Rwanda’s GDP growth slows to 4%

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

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

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

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

President Jacob Zuma

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

Mohamed Badr, Luxor Governorate

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

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

Abdel-Fattah al-Sisi, Egyptian President

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 […]

Tunisia eyes GDP growth, currency reform, to boost economy

Prime Minister Yousef Al Shahed

Tunisia’s government is looking to double economic growth, slash its budget deficit and revise some currency restrictions in an effort to revive its struggling economy. Prime Minister Yousef Al Shahed told parliament the government seeks to raise economic growth to 5 per cent in 2020 compared with an expected rate of 2.5 per cent this […]

Zambia’s economy to grow 4.3% this year, says central bank

Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank said on Monday. “There has been strengthening confidence in Zambia’s medium to long-term economic prospects as reflected by the participation of non-resident investors in the Government […]