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Sep
04
2020
By The African Mirror
Russia-Zimbabwe platinum JV to secure phase 1 funding by end of year

Russia-Zimbabwe platinum JV to secure phase 1 funding by end of year

BUSINESS
MACDONALD DZIRUTWE RUSSIAN-ZIMBABWEAN platinum venture Great Dyke Investments (GDI) expects to raise up to $500 million in funding it needs for the first phase of its mining project by the end of this year after the coronavirus delayed talks with lenders, its CEO said on Tuesday. GDI is 50% owned by Russia’s Vi Holding, through its JSC Afromet subsidiary, and 50% owned by Zimbabwe’s Landela Mining Venture (Pvt) Ltd and plans to start mining platinum ore in 2021. GDI’s Chief Executive Alex Ivanov said five institutions were participating in a syndicated funding led by African Export-Import Bank (Afreximbank), including from…
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Oct
01
2020
By The African Mirror
Namibia fishing auction for COVID-19 cash flops

Namibia fishing auction for COVID-19 cash flops

BUSINESS
NYASHA NYAUNGWA A fisheries auction in Namibia meant to pay for COVID-19 care has flopped, after bidders stumped up barely 1.3% of the $38 million offers accepted, the finance minister said on Wednesday. The government blamed speculators for the failure. In August, the government said it would auction its 60% share of the annual horse mackerel and hake output by the end of October, to raise funds for equipment and medicines. That 60% quota is normally reserved for state-owned company Fishcor, which has been caught up in a corruption scandal. It included 11,000 tonnes of hake, 72,000 tonnes of horse…
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Oct
02
2020
By The African Mirror
How Nigeria’s new competition law will benefit the economy – and what to watch for

How Nigeria’s new competition law will benefit the economy – and what to watch for

BUSINESS
OLUCHUKWU PRECIOUS OBIOMA, PhD candidate, Department of Commercial and Corporate Law, Faculty of Law, University of Nigeria COMPETITION laws protect consumers and create confidence in an economy. It’s a signal to investors and entrepreneurs that a market is fair and open. And the reward for countries that regulate competition is that on average they produce more value per capita than others. In Nigeria the competition law regime has been inadequate compared with its economy’s size and complexity. It hasn’t had a comprehensive law addressing anti-competitive trade practices like monopoly, price regulation and abuse of dominance. The government previously had a…
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Oct
06
2020
By The African Mirror
Africa can rise from the ashes of the Covid-19 pandemic

Africa can rise from the ashes of the Covid-19 pandemic

BUSINESS
ADAM MOLAI WHILE Covid-19 has dealt a blow to the world economy, the portents for Africa are, according to those seemingly in the know, much more ominous.  The African Development Bank estimates that Africa has lost a “decade of economic growth” due to the Coronavirus pandemic and predicts Africa’s recovery will be long and difficult while the UN Development Programme’s “The socio-economic impact assessment of Covid-19 in South Africa” study projects that South Africa – the continent’s second-biggest and most industrialised economy – will take five years to recover. From virtually all quarters it is accepted that Africa is back…
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Oct
06
2020
By The African Mirror
Zimbabwe finance minister says COVID-19 won’t hit economy as hard as elsewhere

Zimbabwe finance minister says COVID-19 won’t hit economy as hard as elsewhere

BUSINESS
ZIMBABWE’S finance minister says the economy would not be as severely impacted by the COVID-19 pandemic as initially feared and foreign currency inflows had shown resilience. The southern African nation was already grappling with runaway inflation, shortages of drugs in hospitals and strikes by public workers before the novel coronavirus arrived in March. "I am more bullish again even during this COVID-19 moment, I think the economy will surprise us on the upside," Finance minister Mthuli Ncube said during an online media conference. "Our prognosis is that the impact of COVID-19 overall on Zimbabwe is not as deep as in…
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Oct
05
2020
By The African Mirror
To build back better, make African trade greener

To build back better, make African trade greener

BUSINESS
DAVID LUKE and LILY SOMMER BROAD consensus is emerging around the silver-lining opportunity to “build back better” from the COVID-19 crisis by creating more sustainable, resilient and inclusive societies. But in the broader context of climate change, what does this mean for Africa, which produces just 2-3% of global carbon dioxide emissions from energy and industrial processes?  In building back better, Africa can take strategic advantage of the landmark African Continental Free Trade Area (AfCFTA) agreement to advance the green transition agenda. Covering goods, services, investment, competition policy, intellectual property rights and e-commerce, AfCFTA offers several pathways forward for Africa.…
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Oct
04
2020
By The African Mirror
IMF offers second installment of $102 mln emergency loan to Malawi

IMF offers second installment of $102 mln emergency loan to Malawi

BUSINESS
THE International Monetary Fund (IMF) has extended an emergency loan of $101.96 million for Malawi to plug its fiscal deficit, a second instalment of credit offered to tide over the financial hit from the coronavirus. The first loan of $91 million was disbursed in May to fund a widening gap in balance of payment in the south-east African nation. [nL8N2CK05V] “Malawi’s economic outlook has worsened (since May)... with the accelerated spread of the pandemic in the country,” the IMF said in a statement. It said the second credit facility will help strengthen the health care system, step up social spending,…
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Nov
06
2020
By The African Mirror
Africa‌ ‌rallies‌ ‌behind‌ ‌Okonjo-Iweala‌ ‌for‌ ‌top‌ WTO ‌job‌

Africa‌ ‌rallies‌ ‌behind‌ ‌Okonjo-Iweala‌ ‌for‌ ‌top‌ WTO ‌job‌

BUSINESS
AFRICAN MIRROR REPORTER THE African Union (AU) has come out strongly in support of Dr Ngozi Okonjo-Iweala, whose appointment as the Director-General of the World Trade Organisation (WTO) has been supported by the majority of WTO member states.  Nigerian Dr Okonjo-Iweala has emerged as the only candidate proposed for endorsement by the WTO general council on November 9.  If elected, she will become the first African to hold the post. However, the US has opposed the appointment of the former finance minister of Nigeria and an executive at the World Bank. AU Chairperson Cyril Ramaphosa said the AU stood behind…
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Nov
06
2020
By The African Mirror
Election violence hits Ivory Coast cocoa port arrivals

Election violence hits Ivory Coast cocoa port arrivals

BUSINESS
ANGE ABOA COCOA arrivals at ports in Ivory Coast fell this week because of a violent political standoff following a disputed presidential election in the world's top growing nation, exporters have said. The political crisis in the West African nation escalated this week after several opposition leaders who called for a boycott of the October 31 presidential election, rejected President Alassane Ouattara's victory and formed a parallel government. The government moved swiftly and placed them under effective house arrest, while a former rebel leader has called for the army to mutiny and join the opposition. Exporters said the cocoa sector,…
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