Reuters Africa Business

JOHANNESBURG (Reuters) – South Africa’s Steinhoff International Holdings NV said on Thursday it had reached an agreement with some of its largest creditors to extend the maturity of its debt. Steinhoff has been looking to reduce debt and financing costs following a 2017 accounting scandal that prompted about 90 separate legal claims against it. The …

South Africa’s Steinhoff reaches agreement on extending debt maturity Read More »

By Anait Miridzhanian and Kopano Gumbi JOHANNESBURG (Reuters) -South African state power utility Eskom’s CEO André de Ruyter has resigned, the company said on Wednesday, marking the 11th boss to have left the company in just over a decade. Saddled with creaking coal-fired power stations and a mountain of debt, Eskom has struggled for years …

S.African utility Eskom begins search for new boss as CEO quits Read More »

LONDON (Reuters) – Ghana’s cedi currency firmed more than 12% on Wednesday to hit its strongest level in 2-1/2 months after the country reached a staff-level agreement over $3 billion with the International Monetary Fund. The currency strengthened to 9.5 to the dollar in a fourth straight session of gains, though is still down nearly …

Ghana cedi firms more than 12% after $3 billion IMF staff level agreement Read More »

By Vuyani Ndaba JOHANNESBURG (Reuters) – The South African Reserve Bank will probably jack up interest rates by just 50 basis points more in early 2023 as signs of disinflation are expected to materialise after a series of aggressive rate rises this year, a Reuters poll found. Annual consumer price inflation in Africa’s most industrial …

POLL: South Africa set to end tightening cycle in Q1 with 50 bps more Read More »

By Mehnaz Yasmin (Reuters) – Visa Inc plans to invest $1 billion over the next five years in Africa to capitalize on the emerging economy’s rapid growth in digital payments, the company said at the U.S.-Africa Leaders Summit on Wednesday. U.S. President Joe Biden is hosting dozens of African leaders for the three-day event, which …

Visa to invest $1 billion in Africa over 5 years to cash in on e-payments boom Read More »

By Felix Onuah ABUJA (Reuters) – Nigeria has no plans to issue Eurobonds in 2023 unless market conditions improve as bond prices are too high for African countries, Finance Minister Zainab Ahmed said on Wednesday. Nigeria, Africa’s biggest economy, has been raising debt to fund infrastructure and boost a fragile economy battling high inflation. It …

Nigeria has no plans to issue Eurobonds in 2023 -finance minister Read More »

JOHANNESBURG (Reuters) – South African retail sales fell 0.6% year on year in October after falling by a revised 0.4% in September, Statistics South Africa figures showed on Wednesday. On a month-on-month basis, sales were up 0.4%. Sales in the three months to the end of October were up 0.3% compared with the same period …

South African retail sales fall 0.6% year on year in October Read More »

By Cooper Inveen and Christian Akorlie ACCRA (Reuters) -Ghana’s annual consumer inflation accelerated to a new 21-year high of 50.3% in November, up from 40.4% the previous month, driven by utilities, food and fuel, data showed on Wednesday.     The spike comes a day after Ghana secured a staff-level agreement with the International Monetary Fund …

Ghana inflation hits 21-year high above 50% in November Read More »

JOHANNESBURG (Reuters) – South Africa’s headline consumer inflation slowed to 7.4% year on year in November from 7.6% in October, data from Statistics South Africa showed on Wednesday. On a month-on-month basis, consumer inflation was at 0.3% in November compared to 0.4% in the previous month. The latest figures point to a gradual easing of …

South Africa inflation slows to 7.4% y/y in November Read More »