Reuters Africa Business

British International Investment plans $200 million investment in Africa hydropower

23 Jun 2022

LONDON (Reuters) – The UK government’s development finance institution British International Investment (BII) plans to invest $200 million in a joint project with Norway’s Norfund to construct at least three hydroelectric power projects in Africa, BII said on Thursday. The two institutions will equally split a 49% shareholding in a joint venture with Norway’s Scatec …

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South African stocks fall on hot local inflation data

22 Jun 2022

JOHANNESBURG (Reuters) -South Africa’s equity market slumped and the rand strengthened somewhat on Wednesday after a bigger-than-expected inflation spike in May raised concerns the Reserve Bank may continue to tighten its policy. South Africa’s headline consumer inflation, quickened to 6.5% year-on-year in May, the highest since January 2017, Statistics South Africa said. Analysts polled by …

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Ghana secures $1 billion loan for budget support, finance minister says

22 Jun 2022

ACCRA (Reuters) – Ghana has secured a $1 billion syndicated loan to support its 2022 budget, finance minister Ken Ofori-Atta said in parliament on Wednesday. He has asked parliament to expedite approval of the loan, the minister said. (Reporting by Christian Akorlie; writing by Nellie Peyton; editing by Mark Heinrich)

Congo administrator seizes CMOC cobalt mine bank accounts – adviser

22 Jun 2022

By Aaron Ross DAKAR (Reuters) -A temporary administrator appointed by a Congolese court to run the world’s second-largest cobalt mine took control of the project’s bank accounts after majority owner CMOC refused him access to the mine, an adviser said on Wednesday. In written responses to Reuters, CMOC spokesman Vincent Zhou reiterated comments from two …

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Nigeria’s Oando shares fall to 7-week low after court orders buyout of minorities

22 Jun 2022

ABUJA (Reuters) – Shares of Nigeria’s Oando dropped to a seven-week low after a local court ordered the oil company to buyout minorities following a petition from some investors. Oando said it would delist from the Nigerian Exchange if minority investors agree to the buyout. (Reporting by Chijioke Ohuocha; Editing by Alex Richardson)

South Africa’s Eskom extends power cuts until Sunday night

22 Jun 2022

By Anait Miridzhanian (Reuters) -South Africa’s state-owned utility Eskom said it would extend rotational power cuts until Sunday night, after four more of its generation units broke down. The company’s coal-fired power station fleet is highly prone to faults, and government plans to add additional capacity to the national grid have been sluggish. Eskom said …

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Uganda’s public debt surged 15% in 2021 – finance ministry

22 Jun 2022

KAMPALA (Reuters) – Uganda’s public debt surged 15% in 2021, finance ministry data showed on Wednesday, as the east African country soaked up fresh debt to finance post-pandemic recovery and shore up sagging revenues. Total public debt in the prospective crude oil producer ballooned to $21 billion at the end of December last year from …

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South Africa inflation jumps in May, breaching central bank target

22 Jun 2022

By Alexander Winning JOHANNESBURG (Reuters) -South Africa’s headline consumer inflation quickened more than expected to 6.5% year-on-year in May, data showed on Wednesday, breaching the central bank’s target range for the first time in over five years. Analysts polled by Reuters had predicted inflation would pick up to 6.2% in annual terms from 5.9% in …

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