News : Africanews

Zimbabwe's President Emmerson Mnangagwa hosted creditors and finance executives on Monday to discuss plans for clearing the country's $12.7 billion external debt and restructuring arrears.

Read the article

IMF highlights progress in Egypt’s reforms and global economic updates

Business • 4:31 PM

2 min

The IMF highlighted signs of economic stabilization in Argentina following a year of contraction. Leaders are exploring new arrangements to address the country’s $44 billion loan with the Fund.

Read the article

Kenya cancels airport and energy deals with Adani group after the U.S. indicts the tycoon

Business • 3:19 PM

2 min

President William Ruto in a state of the nation address said the decision was made “based on new information provided by our investigative agencies and partner nations.”

Read the article

Africa's hight cost of climate change [Business Africa]

Business • 2:00 PM

3 min

Climate change-related weather events and conditions are placing disproportionate burdens and risks on Africa. Such events as droughts, floods and cyclones are increasing, leading to massive population displacement and considerable economic losses.

Read the article

US vetoes UN resolution demanding a cease-fire in Gaza for 4th time

Business • 9:55 PM

5 min

The council voted overwhelmingly in favor of the resolution — 14 of its 15 members voted “yes” including U.S. allies Britain and France — but it was doomed by the veto.

Read the article

EU pledges $96M loan to Cameroon to boost infrastructure

Business • 9:02 PM

2 min

The European Union pledged Tuesday to lend 91 million euros ($96 million) to Cameroon over the next three years to boost the West African country's infrastructure and attract foreign investment.

Read the article

Brazil hands over G20 Presidency to South Africa

Business • 8:30 PM

1 min

Brazil's President Luiz Inácio Lula da Silva closed the Group of 20 summit on Tuesday and handed over the presidency to South Africa.

Read the article

Pro-palestinian demonstrators protest in Rio de Janeiro as G20 summit unfolds

Business • 10:16 AM

1 min

Protesters took to the streets of Rio de Janeiro, where the G20 summit is taking place, calling for an end to the war in Gaza and for the Brazilian government to sever ties with Israel.

Read the article

Climate crisis takes centre stage at G20 summit in Brazil

Business • 6:45 AM

2 min

On Tuesday, G20 leaders are expected to discuss sustainable development and the transition to cleaner energy.

Read the article

World leaders gather in Brazil for G20 summit amid global tensions

Business • 4:42 PM

1 min

The summit comes at a challenging time, with ongoing wars in Ukraine and the Middle East and the recent U.S. presidential election victory of Donald Trump

Read the article

Activists highlight plight of world's hungry ahead of G20 summit in Brazil

Business • 10:44 AM

1 min

The protest which was organized by the NGO Rio da Paz or Rio for Peace sought to draw the attention of the leaders of the world's richest nations on the scourge of hunger.

Read the article

Nigeria's inflation rate surges as food prices escalate

Business • 4:38 PM

1 min

A report by the National Bureau of Statistics said food inflation reached 39.16% year-on-year in October from 37.77%. The jump was attributed to a steep rise in the prices of staples such as maize, rice and cooking oil

Read the article

COP29: What next for Africa's energy transition?

Business • 3:24 PM

1 min

Africa stands at a crossroad in the global energy transition. So how can the continent address its energy needs whilst navigating the climate crisis?

Read the article

Turkey offered partner status by BRICS amid bid to balance East-West ties

Business • 2:06 PM

1 min

The offer comes after Turkish President Recep Tayyip Erdoğan attended a BRICS summit in Kazan, hosted by Russian President Vladimir Putin, underscoring Ankara’s aspirations for deeper engagement with the group.

Read the article

Civil society takes center stage at Brazil’s G20 social summit

Business • 9:07 AM

2 min

The event is part of Brazil’s broader G20 agenda to promote sustainable development, green energy transitions, poverty eradication, and reduced inequality, setting a collaborative tone for the upcoming leaders’ summit in Rio.

