Africa Business News

Shares crept back toward recent peaks on Monday as Chinese markets swung higher, while investors waited to see if the recent sell-off in longer-dated U.S. Treasuries would be extended and perhaps take some pressure off the dollar.
Europe was warming up to the new week slowly but was steady enough to keep MSCI’s broadest index of world shares. MIAPJ0000PUS inching closer to February’s record top of 581.02.
Chinese blue chips led the way with gains of 2.35%, as the country's central bank provided more medium-term loans to the financial system.
Beijing had also granted a patent for CanSino Biologics COVID-19 vaccine candidate Ad5-nCOV.
However, Tokyo's Nikkei fell 0.6% as Japan became the latest country to confirm its biggest economic contraction on record.

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The Japanese economy has shrunk at its fastest rate on record as it battles the coronavirus pandemic.
The world’s third largest economy saw gross domestic product fall 7.8% in April-June from the previous quarter, or 27.8% on an annualised basis.
Japan was already struggling with low economic growth before the crisis.
The figures released on Monday are a stark reminder of the severe financial impact faced by countries around the world.
Japan slipped into recession earlier this year following two successive quarters of economic contraction.
Its latest data for the April to June quarter was the biggest decline since comparable figures became available in 1980 and was slightly bigger than analysts had expected.

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· 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 South African rand began the week stronger on Monday after President Cyril Ramaphosa announced a sweeping removal of lockdown restrictions over the weekend.
Ramaphosa said that from midnight on Monday a ban on alcohol and tobacco sales would be lifted, inter-provincial travel would be allowed and restaurants and taverns could return to normal business subject to hygiene protocols.
By 0631 GMT the rand was trading at 17.3400 versus the dollar, roughly 0.3% firmer than its previous close. Dollar weakness on global markets also supported the rand.
Government bonds were little changed in early trade, with the yield on the 2030 bond at 9.16%.

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Central bank official Plante Kibadhi on Saturday said the central bank of Democratic Republic of Congo has raised the main interest rate to 18.5% from 7.5%.
The regulator had lowered the rate from 9% in March in order to cushion the economy from the impact of the coronavirus crisis, following similar actions by African central banks as the virus spread across the continent.
The International Monetary Fund said the latest rate hike was carried out to re-anchor inflation expectations.
According to central bank figures, Year-on-year inflation in Congo stood at over 14% as of end-July, around 10 percentage points higher than at the same point last year.

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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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Egypt’s General Authority for Supply Commodities (GASC) on Saturday said it was seeking soyoil and sunflower oil in an international tender with a deadline for offers on Tuesday.
GASC said it wants at least 30,000 tonnes of soyoil and 10,000 tonnes of sunflower oil, and is seeking the oil for arrival from Oct. 25-Nov. 20.
GASC said payment would be made using a 180-day credit facility.

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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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Ghana’s finance ministry in a budget document on Monday said Ghana’s fiscal deficit is projected to narrow from 11.4% of gross domestic product (GDP) in 2020 to 9.4% in 2021.
The ministry forcasts that the deficit will narrow further to 6.4% in 2022, 4.9% in 2023 and 3.2% in 2024.

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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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A report by thr ban of Ghana has revealed a total number of 2,295 fraud cases as compared to 2,175 fraud cases reported in 2018.
The marginal increase in the number of fraud cases reported may partly be attributed to the improved efforts by the Financial Stability Department to identify, monitor and to ensure compliance with reporting of fraud cases in the industry.
The Banking Industry reported approximately GHS115.52 million as fraud to the Bank of Ghana.
Of the total values reported, approximately GHS33.44 million (28.96%) was reported as losses incurred while about GHS82.06 million (71.04%) was recovered.
The report also indicated that in 2019, 2,295 fraud cases were reported, as compared to 2,175 cases reported in 2018. 83 Institutions reported fraud cases in 2019 as compared to 72 in 2018.

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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 National Bureau of Statistics stated on Friday that with an increasing focus on global climate change and the sustainable development goals, the dominance of oil revenue is expected to continually diminish.
It disclosed this during the virtual 2nd Nigeria Data Summit organised by the National Information Technology Development Agency, with the theme, Leveraging National Data for Nigeria’s Digital Economy.”
The Statistician-General, NBS, Yemi Kale, explained that although crude oil revenue had provided Nigeria with the opportunity to grow its infrastructure, this revenue would continue to diminish in future based on various tenable projections.
He said crude exports account for 80 per cent of total exports, which means much of the value creation and benefits of our minerals generally is not within our economy.
He added that there has been signs that in the emerging economic landscape of the future, our ability to continue to rely on crude oil earnings will be severely curtailed, for instance, gross oil and gas revenue was projected at N9.3tn in 2019.

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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 Ghanaian Ministry of Trades has rejected claims of unfair treatment by Nigerian traders in the country during the enforcement of the Ghana Investment Promotion Council regulations.
It insisted that the traders must pay the required taxes and other fees imposed on them by the authorities.
This is happening despite the intervention of the presidents of Ghana and Nigeria through the Economic Community of West African States.
The victim had shown the officials his business registration certificate and other documents but the enforcement team was adamant as they insisted on shutting his premises.
The Head of Communications, Ministry of Trade, Prince Boakye Boateng while speaking on the incident on a Ghanaian radio station, Starrfm, said the Nigerian traders had failed to honour an ultimatum to meet the requirements.

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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 Minister of Works and Housing, Babatunde Fashola, has inaugurated the executive management team of the Federal Housing Authority.
He charged the team to strive to complete the ongoing housing projects of the Federal Government across the country, while speaking at the inauguration ceremony at the Federal Ministry of Works and Housing in Abuja.
The new FHA team has Senator Olugbenga Ashafa as Managing Director/Chief Executive Officer.
Fashola congratulated the management team for the confidence reposed on them by the President and expressed hope that the trust and confidence would be justified in the discharge of their duties.
The minister told the new FHA management that the Act establishing the authority had set out clear responsibilities for the organisation.
He urged the management team to work assiduously to ensure that the challenge of housing gaps in Nigeria was addressed.

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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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