By Ahmed Eljechtimi RABAT (Reuters) – The worst drought in decades has left Moroccan farmers facing what one industry official dubbed a “catastrophic year” that will force the government to hike grain imports and subsidies. Rainfall this year is 64% less than the average, further emptying reservoirs that were already reduced after years of less …
‘Catastrophic’ Moroccan drought to boost import, subsidy costs Read More »
JOHANNESBURG (Reuters) -The South African rand weakened in afternoon trade on Friday, but was headed for a weekly gain against the U.S. dollar as the standoff between the West and Russia over Ukraine boosted appetite for key export gold. At 1525 GMT, the rand traded at 15.0900 against the dollar, 0.47% weaker than its previous …
South African rand set for weekly gain, stocks rise marginally Read More »
BLANTYRE (Reuters) – Malawi’s economy is projected to grow around 4% annually over the next two years, the new finance minister said on Friday, adding that the budget deficit for the 2022/23 fiscal year had fallen to 7.7% of GDP. That compared with a deficit of 8.3% in the previous fiscal year. Finance Minister Sosten …
Malawi GDP to grow 4% over next two years, budget deficit at 7.7% Read More »
By Elias Biryabarema KAMPALA (Reuters) – Uganda on Friday blamed its withdrawal from an International Coffee Organisation (ICO) agreement this month on what it said are unfair tariffs and other barriers that restrict export of processed coffee to Europe and elsewhere. Africa’s largest coffee producer behind Ethiopia had not previously cited reasons for pulling out …
Uganda blames withdrawal from coffee body agreement on unfair trade terms Read More »
TUNIS (Reuters) -Tunisia plans to lower electricity and fuel subsidies to reduce a budget deficit driven by high oil prices, Tunisian Industry and Energy Minister Naila Nouira told newspaper Assabah on Friday, in a key reform asked for by international lenders. Tunisia, which is suffering a financial crisis, is seeking to obtain a rescue package …
Tunisia will cut energy subsidies, minister tells newspaper Read More »
JOHANNESBURG (Reuters) – Africa’s largest mobile operator by subscriber numbers, MTN said on Friday its profits for the year to Dec. 31 would probably rise by up to 35%, without giving a reason. Headline earnings per share (HEPS), the main profit measure in its home market of South Africa, are likely to range between 936 …
Africa’s MTN flags annual profit rise of up to 35% Read More »
By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s economy recorded its fastest growth in seven years in 2021 despite a slight slowdown in the fourth quarter due to oil sector woes, the statistics office said on Thursday. The National Bureau of Statistics (NBS) said full-year growth stood at 3.40% in 2021, its fastest rate of expansion since …
Nigeria records fastest GDP growth in seven years in 2021 Read More »
JOHANNESBURG (Reuters) -The South African rand firmed in afternoon trade on Thursday as commodity prices, which benefit the resource-rich country, rose amid an escalation in the Ukraine-Russia conflict. The rand has been resilient recently, despite markets being on edge over Ukraine tensions, supported by South Africa’s strong terms of trade, relatively high real yields and …
South African rand firms on higher commodity prices, stocks slip Read More »
By Joe Bavier and Rachel Savage JOHANNESBURG/LONDON (Reuters) – Wealthy nations must improve their floundering flagship debt relief initiative or face a spate of debt crises in the developing world, experts and campaigners say as a meeting of finance chiefs of G20 major economies opened on Thursday. As the pandemic battered global economies, the Group …
G20 must push relief to avoid debt crises – experts, campaigners Read More »
NEW YORK (Reuters) – Strong Harmattan conditions have been registered over the hinterlands of Ivory Coast and Ghana, the world’s two largest producers of cocoa, and also over southwest Nigeria, damaging the tree canopy, Climate42 said in a report on Wednesday. Harmattan is a climatic occurrence characterized by very dry and strong winds blown from …
Strong Harmattan conditions seen in West Africa cocoa area – report Read More »
