Economy

Buhari's Second Term - Fitch Sees Weak Economy Outlook

Global rating company, Fitch Rating, yesterday, affirmed Nigeria's rating at B+, stable outlook, saying that President Buhari's second term will be marked with implementation of piecemeal reforms and slow progress in tackling impediments...

Joburg Post·about 1 month ago

National Treasury Urged to Extend Cost-containment Rules

The National Treasury has come to the defence of the cost containment measures for local government, saying they promoted better governance and management of finances in municipalities.The department published the regulations last week, ...

Joburg Post·about 1 month ago

Zimbabwe to Clear $605m Debt

Zimbabwe is on course to clear its US$605 million debt with the African Development Bank (AfDB), which will allow the country to start accessing funds from the bank early next year, Finance and Economic Development Minister Professor Mth...

Joburg Post·about 1 month ago

Africa FDI Rises As Global Investment Declines to $1.3 Trillion

Although global foreign direct investment (FDI) flows suffered a setback of about 13 per cent in 2018, with inflows sliding to $1.3 trillion from $1.5 trillion in the previous year, but sub-Saharan Africa (SSA), recorded growth of about ...

Joburg Post·about 1 month ago

Ambitious Buhari Plans to Lift 100 million Nigerians Out of Poverty in 10 years

Nigeria’s president Muhammadu Buhari on Wednesday replicate successes of his first four years in offices, citing an improved economy and better infrastructure among those achievements.Buhari won re-election in February this year, polling...

Joburg Post·about 1 month ago

Zimbabwean Government Revives Currency Debate

President Emmerson Mnangagwa's remarks over the weekend that Zimbabwe would have a fully-fledged local currency before the end of the year, ending the multi-currency regime enacted in 2009, effectively re-ignited the emotive issue. This ...

Joburg Post·about 1 month ago

Cyril Ramaphosa Expected to Shore up Business Confidence

President Ramaphosa is expected to use this week's State of the Nation address (Sona) to shore up business confidence and outline the government's plans for embattled state-owned entities (SOEs).The Sona scheduled for Thursday will be de...

Joburg Post·about 1 month ago

Why ‘Pro-Poor’ Policies on Their Own won’t Shift Inequality in South Africa

Sociologist Goran Therborn has probably influenced the study of inequality more than any other scholar in recent years.Invited to locate inequality in South Africa in a global perspective, Therborn was emphatic. In terms of income it is ...

Joburg Post·about 1 month ago

China and Morocco Found 'Belt and Road Institute' amid China's $11 billion Investment

Morocco and China, signed a 140 million (Morocco Dirham) agreement for technical and economic cooperation, to finance and bolster joint public projects. Since 2009, trade in Morocco has increased to $4.7 billion annually. As of  2016, Ch...

Joburg Post·about 1 month ago

Ethiopia: Govt Plans to Privatise Key State Enterprises

Ethiopia's finance minister says the government is preparing to privatize some state-owned entities. However, the plan to sell off parts of the country's once-guarded crown jewels is getting a mixed reaction.At a corner of the Ethiopian ...

Joburg Post·about 1 month ago

Decision on AfCFTA Will Be Guided By National Interest - Buhari

 Nigeria would be guided by national interest in taking any decision on the agreement establishing the African Continental Free Trade Area (AfCFTA), President Muhammadu Buhari said yesterday in Abuja.Receiving national council of the Man...

Joburg Post·29 days ago

People have Skewed Views on Inflation. Why This Matters

Countries that use an inflation target to anchor monetary policy pay considerable attention to expectations of future inflation.South Africa is a case in point. The country has an inflation target of 3% to 6% per annum, with a particular...

Joburg Post·29 days ago

Kenya’s Budget Must Focus on Efficiency. New Zero-Based Strategy Could Help

Kenya’s Treasury Secretary has tabled a budget that is aimed at addressing five challenges. These are the creation of an enabling environment for businesses, the prudence and efficiency of government spending, the mobilisation of domesti...

Joburg Post·29 days ago

Hopes that Ramaphosa will Focus on Business

The development and empowerment of black-owned businesses and industrialists will be in the spotlight as President Cyril Ramaphosa delivers his State of the Nation Address in Parliament on Thursday.This comes as young and emerging compan...

