BUSINESS - The African Mirror

Jul

16

2022

Central African Republic launches ‘Sango Coin’ cryptocurrency amid industry rout

BUSINESS

RACHEL SAVAGE THE Central African Republic will start selling a cryptocurrency it says will be worth $21 million next week, it said, amid a wider rout in the industry and scepticism over the project's feasibility in a poorly connected, war-torn country. The "Sango Coin", described as a "national digital currency" will go on sale on July 21 with a minimum investment of $500 to be paid in cryptocurrencies, including bitcoin and Ethereum, according to the country's Sango investment website. The Central African Republic, where access to the internet and electricity is low, became the first African state to make bitcoin…

Jul

15

2022

By The African Mirror

Senegal gas projects near final investment decisions

BUSINESS

FINAL investment decisions should be made for phase 2 of Senegal's Greater Tortue Ahmeyim (GTA) gas project by September and for the Yakaar-Teranga project by the end of the year, a senior Senegalese energy official said on Wednesday. BP and U.S.-listed Kosmos Energy are leading development of GTA and Yakaar-Teranga, Senegal's first natural gas projects. "We are working to reach an FID by September for the phase 2 (at GTA) that should double expected production from 2.5 million tonne per annum to 5 million tonne per annum," Mamadou Fall Kane, an advisor to President Macky Sall, told Reuters. The first phase of…

Jul

15

2022

By The African Mirror

Diageo to sell Guinness Cameroon to Castel Group for 389 mln pounds

BUSINESS

A sign is seen at the headquarters of Diageo in London, August 27, 2009. REUTERS/Toby Melville/File Photo BEVERAGE company Diageo has agreed to sell its Guinness Cameroon brewery to France's Castel Group for 389 million pounds ($459.8 million), the company said in a statement. Castel will take over the production and nationwide distribution of Guinness in Cameroon under a licence and royalty agreement, it said. "Under this new agreement, the brand will have both expanded brewing capacity and distribution. It will remain part of the global Guinness family through direct marketing oversight," Dayalan Nayager, president of Diageo Africa, said in…

Mar

07

2022

By The African Mirror

African businesses power above media pessimism

BUSINESS

SETH ONYANGO, BIRD STORY AGENCY AFRICA remains a growth market for business despite skewed media coverage that often overlooks the economic progress being made on the continent, according to the new report. The Africa No Filter (ANF) study shows that narratives about business in Africa are dangerously distorted and ignore the entrepreneurial spirit and innovative force driving a continental economy. “There is an overemphasis on the role of governments, foreign powers and larger African states alongside an underappreciation of the role of young people, women, entrepreneurs, creative businesses, smaller successful African states and Africa’s future potential,” reads the study, dubbed…

Mar

05

2022

By The African Mirror

Russia’s war with Ukraine risks putting fresh pressure on rising fertiliser prices

BUSINESS

RUSSIA is one of the major players in global agricultural markets. The country is a significant exporter of grains and also integrated into global agriculture as a supplier of inputs, particularly fertiliser. The country is a leading world supplier of the key ingredients of a range of them. Author WANDILE SIHLOBO, Senior Fellow, Department of Agricultural Economics, Stellenbosch University It’s therefore important to keep track of the impact of Russia’s invasion of Ukraine on various transmission channels, and the knock-on effects they could have on Africa’s agricultural markets. So far the focus has been on the supply and price of…

Mar

04

2022

By The African Mirror

TotalEnergies could lose S.Africa licence if no output plan by September

BUSINESS

OIL major TotalEnergies could see its licence to develop a major offshore South African gas find scrapped if it does not submit a production plan by September, the oil and gas regulator said on Thursday. TotalEnergies discovered two large gas fields, Brulpadda and Luiperd, in offshore block 11B/12B about 175 km off South Africa's southern coast in 2019 and 2020. "Their exploration right is expiring in September 2022," Phindile Masangane, chief executive of the Petroleum Agency SA, told Reuters on the sidelines of an Africa energy conference. "Whatever happens, TotalEnergies and its joint venture partners have to put in the application…

Mar

04

2022

By The African Mirror

Egypt sees exodus of dollars since start of Ukraine war

BUSINESS

EGYPT has seen hundreds of millions of dollars leave its treasury markets since the Russian invasion of Ukraine last week as investors flee emerging markets for safer pastures, two bankers with knowledge of the matter said. Even before the crisis, Egypt had been working to sustain appetite for its treasury bills to plug current account and budget deficits and fend off pressure to let its currency weaken ahead of possible U.S. Federal Reserve rate hikes starting this month. A moderate sell-off of Egyptian treasuries that began on Thursday gained momentum when European markets opened on Monday, according to the bankers,…

Mar

02

2022

By The African Mirror

Uganda takes another step on e-payments path: five things you should know

BUSINESS

LONG periods of limited physical contact under COVID-19 lockdowns triggered new interest in alternative payment methods beyond existing options. The Bank of Uganda is among institutions that have taken steps to promote a shift towards a cashless economy. It recently ordered commercial banks to reduce by 50% the maximum amount customers can transact by cheque – from an upper limit of US$5,500 to US$2,750 – starting January 15. This move reflects a slow-rolling process across East Africa towards electronic payments. Mercy Muendo has studied information technology and law. We asked her to unpack five key points in the Bank of…

Mar

02

2022

By The African Mirror

South African rand slips as Ukraine-Russia crisis keeps nerves high

BUSINESS

THE South African rand weakened slightly against the U.S. dollar, as markets remained on edge following Russia's invasion of Ukraine. At 1503 GMT, the rand stood at 15.3600 against the dollar, down 0.18% versus its previous close. The rand had weakened more than 2% on Monday to hit 15.4933, as the fallout from tougher sanctions imposed by the West on Russia and the deepening crisis rippled across financial markets and hit risk appetite. A modicum of calm returned to currency markets on Tuesday, after high-level talks between Kyiv and Moscow. But the negotiations ended with no agreement other than to…

Mar

02

2022

By The African Mirror

World Bank sees Tanzania’s economy expanding up to 5.5% this year

BUSINESS

THE World Bank predicts Tanzania's economy to expand between 4.5% to 5.5% this year compared to 4.3% in 2021, as a rollback of coronavirus-related restrictions in many countries boosts tourism and trade, its country director said. After initially downplaying the severity of the COVID-19 pandemic under the late President John Magufuli, Tanzania changed its approach under his successor, President Samia Suluhu Hassan, and launched a vaccination programme in August last year. "The vaccination programme is crucial for underpinning a stable recovery of international travel and tourism, which together account for more than one-quarter of the country’s total exports," Mara Warwick,…