Reuters Africa Business

Egypt says it expects combined IMF review to be completed by October

16 Jul 2025

By Libby George LONDON (Reuters) -Egypt’s Finance Minister Ahmed Kouchouk said on Wednesday he was confident the country would hit its key economic reform targets and have a delayed review of its $8 billion International Monetary Fund programme completed by September or October. The fund announced earlier this month that it would combine the fifth …

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South Africa’s Eskom targets mainly clean energy sources by 2040

16 Jul 2025

JOHANNESBURG (Reuters) -South African state-owned power utility Eskom aims to shift to mainly clean energy sources by 2040 from its current predominantly coal-based generation fleet, it said on Wednesday as it laid out its latest plans for the change. Eskom aims to have 32 gigawatts (GW) of renewable energy capacity by 2040, compared to less …

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Zimbabwe aims to break ground for $270 million new lithium plant this year

16 Jul 2025

HARARE (Reuters) -Zimbabwe’s Kuvimba Mining House will begin construction of a $270 million lithium concentration plant at its Sandawana mine in the third quarter of this year, with commissioning expected in early 2027, CEO Trevor Barnard said. The state-owned miner is partnering with two Chinese metals giants to build the 600,000 metric ton per year …

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Trump’s tariffs put 100,000 jobs at risk in South Africa, central bank chief says

16 Jul 2025

JOHANNESBURG (Reuters) -U.S. President Donald Trump’s tariffs on South Africa could cause around 100,000 job losses, with the agriculture and automotive sectors hardest-hit, central bank governor Lesetja Kganyago said on Wednesday. Kganyago told local radio station 702 that the impact of the 30% tariff, which Africa’s biggest economy faces from August 1, could cause significant …

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Zimbabwe’s Kuvimba revises platinum mine plan as prices rebound

16 Jul 2025

By Chris Takudzwa Muronzi HARARE, July 16 (Reuters) – Zimbabwe’s Kuvimba Mining House will develop its Darwendale platinum project as an open pit rather than the previously planned underground mine, CEO Trevor Barnard said, speeding up the delayed venture as platinum prices rise. Launched by former President Robert Mugabe and Russia’s Foreign Affairs Minister Sergey …

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Senegal raises $644 million in oversubscribed domestic bond offering

16 Jul 2025

DAKAR (Reuters) -Senegal has raised 364 billion CFA francs ($644 million) in its second public bond offering of 2025, exceeding its initial target of 300 billion CFA francs, the West African nation’s finance ministry said in a statement on Tuesday. The issuance, which ran from June 19 to July 8, was arranged by CGF Bourse …

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IMF warns Ethiopia that reform momentum faces risks amid waning donor support

15 Jul 2025

By Colleen Goko JOHANNESBURG (Reuters) -The International Monetary Fund (IMF) cautioned Ethiopia on Tuesday that its reform agenda under a $3.4 billion loan deal is facing challenges from declining donor support, despite the country’s meeting key program targets. The IMF, in an extensive report, praised Ethiopian authorities for implementing economic adjustments, including subsidy cuts, monetary …

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Senegal working on rebasing country’s GDP, finance ministry says

15 Jul 2025

DAKAR (Reuters) -Senegal has begun recalculating its gross domestic product using an updated base year in a move that could result in an improvement in its debt metrics, its finance ministry said on Tuesday in response to a credit rating downgrade. Senegal revealed last year it had billions of dollars of previously unreported debt, leading …

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Egypt’s military-linked agency to oversee new exchange for commodity imports and exports

15 Jul 2025

By Mohamed Ezz CAIRO (Reuters) -Egypt plans to launch a revamped national commodity exchange to oversee imports and exports of essential agricultural goods, the presidency said on Tuesday, as it strives to secure consistent supplies and keep prices steady. The exchange, in which the military-linked Future of Egypt for Sustainable Development has a majority stake, …

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West African development bank expects regional growth to edge lower

15 Jul 2025

By Duncan Miriri NAIROBI (Reuters) -Growth in the 15 member states that make up the Economic Community of West African States, or ECOWAS, is likely to inch down to 5.0% this year from 5.1% last year, the bloc’s regional development bank said on Tuesday. The ECOWAS Bank for Investment and Development, EBID, linked the decline …

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