Reuters Africa Business

By Ange Aboa ABIDJAN (Reuters) -Ivory Coast will increase the amount of cocoa it processes domestically to 49% of production starting from October with the addition of several new plants, the head of the sector regulator said on Friday. Ivory Coast is the world’s top cocoa producer with annual production of about 2.2 million tonnes. …

Ivory Coast to boost cocoa grinding capacity with new plants Read More »

NAIROBI (Reuters) – The board of Kenya’s biggest telecoms operator Safaricom has elected Adil Khawaja as its chairman, the company said on Thursday. Khawaja, who is a lawyer, replaces John Ngumi, who resigned from the board of the company that is partly owned by South Africa’s Vodacom and Britain’s Vodafone, in December. He has previously …

Kenya’s Safaricom elects Adil Khawaja as chairman Read More »

KIGALI (Reuters) – The International Monetary Fund projects that Rwanda’s economy will grow by 6% this year, accelerating to 7.5% next year, Managing Director Kristalina Georgieva said during a visit to Kigali on Thursday. (Reporting by Kigali newsroom; Writing by Estelle Shirbon; Editing by James Macharia Chege)

ABUJA (Reuters) – Nigeria’s central bank on Thursday launched a domestic card scheme to rival foreign cards like Mastercard and Visa, hoping to enhance its drive to make Africa’s biggest economy a cashless society and save the country foreign transaction fees. The announcement by Central Bank of Nigeria (CBN) governor Godwin Emefiele follows the bank’s …

Nigeria launches domestic card scheme in cashless bid Read More »

ACCRA (Reuters) – Ghana has reached an agreement with the country’s insurers on a domestic debt exchange, taking it closer to completing this programme, a key factor in restoring economic stability and growth, the finance ministry said on Thursday. The ministry said in a joint statement with the Ghana Insurers Association (GIA) that under the …

Ghana reaches deal with insurers on domestic debt exchange Read More »

NAIROBI (Reuters) – Diageo Kenya, a unit of Diageo Plc, has received regulator approval to buy an extra 14.97% stake in Kenya’s East African Breweries, it said on Friday. The stake, representing up to 118.4 million shares at an offer price of 192.00 shillings per share, would push Diageo’s shareholding in East African Breweries by …

Diageo gets approval to buy 14.97% stake in Kenya’s EABL Read More »

JOHANNESBURG (Reuters) -South Africa’s rand weakened on Thursday after the central bank raised its main lending rate by 25 basis points to 7.25%, less than expected by most economists polled by Reuters. At 1522 GMT, the rand traded at 17.1600 against the dollar, 0.31% weaker than its previous close. The South African Reserve Bank (SARB) …

South African rand weakens after central bank’s 25 bps rate hike Read More »

By Bhargav Acharya, Kopano Gumbi and Alexander Winning JOHANNESBURG (Reuters) -South Africa’s rolling power cuts are expected to wipe as much as 2 percentage points off economic growth this year, the central bank said on Thursday as it raised interest rates by just 25 basis points. The increase to 7.25% was smaller than the 50-bp …

South Africa trims rate hikes as power cuts slash growth prospects Read More »

JOHANNESBURG (Reuters) – South African fashion retailer Truworths on Thursday forecast half-year profit growth of up to 11% on bumper sales over Black Friday in November and Christmas even as power outages at malls hampered shopping. Truworths, which also owns UK-based shoe chain Office, said it expects headline earnings per share, the main profit measure …

S.Africa retailer Truworths expects higher profit as sales jump Read More »