Commission – Significant Drop in EU Agrifood Exports to Algeria
Exports of agrifood products from the European Union to Algeria have significantly decreased during the last 12 years from €3.408 billion on August 2015 to €2.778 billion on July 2015 during the period between August 2015 and July 2016 period, down by 18.5%, say data published by the European Commission. The decline in agrifood exports…
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Egypt: MOU to Boost Investment Between SA, Egypt
South Africa and Egypt have signed a Memorandum of Understanding (MoU) that will boost investment between the two countries, said the Department of Trade and Industry (dti). The MoU was signed between Investment South Africa and its Egyptian counterpart General Authority of Investment and Free Zones (GAFI). “The MoU is designed to conduct an effective…
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South Africa:Barloworld CEO to step down
Global industrial group Barloworld’s CEO Clive Thomson will step down next year. Thomson who has been with the group for a decade will hand the baton to Dominic Sewela at the industrials’ next annual general meeting to be held on 8 February 2017. Sewela, who was appointed as Deputy Chief Executive of Barloworld on 1…
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Tanzanian firm wins Sh927m award for 2007 post-poll loss
One of Tanzania’s largest consumer goods dealers, Modern Holdings East Africa (Masafi), has won a Sh927 million compensation for a consignment it lost during the 2007-2008 post-election violence in a landmark case that could open a floodgate of similar suits against the Kenyan government. The High Court in Mombasa ordered the Kenya Ports Authority (KPA)…