Reuters Africa Business

JOHANNESBURG (Reuters) – Zimbabwe’s central bank raised its main lending rate from 60% to 80% on Monday, saying its monetary policy committee was concerned with an escalation in annual inflation to 72.7% in March. “In this regard, the committee reiterated the need for the bank to remain focused on inflation reduction and putting in place …

Zimbabwe central bank raises main policy rate to 80% Read More »

By Camillus Eboh ABUJA (Reuters) – Dangote’s 650,000 barrels per day (bpd) oil refinery being built in Nigeria is due to begin production by the fourth quarter of 2022, Group Executive Devakumar Edwin said on Sunday. “75% hydraulic testing … as well as 70% of electrical cable fitting have been completed preparatory to the completion …

Dangote to complete Nigerian oil refinery in Q4 -executive Read More »

TUNIS (Reuters) – Tunisia’s phosphate production doubled to 1.3 million tonnes in the first quarter of 2022, compared to the same period last year, a senior official in state-run Gafsa Phosphate told Reuters on Sunday. He added that the company aims to produce 5.5 million tonnes of phosphate this year compared to 3.7 million tonnes …

Tunisia doubles phosphate production in first quarter of year Read More »

CAIRO (Reuters) – Egyptian net foreign assets (NFAs) went sharply negative in February, declining by 60 billion Egyptian pounds ($3.29 billion) to minus 50.3 billion pounds, central bank data showed on Sunday. It was their fifth month of declines. An outflow of foreign currency helped prompt the central bank to devalue the pound by 14% …

Egypt’s net foreign assets turned sharply negative in February Read More »

CAIRO (Reuters) – Egypt’s Suez Canal recorded revenue of $1.69 billion in the first quarter of 2022, up from $1.4 billion in the same period a year prior, the canal authority said in a statement on Saturday. The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main …

Egypt’s Suez Canal Q1 revenue at $1.69 billion – statement Read More »

(Reuters) – Ratings agency Moody’s on Friday revised South Africa’s outlook to “stable” from “negative”, saying the country’s improved fiscal outlook would help the government stabilise its debt burden over the medium term. South Africa’s public finances were in bad shape even before the COVID-19 pandemic and took a further dive in 2020, when an …

Moody’s upgrades South Africa outlook to ‘stable’ on better fiscal health view Read More »

JOHANNESBURG (Reuters) -The Public Investment Corporation (PIC), South Africa’s largest pension fund and one of Absa Group’s main shareholders, said on Friday it was disappointed by the lender’s choice of CEO and has requested an urgent meeting with the board to discuss strategy. Absa on Tuesday made Arrie Rautenbach its chief executive officer with immediate …

Absa shareholder PIC disappointed with lender’s choice of CEO Read More »

JOHANNESBURG (Reuters) – South Africa collected 1.564 trillion rand ($107 billion) in tax revenue in the financial year ended March 2022, slightly higher than the budget estimate of 1.547 trillion rand, the revenue service said on Friday. The South African Revenue Service (SARS) said revenue collections have been buoyed by a strong economic recovery that …

South Africa collects $107 billion in taxes in 2021/22 fiscal year – revenue service Read More »