(Reuters) – Nigeria is considering restructuring its debt and extending the repayment period of its credit obligations amid rising debt-service burden, Bloomberg News reported on Wednesday through an interview with the country’s Finance Minister Zainab Ahmed. The Nigerian government plans to refinance domestic debt obligations that are due this year and the next, and 20 …
Nigeria to explore debt restructuring – Bloomberg News Read More »
(Reuters) – South Africa’s leading business groups on Wednesday warned that the ongoing strike at logistics utility Transnet would significantly impact Africa’s most advanced economy. Two unions representing the majority of workers at Transnet have rejected wage increases between 3-4% and called for a strike, which began last Thursday. The unions are demanding wage increases …
Transnet strike has ‘significant knock-on’ on economy -S.Africa business Read More »
BANJUL (Reuters) – Gambian oil marketing companies on Wednesday said they would be forced to halt operations by Oct. 17 due to a shortage of dollars on the market to buy fuel, leaving them unable to resupply fuel stations. They announced the move in a joint statement that blamed the government pricing structure and called …
Gambian fuel companies vow to suspend operations due to dollar shortage Read More »
WESTONARIA, South Africa (Reuters) – A new solar power plant at Gold Fields’ South Deep mine near Johannesburg, will supply 24% of its electricity, the South African miner said on Thursday, adding they are also exploring wind power as companies across the country seek to curb their reliance on state power utility Eskom. Mining companies …
South Africa’s Gold Fields bets on solar to cut costs and carbon Read More »
(Reuters) – Staff shortages caused by an ongoing strike over wages are impacting container and car terminals at South Africa’s Durban port, one of the busiest on the continent, a unit of state-owned logistics company Transnet said on Tuesday. Transnet, which manages South Africa’s freight rail network and ports, declared force majeure last week after …
South Africa’s busiest port Durban hobbled by strike Read More »
JOHANNESBURG (Reuters) -South Africa’s rand weakened against a strong dollar on Wednesday as traders braced for U.S. consumer price inflation data, which is expected to spur further Federal Reserve rate hikes. At 1536 GMT, the rand traded at 18.2850 against the dollar, 0.48% weaker than its previous close. The U.S. dollar index, which measures the …
S.African rand weakens as investors brace for U.S. inflation data Read More »
By Patrick Werr CAIRO (Reuters) – Egypt is pushing to tie up a crucial financial package from the International Monetary Fund at annual meetings in Washington this week, hoping to stem a currency crisis that has restricted imports and sparked market unease over foreign debt repayments. Egypt began talks with the IMF for a financial …
Egypt seeking to push forward critical IMF deal in Washington Read More »
LAGOS (Reuters) – Oil major Shell’s Nigerian subsidiary is investigating reports that an illegal oil tap ran for nine years on a pipeline it operates, a spokesperson said on Wednesday. An NNPC spokesman said on Sunday the theft point extended from the Trans Escravos pipeline and that the Afremo platform, operated by the Shell Petroleum …
Shell investigates in Nigeria after report of nine-year oil theft Read More »
ABIDJAN (Reuters) -Cameroon and Nigeria have requested to join the Cote d’Ivoire-Ghana Cocoa Initiative (CIGCI), a joint body spearheading the interests of the two countries in the international cocoa trade, its top official said on Wednesday. The initiative was set up after a 2018 declaration by Ivory Coast and Ghana, the world’s two largest cocoa …
Cameroon, Nigeria request to join Ivory-Ghana cocoa initiative Read More »
By Christian Akorlie and Cooper Inveen ACCRA (Reuters) – Consumer inflation in Ghana climbed to an annual 37.2% in September from 33.9% in August, the statistics service said on Wednesday, hitting a 21-year peak despite aggressive policy tightening. The central bank has raised its lending rate by 10 percentage points since the start of the …
Ghana consumer inflation rises to new high of 37.2% Read More »
