Africa Business News

The International Monetary Fund has called for the independence of central banks to be maintained. This was contained in a statement in response to a change of Zambia’s central bank governor.
According to the IMF, sustained economic growth and much needed improvements in living standards will not be possible without credible institutions and sound policies.


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Analysts have called on the Nigerian government to urgently introduce measures to reflate the economy. This comes on the back of Monday's Q2 GDP results released by the Naitonal Bureau of Statistics. The analysts, in separate interviews with THISDAY, urged the Nigerian government to boost investments in the digital economy and scale up the various interventions programmes designed to spur economic recovery.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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The Central Bank of Nigeria has moved to end the age-long practice of over-invoicing. This follows the use, by some businesses, to cart away the nation’s foreign exchange. In a statement, the apex bank directed banks and other authorised dealers to desist from opening Forms ‘M’ whose payment are routed through a buying company, agent, or other third parties.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Nigeria has reported 321 more cases of coronavirus.
The Nigeria Centre for Disease Control announced the figure in a late-night tweet on Monday.
This brings the total number of confirmed cases in the country to 52,548, while the latest figure is just a case lower than the tally reported in the previous day.
The NCDC noted that the additional cases were reported from 23 states of the federation and the Federal Capital Territory (FCT).


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Latest figures on Monday have shown Nigeria's economy contracted by 6.1% in real terms in the second quarter of 2020 compared to a year earlier. The figures, according to the National Bureau of Statistics comes amid lockdowns which has taken its toll on Africa's largest economy and top oil producer.
The NBS said the decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic."


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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The Securities and Exchange Commission (SEC) has restated its resolve to increase the attractiveness of the Nigerian capital market and ensure investor protection by riding the market of fraudsters.
The Commission also revealed plans to reverse the current demography of participants in the market, hitherto comprised of aging investors, to include more millennia.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Economists and financial experts have lamented the crisis rocking the naira and fall in foreign reserves, saying if appropriate measures are not taken the pressure on naira may see it hitting N500 per dollar soon.
They attributed the fall in naira at the parallel market which hit N480/$ last week to the forces of demand and supply as well as over-dependent on oil as the major source of the country’s external reserves.
The experts also stated that continuous fall in external reserves could have a ripple effect on the economy such as rise in unemployment, exchange rate, continuous rise in inflation, and reduction in production activities among other factors.

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Political sources in Tunisia say the country's premier-designate plans to gather the ministries of finance, investment and state property into a single department to be led by economist Ali Kooli. This comes under plans to revamp government and revive the economy.
The Premier-designate, Hichem Mechichi, is expected to announce his technocratic government’s 23 ministers within the next few days. Mechichi was proposed by President Kais Saied last month to replace Elyes Fakhfakh, who quit over allegations of conflict of interest, deepening a political crisis at a time when international lenders are asking Tunis to make painful reforms.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Insurance group Old Mutual has warned of a hefty first-half loss as it braces for increased claims and subdued economic activity in the wake of the Covid-19 pandemic.
The group expects a loss of R5.62bn-R6.74bn in the six months to end-June, from profit of R5.81bn previously, saying in a trading update it will write down some of its investments due to a deteriorating economic environment.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Banking group Absa has reported a profit collapse in its six months to end-June, when the Covid-19 pandemic resulted in credit impairments almost quadrupling.
Credit impairments rose 297% to R14.6bn in the group’s six months to end-June, with the group expecting customer loan and deposit growth to slow in the second half, with deposits expected to grow faster than loans.


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