Fears grow as Zimbabwe returns to excessive currency printing
Businessam Staff
September 26, 2017
Robert Mugabe’s latest economic experiment is making Zimbabwe’s stocks the world’s best performers for all the wrong reasons. And there are little foreign investors like Franklin Templeton, JPMorgan Chase & Co. and Allan Gray can do to escape: it’s practically impossible for them to pull out their money. Economic chaos has been a regular feature of […]
Zimbabwe signs up for $600mn credit line from Afreximbank
Businessam StaffSeptember 25, 2017
Zimbabwe will access a $600 million credit line from African Export-Import Bank in an effort to stave off a foreign-currency shortage that’s afflicted importers of everything from food to fuel. The southern African nation needs the assistance “especially during the foreign-exchange drought, which runs from October to February next year,” Finance Minister Patrick Chinamasa said […]
Rwanda’s GDP growth slows to 4%
Businessam StaffSeptember 25, 2017
Rwanda’s economy grew by four percent year-on-year in second quarter 2017, from 7.5 percent in the same period a year ago, the statistics office said Monday. The statistics office said in a statement that wholesale and retail trade contracted by six4 percent, while agriculture expanded by six percent; industry grew by one percent and services […]
Namibia’s economy contracts 1.7% in second quarter
Businessam StaffSeptember 21, 2017
Namibia’s economy shrank by 1.7 percent in the second quarter 2017 after a revised contraction of 1.7 percent in the first quarter, the statistics agency said Thursday. “The poor performance is mainly attributed to the construction, wholesale and retail trade as well as the fishing sector that all contracted,” Alex Shimuafeni, statistician general said in […]
Zambia to finance roads project with $134mn loan from Standard Chartered
Businessam StaffSeptember 20, 2017
Zambia borrowed $134 million from Standard Chartered Plc. to help fund the road sector, according to a finance ministry official. According to Bloomberg, the borrowing plan was included in the 2017 budget, Mukuli Chikuba, permanent secretary at the finance ministry, said in a text message on Tuesday. The loan is the second that Standard Chartered […]
Zambia seeks bids for new mobile provider to take on MTN
Businessam StaffSeptember 19, 2017
Brian Mushimba, Zambia’s Transport and Communications Minister said the country is seeking bidders for a fourth mobile-network license to take on operators including market leader MTN Group Ltd. in the southern African country, Bloomberg reports. The ministry last week gave the go-ahead to the telecommunications regulator to start the process, he said in a recorded […]
World Bank halves South Africa’s 2017 economy growth forecast
Businessam StaffSeptember 19, 2017
World Bank Tuesday cut down its 2017 growth forecast for South Africa after the country’s economy slided into recession earlier this year. It said in a report that 2017 growth would probably be 0.6 percent, down from an earlier estimate of 1.1 percent. Growth is seen ticking up to 1.1 percent next year and reaching […]
Egypt relies on China to revive ailing tourism industry
Businessam StaffSeptember 18, 2017
Governor of Egypt’s Luxor Governorate Mohamed Badr told Xinhua in a recent interview that Egypt is eager to tap into the Chinese market to revive its ailing tourism industry. Badr noted that the number of Chinese tourists has already notably increased after the visit of Chinese President Xi Jinping to Egypt in early 2016. The Chinese […]
Africa increasingly important in global tourism, says Senegalese tourism counselor
Businessam StaffSeptember 14, 2017
Africa is playing an increasingly important role in global tourism, while Senegal is taking the opportunity to attract more tourists, Abdoulaya Ndiaye, technique counselor to the Senegalese tourism minister, has said. “Africa is an increasingly important force in the global tourism market. The continent is rich in cultural and wildlife resources, while it has majestic scenery,” […]
Reforms put Egyptian economy “on right track,” country’s president says
Businessam StaffSeptember 14, 2017
Abdel-Fattah al-Sisi, Egyptian President said Thursday that the ongoing economic reforms put the country’s economy on the right track and gained world confidence in the Egyptian economy. According to Xinhua’s report, Sisi’s remarks came during his opening speech at the ninth international conference on financial inclusion held at Egypt’s Red Sea resort city of Sharm El-Sheikh. “The […]