Joburg Post·29 days ago

Nigeria: Islamic Finance Will Enhance Economic Growth - NSE

Lagos — The Nigerian Stock Exchange (NSE) said the Islamic finance sector presents numerous opportunities for enhancing the economic growth of Nigeria.The CEO of NSE, Oscar Onyema, stated this at the IFN Nigeria Forum 2019 held in Lagos....

Joburg Post·28 days ago

Zimbabwe's Private Sector Says Its Not Ready for African Continental Free Area

The private sector in Zimbabwe has admitted that local manufacturers are not yet ready to join the African Continental Free Trade Area (AFCFTA) due to serious economic challenges and policy inconsistencies obtaining back home.Speaking at...

Joburg Post·28 days ago

Nigeria Recorded $14.2bn Capital Inflows in Five Months - Central Bank

Total capital flows to Nigeria between January and May 2019, stood at $14.2 billion, the Central Bank of Nigeria (CBN) revealed last night.Of the aforementioned amount, Foreign Direct Investment (FDI) accounted for $2.87 billion, represe...

Joburg Post·28 days ago

Ramaphosa Shows That He’s in Control. But Does He Have What it Takes to Win?

South African President Cyril Ramaphosa’s third State of the Nation Address  was longer on statecraft and strategy than his first of the year in February, even if it disappointed some critics with the lack of implementation detail.Much o...

Joburg Post·25 days ago

Why Nigeria Is Trapped in Low Growth Path - Moody

Moody's Investors Service, a global credit rating agency, has revealed why Nigeria's economy is somewhat trapped in a low growth path.The rating agency alarmed that even though there was a 1.1 per cent increase in growth in 2018 that rec...

Joburg Post·28 days ago

Why Credit Rating Agencies are Still Getting Away with Bad Behaviour

International credit rating agencies have had their fair share of controversies over the years. They have been at the centre of the major financial crises from the financial markets collapse of New York City in the mid-1970s, the Asian f...

Joburg Post·25 days ago

Multi-Currency Ban - MDC Slams Govt's 'Ambush' Policies

The MDC has slammed the Zanu PF led government for "ambushing" citizens through the shock scrapping of the multi-currency regime on Monday in place of the much resented return to the local currency.Government, through Statutory Instrumen...

Joburg Post·24 days ago

What Could Help Young People Find Jobs in South Africa?

The recent contraction of the South African economy does not bode well for the country’s unemployment crisis. It follows a decade of weak economic performance where not enough jobs have been created to keep up with population growth.But ...

Joburg Post·24 days ago

Cautionary Tale of Tax Incentives for Cigarette Makers from Zambia

Tobacco companies are zeroing in on one of the last global markets still ripe for exploitation: the African continent.Much of the tobacco leaf and some of the manufactured cigarettes produced on the continent are exported. These exports ...

Joburg Post·24 days ago

Kenya's Mineral Resources Could Pull Millions Out of Poverty

"The test of our progress lies in whether we provide enough for those who have little, not whether we add more to the abundance of those who already have much."These words by former US president Franklin D. Roosevelt speak volumes about ...

Joburg Post·24 days ago

Nigeria: Central Bank Kicks Off Buhari's 100 Million Jobs Project

The Central Bank of Nigeria (CBN) yesterday announced policies and programmes to create 10 million jobs in the next five years. The initiative falls within President Muhammadu Buhari's resolve to lift 100 million Nigerians out of poverty...

Joburg Post·24 days ago

Zimbabwe Scraps Multi-Currency System, Now Illegal to Use the U.S. Dollar, Rand & Pula

The Zimbabwean government has with immediate effect, scrapped the multi-currency system in place since 2009 and further criminalised its use alongside the local RTGS$ recently announced as a stand-alone currency.This is according to an E...

Joburg Post·24 days ago

How Giving Young People Basic Financial Skills Helps Them Find Jobs

The picture in South Africa is a bleak one for the average 15 – 24 year old. Many have finished their schooling with a qualification of little value in the eyes of employers. And they lack the basic skills that employers now need. The re...

Joburg Post·24 days ago

Namibia Exports 6 Percent of Its Power Generation

Namibia exported 10 125 megawatt per hour of electricity in March this year. During the same period, the country sold 338 207 megawatt per hour in Namibia. During the review period,161 498 megawatt per hour (MWh) of electricity was local...

