BUSINESS - The African Mirror

Mar

16

2024

Burkina Faso, Mali and Niger hint at a new west African currency: what it’ll take for it to succeed

BUSINESS

ON 11 February 2024, the head of Niger’s ruling military junta, General Abdourahmane Tiani, spoke of the possible creation of a common currency with Burkina Faso and Mali. “The currency is a first step toward breaking free from the legacy of colonisation,” he said on national TV, referring to the CFA franc inherited from French colonisation. THIERNO THIOUNE, enseignant-chercheur, directeur du CREA, Université Cheikh Anta Diop de Dakar Burkina Faso, Niger and Mali, three former French colonies, have experienced military coups in recent years. They’re now all ruled by military regimes. They also formed a new defence alliance, known as…

Mar

16

2024

By BOMIKAZI ZEKA

Financial abuse from an intimate partner? Three ways you can protect yourself

BUSINESS

FINACIAL abuse occurs when one person takes control over another person’s ability to acquire, use and maintain financial resources. An example is being denied access to your own funds or being forced to deposit your salary into a joint bank account but not having access to the account. It could also take place when large withdrawals are made from joint bank accounts without any explanation. BOMIKAZI ZEKA, Assistant Professor in Finance and Financial Planning, University of Canberra According to the Institute for Social Development and Justice, a South African non-profit company, financial abuse can vary and change shape or form…

Mar

14

2024

By SETH ONYANGO, BIRD STORY AGENCY

Appetite from local investors fuels surge in African startup funding

BUSINESS

DESPITE a steep downturn in startup funding in Africa since 2022, more African investors are channelling substantial investments into homegrown enterprises. This is a marked departure from the previous years, when North American investors, particularly from the U.S., led the charge in startup funding across the continent. Analysis from Africa: The Big Deal identified at least 619 unique investors who participated in deals of $100k or more within the continent, 35% of these investors were headquartered in Africa, making it the region with the most investors in African startups. This shift came after a dramatic 47% year-on-year drop in the…

Mar

14

2024

By TAREK AMARA

Tunisia’s olive oil exporters lament missed opportunities

BUSINESS

AWARD-WINNING Tunisian olive oil producer Mustapha Mtiraoui could make far more money by exporting his produce in labelled bottles, rather than shipping it in bulk. But basic problems inside Tunisia’s olive oil sector, including access to financing, a shortage of bottling plants and the dominant position of a handful of bigger producers, make that impossible, he says. The difficulties faced by Mtiraoui and many other Tunisian producers should concern policymakers, anxious to bring in more foreign currency from exports as the government navigates a crisis in public finances. Tunisia is already one of the top three olive oil exporters, with…

Mar

14

2024

By KIRBY GORDON

Why more and more travellers are visiting a travel agent when planning a trip

BUSINESS

IT’S safe to say that the post-pandemic chaos that characterised the travel industry has left many travellers a little spooked. And understandably so. From staff shortages and lost luggage to cancelled flights and overbooked planes, many who went on trips in the last year or two experienced some kind of disruption or delay. As such, the 2024 traveller is a far more cautious planner than the pre-pandemic traveller. One side effect of this new cautionary approach is that consumers are increasingly opting to visit a travel agency before heading on holiday. Holiday seekers and business travellers alike want the assurance…

Mar

13

2024

By JULIAN LUK and CHRIS MFULA

Zambia’s Chambishi copper smelter scales back capacity amid power cuts

BUSINESS

CHINA Nonferrous Metal Mining Corp's Chambishi Copper Smelter in Zambia has cut one-fifth of its production due to power shortages in the country, two sources with knowledge of the matter told Reuters. The plant, which produces about 250,000 metric tons of copper per year, is one of the biggest processing facilities in Africa's second-largest copper producer. Zambia generates about 87% of its electricity from hydropower, and lower water levels due to its current drought, the worst in two decades, have curbed power generation, the managing director of state-owned power utility Zesco said. Zesco said last week it would start rationing electricity supplies…

Mar

12

2024

By ABRAHAM ACHIRGA and SEUN SANNI

Hard times in Nigeria as reforms deepen cost of living crisis

BUSINESS

BLESSING Joseph has been weaving bags, sandals and jewellery earning enough money to feed her son and send him to school. But since November, she has fallen on hard times as customers have stopped coming and she and her son routinely go to bed hungry. She is among millions in Africa's largest economy, grappling with the worst cost of living crisis in decades, that has deepened since President Bola Tinubu introduced bold but unpopular economic reforms after he assumed office last May. Last year, Joseph could easily make 30,000 naira ($18.83) a week but now she will be lucky to…

Mar

12

2024

By SARAH EL SAFTY

Egypt says land sale, IMF accord will ease budget problems

BUSINESS

EGYPT has taken major steps towards lowering its budget deficit by selling real estate as well as agreeing on a support package with the International Monetary Fund, its finance minister said. Egypt's primary budget surplus will rise to above 3.5% in the fiscal year that will begin in July, Finance Minister Mohamed Maait told a news conference on Sunday. The primary surplus does not include interest payments, which in the seven months to end-January accounted for well over half of all expenditures and have kept Egypt deeply in deficit. The finance ministry last month forecast a primary general budget surplus…

Mar

09

2024

By PATRICK WERR

Foreign investors return to Egyptian T-bill auction after devaluation, bankers say

BUSINESS

FORIEGN investors have resumed purchases of Egyptian treasury bills after a long absence, three bankers said, as results posted by the central bank showed local currency one-year bills nearly three times oversubscribed at an auction on Thursday. The central bank results showed one-year T-bills worth 87.8 billion Egyptian pounds ($1.78 bln) had been sold at an average yield of 32.303%, a day after the bank raised interest rates by 6% and let the pound depreciate sharply against the dollar. Egypt received total bids worth 254.0 bln Egyptian pounds ($5.15 bln) for the one-year T-bill auction, the results showed. In a…

Mar

08

2024

By FARAH SAAFAN

For struggling Egyptians, devaluation promises price pain

BUSINESS

EGYPT'S move to devalue the pound was met with frustration online and on the streets, with Egyptians complaining about everything from the cost of diapers to the price of chicken after years of struggling with low wages to afford them. President Abdel Fattah al-Sisi let the Egyptian pound plunge in value in a bid to restore economic stability to the most populous Arab state with the help of billions of dollars of Gulf investment inflows. However, some Egyptians wonder whether such high-profile moves will provide relief for them after years of hardships. "This will magnify the suffering of citizens," said Eman Hussein,…