| Africatime
Saturday 29 April 2017
(Reuters (Eng) 04/29/17)
South African President Jacob Zuma has signed the anti-money laundering bill FICA, which allows increased scrutiny of the bank accounts of "prominent individuals", including himself, into law, his office said on Saturday. The country risked being kicked out of global fraud monitor, the Financial Action Task Force (FATF), if the Financial Intelligence Centre Amendment (FICA) bill was not signed by June. The bill, intended to bolster the fight against global financial crime by making it easier to identify the ultimate owners of companies and accounts - including those of "domestic prominent influential persons" - was passed by parliament in May. But Zuma sent in it back to the legislature saying he was concerned about the...
(Reuters (Eng) 04/29/17)
The Nigerian arm of Abu Dhabi telecom group Etisalat is meeting lenders in London on Friday for talks on restructuring a $1.2 billion debt, Access Bank CEO Herbert Wigwe said. Etisalat Nigeria is the biggest foreign-owned victim of the dollar shortages plaguing Nigeria's financial system. It signed the $1.2 billion medium-term facility with 13 local banks in 2013 to refinance a $650 million loan and fund the modernization of its network, but is now struggling to repay the debt. Access, one of the lenders in that consortium, is owed 40 billion naira ($131 million) by Etisalat Nigeria and more by its contractors, although Wigwe declined to specify how much. "They are in London having a meeting as we speak. In...
(Agence Ecofin 04/28/17)
After selling two Eurobonds in 2014 ($750 million) and 2015 ($1 billion), the Ivoirian government plans to issue another $1 billion bond denominated in foreign currency, Bloomberg reported on April 26 citing sources close to the case. The new issuance on the international debt market, the first since 2015, will help the government finance various infrastructure projects. Though the government is yet to release an official communiqué in this regard, the Eurobond which matures over 10 years, should be issued...
(The Observer 04/28/17)
In a revealing testimony to a Parliamentary committee investigating the controversial Shs 6 billion cash reward to 42 senior government officials, President Museveni said he has had to endure ever since "he discovered oil in 2006", according to a source. Behind closed doors on Wednesday at State House, Entebbe, Museveni testified before Parliament's committee on Commissions, Statutory Authorities and State Enterprises (COSASE) that is investigating the cash reward, which was christened the "presidential handshake." Museveni told MPs that the issue...
(Daily Monitor 04/28/17)
Kampala — Uganda is looking to tap into Equatorial Guinea's experience of oil production, in order to build its own capacity before oil production starts. Speaking at the Joint Oil and Gas Convention and Regional Logistics Expo at the Kampala Serena Hotel, on Thursday, country's President Teodoro Obiang Nguema Mbasogo, who wrapped up his visit to Uganda shorty after speaking at the conference, said they had agreed with President Museveni of Uganda on areas of corporations especially in the petroleum...
(Bloomberg 04/28/17)
The International Monetary Fund will send a mission to Zambia in May to continue talks over as much as $1.6 billion in aid the government is seeking after they failed to reach a deal in Washington this month. “Progress was made but program discussions have not yet been concluded,” Alfredo Baldini, the fund’s representative in Zambia, said Friday in response to emailed questions. “The authorities and IMF staff have agreed that a mission will return to Zambia at the end...
(Financial Times 04/28/17)
Russia group wants to reclaim $270m after state-backed company failed to complete deal. Norilsk Nickel, the Russian miner, is suing Botswana’s government to recover more than $270m after a state-backed mining company walked away from a deal to buy its stake in a South African mine last year. Notice of the lawsuit was served on Thursday in Gaborone, Botswana’s capital, according to two people briefed on the matter. Norilsk agreed to sell operations including its 50 per cent stake in...
(Voice of America 04/28/17)
Ghana's finance minister says investors were optimistic in meetings with senior government officials who accompanied Vice President Mahamudu Bawumia to the World Bank spring meetings in Washington. In an interview with VOA, Ken Ofori-Atta said investors detected a new energy, and a sense of hope in a team that is focused on getting Ghana out of its current predicament. He also said that with a new government in place, the world is ready to see Ghana shine again in a much more stable West Africa. "We came in on a platform of change and real hope that we will revitalize the economy and create jobs
(Macauhub 04/28/17)
A magnetite transport train that has been tested on the Ressano Garcia railway since 1 April has made it possible to reduce the number of trucks that arrive daily at the port of Maputo, said Mozambique’s Minister of Transport and Communications. The train, consisting of 75 wagons of 60 tonnes each, carrying 4,500 tonnes of magnetite per trip “is not only contributing to reducing congestion of National Road Number Four (EN4), but also improves the logistics chain,” said minister Carlos...
