South Africa Cuts Key Lending Rate to 3.75%
South African Reserve Bank has cut its key lending rate by 50 basis points from 4.25% to 3.75% the lowest on record. The Bank paints a grim picture of the [...]
China's Huaxin Cement Buys Tanzanian Unit of ARM Cement
Huaxin Cement has bought the Tanzanian unit of Athi River Cement (ARM) Cement, Maweni Limestone Limited, to complete one production plant. A joint statement from PwC and Huaxin reveals that [...]
Rwanda Deploys Robots in the Fight against COVID-19
The government of Rwanda has officially launched the use of robots in its fight against the global COVID-19 pandemic. The move seeks to reduce contact between medical practitioners and patients, [...]High Debt in SSA Likely to Amplify Impacts of COVID19
High debt levels among Sub Saharan Africa nations are likely to amplify the impacts of COVID19 on their economies. IMF Resident Representative for Kenya, Tobias Rasmussen, opines that pre-existing conditions [...]Tanzania Re-opens its Airspace for International Flights
Tanzania lifted the ban on international flights on Monday, allowing both scheduled and non scheduled flights into her airspace. The directive from President John Pombe Magufuli seeks to bring back [...]South Africa Dominates List of Largest Companies in Africa
Prosus, is Africa's largest company by market capitalization by a big margin. Prosus, born out of the media conglomerate Naspers listing its international internet business, has a market cap of [...]The ICJ Reschedules Kenya-Somalia Maritime Border Case to March 2021
The International Court of Justice will now hear the Kenya-Somalia maritime border case in March 2021, due to the COVID19 pandemic. This is the fourth time the court is delaying [...]Tanzania Projects Lower Economic Growth
Tanzania projects economic growth of 4% down from 6.9% in 2020 as the pandemic hits different economic sectors. At the same time, the country expects its budget deficit to grow [...]Nigeria Oil Revenues Likely to Decline by $17Bn in 2020
Nigeria's oil revenues are likely to fall by up to 80 percent amounting to a revenue shortfall of about $15 to $17 billion in 2020. According to Bismarck Rewane, a [...]AfDB Approves $13.7 Million Grant to Zimbabwe
The African Development Bank (AfDB) has given Zimbabwe a grant worth $13.7 million to help the country fight COVID-19. The grant will fund Zimbabwe's COVID-19 Response Project (CRP), focusing on [...]Total Drops Plan to Buy Occidental Petroleum Assets in Ghana
French Oil and Gas multinational, Total, has dropped plans to buy Occidental Petroleum assets in Ghana. The deal was part of an $8.8 billion agreement reached between Total and Occidental [...]EgyptAir to Get $127 Million State Aid
Egypt's flag carrier, EgyptAir, is set to receive $127 million (KSh13.6 Bn) from the government to enable it to remain afloat during the COVID-19 pandemic that has seen airline revenues [...]
