Reuters Africa Business

African banks increasingly worried about funding costs, survey shows

20 Oct 2022

By Marc Jones and Rachel Savage LONDON/JOHANNESBURG (Reuters) – Sub-Saharan African banks are increasingly worried about funding costs, an annual survey published on Wednesday found, as soaring interest rates both on the continent and globally make financing more expensive. The cost of local currency funding was now the top worry for Sub-Saharan Africa’s banks, according …

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South African rand weakens as local inflation shows no surprises

19 Oct 2022

JOHANNESBURG (Reuters) -The South African rand weakened against the dollar on Wednesday as consumer inflation came in as expected and retail sales showed little momentum. At 1636 GMT, the rand traded at 18.3100 against the dollar, down 0.94% from its previous close. South Africa’s headline consumer inflation slowed to 7.5% year on year in September …

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Headline South African inflation slows for second month running

19 Oct 2022

JOHANNESBURG (Reuters) -South Africa’s headline consumer inflation slowed for a second month in a row in September, to 7.5% year on year from 7.6% in August, though core inflation rose, data from Statistics South Africa showed on Wednesday. On a month-on-month basis, headline consumer inflation was at 0.1% in September from 0.2% in the previous …

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Ghana producer inflation at 45.6% in September: stats service

19 Oct 2022

ACCRA (Reuters) -Producer inflation in Ghana came in at 45.6% year on year in September from a revised 39.7% in August, the statistics service said on Wednesday, after a rebasing exercise assisted by the International Monetary Fund. The West African country’s producer prices have accelerated steeply this year alongside a sharp pick-up in consumer inflation. …

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Malawi close to sealing $54 million IMF emergency funding for economic shock

19 Oct 2022

By Frank Phiri LILONGWE (Reuters) – International Monetary Fund approval of up to $54 million of emergency funding for Malawi is likely in the next couple of days, sources said on Tuesday, as the southern African country struggles with acute forex shortages. Malawi, which is experiencing chaotic queues at fuel stations that are running dry …

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South African rand slides against stronger dollar, stocks edge up

18 Oct 2022

JOHANNESBURG (Reuters) -South Africa’s rand weakened on Tuesday as the U.S. dollar shook off some of the weakness of the previous session. At 1621 GMT, the rand traded at 18.1225 against the U.S. dollar, 0.25% weaker than its previous close. Against a basket of currencies, the dollar was 0.107% higher at 112.19, after having earlier …

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Equatorial Guinea minister: OPEC move to cut output correct, technical

18 Oct 2022

CAPE TOWN (Reuters) – Equatorial Guinea’s oil minister Gabriel Obiang Lima told the Africa Energy Week conference on Tuesday that a decision by oil producer group OPEC to cut production was correct, a technical decision and that his country was not forced to support output cuts. (Reporting by Wendell Roelf; Writing by Alexander Winning; Editing …

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