Market competition for commercial vehicles in Africa intensifies, Frost & Sullivan
Businessam Staff
July 18, 2017
Rising urbanization is encouraging unprecedented infrastructural developments in Africa, especially across the construction and oil and gas sectors. This is strengthening the regional market for commercial vehicles (CVs) like rigid trucks and flatbed trailers. Asian original equipment manufacturers (OEMs) such as Isuzu, Mitsubishi, Dongfeng, Sinotruk, Tata and Ashok Leyland have started making rapid inroads into […]
African economies need to integrate technological processes to catch up with the rest of the world
Businessam StaffJuly 15, 2017
The technology space in Africa holds an outstanding promise, which requires stakeholders in the Information, Communication and Technology (ICT) to pursue the tech market in accelerating Africa’s development efforts. This was unanimously agreed upon by the Panelists at the 4th Tech 360 Africa Summit held in Accra Thursday, July 14. Contributing to panel discussions on several […]
South Africa considers privatisation to wrestle economy out of recession
Businessam StaffJuly 13, 2017
Malusi Gigaba, South Africa’s finance minister said on Thursday the country was considering the sale of non-core assets and partial privatisation of state-owned firms to wrench the economy out of recession, according to a report by News Agency of Nigeria (NAN). The privatisation was part of an “ambitious 14-point programme” to put the country back […]
Rwanda’s Inflation slows to 4.8% in June on reduced food prices
Businessam StaffJuly 12, 2017
Rwanda’s Inflation rate dropped to 4.8 percent in June compared to 6.5 percent recorded in May, the National Institute of Statistics of Rwanda monthly consumer price index (CPI) indicates. However, this is slightly higher than the 4.1 percent recorded during the same period last year. The rate was down 0.8 percent on a monthly basis, […]
Gabon seeks private partners to boost processing of Minerals
Businessam StaffJuly 11, 2017
Gabon, Africa’s second-biggest manganese producer, wants to partner with private companies to process most its minerals locally before exporting them, Mining Minister Christian Magnagna said. Local processing will boost the mining industry’s contribution to gross domestic product from the current 2.1 percent to at least 4 percent as the central African nation seeks to make its […]
Boeing selected for $294 million deal with Algeria’s Tassili Airlines
Businessam StaffJuly 9, 2017
Algeria’s Tassili Airlines (TA) signed a draft deal on Sunday worth $294 million with U.S. planemaker Boeing (BA.N) for three 737-800 aircraft, Algeria’s state news agency APS reported. The three 155-seat aircraft would be delivered during the second half of 2018, APS said, citing officials. Tassili Airlines, which is owned by state energy firm Sonatrach, […]
IMF warns South Africa over economy’s vulnerability
Businessam StaffJuly 7, 2017
The International Monetary Fund warned South Africa Thursday over extreme vulnerability of the country’s economy to external shocks and funding shortfalls. However, the African country stuck by its earlier growth forecast of 1 percent this year. According to CNBC, in an executive report following a country visit in the last week of June, IMF also […]
Congo faced with economic crisis requests financial support from donors
Businessam StaffJuly 7, 2017
Democratic Republic of Congo’s government has formally requested financial support from international donors as it confronts a worsening economic crisis. Africa’s top copper producer has been hard hit by low commodity prices in recent years. It has only enough foreign currency reserves to cover about three weeks of imports and its franc currency has lost […]
South Africa’s Eskom signs $1.5 billion loan agreement with China
Businessam StaffJuly 6, 2017
South Africa’s state power utility Eskom signed a $1.5 billion (19.6 billion rand) loan agreement with China Development Bank on Thursday to finance the Medupi coal power plant, its acting chief executive said. “The conclusion of this second loan agreement continues to demonstrate financial market confidence in Eskom and South Africa notwithstanding the challenging market […]
Economic chaos fuels gold mining rush in South Sudan
Businessam StaffJuly 5, 2017
After South Sudan’s peace deal collapsed, gun battles rocked the capital and soldiers ransacked his clothing store, Ahmed al-Nur faced the economic crisis in a trade that’s had an unexpected boost from the new wave of violence: gold. With inflation soaring and the currency collapsing, the precious metal that’s mainly extracted by artisanal miners in Africa’s […]