Category: Southern Africa

South Africa’s central bank will tolerate temporary breaches of its inflation target to smooth out short-term fluctuations in economic growth, but a persistent breach will require a policy response, deputy Governor Daniel Mminele said. In a speech delivered at an investment seminar in the United States at the weekend and posted on the bank’s website,…

Angola’s state oil company Sonangol said it has found oil and gas reserves in the Kwanza basin that could total 2.2 billion barrels of oil equivalent, including in a block it jointly owns with BP. Block 24, operated by BP, holds an estimated 280 million barrels of condensate and 8 trillion cubic feet of gas,…

Johannesburg – South Africa issued a draft plan that intends to compel mines to ensure that black people hold at least 26% of their shares even after those stakes were sold. In the reviewed Mining Charter published for comment on Friday, the Mineral Resources Department stated that mine-right holders must ensure their empowerment credentials are…

Investors are disregarding political risks in South Africa as they line up to take advantage of the region’s best emerging-market bond rally. Foreigners have bought a net 26.9 billion rand ($1.86 billion) of the nation’s bonds in 2016, the best start to a year since 2010 and a turnaround from the final quarter of 2015,…

There is anticipation and excitement in the air in Rwanda, as the country gears up to host the 26th World Economic Forum (WEF) on Africa from May 11-13. This is the first time a WEF summit is being held in Rwanda, so work is on at a feverish pace to deliver a world-class event, to…

Botswana is ahead of its regional peers in diamond production and exports, figures from the Kimberley Process reveal. The Kimberley Process (KP) is a joint government, industry and civil society initiative aimed at stemming the flow of conflict diamonds – rough diamonds used by rebel movements to finance wars against legitimate governments. Some of the…

South Africa’s Treasury said on Wednesday it was still considering an application by state-owned arms manufacturer Denel to do business with a company owned by the Gupta family, which has been under scrutiny over its alleged close ties to President Jacob Zuma. South Africa’s top banks and some audit firms recently cut ties with the…

South Africa’s first black-owned and operated fuel distributor celebrates its 20-year anniversary this year and, while happy to reflect on the past 20 years, the company is eager to shape the future of the industry in a much more significant way in the years ahead. “We have stuck it out and grown ourselves to the…

At Zimbabwe’s biggest diamond field, cattle that strayed through a sagging fence graze unattended near idled dump trucks and conveyors as police stop and check visitors’ vehicles for clearance. Security forces and state-owned Zimbabwe Consolidated Diamond Co. on Feb. 22 took over the deposits in Marange, the biggest source of diamonds by volume in 2013,…