BUSINESS - The African Mirror

Sep

22

2023

China’s solar exports surge, African growth highest

BUSINESS

THE latest report from Ember, an energy think tank, shows that China's solar module exports surged by a third to 114 GW in the first half of the year. Notably, exports to Africa experienced the most significant growth, an astonishing 187% increase. This surge was primarily propelled by substantial rises in South Africa, where the country imported 3.4 GW, a remarkable leap from 0.6 GW in H1-2022. According to an analysis by Johannesburg-based economist, Gaylor Montmasson-Clair, from The Industrial Policy Strategies (TIPS), a South African think-tank, US$650 million (R12 billion) worth of solar panels were imported into South Africa in…

Jul

15

2023

By PATRICK WERR

Analysis: As deficit soars, Egypt expands money supply, fuelling inflation

BUSINESS

EGYPT risks fuelling its record inflation and putting more pressure on the Egyptian pound if it does not slow an expansion of the money supply which bankers and analysts say has been used to plug widening budget deficits. Central bank figures show "M1" money supply, which includes domestic currency in circulation and demand deposits in Egyptian pounds, jumped by 31.9% in the year to end-May 2023, after growing 23.1% in the fiscal year to end-June 2022 and 15.7% in FY2020/21. The sharp acceleration in money supply growth has come during three years in which Egypt's underlying economic weaknesses have been…

Jul

15

2023

By FELIX NJINI and DAVID LEWIS

Exclusive: New Mali mining law could boost state, local interest in projects to 35%

BUSINESS

MALI'S military-led government is in talks with gold miners over proposed changes to its mining law that could see it boost state and private Malian interests in new projects to 35%, from up to 20% today, according to a draft of the new code seen by Reuters. The government announced the review of the mining code in January after it said an internal audit had shown that Mali, one of Africa's biggest gold producers, was not receiving a fair share of profits while granting too many tax breaks. The draft, dated June 17 and verified by three sources close to…

Jul

15

2023

By LUC COHEN

Ex-Mozambique finance minister pleads not guilty in New York over debt scandal

BUSINESS

A former Mozambique finance minister pleaded not guilty to U.S. criminal charges over his alleged involvement in a fraud involving $2 billion in loans to three state-owned companies. Manuel Chang entered his plea before U.S. District Judge Nicholas Garaufis in Brooklyn. Chang had been extradited on Wednesday from South Africa, where he was arrested in December 2018 on U.S. charges of conspiring to commit wire fraud, securities fraud and money laundering. Garaufis denied Chang's request for bail, agreeing with prosecutors that he was a flight risk and could escape the charges by entering Mozambique's U.N. mission in Manhattan. "The evidence regarding his…

Jul

15

2023

By CAMILLUS EBOH

Nigeria charges suspended central bank chief after court ruling

BUSINESS

NIGERIA'S Department of State Security (DSS) said on Thursday it had filed charges in court against detained and suspended central bank governor Godwin Emefiele following an earlier order to charge him or release him. Papers filed by government lawyers showed that Emefiele is facing criminal charges including misappropriation of funds, meaning he could face long jail terms if convicted. The DSS did not give details on the charges and Emefiele has yet to appear in court. Emefiele was suspended by new President Bola Tinubu on June 9 and arrested a day later by the DSS. "Sequel to an Abuja High…

Jul

14

2023

By BONFACE ORUCHO, BIRD STORY AGENCY

Ethiopian tech companies join red-hot global outsourcing market

BUSINESS

ALMOST a dozen Ethiopian tech companies have joined forces to establish the Ethiopian Outsourcing Association in what is expected to be a game-changing initiative to position the country as a dynamic outsourcing hub. Spanning freelancing, business capital solutions, ICT consulting, digital security, and logistics tech startups, the association brings together a diverse range of experts, fueling a vibrant ecosystem of innovation and growth. The association will also advocate for policy changes and shines a spotlight on the immense potential of Ethiopia's rapidly expanding tech sector. Wondwesen Zewdie "Our passionate members foresee a wave of job creation and an exponential surge…

Jul

06

2023

By TANNUR ANDERS and ANAIT MIRIDZHANIAN

Focus: South African food producers warn of higher prices as infrastructure crumbles

BUSINESS

SOUTH African food producers, among the biggest on the continent, are spending hundreds of millions of rand mitigating prolonged rolling power blackouts, water supply issues and crumbling infrastructure. This investment, sometimes at the cost of essential capital expenditure, will eventually be passed onto consumers, making food prices higher for longer, food companies, economists and lobby groups told Reuters. It comes at a time when South Africa is already struggling with acute unemployment, 14-year high-interest rates and ballooning inflation and complicates efforts of the South African Reserve Bank (SARB) to ease interest rate hikes. "We are very aware of the struggles…

Jul

06

2023

By SETH ONYANGO, BIRD STORY AGENCY

Ethiopia’s second telco license likely to ignite global investor interest

BUSINESS

ETHIOPIA'S July 1 unveiling of a tender for a second new telecommunications license opens Africa's second-largest market to more competition and comes after its market-liberalising test run with Safaricom hit pay dirt. "There are several positive developments occurring in the Ethiopian telecommunications sector since the beginning of the liberalisation process," the Ethiopian Communications Authority said in a request for qualifications (RFQ) notice. The tender follows regional mobile giant MTN's unsuccessful attempt in 2021 to secure a license despite placing a substantial US$600 million bid. The staggering size of the bid underscored the appeal of Ethiopia's mobile phone and internet market,…

Jul

03

2023

By The African Mirror

Ethiopia launches tender for new telecoms licence

BUSINESS

ETHIOPIA has launched a tender for a second new telecommunications license, its communications authority said, opening up one of Africa's largest markets to further competition. Ethiopia's telecoms industry is considered a big prize in Prime Minister Abiy Ahmed's push to liberalise the economy after he took over in 2018, thanks to a large population of about 120 million. Kenya's Safaricom launched its mobile network in Ethiopia in October last year, becoming the first private operator alongside state-owned Ethio Telecom which had hitherto enjoyed a monopoly. "There are several positive developments occurring in the Ethiopian telecommunications sector since the beginning of the…

Jul

01

2023

By The African Mirror

Ethiopia asks to join BRICS bloc of emerging economies

BUSINESS, BRICS NEWS

ETHIOPIA, one of Africa's fastest-growing economies, has asked to join the BRICS bloc of emerging markets, the foreign ministry said. The term BRIC was coined by Goldman Sachs economist Jim O'Neill in 2001 to describe the rise of Brazil, Russia, India and China. The BRIC powers had their first summit in 2009 in Russia. South Africa joined in 2010. "We expect BRICS will give us a positive response to the request we have made," foreign ministry spokesman Meles Alem told journalists, according to the state-run news agency ENA. Ethiopia will continue to work with international institutions that can protect its…