Reuters Africa Business

High oil, wheat prices to burden Egypt with over $10 billion -finance minister

12 Jun 2022

(Reuters) – Oil prices staying at $122 per barrel will cost the Egyptian budget $7.2 billion, Finance Minister Mohamed Maiit told CNBC Arabia on Sunday. Maiit said that higher global wheat prices and pressure on the Egyptian pound would burden the government with an additional $3 billion, CNBC reported. Egypt has been suffering from a …

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Tunisia’s trade deficit worsens by 67% to $3.25 billion in the first five months

12 Jun 2022

TUNIS (Reuters) – Tunisia’s balance of trade deficit worsened by 67% to 9.92 billion dinars($3.25 billion) in the first five months of this year, from a deficit of 5.94 billion dinars in the same period of 2021, figures from the state Institute of Statistics showed on Saturday. (Reporting By Tarek Amara; Editing by Angus MacSwan)

Tanzania signs LNG framework agreement with Equinor and Shell

11 Jun 2022

DAR ES SALAAM (Reuters) -Tanzania signed a framework agreement on Saturday with Norway’s Equinor and Britain’s Shell that will bring closer the start of construction of a $30 billion liquefied natural gas (LNG) export terminal, live video from the event showed. Energy Minister January Makamba said the signing would pave the way for a final …

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Kenya, Nigeria central bankers criticise crypto, tout digital currencies

11 Jun 2022

By Rachel Savage (Reuters) – Cryptocurrencies pose risks to financial stability, but central bank digital currencies could solve problems such as bringing the poor into the financial system or cutting transaction costs, Kenyan and Nigerian central bankers said on Friday. Nigeria’s eNaira digital currency, introduced last October, is a boon for inclusion, Kingsley Obiora, deputy …

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Algeria to honour all its gas commitments with Spain, government says

11 Jun 2022

(Reuters) – Algeria will honour all its gas commitments with Spain, a foreign affairs ministry statement said on Friday, days after Algiers blocked trade over a diplomatic dispute about the status of Western Sahara. “Algeria has already let it be known by the most authoritative voice, that of the President of the Republic, that it …

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South African rand slumps as dollar gains on U.S. inflation data

10 Jun 2022

(Reuters) -The South African rand slumped on Friday as the dollar surged after hot U.S. May inflation data raised the likelihood of a prolonged aggressive interest rate hikes by the Federal Reserve to fight inflation. U.S. consumer prices accelerated in May as gasoline prices hit a record high and the cost of food soared, leading …

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Ethiopia inflation rises further in May – stats office

10 Jun 2022

ADDIS ABABA (Reuters) – Ethiopia’s inflation accelerated further in May, spurred by a pickup in food inflation, the statistics office said on Friday. Inflation rose to 37.2% year-on-year from 36.6% in April, the Central Statistics Agency said in a statement. Month-on-month inflation was 2.6% in May, also higher than April’s 2.2% month-on-month inflation reading. (Writing …

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Guinea extends deadline for bauxite miners to present refinery plans

10 Jun 2022

By Saliou Samb CONAKRY (Reuters) -Guinea’s junta has given bauxite mining companies 10 days to present a timeline for the construction of alumina refineries, extending an end of May deadline the companies did not meet, it said in a statement on Friday. Africa’s biggest producer of the aluminium ore has been seeking to channel its …

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UAE wants to boost trade with Morocco via faster shipping, minister says

10 Jun 2022

RABAT (Reuters) – The United Arab Emriates wants to bolster trade with Morocco to reach $7 billion within 10 years from $800 million in 2021, UAE Economy Minister Abdullah bin Touq Al Marri said on Thursday in Rabat. For that purpose, the two countries will speed up container shipping to seven days from 40 days, …

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