South Africa’s rand was stronger on Friday, reflecting optimism over signs of success in a COVID-19 treatment drug trial and early plans to reopen the U.S. economy.

The currency was on course for losses of roughly 4% versus the U.S. dollar this week, hurt by a surprise rate cut and predictions that the global coronavirus pandemic will cause a deep economic contraction.

At 0645 GMT, the rand traded at 18.7400 versus the dollar, around 0.6% firmer than its previous close.

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Chevron Nigeria Limited has debunked reports that it quarantined some of its workers suspected of contracting coronavirus in a hotel in Warri, Delta State.

The oil major said none of its employees had contracted the virus, adding that it had continued to operate safely, and without any coronavirus-related incident in its operations.

In a statement, the oil company said it had introduced a compulsory two-week supervised quarantine for all personnel returning to work at its Escravos operations during the pandemic.

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Power generation and distribution companies have denied knowledge of 200 billion naira being paid to the power sector by the Federal Government. This comes after the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, announced on Wednesday that the Federal Government paid over 200 billion naira to cover the cost of power supplied to consumers during the lockdown.

Reacting to the news, the Executive Secretary of the Association of Power Generation Companies, Joy Ogaji, said, Gencos have not received fresh funds from anyone. She however said Gencos have received payment for energy produced and consumed for 2019.

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A section of the headquarters of the Independent National Electoral Commission has been gutted by fire. The National Commissioner in charge of Information and Voter Education, Festus Okoye, confirmed this to reporters on Friday in Abuja. Okoye said the inferno affected the Department of Electoral and Party Monitoring. The Commissioner explained that the fire broke out as a result of electrical faults at the office of the Director of Electoral and Party Monitoring located close to the Media Centre of the Commission. According to him, no senstive documents were affected during the incident.

He, however, said the incident has been brought under control by men of the Federal Capital Territory Fire Service.

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South Africa’s rand fell early on Thursday, as concerns of a deep economic downturn due to the COVID-19 pandemic rattled already shaky risk appetite.

At 0615 GMT, the rand traded at 18.7050 per dollar, 0.16% weaker than its previous close.

The International Monetary Fund said on Wednesday sub-Saharan Africa’s gross domestic product was on track to shrink this year by 1.6% - its worst performance on record - because of the combined effects of the coronavirus and plummeting oil and commodities prices.

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The International Monetary Fund disclosed in its latest Regional Economic Outlook for sub-Saharan Africa that the COVID-19 pandemic has resulted in the largest capital outflow from sub-Saharan Africa with over $4.2bn leaving the region from the end of February.

Although the destinations of the outflow were not specified, countries affected by the development, according to the report, are Nigeria, South Africa, Zambia, Kenya, Namibia, Rwanda, Cote d’Ivoire and Ghana are also affected.

The report linked the outflow to spillovers from a rapidly deteriorating external environment, said to be compounding the economic challenges facing countries in the region.

A sharp slowdown in growth among key trading partners of many of the countries in the region has reduced external demand, according to the report.

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Top executives at South Africa’s MTN Group have pledged nearly a third of their salaries and fees for the next three months to finance a 40 million rand ($2.2 million) emergency fund for staff affected by the coronavirus crisis.

The donations by the telecoms group’s chairman, chief executive, chief financial officer and other directors announced on Wednesday are part of a broader 250-million-rand relief effort to tackle the coronavirus outbreak across its 21 markets.

MTN will also contribute 10 million rand to a support fund set up by government and will invest 150 million in the Y’ello Hope Package for customers, including discounted off-peak calls, zero-rating of certain health, social services and educational sites, and payment concessions to business customers.

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Deloitte Ghana has appointed Daniel Kwadwo Owusu as its new Country Managing Partner.

A press statement issued by the firm, stated that, Daniel Kwadwo Owusu’s leadership of one of Ghana’s leading provider of audit and assurance, tax and regulatory, consulting, risk advisory and financial advisory services, will commence, ‘effective 1st June, 2020.’

He takes over the leadership from Charles Larbi–Odam, who will retire from Deloitte at the end of the company’s financial year, 31 May 2020.

Mr. Owusu stands to bring more than 22 years of accounting, internal and external audit experience to the Deloitte’s top executive post.

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Research and Public Policy Think Tank, CUTS Ghana, which has petitioned the Public Utilities Regulatory Commission,(PURC) to reduce electricity tariffs to reflect the current cost of generation, says the call is valid despite the newly announced interventions by government.

Lifeline consumers of electricity are to enjoy free power for three months, whereas all other consumers will see a reduction of 50%.

The group argues that in the light of falling prices of fuel on the world market, it is fair and reasonable for the PURC to consider a tariff review to give relief to businesses and consumers.

In an interview with Citi Business News, CUTS Ghana’s Country Director, Appiah Kusi Adomako, said it is not too late to reduce the tariffs especially at this time, to save government from paying more to power producers.

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The Nigerian Stock Exchange on Wednesday maintained its uptrend of gains, extending positive sentiment to five consecutive trading sessions, with a gain of N343.96bn.

The market breadth closed on a positive note, recording 28 gainers as against 11 losers.

Consequently, the All-Share Index grew by 659.99 basis points or 3.02 per cent from 21,879.95 index points the previous day to 22,539.94 while the market capitalisation of equities appreciated by N344bn to close at N11.746tn from N11.402tn.

Banking subsector boosted by the activities in the shares of GTBank Plc and Fidelity Bank Plc followed with 65.17 million units traded in 910 deals.

In all, investors exchanged a total of 326.44 million shares exchanged in 5,166 deals.

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