BUSINESS - The African Mirror

Feb

20

2024

Olam Group says no evidence its Nigeria unit was involved in alleged forex fraud

BUSINESS

SINGAPORE'S Olam Group said that its investigation team did not identify any evidence that its Nigeria unit was involved in an alleged multi-billion dollar foreign exchange fraud. Last year, the Daily Nigerian and Prime Business Africa had reported that Nigeria's secret police was investigating the company's units, Olam Nigeria and Olam International, and their associate firms for a more than $50 billion foreign exchange fraud. The agri-business in September had "categorically denied" the media allegations and directed its audit committee to review the matter. "From the work performed by the Investigation team as approved by the Audit and Risk Committee…

Feb

20

2024

By The African Mirror

Amplats plans to cut thousands of jobs after profit plunge

BUSINESS

ANGLO American Platinum (Amplats) plans to cut thousands of jobs at its mines in South Africa, it said, after profit plunged by 71% last year. The company said it was embarking on a restructuring that could affect about 3,700 jobs at its South African operations, or 17% of the Anglo American b unit's workforce, as it battles to keep a lid on costs after a slump in the price of platinum group metals (PGMs). The miner is also reviewing agreements with 620 contractors or service providers to help save costs, it said. South Africa's PGM miners are resorting to cutting jobs and…

Feb

18

2024

By The African Mirror

IMF reaches staff-level agreement with Ivory Coast for $1.3 bln resilience, sustainability facility

BUSINESS

THE International Monetary Fund said that it had reached a staff-level agreement with Ivory Coast for a $1.3 billion programme to fight climate change supported by the fund's Resilience and Sustainability Facility. Ivory Coast, the world's top cocoa grower, is exposed and vulnerable to climate change, the IMF said in a statement. "Rising temperatures, rainfall disruptions, flooding, rising sea levels and coastal erosion are major challenges and represent recurring risks for resilient, sustainable and inclusive economic growth," the fund said. The reform measures between 2024 and 2026 will support Ivory Coast's actions to strengthen climate change adaptation and mitigation, particularly…

Feb

17

2024

By RACHEL SAVAGE

Africa’s economic growth fell to 3.2% in 2023, says African Devt Bank

BUSINESS

AFRICA'S economic growth fell to 3.2% last year from 4.1% in 2022, the African Development Bank said, but it projected higher growth this year for all regions except central Africa. The AfDB said political instability and China's economic slowdown were compounding the shocks of COVID-19 and Russia's war in Ukraine. The final figure for 2023 was below the 3.4% growth the AfDB had forecast in November. It also cut its regional growth estimates for central and north Africa, amid a recession in oil producer Equatorial Guinea and the aftermath of devastating flooding in Libya. "The shocks buffeting African economies since 2020…

Feb

17

2024

By MAXWELL AKALAARE ADOMBILA

Ghana’s new finance minister pledges to keep IMF programme on track

BUSINESS

GHANA'S new finance minister, Mohammed Amin Adam, pledged to keep its $3 billion International Monetary Fund (IMF) programme on track as it aims to finish restructuring its overseas debt before an election in December. President Nana Akufo-Addo replaced Ken Ofori-Atta with Adam, a petroleum economist who was minister of state at the finance ministry, in a cabinet reshuffle after criticism of the ex-banker's leadership during the West African country's worst economic crisis in a generation. Ofori-Atta negotiated the IMF bailout loan to address the crisis, which saw inflation and debt servicing costs spiral upwards in 2022. He was, alongside Adam, seeking relief…

Feb

16

2024

By BONFACE ORUCHO, BIRD STORY AGENCY

Investors bet big on Africa’s logistics potential

BUSINESS

AFRICA'S logistics sector is growing into a lucrative market and strategic hub within the global logistics network as investors' confidence in the sector increases. A new report by logistics company Agility confirms the global logistics industry is considering expansion plans or first-time investments in the continent’s logistics sector. According to Agility Vice Chairman Tarek Sultan, “This is the most optimism we’ve seen about Africa in the 15 years of the Index.” Notably, 47.4% of respondents are planning additional investments in Africa, while 14.2% of the logistics executives from different companies are planning first-time investments on the continent. Only 6.6% of…

Feb

15

2024

By FELIX NJINI and VERONICA BROWN

Congo’s Gecamines offers to buy some of Khazakh miner ERG’s copper assets

BUSINESS

Congo state miner Gecamines said it has made a firm proposal to buy some of Eurasian Resources Group's copper and cobalt assets in the country in a bid to claw back projects owned by partners and build reserves in metals key to the green transition. The Democratic Republic of Congo's mining unit wants to buy three of the Khazakh miner's assets in the country and has funds to finance the purchase, Robert Lukama, the chairman of Gecamines told Reuters. Lukama declined to name the projects or mines Gecamines wants to buy but said the company is targeting three of ERG's…

Feb

15

2024

By The African Mirror

Namibia central bank keeps repo rate and key forecasts unchanged

BUSINESS

NAMIBIA'S central bank kept its main interest rate unchanged for the fourth meeting in a row, sticking to its forecasts for this year's economic growth and inflation. The southern African country's repo rate has been at 7.75% (NACBIR=ECI) since June 2023. "With real interest rates remaining positive, and slow credit growth, amid a fair level of international reserves, the MPC (Monetary Policy Committee) decided to maintain the repo rate at its current level," the Bank of Namibia said in a statement. Inflation edged up to 5.4% year on year in January (NACPIY=ECI), from 5.3% in December. It is projected to average 4.8% in…

Feb

14

2024

By SETH ONYANGO, BIRD STORY AGENCY

Africa’s green energy potential lures crypto miners

BUSINESS

NOMADIC crypto miners in search of affordable energy are eyeing Africa, with Ethiopia emerging as a prime location for blockchain mining. This pivot towards the continent is driven by its abundant renewable sources including solar, wind, and hydroelectric power. Ethiopia, with its colossal hydroelectric dam, has seen an increased inflow of bitcoin miners especially from China, who are dodging Beijing's tight controls on crypto activities. China has cracked down on the activity due to its high energy requirements. Bloomberg reported that "19 of 21 electricity-supply deals for mining struck so far are with Chinese companies." China has become an important…

Feb

14

2024

By The African Mirror

Billionaire Friedland’s HPX signs pact for Guinea-Liberia rail link

BUSINESS

U.S. firm High Power Exploration Inc (HPX), founded by mining billionaire Robert Friedland, said that it had signed a letter of intent with Liberia's government and Guma Africa Group to develop rail and road projects linking it with Guinea. The infrastructure projects, known as the Liberty Corridor, are expected to support the West African region's connection to world markets and are estimated to cost between $3 billion to $5 billion, HPX said in a statement. Guma Africa is led by South African businessman Robert Gumede. The planned corridor will have a new heavy-duty railroad connecting the Nimba district of Guinea…