Joburg Post·23 days ago

South Africa, Liberia to Establish Joint Trade Commission

The Ministry of Commerce and Industry and a team of investors from South Africa have held a Strategic Meeting aimed at establishing a Joint Trade Commission (JTC) and Partnership between Liberia and South Africa, a release from the Minis...

Joburg Post·16 days ago

Court Stops Construction of Kenya’s Coal Power Plant. Here’s Why

Kenyan judges have stopped plans to construct the country’s first ever coal-powered plant near the coastal town of Lamu, a UNESCO World Heritage Site. The tribunal ruled that the National Environment Management Authority had failed to do...

Joburg Post·18 days ago

IMF Backs Scrapping of Energy, Water Subsidies

The International Monetary Fund (IMF) defends the elimination of subsidies for water and energy, arguing that they benefit more people with greater financial power. This was during an interview the IMF Resident Representative in Angol...

Joburg Post·16 days ago

A ‘Computer Village’ in Lagos Offers Lessons on What it Takes to Help Small Firms Thrive

Nigeria’s Otigba Computer Village is arguably the biggest information, communications technology (ICT) market in Africa. It started off as a one-man business on a street called “Otigba” in Ikeja, the capital of Lagos State. Within a shor...

Joburg Post·17 days ago

Biti - 20 Percent of Soweto Births Are Zimbabwean Children

Zimbabwe's economic and political crisis is putting pressure on South Africa's ability to deliver services to its people, MDC vice president has claimed. Biti was speaking in a panel discussion at the Southern African Political Econom...

Joburg Post·16 days ago

Why Ghana Is Likely To Go On Needing the IMF – However Difficult the Relationship

The relationship between Ghana and the International Monetary Fund (IMF) is, to many Ghanaians, a difficult one. Most Ghanaians are of the view that the country should divorce itself from the international body. A look at sentiments e...

Joburg Post·18 days ago

ECOWAS Adopts a Single Currency

West African countries make a bold step in fortifying regional integration by adopting a single currency called ‘Eco’ which is planned to launch by 2020. Eco was adopted on Saturday in Abuja in a meeting of the 15 member-country regi...

Neo Sithole·18 days ago

South Africa: Digitilisation Partly Blamed for Latest SA Job Losses

The loss of thousands of jobs, partly because of digitilisation, in South Africa in recent days, does not augur well for employment creation in the short term in the continent's most advanced economy.This is according to an economist day...

Joburg Post·24 days ago

Quick-fix Solutions to Zimbabwe’s Huge Electricity Crisis

Zimbabwe’s government has announced its facing critical power shortfalls. The country’s anchor power producer, Kariba Dam, might have to stop production in weeks due to dropping water levels. Tafadzwa Makonese spoke to Moina Spooner from...

Joburg Post·17 days ago

Lack of Youth Services Undercuts the Gains of South Africa’s Child Grant

South Africa introduced a child support grant 21 years ago in 1998, four years after the advent of democracy. The grant has been a human rights milestone and a mark of progress in the full realisation of children’s rights. It is one of t...

Joburg Post·16 days ago

Smallholder Crop Farming is On the Decline in South Africa. Why it Matters

Over half a million households in South Africa’s former homelands disengaged from farming between 2011 and 2016, according to Statistics South Africa. This represents a loss of one in five crop farming households. The former homelands...

Joburg Post·14 days ago

Nigeria: Five-Year Plan - in Pursuit of Double-Digit Economic Growth

The federal government must embrace structural reforms to leapfrog economic growth, writes Obinna Chima. Every nation desire rapid economic growth. Faster growth in Gross Domestic Product (GDP) expands the overall size of an economy and ...

Joburg Post·15 days ago

Nigeria will Sign African Free-trade Deal

Nigeria will sign the African Continental Free Trade Agreement (AfCFTA) at an African Union summit in Niger’s capital Niamey this weekend, after holding out for over a year. The announcement made late on Tuesday brings the historic deal ...

Joburg Post·16 days ago

Iran Sanctions and the Battle for the Soul of Opec

There is a great chance that the politics of the Trump administration may rupture and forever alter the bonds that helped found Opec. These bonds are the roots that have sustained the organization’s values and continue to harness the sin...