Read the article

New era of sovereignty in Mali's gold sector [Business Africa]

Business • 3:21 PM

3 min

This week, we explore the dynamic changes in Mali's mining sector, as the government strengthens its control over gold resources. We also look at Tanzania's ambitions to boost its mining industry and Zimbabwe's real estate market as a safe haven for inves

Read the article

Nigeria signs $1.2 billion deal with Chinese state-owned company to revamp key gas plant

Business • 11:52 AM

2 min

Minister of State for Gas Ekperikpe Ekpo expressed optimism about the “significant investment,” stating that it would position the smelter “back on the path to becoming a leading aluminium producer for both domestic and international markets.”

Read the article

DRC on a mission to financing the world's largest hydropower dam

Business • 2:21 PM

4 min

The Grand Inga project requires an estimated $80 billion in investments to produce 40,000 megawatts of electricity—enough not only to meet the demands of the DRC but also to support other African countries facing energy shortages.

Read the article

UN agricultural fund calls for adaptation financing for small-scale farmers

Business • 11:35 AM

2 min

Ahead of the COP29 climate change conference, IFAD says a proposed climate finance goal needs to prioritise the needs of small farms.

Read the article

Botswana's new government races to diversify its economy {Business Africa}

Business • 8:00 PM

2 min

With unemployment on the rise and a downturn in diamond demand, can Botswana's new administration succeed in driving economic diversification? In Ethiopia, despite efforts to reduce fuel dependence and pollution, electric vehicle owners face obstacles du

Read the article

Benin: Tapping the potential of luxury tourism [Business Africa]

Business • 12:23 AM

4 min

In this Business Africa episode, you'll get to meet the head of hotel's first 5-star hotel. Also on the program, funding cultural and creative industry and we'll look at how Morocco built an investor-friendly climate.

Read the article

South Africa projects wider deficits and rising debt despite improved growth

Business • 6:32 AM

1 min

The Treasury forecasted a 5.0% deficit for the fiscal year ending March 2025, up from the 4.5% expected, with next year’s deficit now estimated at 4.3% of GDP.

Read the article

Kenya's supreme court reinstates 2023 finance law after appeals court nullification

Business • 6:15 AM

1 min

The 2023 finance law, which included increased fuel taxes, a housing levy, and higher top income tax rates, triggered opposition-led protests and unrest, leading to over 60 deaths in June and July. In response, Ruto withdrew this year's bill, delaying an

Read the article

Financial audit forces Senegal to reassess IMF program strategy

Business • 8:25 AM

3 min

The Minister of Finance, Cheikh Diba, announced during the annual IMF meetings in Washington that Senegal's program with the international institution needs to be revised following an audit that revealed a higher debt and budget deficit than previously re

Read the article

Malaysia, Ethiopia agree to strengthen bilateral ties

Business • 1:39 PM

1 min

Ethiopian prime minister Abiy Ahmed and his Malaysian counterpart Anwar Ibrahim held talks in Putrajaya on Saturday in which the two sides agreed to collaborate further in several sectors including agriculture, industry and trade, and investment

Read the article

IMF: Outlook for sub-Saharan Africa is improving but challenges remain

Business • 11:17 AM

3 min

In its latest report it says while the economic outlook in the region is improving, implementing reforms is increasingly difficult.

Read the article

Egypt's economic outlook: Growth expected amidst IMF reforms

Business • 2:16 PM

2 min

Key forecasts show gradual recovery following austerity measures

Read the article

Putin concludes BRICS summit with call for UN reform

Business • 1:38 PM

2 min

Russian President Vladimir Putin led the final session of BRICS summit, advocating for reforms at the UN to increase the representation of Asian, African, and Latin American nations.

Read the article

Africa’s growing role in BRICS: Opportunities and challenges {Business Africa}

Business • 10:20 AM

1 min

African nations tap into BRICS for trade and infrastructure development, while Zimbabwe's young population drives internet demand, with over 11.5 million users pushing SpaceX's Starlink to capacity in Harare, raising questions about affordability and comp

Read the article

Charges dropped: Binance executive freed by Nigerian court decision

Business • 8:06 AM

2 min

A Nigerian court ruled that Binance executive Tigran Gambaryan should be released after the government dismissed money laundering charges against him, enabling him to seek medical treatment overseas.

Read the article

Ethiopian PM Abiy Ahmed meets Putin at BRICS Summit, pushes for stronger trade ties

Business • 5:49 AM

1 min

Ethiopia formally joined the group of emerging economies earlier this year. It is one of the newest members of the block.

