By Frank Phiri BLANTYRE (Reuters) -Malawi has lowered its 2022 growth forecast to 1.7% from 4.1% due to problems with power generation and rising inflation that have piled pressure on the economy, finance minister Sosten Gwengwe said on Friday. Malawi’s economy had recovered since being hit by the twin knocks of the COVID-19 pandemic and …
Malawi cuts 2022 growth forecast on power shortages and inflation Read More »
By Wendell Roelf CAPE TOWN (Reuters) – Namibia’s state-owned railway company TransNamib plans to shift coal exports from Botswana off the road and onto rail by early next year, potentially doubling exports via Walvis Bay port, its CEO said. Land-locked Botswana has sought alternative routes to export its coal as disruption to South Africa’s railway …
Namibia plans railway revamp to boost regional coal exports Read More »
JOHANNESBURG (Reuters) – Ghana’s sovereign dollar-denominated bonds fell as much as 1.4 cent in the dollar on Friday after Deputy Finance Minister John Kumah said the country is considering a “haircut” of up to 30% on its overseas debt. The debt-laden west African country’s 2042 Eurobond fell down 1.716 cents in the dollar to 30.141 …
(Reuters) – South Africa’s state logistics company Transnet on Friday said it had lifted a force majeure declaration on its coal line, after restoring the main export route for the commodity following a derailment over two weeks ago. A train carrying coal for export derailed on Nov. 8 on Transnet’s North Corridor, causing the partial …
S.Africa’s Transnet lifts force majeure after derailment Read More »
ACCRA (Reuters) -Ghana’s government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves, Vice-President Mahamudu Bawumia said on Facebook on Thursday. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing …
Ghana plans to buy oil with gold instead of U.S. dollars Read More »
JOHANNESBURG (Reuters) -South Africa’s rand weakened against the dollar on Thursday after the central bank hiked its main lending rate by 75 basis points to tame rising inflation. At 1609 GMT, the rand traded at 17.0150 against the dollar, 0.29% weaker than its previous close. The move to 7%, which was forecast by a majority …
South African rand weak as SARB lifts repo rate again Read More »
By Bhargav Acharya, Kopano Gumbi and Rachel Savage JOHANNESBURG (Reuters) -South Africa’s central bank raised interest rates by 75 basis points on Thursday, after last month’s inflation unexpectedly inched up, which the governor blamed in part on domestic factors. The move to 7.00%, which was forecast by a majority of economists polled by Reuters, came …
S.African reserve bank lifts repo rate by 75 bps after inflation rise Read More »
By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s economic growth slowed in the third quarter from a year earlier, dragged down by the oil sector and a weak performance in other areas of the economy, the statistics office said. Lower oil production, soaring inflation and an unstable currency has hampered an economy still trying to recover from …
Nigeria’s economic growth slows as inflation soars and oil output drops Read More »
LONDON (Reuters) -Investment bank Morgan Stanley expects debt-hobbled Ghana to restructure both its domestic and external debt, it said on Thursday. The bank anticipated the restructuring to result in a “recovery” price for Ghana’s bonds of 53 cents on the dollar, or 48 cents on the dollar if local law instruments were excluded from the …
Morgan Stanley expects Ghana to restructure both domestic and external debt Read More »
JOHANNESBURG (Reuters) -South African retailer Mr Price Group Ltd posted slower half-year sales growth on Thursday, impacted by power cuts, the disruption of replacing a software system and a delay to the pandemic grant payments its low-income shoppers depend on. By 1104 GMT, shares were down 7.46% to 13.85 rand, close to a one-month low. …
Retailer Mr Price’s shares dip 7% on sales growth slide Read More »