Bheki Gila·15 days ago

Evolution of ANC Economic Policy Sheds Light on Squabble Over the Central Bank

The recent squabble over the mandate of the South African Reserve Bank has very little to do with real economic policies. It is rather emblematic of the intensely polarised levels of political distrust that currently exists within the Af...

Joburg Post·15 days ago

Zimbabwean Legal Group Claims New Currency is Illegal

A Zimbabwean lawyer backed by a prominent legal group has challenged the government's decision to revert to the Zimbabwe dollar and outlaw the use of U.S., South African and European currencies. Supported by the Harare-based Lawyers ...

Joburg Post·15 days ago

US Aid of $600 000 to Help Zimbabwe Farmers Rebuild Lives

Zimbabwe’s smallholder farmers in Chimanimani District are to be provided with an additional $600 000 to help them recover and rebuild their lives following March’s deadly Cyclone Idai which wrought massive destruction across Malawi, Moz...

Joburg Post·15 days ago

The Best Paying Industries in South Africa - and the Industries Most Likely to Pay Below the Minimum Wage

Banking and IT are the best paying industries in South Africa, but only employs 8% of the country’s junior to medium-skilled workforce, a new report by digital recruitment platform Giraffefound. Giraffe’s South African junior-medium skil...

Joburg Post·15 days ago

Rwanda: Fuel Prices Ease Slightly

The government has announced a slight reduction in fuel prices for both petrol and diesel. According to a communique from utility regulator, Rwanda utility Regulatory Agency (RURA), effective today, a litre of petrol will cost Rwf1,080, ...

Joburg Post·14 days ago

Zimbabwe Loses Billions to Illicit Financial Flows

Government should complement monetary policy changes with an anti-corruption strategy to curb illicit financial flows (IFFs) as the country is losing billions annually, businessdigest has learnt. IFFs are seen to spiralling this year owi...

Joburg Post·14 days ago

Only One in 10 State Firms Submitted B-BBEE Reports in 2018, Says Oversight Body

Only one in ten state entities submitted their broad-based black economic empowerment (B-BBEE) reports for 2018, according to the B-BBEE Commission.The oversight body on Wednesday released a report on the status and trends of B-BBEE for ...

Joburg Post·14 days ago

Why the African Monetary Fund is a Good Idea and What Can Be Done to Get it Going

African Union (AU) leaders will gather in Niger on 7 July for an Extraordinary Summit to discuss the African Continental Free Trade Area. They will be meeting at a critical momentfor the continent. Many African countries are experiencing...

Joburg Post·11 days ago

Addis Ababa’s Street Hustlers Helped Build the City – Now They’re Being Pushed Out

The population of Africa is booming, but as long as productivity and employment remain unsteady, “global experts” and economists contend, African cities could descend into conflict and disorder. From their perspective, activities like st...

Joburg Post·9 days ago

"Progress" Made in Reducing SA's Public Servants' Wage Bill

Public servants qualifying to take early retirement from the public service before they reach the age of 60 have until the end of September to do so. This was revealed by Public Service and Administration Minister Senzo Mchunu in a writt...

Joburg Post·9 days ago

Patel's R40bln Cash Injection for Black Industrialists Welcomed

The Black Business Council (BBC) on Monday welcomed the allocation of R40 billion to support an additional 400 black industrialists in the Black Industrialists (BI) Programme over the next five years. During his budget vote debate in Par...

Joburg Post·3 days ago

Nearly Half of SA Jobs Will be Replaced by Automation

South Africa will need to prepare its workers as the country stands on the brink of a ‘technological revolution’, according to Gauteng premier, David Makhura, who was speaking at the launch of the country’s first Digital Economy Summit o...

Joburg Post·10 days ago

How a Trade War, or Truce, Could Affect SA

The much talked about trade war between the US and China is one component of a broader confrontation between the two largest economies in the world. Their relationship has been deteriorating rapidly over the past 10 years, and the extent...

Mark Haworth·8 days ago

Ghana Aims for Safer Skies with New Aviation Laws

Ghana recently spent $275 million expanding and modernising Kotoka International Airport located in the capital city, Accra. This is part of its plan to attract eight million tourists annually by 2027. A significant increase from the 1.2...

