Reuters Africa Business

Botswana heads to the polls with diamond downturn in focus

30 Oct 2024

By Brian Benza GABORONE (Reuters) -Botswana started voting on Wednesday in an election that will determine whether President Mokgweetsi Masisi secures a second term, with slowing economic growth driven by declining diamond demand the central issue. Masisi’s Botswana Democratic Party (BDP) has governed the southern African state since 1966 and remains the favourite to win …

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Senegal raises $300 million after IMF pauses payouts

30 Oct 2024

DAKAR (Reuters) -Senegal has raised $300 million by reopening a bond issued in June to cover financing needs for the 2024 budget after the International Monetary Fund (IMF) delayed disbursements due to audit findings, its finance ministry said on Wednesday. The transaction, which involves the West African country’s privately placed bond that will mature in …

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Namibia lowers 2024 growth forecast on diamond downturn, drought

30 Oct 2024

By Nyasha Nyaungwa WINDHOEK (Reuters) – Namibia has lowered its economic growth forecast for this year, Finance Minister Iipumbu Shiimi said on Wednesday, citing a slump in demand for diamonds and a severe drought. Its economy is expected to grow 3.6% this year, compared to a February forecast for 4.0% growth, Shiimi told parliament in …

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South Africa sees wider deficits, higher debt in budget review

30 Oct 2024

By Kopano Gumbi, Tannur Anders and Olivia Kumwenda-Mtambo CAPE TOWN (Reuters) -South Africa’s government on Wednesday forecast wider budget deficits and higher debt over the next three years, even as it anticipated better growth prospects due to improved electricity supply. In the first budget review since the African National Congress (ANC) lost its ruling majority …

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South Africa aims to attract more private investment into infrastructure

30 Oct 2024

PRETORIA (Reuters) – South Africa’s National Treasury said on Wednesday that the government was transforming its approach to private-sector participation in public infrastructure projects. “Over the medium term, government is transforming its approach to public-sector infrastructure by creating the conditions to attract private-sector participation,” the National Treasury’s mid-term budget review said. The Treasury also said …

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Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

30 Oct 2024

By Pesha Magid RIYADH (Reuters) – Saudi Arabia is in the advanced stages of talks about a stake in a copper mine in Zambia and is expecting a deal by the end of the year, the CEO of Saudi Arabia’s flagship mining company Ma’aden told Reuters on Wednesday. “We are looking at Zambia, we are …

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Dangote says refinery has 500 million litres of petrol in storage, can meet Nigeria’s demand

30 Oct 2024

By Isaac Anyaogu LAGOS (Reuters) – Nigeria’s Dangote oil refinery has a stockpile of 500 million litres of petrol, its billionaire founder said, countering claims by marketers who asserted they needed to supplement Dangote’s supplies with imports to meet fuel shortages. Nigeria’s President, Bola Tinubu, had summoned oil regulators, the head of the state-owned NNPC, …

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S.African poultry firm Astral Foods eyes annual profit after bird flu-triggered loss

30 Oct 2024

(Reuters) – South Africa’s top poultry producer Astral Foods said on Wednesday it expects to post an annual profit this year, as it recovers from the previous year’s rare loss caused by power cuts and the country’s worst-ever bird flu outbreak. Astral said in a trading update its headline earnings per share for the year …

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Botswana’s Debswana diamond sales fall over 50% in first nine months of 2024

30 Oct 2024

GABORONE (Reuters) – Sales of rough diamonds at the Debswana Diamond Company fell about 52% in the first nine months of 2024, data released by Botswana’s central bank on Tuesday showed, as the downturn in the global diamond market persisted. Debswana, equally owned by Botswana and Anglo American Plc’s De Beers, sells 75% of its …

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