Read the article

BRICS: African leaders call for reforms of international institutions

Business • 5:38 PM

2 min

African leaders attending the BRICS summit in Russia, spoke out on Wednesday about what they see as important issues on the international stage.

Read the article

Economic collaboration: Putin's vision for BRICS at Kazan summit

Business • 4:09 PM

2 min

At the BRICS summit in Kazan, Russian President Vladimir Putin discussed the economic potential within the member nations.

Read the article

Egyptian, Russian leaders agree to strengthen ties during Brics summit

Business • 10:48 AM

1 min

As El-Sissi stressed his desire to enhance cooperation; a feeling shared by Vladimir Putin on Tuesday (Oct. 21). Egypt is one of 5 nations which were invited to join the BRICS this year.

Read the article

CAF unveils 2022-2023 financial report, projects net profit next year

Business • 6:00 AM

2 min

Patrice Motsepe who was elected at the helm of CAF in 2021 hailed the body's reduction in losses. Officialy, the losses were reduced to $ 9.2 million from $ 28.9 million. CAF projects net profit in next financial year.

Read the article

South African Minister of International Relations hails ties with China, ahead of BRICS summit

Business • 8:38 PM

1 min

Ahead of the BRICS summit of emerging economies taking place in Russia, the South African Minister of International Relations hailed ties with China. Ronald Lamola described the relationship between the two nations as based on mutual trust. The BRICS summ

Read the article

Vladimir Putin holds bilateral talks with Cyril Ramaphosa on sidelines of BRICS summit

Business • 7:09 PM

1 min

Russian president Vladimir Putin hosted bilateral talks with his South African counterpart, Cyril Ramaphosa, on Tuesday. These discussions were held on the sidelines of the BRICS summit, which kicked off on the same day. Both leaders hailed the relationsh

Read the article

Putin hosts BRICS summit, Defies Western isolation

Business • 1:16 PM

1 min

The leaders of China, South Africa and India arrived in Russia on Tuesday for the BRICS summit of emerging economies. The meeting will see president Vladimir Putin host more than 20 heads of state, in a move that defies expectations that the Ukraine war a

Read the article

16th BRICS summit: a test of Moscow's influence in world affairs

Business • 10:06 AM

4 min

Russian President Vladimir Putin is set to host leaders for the 16th annual BRICS summit, on teusday aiming to demonstrate that Moscow remains engaged on the global stage showcasing BRICS coalition as a counterbalance to Western influence in international

Read the article

Putin says BRICS countries will drive economic growth in coming years

Business • 9:48 AM

2 min

He was speaking at the bloc’s business forum which comes ahead of the BRICS summit in the Russian city of Kazan from 22-24 October.

Read the article

Global South experts see BRICS expansion as positive

Business • 7:03 AM

1 min

Experts from 40 think tanks were speaking at a Global South meeting ahead of the BRICS summit in Russia from 22-24 October.

Read the article

Russia's Putin praises economic growth of BRICS countries, says they are exceeding G7

Business • 1:56 PM

2 min

Putin noted that the total GDP of the members of the BRICS association is more than 60 trillion dollars and that its total share in the world gross product "confidently exceeds" the corresponding indicators of the G7 group.

Read the article

Egypt increases fuel prices by 10% to 17%

Business • 1:04 PM

1 min

Egyptians have been grappling with soaring inflation as they navigate rising daily costs that reached another high over the summer including a previous 10% increase in fuel prices, a hike in subway fares and the local currency sliding against foreign curr

Read the article

Egypt's Economy Hard Hit by Gaza War [Business Africa]

Business • 3:06 PM

4 min

The Egyptian economy, already struggling for several years, has been severely impacted by the war in Gaza. The escalation of the conflict between Israel and its neighbors has become yet another obstacle to economic reforms and development in Egypt.

Read the article

Women entrepreneurs face financing hurdles in agriculture, FAO program offers solutions

Business • 5:05 PM

2 min

Through initiatives like EWAT, women like Augustina and Asma are gaining the tools and knowledge needed to overcome structural barriers and expand their businesses in the agriculture sector.

