Reuters Africa Business

JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Wednesday, as investors turned their attention abroad after President Cyril Ramaphosa’s re-election as leader of the governing African National Congress (ANC) party helped ease some domestic uncertainty. At 1528 GMT, the rand traded at 17.1800 against the dollar, 0.72% stronger than its previous close. “As South Africa moves …

South African rand strengthens, mining companies boost stocks Read More »

By Camillus Eboh ABUJA (Reuters) -Nigeria’s President Muhammadu Buhari has approved an 819.5 billion naira ($2 billion) supplementary budget for 2022 to help deal with the impact of recent flooding, after the widespread destruction of farmland, the Senate President said on Wednesday. Severe flooding this year has destroyed farmland, roads and dams, raising food security …

Nigeria’s Buhari approves $2 billion extra budget for flood damage Read More »

KAMPALA (Reuters) -The International Monetary Fund (IMF) said on Wednesday it has reached a staff-level agreement with Uganda for a release of about $240 million in financing to the country. Uganda will have access to the funding once the review is formally completed by the executive board of the IMF in the coming weeks, it …

IMF and Uganda reach agreement for $240 million in financing Read More »

(Reuters) – South African farmers are expected to harvest 1.6% less wheat in the 2022 season compared with the previous season, the government’s Crop Estimates Committee (CEC) said on Wednesday. The CEC’s fifth winter wheat crop forecast estimates the 2022 wheat harvest at 2.249 million tonnes, down from the 2.285 million tonnes harvested last year. …

South Africa 2022 wheat harvest forecast 1.6% lower than last year Read More »

By Cooper Inveen ACCRA (Reuters) – Ghana’s economic growth slowed to 2.9% year-on-year in the third quarter this year compared with 6.6% in the same period last year, the statistics service said on Wednesday, its worst performance since the first quarter of 2021. Growth has slowed since a post-COVID pandemic recovery in 2021 as Ghana …

Ghana growth slows to 2.9% in third quarter, lowest since Q1 2021 Read More »

PARIS (Reuters) – French conglomerate Bollore, run by the family of billionaire Vincent Bollore, said on Wednesday it had completed the sale of its Bollore Africa Logistics arm to shipping company MSC Group. The Bollore company added the transaction was on the basis of a 5.7 billion euro ($6.1 billion) enterprise value. “The Bollore Group …

Shipping company MSC Group completes purchase of Bollore Africa Logistics Read More »

LUSAKA (Reuters) – The World Bank is releasing $100 million for Zambia amid substantial delays in its debt restructuring efforts as its creditors drag their feet, it said on Wednesday. The World Bank approved in October a $275 million grant to Zambia to help the southern African nation recover from the effects of the COVID-19 …

World Bank releases $100 million for Zambia amid delays in debt restructuring Read More »

DAKAR (Reuters) – The International Monetary Fund’s executive board has concluded a third programme review allowing for an immediate disbursement of about $203 million to Democratic Republic of Congo, it said on Tuesday. Congo has a three-year, $1.5 billion extended credit facility programme with the lender agreed last year, to help meet financing needs associated …

IMF board approves $203 million disbursement to Democratic Republic of Congo Read More »