(Agence Ecofin 04/28/17)
According to statistics released by the Tunisian Foreign Investments Promotion Agency, foreign direct investments (FDIs) in Tunisia rose 18% to $177.68 million during Q1 2017, as compared to the same period the year before. Amongst sectors that captured most foreign investments are manufacturing and services. The first attracted $59 million worth of FDIs while the second attracted $23 million. Tunisia hopes to attract more foreign investment in order to revive its economy which has been staggering for some years now. This month, Tunisia implemented a new law which aims to make it easier for foreign investors to transfer their profits out of the country.
(Mining Weekly 04/28/17)
Angolan oil minister José Maria Botelho de Vasconcelos said on Thursday his country was more than fully complying with Opec production cuts, and that he believed a deal to curb output would be extended beyond June. "Yes I think so," de Vasconcelos said at an industry event in Paris when asked whether the deal would be extended at the group's meeting in Vienna on May 25. He added that Angola was implementing more than 100% of the cuts it committed...
(The Financial Gazette 04/28/17)
Politicians and their cronies are taking advantage of an import ban on selected products meant to allow local manufacturers to recover to ship into the country the banned merchandise, which sources said were also evading duty payment. The move has meant that importers, who are bringing the products into the country under government-issued licences, are making huge profits from domestic sales. Some of the products include potato crisps, perfumes, powdered milk, cereals, cooking oil, soaps, as well as hardware products...
(News24 04/28/17)
There are no plans yet for Treasury to give the ailing SABC a bailout, Communications Minister Ayanda Dlodlo said on Friday. Media reports of a potential R1bn bailout were incorrect, and her department and new Finance Minister Malusi Gigaba had only been discussing how the broadcaster could revive its current revenue streams, she told reporters in Cape Town. She was briefing media following Cabinet's bi-weekly meeting this week. "There is no financial bailout. The discussion is about assistance to the...
(AfricaNews 04/28/17)
Sub-Saharan Africa’s growth is showing signs of recovery this year after a tumultuous period in 2016. The World Bank estimates that GDP growth will rise to 2.6 percent in 2017 compared to 1.3 percent last year and rise further to 3.2 percent in 2018 and 3.5 percent a year later. “Sub-Saharan Africa is projected to grow at a moderate rate of 2.6 percent in 2017, and somewhat improve towards three percent in 2018. This timid recovery is certainly better than...
(Zambia Daily mail 04/28/17)
Zambia’s Ambassador to Sweden Anthony Mukwita says the country’s top five placement as a preferred destination of investment will increase interest from international investors seeking to develop investment opportunities. Last week, Zambia was ranked the fifth most attractive investment destination in Africa due to significant domestic investment and access to money supply, according to a report by a global equity and investment firm. In its latest Africa Investment Index report, Quantum’s Global Group, which is an international group of companies...
(Xinhuanet 04/28/17)
Morocco's new government is banking on a growth rate of the gross domestic product of 4.5 percent in 2017, following a 1.8 percent in 2016, Minister of Finance and Economy Mohamed Boussaid said on Thursday. This evolution would be due to the amelioration of the agricultural value added by 11.9 percent and the non agricultural one by 3.5 percent in 2017, Boussaid said while presenting the draft budget bill before the parliament. The bill should have been approved by parliament...
(Agence Ecofin 04/28/17)
Nigeria should get out of recession latest by the end of June. This was declared by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, after a meeting with Senate’s leadership on Tuesday. “We are very much optimistic that by the end of the second quarter very latest third quarter this year, we should be out recession that we are in right now,” said Emefiele. According to the governor who aims through the announcement to reinforce investors’ confidence...
(The Citizen 04/28/17)
The government's decision to allocate Sh900 billion from domestic revenue for the construction of the standard gauge railway (SGR) in the 2017/18 fiscal year has prompted the Opposition to demand an explanation over the fate of loan agreements that the country entered with foreign banks. Tabling his docket's 2017/18 budget proposals yesterday, the Minister for Works, Transport and Communication, Prof Makame Mbarawa, said the government has allocated Sh900 billion for the SGR project. According to the Prof Mbarawa, all the...
(News24 04/28/17)
South African Airways says cabin crew members whose strike forced some flight cancellations have returned to work after a court order. The financially struggling airline has said that it hopes for a negotiated solution to the dispute with the South African Cabin Crew Association, a labour union whose members went on strike on Wednesday to demand higher meal allowances when working outside South Africa. The airline says 50 flights, including 28 domestic ones, were cancelled Wednesday. Later that day, a...
(Agence Ecofin 04/28/17)
Nigeria’ digital economy has the potential to generate $88 billion and create over 3 million new jobs over the next 10 years. This was revealed on April 25 during a meeting in Geneva where ministers from developing nations gathered to draw a policy agenda to bridge the digital gap and provide long-term development solutions. According to the minister of industry, trade and investment, Okechukwu Enelamah who led the Nigerian delegation to Geneva, in order to boost digital economy, the ministry...

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