Reuters Africa Business

South African assets slump in risk-off trade, snapping weeks of gains

13 Jun 2025

JOHANNESBURG (Reuters) -South Africa’s rand, stocks and government bonds traded lower on Friday, snapping weeks of gains as Israeli military strikes on Iran drove investors away from riskier assets and toward safe havens, analysts said. Local assets’ strong run has been fuelled by coalition partners resolving a budget dispute as well as by talk of …

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Mali hopes Russia partnership will help end raw gold exports

13 Jun 2025

BAMAKO (Reuters) -Mali’s government will establish a state-controlled gold refinery with Russia’s Yadran to boost bullion revenue as West African nations aim for greater resource returns amid rising commodity prices, the country’s finance minister said. The new company, SOROMA-SA, will be 62% owned by the Malian state, with the remainder held by Yadran, Economy and …

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Ugandan shilling slips on interbank demand for dollars

13 Jun 2025

KAMPALA (Reuters) -The Ugandan shilling weakened on Friday, pressured by a resurgence in demand for hard currency from interbank players seeking to bolster their positions, traders said. At 0838 GMT, commercial banks quoted the shilling at 3,600/3,610, compared to Thursday’s close of 3,585/3,595. (Reporting by Elias Biryabarema; Editing by Bate Felix)

Power company Umeme records 2024 pre-tax loss of $167 million

13 Jun 2025

KAMPALA (Reuters) -Ugandan private power company Umeme Limited made a pre-tax loss of 602.7 billion Ugandan shillings ($167 million) last year, it said on Friday, as it made large provisions for the end of its distribution concession. The firm’s monopoly right to distribute power in Uganda ended in March after the government refused to renew …

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US dollar crumbles as inflation cools; euro hits nearly four-year peak

12 Jun 2025

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar slumped on Thursday, as weaker-than-expected U.S. inflation data for May suggested that the Federal Reserve could resume cutting interest rates sooner rather than later, while the safe-haven yen and Swiss franc benefited from rising Mideast tension. The euro, on the other hand, soared to its highest level …

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Tanzania’s budget spending to rise about 12% next fiscal year

12 Jun 2025

DAR ES SALAAM (Reuters) -Tanzania’s budget spending will increase by about 12% next fiscal year to roughly 56.5 trillion Tanzanian shillings ($22 billion), driven by efforts to complete flagship infrastructure projects, Finance Minister Mwigulu Nchemba said on Thursday. The government plans external borrowing of 8.7 trillion shillings and domestic borrowing of 6.3 trillion shillings in …

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Uganda sees higher growth next year but no oil-fuelled boom yet

12 Jun 2025

By Elias Biryabarema KAMPALA (Reuters) -Uganda on Thursday forecast its economic growth would accelerate slightly in the coming fiscal year to about 7%, which suggests officials are not banking on large-scale energy production in the next 12 months. The modestly higher growth forecast for the financial year starting next month compares to projected growth of …

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