Kenya’s economy is set to return to growth in 2021 following a projected contraction this year due to the COVID-19 pandemic, the World Bank has found. The report said that the coronavirus crisis would cause a 1-1.5% contraction in East Africa’s largest economy, pushing 2 million...
An influential South African business group has urged the Government to accelerate structural reforms in order to boost its economic recovery from the restrictions put in place to fight the spread of COVID-19. The South African Chamber of Commerce and Industry’s (Sacci) business-confidence index recovered to...
African CEOs have expressed confidence in the long-term economic prospects of the continent despite the negative impact the COVID-19 pandemic has had on the profits of African businesses. The 2020 edition of the Africa CEO survey, an initiative of the Africa CEO Forum and Deloitte, found...
Dangote Cement’s Pan-African operations performed well in the first half of 2020 and contributed positively to its Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA), the company said. The cement giant told Nigerian business news website Nairametrics that ‘the Pan-African business is not dragging the group...
South Africa’s Minister of Mineral Resources and Energy Gwede Mantashe has been admitted to hospital after testing positive for COVID-19. “Today, minister Mantashe was admitted to hospital on the advice of their doctor for better medical attention and monitoring,” said Minister in the Presidency Jackson Mthembu...
South African retailer Massmart Holdings has started talks with unions to cut up to 1,800 jobs at the company’s struggling Game stores, after an ‘indifferent performance in the 2019 financial year’ followed by the impact of the COVID-19 pandemic this year. Game, a general merchandise chain,...
South Africa’s Sasol has today announced plans to cut jobs and end its West African oil operations as part of a major business revamp. The petrochemicals producer has been contemplating its rising debt levels, falling oil and chemical prices and lower global demand due to the...
The implementation of a nationwide lockdown to contain the spread of COVID-19 in South Africa caused total mining production to fold by 47.3% in April, compared to the same month in 2019. Official data released yesterday by Statistics South Africa revealed that mining output also contracted...
Administrators at South African Airways (SAA) have asked creditors to approve an extension until June 8 for the publication of a business rescue plan, which would be the first stage of a miraculous recovery by the teetering airline. The administrators said in a letter dated May...
Zambia has temporarily shut its border with Tanzania as part of its efforts to quell the spread of COVID-19, delaying its main copper exports via Dar es Salaam, a minister revealed yesterday. President Edgar Lungu directed the closure on Sunday after the border town of Nakonde...