| Africatime
Wednesday 22 February 2017
(Reuters (Eng) 02/22/17)
Malawi's President Peter Mutharika has dismissed the agriculture minister after an investigation into maize procurement, the southern African nation's information minister said on Wednesday. Mutharika ordered an investigation last month into a $34.5 million government maize purchase from Zambia after allegations that the price had been inflated. "The President has removed from Cabinet Hon George Chaponda as agriculture minister with immediate effect following after he was found with millions of money at his residence yesterday," Minister of Information Nicolaus Saudi told Reuters. (Reporting by Mabvuto Banda; Editing by James Macharia)
(Agence Ecofin 02/22/17)
In a circular signed by Samir Taieb and Mabrouk Korchid, respectively Tunisian minister of agriculture and State secretary in charge of public domains and land affairs, it was revealed that 11,000 ha of lands will be given to small farmers in Tunisia’s remote areas. Commenting on the initiative on the sidelines of the Social economy and Solidarity Days, last Feb.20, Taieb said the areas concerned “will be given to young graduates from agriculture schools and small farmers”. However, to benefit from the programme, applicants “must, for example, not already own a land or have a stable source of income”, reads the circular. Souha Touré
(Agence Ecofin 02/22/17)
Mali’s and Algeria’s ministers of energy, Malick Alhousseini and Noureddine Bouterfa respectively, are working on ways to implement the energy cooperation agreement established between the two nations in November 2016. The cooperation is to help Mali benefit from Algeria’s experience in terms of construction and management of solar and wind stations as well as in terms of power network development. According to Bouterfa, it should be facilitated by the geographical similarities between the two nations. The partnership will especially be helpful to Mali in the framework of its electrification program which is to benefit remote areas and see the construction of two hybrid power plants of 40 MW each in Gaoua
(Agence Ecofin 02/22/17)
Cote d’Ivoire recently signed with the African Development Bank (AfDB) three funding agreements valued at FCFA70 billion (€107 million) to support three agricultural projects which aim to modernize the nation’s agriculture. In details, the first project focuses on the development of agricultural value chains in the Indénié-Djuablin region which is in the Central-Eastern part of the country. Valued at FCFA4.2 billion overall, the project will get a financing of FCFA3.3bn (€5M) from the Nigeria Special Fund (NSF), one of AfDB’s three entities. It will mainly focus on production, commercialization and processing of the region's main agricultural products.
(AFP (eng) 02/22/17)
Russia's Rosneft oil giant has paved the way for investment in Libya's oil sector by signing a Cooperation Framework Agreement with the National Oil Corporation of Libya, it was announced Tuesday. The agreement was signed Monday on the sidelines of London's International Petroleum Week by NOC chairman Mustafa Sanalla and Rosneft chairman Igor Sechin, according to the NOC. Under the deal, the two state companies will establish a joint working committee to explore possible cooperation in various fields, including exploration and production. Sanalla last month announced plans to encourage investment by foreign oil companies in an effort to boost Libya's
(The Ethiopian Herald 02/22/17)
Ethiopia's ties with Gulf countries is gaining momentum Ethiopia and the United Arab Emirates (UAE) are desirous of strengthening their bilateral ties in economic and investment frontiers. Special Advisor to Ethiopian Prime Minister Amb. Berhane Gebre-Christos and UAE's Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan held talks on ways of enhancing the Ethio-UAE bilateral ties on Monday at the sidelines of the International Defense Exhibition and Conference (IDEX) being held in Abu Dhabi,...
(Reuters (Eng) 02/22/17)
U.S. energy company Chevron is in talks with the Angolan government and state oil firm Sonangol to revise tax terms and any future investment will hinge on those talks, a senior company official was quoted as saying on Wednesday. "Existing tax terms are not very attractive ... We have been working both with Sonangol and with various departments of the government of Angola so that we can make it feasible and we can invest. Our investment will depend on what...
(Daily Monitor 02/22/17)
Entebbe — President Museveni has ordered the removal of royalties on gold in order to limit the amount of gold that is smuggled through Uganda unprocessed. He also said he wanted the tax lifted to encourage gold miners to take their gold the newly African Gold Refinery located in Entebbe. He said the tax was encouraging the smuggling of gold out of the country. "Therefore I am going to remove that royalty. The people of Mubende should bring our gold...
(Tanzania Daily News 02/22/17)
ANNUAL value of exports of goods and services has increased by 5.2 percent to 9,381.6m/- US dollar in December 2016, according to the Bank of Tanzania (BoT) monthly economic review for January, 2017. According to the report, to a large extent, the increase came from improved performance across the major exports, save for manufactured goods exports that slightly declined. Annual value of traditional export rose by 11.6 percent to 885.6m/- US dollar in December 2016 from the corresponding period in...
