Reuters Africa Business

South Africa’s Premier Group shelves plans for Johannesburg listing

2 Dec 2022

JOHANNESBURG (Reuters) -South African consumer goods company Premier Group on Friday shelved its plans to list on the stock market, just weeks after announcing its intention to list on the Johannesburg exchange, citing weak capital market conditions in the country. The maker of Blue Ribbon bread, Snowflake wheat flour and Lil-lets sanitary pads had received …

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South Africa’s ANC will reconvene before Dec. 6 to discuss Ramaphosa panel report

2 Dec 2022

JOHANNESBURG (Reuters) – South Africa’s governing African National Congress party Treasurer General Paul Mashatile said on Friday the National Executive Committee will reconvene before Dec. 6 to discuss panel report on President Cyril Ramaphosa. (Reporting by Kopano Gumbi; Writing by Bhargav Acharya; Editing by James Macharia Chege)

Tiger Brands focuses on retailers’ own brand goods as costs soar

2 Dec 2022

By Nqobile Dludla JOHANNESBURG (Reuters) -Tiger Brands is increasingly partnering with retailers to launch their own brand goods in products such as bread, flour, snacks and treats, South Africa’s largest food producer said, as shoppers adjust to rapidly rising costs. So-called private label sales have long been on the rise, but the global cost of …

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Analysis: Ghana overhaul a test for $1 billion World Bank-backed debt

2 Dec 2022

By Jorgelina do Rosario LONDON (Reuters) – Ghana’s debt restructuring plans are set to test a $400 million World Bank guarantee which was designed to provide extra security if the West African country failed to pay. Like other smaller, riskier emerging market countries including Sri Lanka and Zambia, Ghana faces a debt overhaul after its …

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South African rand, bonds tumble on panel findings against president

2 Dec 2022

JOHANNESBURG (Reuters) -The South African rand and government bond prices fell sharply on Thursday as investors digested news that President Cyril Ramaphosa may be impeached following a panel of experts’ findings against him. The rand weakened by 2% to close at 17.55 against the dollar in New York, posting its largest percentage decline since June …

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Nigeria finance minister says borrowing still sustainable

1 Dec 2022

ABUJA (Reuters) – Nigeria’s finance minister Zainab Ahmed said on Thursday the country’s borrowing was still practical and sustainable and authorities were comfortable meeting debt obligations. The Debt Management Office put Nigeria’s total local and foreign debt at $103 billion at the end of June, but the figure excludes 20 trillion naira ($49.6 billion) in …

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China says it supports resolving Zambia debt issues

1 Dec 2022

BEIJING/JOHANNESBURG (Reuters) – China supports resolving Zambia’s “debt issues”, its Ministry of Foreign Affairs said on Thursday, a day after the southern African country’s finance minister said it aimed to finish its delayed debt restructuring by the first quarter of 2023. China had been seeking “clarifications” from the Zambian government and the International Monetary fund …

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Egypt to build 21 desalination plants in phase 1 of scheme -sovereign fund

1 Dec 2022

By Aidan Lewis CAIRO (Reuters) -Egypt plans to award deals next year to build 21 water desalination plants in the first $3 billion phase of a programme that will draw on cheap renewable energy, the CEO of the country’s sovereign fund said on Thursday. Egypt, which recently hosted the COP27 U.N. climate talks and is …

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