Reuters Africa Business

ADDIS ABABA (Reuters) – Ethiopia and the World Bank have signed a pact for a grant of $300 million to assist reconstruction and recovery in conflict-hit areas, the finance ministry said. Fighting that erupted in the northern region of Tigray in November 2020, and spilled over into neighbouring Afar and Amhara last year, has eased …

Ethiopia, World Bank agree $300 million grant for reconstruction Read More »

JOHANNESBURG (Reuters) -South Africa’s central bank said on Monday it had placed Ubank Ltd., a small South African lender primarily offering financial services to families of gold and platinum miners, under a curatorship with immediate effect. South African Reserve Bank Governor Lesetja Kganyago said in the last two years the central bank has increased scrutiny …

South Africa’s central bank takes control of small lender Ubank Read More »

By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s double-digit inflation climbed in April to 16.82%, rising for a third straight month, the statistics office said, a reading that could prompt a central bank rate hike next week and further squeeze companies already struggling with high costs. Muhammad Abba, a small bakery owner in Abuja, said she cut …

Nigeria’s inflation surges in April as companies feel pinch Read More »

South African state utility Eskom said it would increase rotational power cuts to “Stage 4” from “Stage 3” on Monday between 1700 and 2200 local time (1500 to 2000 GMT), due to a further loss of generating capacity. This would essentially mean more parts of the country would see a power outage during the given …

S.Africa’s Eskom increases power cuts to ‘Stage 4’ on Monday Read More »

ABIDJAN (Reuters) – Heavy rain in most of Ivory Coast’s cocoa-growing regions last week will spur growth of the April-to-September mid-crop but could cause mouldy beans, farmers said on Monday. Ivory Coast, the world’s top cocoa producer, is in its rainy season which runs from April to mid-November. Farmers across the country said the mid-crop …

Heavy rain boosts Ivory Coast cocoa mid-crop, but raises fears of mould Read More »

KAMPALA (Reuters) – Uganda’s coffee exports declined 24% year-on-year in April as a drought in some parts of the country cut yields, the state-run sector regulator Uganda Coffee Development Authority (UCDA) said on Monday. The east African country shipped a total of 407,762 60-kilogram bags, down 24% compared with the same month last year, UCDA …

Uganda’s April coffee exports down 24%, value up 42% – UCDA Read More »