Category: Africa
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Zimbabwe: Govt to Knock Down Mining Fees
Treasury will soon engage the Ministry of Mines and Mining Development for a further downward review of mining fees. Presenting the Mid-Term Fiscal Policy last week, Finance and Economic Development Minister Patrick Chinamasa said the move was aimed at attracting new investment into the sector. “In order to encourage prospecting activities, as well as reducing…
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Nigeria: Petrol Price Hike – Ex-NNPC GMDs’ Position Generates More Controversy
A civil society organisation, the Africa Network for Environment and Economic Justice (ANEEJ), has accused the body of former Group Managing Directors of the Nigerian National Petroleum Corporation, NNPC, of pursuing a selfish agenda in calling for a hike in price of petrol. They claimed the call was capable of ruining the country. In an…
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Egypt Expects to Sign Agreements With European Investment Bank Worth Euro 575M
Egypt is expecting to sign agreements with the European Investment Bank worth EUR575 million in the second half of October, Ministry of International Cooperation said on Sunday. The bank’s deputy head is set to visit Egypt in the second half of October, according to a statement by the ministry citing the EIB’s Director of Operations…
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Kenya:IRA slaps insurers with new rules to lock out illicit cash
Insurers will be required to conduct know-your-customer (KYC) exercise, appoint a money laundering reporting officer and file compliance reports on any suspicious transactions with the regulator every three months. IRA though was mum on ownership disclosure of insurance firms, which has been cited as a key weakness of the financial sector in fighting illicit cash.…
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Namibia: Fishing Industry Could Face Increased Levies
DUE to a struggling economy, the fishing sector may face increased levies to finance the management of Namibia’s fishing sector. According to fisheries minister Bernhard Esau, investors were still running to the bank smiling because fish exports are at a high because of low fuel prices and a weak Namibia dollar, compared to other major…
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Nigeria: Cassava Growers Seek Compensation for Insured Farmlands Damage By Herdsmen
Nigeria Cassava Growers Association, NCGA, has appealed to the Nigerian Agricultural Insurance Corporation, NAIC, to compensate farmers whose insured farmlands were destroyed by herdsmen in various states. President of the association, Pastor Segun Adewumi, made the appeal in an interview in Lagos, yesterday. Adewumi lamented that most of the destroyed farmlands were set up with…
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Malawi: Government Commends Egypt for Investing in Malawi
Government has praised the Arab Republic of Egypt for its continued investment in the people of Malawi. Health Minister, Dr. Peter Kumpalume said Egypt despite not being the richest nation, they have made tremendous investment in skills development in Malawi in many sectors of the economy including health. Speaking in Lilongwe on Thursday, when the…
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Senegal:Sheep business boosted by mobile money
Sheep are a hot commodity in Senegal leading up to the Muslim holiday Eid al-Adha, when each family traditionally slaughters a ram for a feast that has become a boomtime for traders who often travel hundreds of miles to sell their livestock. It is a tradition stretching back centuries, but these days paying for the…
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Kenya urged to issue a fresh sovereign bond
Financial analysts say time is ripe for the National Treasury to access cheap dollar debt on the international market after Ghana issued a $750 million Eurobond last Thursday at a yield of 9.25 per cent. Accra badly needed cash to balance the budget before elections in December but had been unable to raise funds, even…
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South Africa’s finmin approves cash-strapped national airline application
South Africa’s Finance Minister Pravin Gordhan has conditionally approved an application from the cash-strapped national airline for a guarantee as a going concern, the ministry said on Friday. South African Airways (SAA) has been surviving on state-guaranteed loans and has failed to submit financial statements for the past two years, with results for 2015/16 held…