South Africa’s weak growth, rising debt could trigger deeper downgrades, central bank says
Reuters
November 24, 2017
South Africa’s failure to stabilise the country’s fiscal situation could see its credit rating downgraded deep into junk territory, the central bank said Friday. The comment came just hours before two rating agencies were due to announce their decisions. South Africa’s economy is on the brink of losing its investment-grade ranking on local currency debt […]
Zimbabwe’s new president vows to rejuvenate economy, seeks lifting of sanctions
Businessam StaffNovember 24, 2017
Emmerson Mnangagwa, Zimbabwe’s new president Friday rallied all Zimbabweans to unite and work together to revive the battered economy. In his inaugural speech soon after being sworn in as president, Mnangagwa said his government would prioritize economic revival to create jobs and a better life for Zimbabweans who have endured more than a decade of economic […]
Africa accounts for 37% of global aviation fatalities, AfDB reveals
Businessam StaffNovember 23, 2017
Akinwumi Adesina, President, African Development Bank (AfDB), says the African aviation sector accounts for about nine percent of aircraft accidents yearly and 37 percent of aviation fatalities globally. The president revealed that while speaking with the News Agency of Nigeria (NAN) in Abuja, adding that, though the sector, ranked globally fared in 2016, it still […]
Zimbabwe’s economic situation “very difficult”, says IMF mission chief
Businessam StaffNovember 23, 2017
Zimbabwe’s economic growth is threatened by high government spending, an untenable foreign exchange regime and inadequate reforms, a senior International Monetary Fund (IMF) official said. Zimbabwe was once one of Africa’s most promising economies but suffered decades of decline as former President Robert Mugabe pursued policies that included the violent seizure of white-owned commercial farms […]
Delayed IMF programme affecting kwacha currency, says Zambia’s central bank
Businessam StaffNovember 22, 2017
Denny Kalyalya, Zambia’s central bank governor said Wednesday that the delay in reaching a conclusion for an aid programme with the International Monetary Fund (IMF) was putting pressure on the kwacha currency. Zambia and the IMF agreed in October to chart a new path towards debt sustainability after the IMF delayed the conclusion of talks […]
IMF sees tough South Africa budget unless fiscal risk sorted
Businessam StaffNovember 17, 2017
South Africa will face more fiscal difficulties and higher financing costs should state-owned companies’ debt continue rising and if the nation’s local debt is downgraded to junk, the International Monetary Fund said. If state entities such as cash-strapped power utility Eskom Holdings SOC Ltd. and South African Airways request more state support, the government will […]
Ghana proposes $13.9bn (N4.2trn) budget in 2018 with deficit of 4.5% of GDP
Businessam StaffNovember 16, 2017
The Ghanaian government has proposed to spend $13.9 billion (62 billion Ghana cedis) about N4.2 trillion in its 2018 fiscal year, Kenneth Ofori-Atta, the country’s finance minister said Wednesday. The budget themed “Putting Ghana Back to Work”, according to Ofori-Atta, would continue and expand programmes that began in 2017 and initiate new strategic programmes in […]
South Africa’s economy faces major challenges, needs tackling policy uncertainty, corruption, apex bank head says
Businessam StaffNovember 10, 2017
Lesetja Kganyago, South Africa’s central bank governor said Thursday that the country’s economy faces major challenges, and the government needs to win back the confidence of businesses and investors by tackling policy uncertainty and corruption. Kganyago said in a speech at an investor conference in New York that weak business confidence had shaved an estimated one […]
South Africa moves ahead on domestic trade in Rhino Horn
Businessam StaffJuly 24, 2017
South Africa said Monday it is moving ahead with draft regulations for a domestic trade in rhino horn, despite critics’ concerns that a legal market will spur rhino poaching. Anyone possessing a rhino horn will need a permit under national rules that are being prepared, and South Africa continues to recognise a ban on the […]
Zimbabwe secures $478 million funding for agriculture
Businessam StaffJune 26, 2017
Zimbabwe’s government has signed a $478 million agreement with an energy company and three banks to finance the 2017/18 summer farming season in a push to improve food security, a state-owned newspaper said on Monday. The southern African nation has since 2001 relied on imports and foreign donors to meet demand for the staple maize. […]