(Ghana Web 02/22/17)
The central bank has reportedly put on hold the billion-dollar deal it handed to Sibton Switch, a local IT firm, to interconnect all payment systems in the country, following public outcry over whether such an intermediary was necessary, given the cost implications for consumers. Sources close to the central bank told the B&FT that the Governor, Dr Abdul Nashiru Issahaku, has directed that the deal be halted while a reevaluation of the entire project, known as the Ghana Retail Payments...
(Tanzania Daily News 02/22/17)
THE Dar es Salaam Stock Exchange equity market turnover weakened by 44 percent, closing this week at 228m/- compared to 406.46m/- posted on the previous week. The top trading equities that dominated the market share in this week were Tanzania Breweries Ltd (TBL) at 33 percent, followed by Mwalimu Commercial Bank (MCB) at 20 percent and the self-listed Dar es Salaam Stock Exchange (DSE) at 18 percent. Others in the list include Mkombozi Commercial Bank (MKCB) at 9percent, CRDB Bank...
(Daily Nation 02/22/17)
Bungoma Governor Ken Lusaka has been caught up in a high stakes trade war between Kenya and Tanzania after an Arusha company alleged he had instructed it to label fertiliser bags it was exporting "Made in Kenya". Tanzania took the matter so seriously that Prime Minister Kassim Majaliwa on Monday visited Minjingu Fertiliser Plant, a few kilometres from Arusha on the Dodoma Highway. This was after it was discovered the company had several 50kg-bags labelled "County Government of Bungoma-Nafaka Plus"...
(AFP (eng) 02/22/17)
South Africa's Finance Minister Pravin Gordhan delivers the annual budget in parliament Wednesday as he battles to revive the economy and head off loyalists of the president who seek to oust him. Gordhan, a popular figure in South Africa and among international investors, is widely seen as being at loggerheads with President Jacob Zuma, who has shrugged off a series of recent corruption scandals. The ruling African National Congress (ANC) has been engulfed by friction between Zuma's plans for funding...
(Xinhuanet 02/22/17)
China remained the leading growth market for South Africa's tourism industry, with year-on-year growth recorded at 38 percent last year, figures released on Monday showed. The growth in tourist arrivals from China has been consistent over the year, following improvements in the visa application processes in those countries, Tourism Minister Derek Hanekom said. South Africa can build on this and attract even more tourists from China and other countries, the minister said after Statistics South Africa (Stats SA) released figures...
(The Herald Online 02/22/17)
President Mugabe has said some diamond mining firms that refused to partner the Zimbabwe Consolidated Diamond Company because they wanted to make money for themselves, are free to leave.Speaking in a wide-ranging interview with ZBCTV on Monday night, President Mugabe said the diamond mining industry was now in the hands of the State. The diamond mining firms which operated at Chiadzwa for many years did not benefit the country and at one time, President Mugabe bemoaned the prejudice of $15...
(Bloomberg 02/22/17)
Traders increased bets that Nigeria will allow the naira to weaken after the central bank eased some capital controls and President Muhammadu Buhari, who opposes devaluation, extended his sick leave in the U.K. Forward contracts rose to the highest level since November after the Central Bank of Nigeria said it would “increase the efficiency of the foreign-exchange market” and make hard currency available to Nigerians needing to fund business trips and overseas school and medical bills. The regulator also announced...
(Agence Ecofin 02/22/17)
The Nigerian Minister of Finance, Kemi Adeosun (photo, left), has said that Nigeria does not need to apply for an International Monetary Fund programme to fund its budget deficit as the government is currently pursuing its own economic reform plan. “For us the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn't have balance of payments problems per se, it has a fiscal problem. We are already doing as much reform as...
(Graphic Online 02/22/17)
The government plans to bring the fiscal deficit down to 7.5 per cent of gross domestic product (GDP) this year after revenue shortfalls, mainly from the petroleum sector, combined with expenditure overruns to push the gap between public expenses and revenues to 8.6 per cent of GDP (on cash basis) in 2016. The 2017 deficit target is due to be announced in the year's budget, scheduled to be presented to Parliament on March 1, the Senior Minister, Mr Yaw Osafo-Maafo,...
(Ghana Web 02/22/17)
The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has dismissed President Nana Akufo-Addo’s suggestion that the Mahama-led administration left Ghana’s economy in crisis. President Akufo-Addo, in his first State of the Nation address, said his administration did not inherit a stable economy from the erstwhile Mahama-led government. The President revealed that government missed all the targets set for the country under the International Monetary Fund (IMF) programme due to fiscal indiscipline in the management of public funds. But...
(Premium Times 02/22/17)
South Korea says the volume of trade between it and Nigeria has dropped from $4.5 billion (about N1.42 trillion) in 2014 to $1.8 billion (about N567.5 billion) in 2015. The Korean Deputy Minister for Multilateral and Global Affairs, Jongmoon Choi, said this in Abuja at the end of bilateral meeting between both countries. Nigeria and South Korea expressed worry over the decrease of $2.7 billion in the volume of trade between the two countries. “The trade volume between the two...

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