Category: Southern Africa

South Africa aims to double its mobile broadband coverage to 80 percent of the population by 2019, the telecoms minister said on Tuesday, adding that the government wanted to reduce the high cost of communications. According to a World Bank report released in February, South Africans paid around $14.10 for one gigabyte of data, the…

Standard & Poor’s on Monday revised their outlook from negative to stable for miners AngloGold Ashanti and Gold Fields. In two seperate statements, the ratings agency affirmed the miners’ ‘BB+’ long-term and ‘B’ short-term corporate credit ratings and the ‘zaA’ long-term and ‘zaA-2’ short-term national scale ratings. “In addition, we affirmed our issue ratings on…

Newly-launched luxury apartment developments across SA have recorded a spike in off-plan sales in recent months – with some already being sold out. The sales that have been reported by industry players have largely been in mixed-use nodes where potential buyers can live, work and play. Property developers are back in business after the 2007/8…

South Africa’s Treasury said on Saturday that the government was bringing public finances under control despite recent “adverse political developments.” The Treasury was responding to Moody’s announcement late Friday that it was maintaining South Africa’s investment-grade rating while assigning a negative outlook to it. Moody’s said that it had now concluded a ratings review it…

DROUGHT ravaging Zimbabwe is worsening the Southern African country’s economic difficulties. The erratic rains and increasing temperatures have reduced agricultural output and disrupted hydropower production and water supplies, leaving up to 4 million people in need of food aid. This represents a third of the population. The International Monetary Fund, which has concluded a mission…

Revelations that the government of Armando Guebuza took on more than $2 billion in debt in secret are creating a deepening economic crisis. The Group of 14 (G14) budget support donors have all suspended their contributions to the government budget, the President of Portugal, Marcelo Rebelo de Sousa, confirmed yesterday. Portugal holds the rotating chair…

Zambia’s budget deficit and economic growth are expected to remain largely unchanged this year as low commodity prices and electricity shortages continue hitting production, the treasury secretary said on Thursday. The fiscal deficit in Africa’s second-biggest copper producer is seen reducing slightly in 2016 to below last year’s level of 8.1 percent and then decline…

Zimbabwe’s economic difficulties have deepened after drought weakened agricultural production and disrupted hydro power generation and the southern African nation needs bold reforms, the International Monetary Fund said on Wednesday. “Unless the country takes bold reforms, the economic difficulties will continue in (the) medium-term,” the fund said in a statement after a consultation with Zimbabwean…

The impact of a possible further ratings downgrade on the South African economy and financial system could lead to increased capital outflows, the central bank said on Tuesday. Ratings agencies have warned of possible ratings cuts should Pretoria show a lack of commitment to reining in its budget deficit. The warnings came after President Jacob…