Africa to lose $8.3bn if Trump cuts aid over UN Jerusalem move
Businessam Staff
January 4, 2018
President Donald Trump announced his intention to move the U.S. Embassy in Israel to Jerusalem and that did not really sit well with most countries around the globe. The global outcry might actually turn out to be bad for Africa if the White House makes good on the threat made to the countries opposing the […]
South African rand, bank stocks rally on hopes of Ramaphosa victory
Businessam StaffDecember 18, 2017
South African assets rallied early Monday as investor hopes grew that pro-reform candidate Cyril Ramaphosa was likely to have secured a victory in the ruling ANC’s knife-edge leadership contest. According to Financial Times (FT) report, the rand suffered a bumpy start to the day as it became clear that the vote would go down to […]
South Africa’s retail sales rise 3.2% year-on-year in October
Businessam StaffDecember 13, 2017
South African retail sales rose by 3.2 percent year-on-year in October, lagging market expectations, after increasing by a revised 5.7 percent in September, data from the statistics office showed on Wednesday. A shopper walks past a Foschini store at a shopping centre in Lenasia, south of Johannesburg, file. Siphiwe Sibeko Analysts polled by Reuters had […]
Zimbabwe to relax black ownership laws, increase tax revenues for economic growth
Businessam StaffDecember 8, 2017
Zimbabwe will trim spending and relax laws that require black citizens to hold majority stakes in companies as well as increase tax revenue as it looks to restore confidence and boost economic growth, according to Patrick Chinamasa, its finance minister The measures will reduce the Southern African nation’s fiscal deficit to 3.5 percent of gross […]
World Bank cuts down Kenya growth outlook over credit, spending
BloombergDecember 7, 2017
The World Bank lowered its economic growth forecasts for Kenya as delays in spending cuts, weak credit extension, and political uncertainty curb expansion prospects. East Africa’s biggest economy may grow 4.9 percent this year, the slowest pace since 2011, the Washington-based lender said in a report released Thursday. That compares with an April forecast of […]
End in sight for year-long ‘dry spell’ of cashless economy in Zimbabwe
Businessam StaffNovember 29, 2017
Some Zimbabweans were able to withdraw U.S. dollars from automated teller machines this week for the first time in about a year as hard currency started trickling back into the economy following Robert Mugabe’s ouster as president. Banks, according to Bloomberg’s report, had stopped stocking ATMs about a year ago as a severe cash shortage […]
S.Africa’s Zuma calls for action after S&P downgrade, rand up on Moody’s reprieve
Businessam StaffNovember 27, 2017
Jacob Zuma, South African President called for concrete measures to boost growth after S&P Global Ratings downgraded the local currency debt to sub-investment grade, while foreign currency debt was pushed deeper into “junk” territory. The rand recovered on Monday from steep falls suffered late on Friday after the downgrade, taking some relief from Moody’s decision […]
South Africa’s weak growth, rising debt could trigger deeper downgrades, central bank says
ReutersNovember 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 […]
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 […]