Reuters Africa Business

(Reuters) – Zambia has agreed with Vedanta Resources Limited to pause hearings on their dispute over Konkola Copper Mines for six months and seek an “amicable settlement”, state mining investment firm ZCCM-IH said on Tuesday. Zambia in May 2019 handed control of KCM to a state-appointed provisional liquidator, triggering a protracted legal battle with owner …

Zambia and Vedanta Resources agree to seek out-of-court settlement Read More »

By Duncan Miriri and George Obulutsa NAIROBI (Reuters) -Kenyan President William Ruto on Tuesday appointed former central bank governor Njuguna Ndung’u as finance minister to steer the economy through rising inflation, a heavy debt burden and drought. Ndung’u, an economics professor, led the central bank between 2007 and 2015, winning praise for presiding over the …

Ex-central bank chief named Kenyan finance minister amid rising inflation Read More »

By MacDonald Dzirutwe LAGOS (Reuters) -Nigeria’s central bank on Tuesday hiked its main lending rate by 150 basis points to 15.50%, its highest level yet and more than forecast, forging ahead with efforts to rein in inflation and ease pressure on the currency. A Reuters poll of economists had predicted a much smaller 50 basis …

Nigeria hikes rate to highest level to head off inflation Read More »

(Reuters) -The South African government will make changes to state power utility Eskom’s board of directors, the Department of Public Enterprises (DPE) said on Tuesday, after electricity outages reached record levels this year. Saddled with unreliable coal-fired power stations and a mountain of debt, Eskom has struggled to meet electricity demand for more than a …

S.Africa to overhaul power utility Eskom’s board amid record outages Read More »

By Mahmoud Salama and Sarah El Safty CAIRO (Reuters) – Christeen Aiad from eastern Cairo had been hoping to buy a small automatic car this year, but rules preventing importers trading in scarce dollars put paid to that and she is having to get around on her bicycle instead. The war in Ukraine has deepened …

Egypt’s import squeeze hobbles economy as dollars run short Read More »

By Vuyani Ndaba JOHANNESBURG (Reuters) – Nigeria and Kenya are likely to hike interest rates by a modest 50 basis points in the coming days after months of heavy lifting from other African central banks to try to calm rampant inflation, a Reuters poll found, while Ghana will hold fire. This week’s benchmark interest rate …

Modest rate hikes seen for Nigeria, Kenya; Ghana to hold Read More »

By Ange Aboa Abidjan (Reuters) – Cocoa arrivals at ports in top grower Ivory Coast had reached 2.106 million tonnes by September 25 since the start of the season on Oct. 1, down 4.1% from the same period last season, exporters estimated on Monday. About 5,000 tonnes of beans were delivered to Abidjan port and 6,000 …

Ivory Coast 2021/22 cocoa arrivals seen at 2.106 million T by September 25 Read More »