IMF set to visit Mozambique as the country cannot account for expenditure of $500 million in loans
Businessam Staff
June 24, 2017
The International Monetary Fund will visit Mozambique from July 10-19 to discuss issues around the management of public finances following the release of an audit into $2 billion in hidden loans by risk-management firm Kroll, the IMF said on Saturday, Reuters reports. “The publication of these documents constitutes an important step towards greater transparency regarding […]
Namibia’s economy declines 2.7 percent in Q1
Businessam StaffJune 22, 2017
Namibia’s economy shrunk by 2.7 percent in the first quarter of this year after a revised contraction of 1.4 percent in the last quarter of 2017, the statistics agency said on Thursday. “The Namibian economy continues to slide into further recession in the first quarter of 2017,” Statistician General Alex Shimuafeni said in a report. […]
Central bank row now among South Africa’s economic, political woes
Businessam StaffJune 20, 2017
A major row in South Africa over the independence of its central bank escalated on Tuesday, with both sides trading barbs in a dispute over whether the bank should be more concerned about citizens and less about currency, Reuters reports. The issue — triggered by a public watchdog’s recommendation — comes just as South Africa’s […]
South Africa’s current account deficit widens to 2.1% of GDP in Q1
Businessam StaffJune 20, 2017
South Africa’s current account deficit widened to 2.1 percent of GDP in the first quarter of this year from a deficit of 1.7 percent in the fourth quarter of 2016, the central bank said on Tuesday. Economists surveyed by Reuters had expected a 2.3 percent deficit for the quarter. South Africa’s trade surplus was largely […]
IMF decides granting Zambia $1.3 billion funding package
Businessam StaffJune 10, 2017
The International Monetary Fund decides whether to grant Zambia up to $1.3 billion in a three-year credit facility to help plug a budget deficit of around 7 percent, the lender’s mission chief said on Saturday. According to Reuters report, a decision will be made by the IMF board in August, Tsidi Tsikata told a joint news […]
Update-South Africa enters recession as economy shrinks 0.7% in Q1 2017
Businessam StaffJune 6, 2017
South Africa’s economy contracted in the first quarter of 2017, pushing the continent’s second largest economy into its first recession since 2009, according the country’s official statistics agency Tuesday, AFP reports. “The South African economy moved into recession with the reported decrease of 0.7 percent in GDP (gross domestic product) during the first quarter of […]
South Africa’s economy faces another recession in eight years
Businessam StaffJune 6, 2017
South Africa’s economy has moved into another recession in eight years, Bloomberg reports. This is the second time the country’s economy is faced with economy downturn in eight years. In 2009, the country fell into recession for the first time, after it contracted for a second straight quarter in the first three months of the year. […]
Kenya’s economy on track, gathering steam
Businessam StaffJune 5, 2017
A railway built by the British government to tighten control over its African colony eventually played a part in ending its rule. This is one oddity Kenya’s meter gauge railway has left for historians. In Nairobi’s Railway Museum, Kenya’s fond memories of its only operating railway are on display. The museum received more visitors recently […]
South Africa avoids a second Fitch cut as rating affirmed
Businessam StaffJune 1, 2017
South Africa avoided a second downgrade in two months from Fitch Ratings Ltd. as the company left its assessment of the nation’s debt at the highest non-investment grade. The local- and foreign-currency ratings were affirmed at BB+, Fitch said in an emailed statement Thursday. The outlook on both assessments was kept at stable. Fitch and […]
Revised South Africa mining charter due in next few weeks- Zuma
Businessam StaffMay 31, 2017
South Africa’s Mining Charter, which sets industry targets for black ownership and participation in the sector, will be published and become law in the next few weeks, President Jacob Zuma said on Wednesday. The mining industry has complained that it has not been consulted enough about the revisions and that South Africa’s mining industry is […]