Tanzania fires mining minister
Businessam Staff
May 24, 2017
President John Magufuli of Tanzania on Wednesday fired the mining minister and the chief of the state-run mineral audit agency. They were sacked after receiving a report into whether mining companies were under-declaring the value of their exports. The president’s decision, announced in a speech, signals an escalation of tensions between the government and the […]
Kenya’s current account deficit widens to 7.7 percent in February
Businessam StaffMay 23, 2017
Kenya’s current account deficit widened to 7.7 percent of GDP in February from 5.9 percent the same time a year earlier, the finance ministry said on Tuesday. The Treasury blamed a 5.6 percent fall in the value of exported goods and services. Combined with other unspecified income drops, the fall more than offset a 4.5 […]
Egypt budget deficit down to 8 percent of GDP in first nine months of 2016-17
Businessam StaffMay 23, 2017
Egypt’s budget deficit for the first nine months of the 2016-17 fiscal year ending in June dipped to 8 percent of GDP from 9.4 percent during the same period last year, a draft budget statement showed. Egypt is implementing sweeping reforms that include cutting subsidies and raising taxes as part of a three-year $12 billion […]
Zambian Central Bank cuts key rate as food prices set to fall
Businessam StaffMay 17, 2017
Benchmark policy rate is now at lowest level since 2015 Inflation was unchanged at 6.7% in April, lowest since 2013 The Bank of Zambia reduced its benchmark rate for the second straight time since its introduction five years ago as good rains improve prospects for lower food prices in coming months. The central bank cut […]
NPA, Dangote, Flour Mills to raise N4.5bn for access roads reconstruction at Apapa
Businessam StaffMay 16, 2017
The Nigerian Ports Authority (NPA) has indicated that it plans to raise N4.3 billion, in conjunction with Dangote and Flour Mills, for the reconstruction of access roads around Apapa as port operators withdrew services over poor infrastructure. Hadiza Usman, managing director of NPA, disclosed this at a stakeholders’ meeting in Lagos on Monday, saying NPA […]
Banks depict South African Rand probe as vague, embarrassing
Businessam StaffMay 11, 2017
Some of the banks accused of manipulating trades in the rand are objecting to the complaint by South Africa’s Competition Commission, calling it vague and embarrassing, and demanding it be amended or dropped “The commission has failed to plead the material facts necessary to sustain the allegation that there was an agreement, or agreements,” between […]
Zambia expects $1.6 billion IMF deal to be sealed before July
Businessam StaffMay 11, 2017
Zambia will conclude a deal with the International Monetary Fund for as much as $1.6 billion by the end of June, Finance Minister Felix Mutati said. “We will conclude by the end of the second quarter,” Mutati said in an interview Wednesday in Nairobi, the Kenyan capital. “There is no question on whether the deal […]