Read the article

World Bank cuts 2024 growth forecast for Sub-Saharan Africa over Sudan

Business • 2:03 PM

2 min

...the region’s recovery is slow, but inflation is going down in many countries.

Read the article

Zambians struggle with electricity shortages driven by drought

Business • 6:53 AM

3 min

The water level is so low that only one of the six turbines on Zambia's side of the dam can operate, cutting generation to less than 10% of normal output. The most damaging impact is during the daylight hours when small businesses, the backbone of the cou

Read the article

Ghana: Catholic Church takes stand against illegal mining also known as 'Galamsey'

Business • 2:10 PM

2 min

The peaceful demonstration, aimed at raising awareness about the environmental damage caused by galamsey, culminated in the presentation of a petition to the presidency.

Read the article

24 countries' leaders to come to BRICS summit in Russia, Kremlin says

Business • 6:58 PM

1 min

Russian President's foreign affairs adviser Yuri Ushakov said Thursday that 24 leaders have confirmed their participation in a summit of the BRICS bloc of developing economies set to be held in Kazan later this month.

Read the article

The economy, the challenge of Kaïs Saïed's second term [Business Africa]

Business • 10:35 AM

4 min

Despite signs of improvement, such as the inflation rate falling to 6.7%, the majority of Tunisians are still feeling the effects of a sluggish economy.

Read the article

Nigeria's fuel price challenge: second increase in one month

Business • 9:30 AM

1 min

Fuel prices surged at gas stations throughout Nigeria on Wednesday, adding to the hardships faced by citizens enduring the most severe economic crisis in decades.

Read the article

India offers financial support to Maldives after talks to repair ties

Business • 2:27 PM

2 min

ndia stepped up its development assistance to the Maldives after Modi and Maldive's President Mohamed Muizzu held talks in New Delhi Monday in a bid to repair strained ties that saw the president of the Indian Ocean archipelago forging closer relations wi

Read the article

30 countries confirm their participation in October BRICS summit

Business • 12:10 AM

1 min

Russian Deputy Foreign Minister Sergei Ryabkov held a news briefing Thursday about the BRICS summit in Russia later this month.

Read the article

Israeli threats on Iran's oil infrastructure drive up oil prices

Business • 4:21 PM

2 min

Israel's threat to target Iran's oil production infrastructure, including gas and oil rigs, refineries and storage facilities has heightened market concerns.

Read the article

Ethiopia: Electromobility, turning point or illusion? [Business Africa]

Business • 2:14 PM

3 min

This week, we examine Ethiopia's goal of reaching 440,000 electric vehicles by 2030, featuring an interview with the CEO of Dodai. We also discuss mobile cafés in Morocco, which provide opportunities, and Lienne Shonhiwa, the founder of Manetain Organics

Read the article

Ivory Coast: Rising cocoa farmgate price fails to convince

Business • 4:39 PM

1 min

The move has failed to meet the expectations of the local association of coffee and cocoa producers. They say the farmgate price should at least be at 5,000 CFA francs per kilogram if the 60% CIF rule was enforced.

Read the article

Nigeria celebrates independence day amid protests over economic hardship

Business • 7:24 PM

1 min

Nigeria’s independence anniversary is marked by protests and frustration over economic hardship

Read the article

Libya's parliament approves new central bank governor

Business • 5:41 AM

2 min

Libya’s eastern parliament on Monday agreed to appoint Naji Mohamed Issa Belqasem as the new central bank governor after the former governor, Sadiq al-Kabir, was fired last month by the presidential council in the capital, Tripoli

Read the article

Egypt: Suez Canal revenues plummet as Gaza war hurts shipping

Business • 8:20 AM

1 min

Egypt’s president said on Sunday its revenues from the Suez Canal have dropped by 60%, or more than $6 billion, in recent months as attacks by Yemen’s Houthis disrupt Red Sea shipping

Read the article

Bahamas seeks help to pay off debt brought by huge storms

Business • 9:52 AM

3 min

The Bahamas is stuck in a financial pickle, much of it because of the whims of climate change, bureaucracy and the fossil fuel industry, said its prime minister, who adds that he is tired of promises of help but little action.

Read the article