BUSINESS - The African Mirror

Feb

25

2021

Cocoa producers Ivory Coast, Ghana, others should join forces to control supplies

BUSINESS

TOP cocoa producers Ivory Coast and Ghana need to control supplies and join forces with other producing countries if they want to achieve higher prices, the head of the International Cocoa Organisation (ICCO) said. Speaking at the Chocoa sustainable cocoa conference, Michel Arrion said Ivory Coast and Ghana recently acknowledged the need to control cocoa supplies, but they could be scuppered if other producers increase output. "Ivory Coast and Ghana with 65% of world production are still price takers, if they were 90% they wouldn't be price takers, so we need more producers (on board)," Michel told Chocoa participants via…

Feb

24

2021

By The African Mirror

The 2021″budget of hope”: tax reliefs, “sin taxes” hike

BUSINESS

AFRICAN MIRROR REPORTER SOUTH African Finance Minister Tito Mboweni today unveiled a 2021 “Budget of Hope” which contained tax relief measures, more government spending to stimulate economic activity as well as increases in the prices of alcohol and fuel. Mboweni revealed that the government has set aside R19.3-billion for the purchase of COVID-19 vaccines for a nation where over 50 000 people have died and over 1.3-million have been infected. No new taxes would be introduced to fund the vaccines, which will be provided free of charge for the majority of South Africans. He also tabled a Budget that did…

Feb

24

2021

By The African Mirror

Afreximbank approves $2 bln for African nations to secure COVID-19 vaccines

BUSINESS

THE African Export-Import Bank (Afrexim) has approved $2 billion to support the acquisition of COVID-19 vaccines for African countries, its president announced yesterday. The African Union initially secured 270 million COVID-19 vaccine doses from manufacturers for member states. In January, it was announced that the bloc would receive another 400 million doses of the AstraZeneca vaccine. President Benedict Oramah told CNBC Africa Television the Afrexim board has approved the funds and that it was seeking to raise more funds for vaccine acquisition. He said that the 270 million doses will only cover around 15% of Africa's population, far short of…

Feb

23

2021

By The African Mirror

South Africa’s telecoms regulator pushes back spectrum auction again

BUSINESS

SOUTH Africa's telecoms regulator has pushed back the announcement of the qualifying bidders for its long-awaited auction of new spectrum by a month to March 23, just a week before the sale had been due to be completed. The Independent Communications Authority of South Africa (ICASA) said it was completing a contract with the external auctioneer who will oversee and manage the process, and the auction would now start on March 31 rather than finishing then. Allocation of high-demand spectrum is seen as key to expanding broadband services, especially 5G, in Africa's most industrialised economy, where the high cost of…

Feb

22

2021

By The African Mirror

Sudan devalues currency to meet key condition for debt relief

BUSINESS

KHALID ABDELAZIZ SUDAN’S central bank sharply devalued the currency yesterday, announcing a new regime to "unify" official and black-market exchange rates in an effort to overcome a crippling economic crisis and access debt relief. The change is a key reform demanded by foreign donors and the International Monetary Fund (IMF), but was delayed for months as shortages of basic goods and rapid inflation complicated a fragile political transition. The central bank set the indicative rate at 375 pounds to the dollar, several commercial banking sources said, from a previous official rate of 55 pounds. Recently, the dollar traded at between…

Jul

19

2021

By The African Mirror

Ivory Coast to become regional medicine hub with $300 million IFC loan, PM says

BUSINESS

ANGE ABOA A World Bank programme to help medical clinics in Ivory Coast procure equipment from General Electric and Philips could spur the cocoa-producing country's development into a regional medical hub, according to Prime Minister Patrick Achi. As in other African countries, many smaller clinics in Ivory Coast, the world's largest cocoa producer, struggle to obtain the bank loans necessary to buy or rent essential medical equipment. A $300 million financing agreement signed on Friday by Ivory Coast and the World Bank's International Finance Corporation (IFC) aims to remedy that situation by providing credit to clinics hoping to get supplies…

Feb

27

2021

By The African Mirror

World Bank head says optimistic that Sudan reform will lead to growth

BUSINESS

WORLD Bank President David Malpass yesterday said he was optimistic that Sudan's exchange-rate stabilization and reforms would lead to broad-based growth and poverty reduction. In remarks to Group of 20 finance officials, Malpass said he expected a rapid clearance of Sudan's arrears to the World Bank, and hoped for speedy progress toward a decision point on debt forgiveness under the Heavily Indebted Poor Countries initiative. Malpass added that both Ethiopia and Nigeria would benefit from ending their own costly dual exchange rate systems.

Jul

15

2021

By The African Mirror

Egypt becomes new frontier for start-up investment in Africa

BUSINESS

ACROSS Africa, start-up companies are attracting millions from venture capital, private equity, social impact funds, with the Egyptian start-up market becoming the new frontier for global and regional investment By Seth Onyango Egypt is emerging as the biggest investment market for start-ups, attracting millions of dollars annually on the back of ongoing political and economic reforms in the North African state. Just in June 2021, Egyptian start-ups raked in more investment capital to surpass the 190 million dollars funding deployed into the start-ups marketplace in the whole of 2020. Data platform Magnitts 2020 Egypt Venture Investment report shows venture capital…

Jul

14

2021

By The African Mirror

South African rand sinks to 3-month low, bonds drop on violent protests

BUSINESS

OLIVIA KUMWENDA-MTAMBO and NQOBILE DLUDLA SOUTH Africa's rand dropped to a three-month low on Tuesday and local and hard currency bonds suffered as violent protests over economic hardship and inequality rippled across the country. Crowds clashed with police and ransacked or set ablaze shopping malls, with dozens of people reported killed as grievances unleashed by the jailing of ex-president Jacob Zuma boiled over into the worst violence in years. The protests rattled financial markets in the continent's most industrialised economy, with the rand dropping as much as 1.8% to 14.67 against the dollar, its lowest level since mid-April. The currency…

Jul

11

2021

By The African Mirror

G20 signs off on tax crackdown, warns on virus variants

BUSINESS

DAVID LAWDER and LEIGH THOMAS FINANCE chiefs of the G20 large economies have endorsed a landmark move to stop multinationals shifting profits to low-tax havens at talks where they will also warn that coronavirus variants threaten the global economic recovery. They also acknowledged the need to ensure fair access to vaccines in poorer countries. But a draft communique to be rubber-stamped at the meeting in the Italian city of Venice did not contain specific new proposals on how to do that. The tax deal was set to be the biggest fresh policy initiative emerging from their talks. It caps eight…