South African companies are holding a record amount of cash, approximately $96 billion, as uncertainty and weak business confidence persist to cloud Africa’s most industrialized economy. South African non-financial companies are sitting on a record R1.8 trillion ($96 billion) in cash deposits, according to the South African Reserve Bank. The trend, which began after the…
Nigeria’s energy market was thrown into turmoil after a three-day disruption at the Dangote Refinery, Africa’s largest single-site facility, as labour unrest caused a sharp dip in oil production, drove fuel prices higher, and sent cooking gas costs soaring nationwide. Nigeria’s energy sector’s reliance on the Dangote Refinery was challenged by a recent three-day strike,…
Kenya is set to save about $250 million annually after successfully converting its $5 billion railway loan from the Export-Import Bank of China into yuan, marking a major step in easing pressure on the country’s debt-laden finances, bloomberg reported. Kenya successfully converted a $5 billion railway loan into yuan, saving approximately $250 million annually. The…
A French warship has docked at Ghana’s Tema port as Paris moves to reassert its presence in West Africa following a wave of military and diplomatic setbacks in the Sahel. A French naval ship, the Tonnerre, arrived at Ghana’s Tema port to initiate a joint maritime exercise with the Ghana Navy. The training included sessions…
London-headquartered Jubilee Metals Group has become the latest multinational to trim its South African footprint, confirming progress in selling its chrome and platinum group metals (PGM) operations to One Chrome, a private mining and metals trading company. Jubilee Metals is selling its chrome and platinum assets in South Africa to One Chrome for $90 million.…
Sub-Saharan Africa is poised for a stronger economic rebound this year, as easing inflation and stabilising currencies create room for policymakers to loosen monetary conditions, according to a new World Bank report. The World Bank upgraded Sub-Saharan Africa’s 2025 growth forecast to 3.8%, citing easing inflation and stable exchange rates. Inflation in the region has…
Barrick Mining announced that it has agreed to sell its interests in the Tongon gold mine and related assets in Côte d’Ivoire to Abidjan-based Atlantic Group for up to $305 million. Barrick Mining agreed to sell its interests in the Tongon gold mine in Côte d’Ivoire to Atlantic Group for up to $305 million. The…
