Reuters Africa Business

Financial crime watchdog adds South Africa to ‘grey list’

24 Feb 2023

By Tassilo Hummel, Bhargav Acharya and Alexander Winning PARIS/JOHANNESBURG (Reuters) – International financial crime watchdog the Financial Action Task Force (FATF) on Friday added South Africa to its “grey list” of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing. Being added to the list is a reputational setback for …

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Mali to raise around $2.3 million via treasury bonds in 2023 – finance ministry

24 Feb 2023

BAMAKO (Reuters) – Mali aims to raise around 1.4 billion CFA francs ($2.3 million) via treasury bonds on the regional financial market this year, the finance ministry said on Friday. The West African nation raised 786 billion CFA francs ($1.28 billion) last year, it said in a statement. ($1 = 615.0000 CFA francs) (Reporting by …

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South Africa’s Eskom puts CFO Cassim in charge after CEO exits

24 Feb 2023

JOHANNESBURG (Reuters) -South African state power utility Eskom put its chief financial officer in charge on Friday, replacing a chief executive who was asked to leave after claiming that the governing party was corrupt. CFO Calib Cassim has been named interim Chief Executive Officer with immediate effect and will lead the Eskom management team until …

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Eskom CEO exit will not cause leadership vacuum, South Africa government says

23 Feb 2023

By Carien du Plessis JOHANNESBURG (Reuters) – South Africa’s government said on Thursday that there would not be a leadership vacuum at state utility Eskom a day after the company’s board asked CEO Andre de Ruyter to leave after he claimed the ruling party was corrupt. The fallout at Eskom comes as the struggling utility …

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Zimbabwe committed to $6 billion debt arrears clearance, president says

23 Feb 2023

HARARE (Reuters) -Zimbabwe’s president said on Thursday the government was committed to a plan to clear more than $6 billion of external debt arrears which were hindering its access to badly needed international loans. Zimbabwe, which had more than $14 billion in external debt as of September 2022, has not been able to secure financing …

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South African grocery CEOs urge govt to rethink diesel rebates

23 Feb 2023

JOHANNESBURG (Reuters) – South Africa’s three largest grocery retailers joined forces to criticise the government on Thursday for not offering a tax rebate on diesel use, as crippling power cuts increase their costs. The chief executives of Shoprite, Pick n Pay and SPAR said in a joint statement they were “very disappointed” that the government …

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Female-owned farms and companies are growing Ghana’s taste for coffee

23 Feb 2023

ASHANTI KPOETA, GHANA (Reuters) – From dozens of farms nestled among the hills of Ghana’s Volta region to the cafes and restaurants of the capital, Accra, the women farming and marketing Ghanaian coffee are working to gain a firmer foothold in the small but growing sector. Ghana is the world’s second-largest cocoa producer behind neighbour …

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Fashion retailer Truworths’ earnings boosted by credit sales

23 Feb 2023

JOHANNESBURG (Reuters) -South African fashion retailer Truworths reported a 10.3% jump in half-year earnings on Thursday as cash-strapped shoppers snapped up dresses and shoes on credit amid the high cost of living. Middle-income consumers are increasingly turning to credit to fund non-essential goods such as clothes, shoes and household items, signalling pressure on disposable incomes. …

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AFRICA-FX- Kenya, Uganda, Ghana currencies expected to weaken

23 Feb 2023

NAIROBI (Reuters) -Kenya’s shilling, Uganda’s shilling Ghana’s cedi and Zambia’s kwacha are expected to weaken against the dollar in the week to Thursday, while Tanzania’s and Nigeria’s currencies are forecast to hold steady, traders said. KENYA Kenya’s shilling is expected to weaken further, hurt by increased demand for dollars from the energy and manufacturing sectors. …

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