BUSINESS - The African Mirror

Jul

20

2022

Ghana to sign $3.2 billion railway project deal with Thelo DB consortium

BUSINESS

GHANA'S government will sign an agreement next week with Thelo DB consortium for a $3.2 billion project to develop and make operational its Western Railway Line, the company said in a statement. Thelo DB is a South African railway entity incorporated between Thelo Ventures, an African industrial company, and Germany's Deutsche Bahn Engineering & Consulting (DB). The Thelo DB consortium also includes Ghanaian partner Transtech Consult. Ghana's Western Railway line runs a total of 339 kilometres (210 miles) from Takoradi Port to Kumasi, but only 66 km is operational, according to the website of Ghana's Ministry of Railways Development, where…

Jul

20

2022

By The African Mirror

Nigeria’s NNPC turns commercial, hopes for era of accountability

BUSINESS

STATE-RUN Nigerian National Petroleum Corporation formally became a commercial company on Tuesday, known as NNPC Ltd, in a move junior petroleum minister Timipre Sylva said would deliver more profitability and accountability. NNPC Ltd operates joint production ventures with Western oil majors but anti-corruption campaigners have long asked for the company to be more transparent, calling for the publication of its crude contracts and statement of accounts. As a commercial entity, NNPC Ltd will no longer have access to state funds. Its shares will be held by the ministries of petroleum and finance, who will decide which assets and liabilities to…

Jan

10

2021

By The African Mirror

Tanzania’s president asks China to forgive some outstanding debts

BUSINESS

TANZANIAN President John Magufuli requested China to forgive some of the East African nation’s debts, including one incurred 50 years ago for the construction of a railway to neighbouring Zambia. The Tanzanian leader has in the past made the same request to other creditors. Last April, he asked international lenders like the World Bank to cancel debts to African nations, to give them fiscal room to battle the coronavirus. Magufuli said he had presented the request to visiting Chinese Foreign Minister Wang Yi, as the two witnessed the signing of a deal for the construction of a 341 km rail…

Jan

10

2021

By The African Mirror

Sudan’s cabinet approves 2021 budget

BUSINESS

SUDAN'S cabinet has approved the country’s budget for 2021, state news agency SUNA said, adding that final approval must be given by a joint meeting of the cabinet and the transitional sovereign council. The government will continue to subsidize wheat, medicine, cooking gas, and electricity under the new budget, a government source said.

Jan

09

2021

By The African Mirror

South African brewer suspends commitments on jobs, investment

BUSINESS

THE South African Breweries (SAB) has suspended commitments to retain workers and investments, agreed as part of its merger with Anheuser-Busch InBev, due to the country's decision to ban alcohol sales to curb the coronavirus, it revealed in court papers. South Africa banned alcohol sales late last month as part of tighter restrictions to rein in the spread of COVID-19. SAB has told the South African government that "its obligations have been suspended with effect from the date of the impugned regulations," the company said in court papers filed on Wednesday and seen by Reuters. The conditions of the $106…

Jan

09

2021

By The African Mirror

Zimbabwe central bank lets exporters hold dollars beyond 60 days

BUSINESS

ZIMBABWEW's central bank has reversed a decision to force exporters, including mining companies, to sell a large portion of their dollar earnings if they were not used after 60 days. Severe foreign currency shortages are the clearest sign of an economic crisis that has sparked intermittent shortages of fuel, power and medicines in the southern African nation. Critics blame the crisis on financial mismanagement and corruption by the government of President Emmerson Mnangagwa. It says the economic troubles are caused by droughts as well as sanctions imposed by Western countries some two decades ago. Reserve Bank of Zimbabwe governor John…

Jan

14

2021

By The African Mirror

IMF approves $34.4 million disbursement for Central African Republic

BUSINESS

THE International Monetary Fund's (IMF) executive board approved a disbursement to Central African Republic of about $34.4 million after completing the first and second reviews of its $115 million loan program, the Fund has said. The country is facing the duel challenges of the coronavirus pandemic as well as a resurgent rebel offensive launched in opposition to elections held last month. IMF Deputy Managing Director Mitsuhiro Furusawa said in a statement that the fallout from the virus appeared to have receded, but the economy remained fragile. "The Covid-19 pandemic has had a substantial impact on C.A.R's economy but appears to…

Jan

13

2021

By The African Mirror

South Africa’s drinks industry seeks tax relief after new sales ban

BUSINESS

SOUTH Africa's alcohol industry, reeling under a renewed liquor sales ban since end December, has called for a deferment of excise duty to stave off a wave of business closures and job losses. President Cyril Ramaphosa extended an existing countrywide ban on alcohol sales on Monday saying it has helped to reduce trauma cases in hospitals and keep staff and facilities available for COVID-19 patients. He did not give a definitive date on when the ban would be lifted. "The South African wine industry faces a grim picture of business closures, job losses, downward price pressure, structural damage to subsectors,"…

Jan

13

2021

By The African Mirror

Botswana’s Debswana terminates mining contract with Australia’s Thiess

BUSINESS

Debswana Mining Company, owned by De Beers and the Botswana government, said on Tuesday it has terminated a $1.3 billion contract with a unit of Australia’s Thiess to extend the lifespan of its Jwaneng diamond mine and will carry out the project in-house. Debswana, among the world’s largest diamond producers, declined to provide a reason for terminating the contract for the extension project, known as Cut 9, which was awarded to Majwe Mining in 2019. The nine-year project is expected to extend the life of Debswana’s flagship mine to 2035, yielding an estimated 53 million carats of rough diamonds. “The…

Jan

17

2021

By The African Mirror

FirstBank, Shell oppose Nigerian group’s bid to seize assets in oil spill dispute

BUSINESS

TIFE OWOLABI and LIBBY GEORGE MEMBERS of a community in southern Nigeria had no right to seize assets from a bank branch this week in a dispute over compensation for an oil spill more than five decades ago, the FirstBank and a unit of energy giant Shell has said. Members of the Ejama-Ebubu community and law enforcement officers entered a FirstBank branch in Port Harcourt this week to seize assets following a court award relating to the spill that took place in the 1967-70 civil war. The community was awarded damages worth 17 billion naira ($44.7 million), with accruing interest,…