Joburg Post·8 days ago

Why South Africa Should Revert to Greater Protection for Some of Its Industries

After years of relative silence, debates about the pros and cons of tariffs in international trade have become a regular feature. The renewed interest has been sparked by the actions of US President Donald Trump, the first president sinc...

Joburg Post·8 days ago

Zimbabwe Reaps the Benefits of China’s flagship BRI

China’s signature policy programme, the Belt and Road Initiative (BRI) has opened contemporary opportunities for Zimbabwe to elevate its relationship with Beijing. During the second BRI summit, China was ready to unlock multi-billion dol...

Joburg Post·7 days ago

Cameroon Fines Main Local Telecom Companies

The local mobile telecom companies Orange and MTN in Cameroon have been fined over $160 million for failing to pay taxes on games and gambling services. The Central African country corruption board announced on Wednesday.

Joburg Post·10 days ago

Treasury: Fiscal Outlook Faces Significant Risks

South Africa faces “significant risks” to its fiscal outlook, including weak economic growth and uncertain revenue collection, the National Treasury said in its 2019/20 annual performance report, put before Parliament yesterday. The econ...

Joburg Post·7 days ago

How Digital Technologies Can Help Africa’s Smallholder Farmers

Digitisation could change the game for agriculture in Africa. That’s a key message in a report recently released by an international institution that enhances smallholder farming in African, Caribbean and Pacific countries. The Centre f...

Joburg Post·7 days ago

Why Central Banks Need to Take Human Rights More Seriously

Many central banks are rethinking their approach to the environmental and social impact of their operations. This is because their decisions can affect access to housing, healthcare, education, work, to adequate food and water and the se...

Joburg Post·4 days ago

10 Potential Benefits of AfCFTA

On Sunday, President Muhammadu Buhari signed the African Continental Free Trade Area (AfCFTA) agreement. The signing of the agreement brought to an end several months of wait by stakeholders in the Nigerian economy. With a GDP of about $...

Joburg Post·7 days ago

MTN is the Most Valuable Brand in SA for 2019 - Report

Brands that feature in the Brand Finance South Africa 50 report are defying the South African economy and recording healthy brand value growth, according to the latest report. These brands are outpacing the country’s GDP, with the top 50...

Joburg Post·4 days ago

Central Africans Express Mixed Reactions to Continental Free Trade Area

Analysts and businesspeople in the six-member Central African Economic and Monetary Community say that although the African Continental Free Trade Area launched in Niger last Sunday at an African Union summit brings hope for pan African ...

Joburg Post·3 days ago

Young South Africans Want to Farm. But the System isn’t Ready for Them

Persistent unemployment has become synonymous with the youth experience across South Africa. Youth unemployment rates are almost four times higher than the regional average – 62% of South Africans between 15 and 35 years are unemployed a...

Joburg Post·3 days ago

Vast Subsidies Keeping the Fossil Fuel Industry Afloat Should be Put to Better Use

Capitalism has often been identified as the underlying cause of the climate crisis. A leading voice on the subject is Naomi Klein, one of the climate movements most influential thinkers, whose seminal book on climate change was subtitled...

Joburg Post·3 days ago

Sarb Expected to Cut Interest Rate to Stimulate Growth

South Africa is gearing up for a possible interest rate cut tomorrow, as moderating inflation pushes for a rate respite to inject cash into the struggling economy. The monetary policy committee (MPC) of the SA Reserve Bank (Sarb) is wid...

Joburg Post·1 day ago

Zim Power Blackouts Trigger Turmoil in Telecom Sector

Zimbabwe's mobile network connectivity was in a bad state over the last weekend, with callers and the transacting public reporting challenges in making calls and getting mobile money transactions to go through. The disruptive service una...

Joburg Post·2 days ago

SI 142: The Zimbabwean Dollar’s Enforcer

It has been a little over two weeks since the Zimbabwean Minister of Finance and Economic Development had announced that only the Zimbabwe dollar, previously known as the Real Time Gross Settlement dollar that had been introduced early t...

Neo Sithole·2 days ago

Ghana Hopes to Benefit From Hosting Africa’s Free Trade Area Secretariat

Ghana has been chosen by the African Union (AU) to host the secretariat of the African Continental Free Trade Area. It beat other competing countries including Egypt, Eswatini, Ethiopia, Kenya, Madagascar and Senegal to win the bid. As a...

Adu Owusu Sarkodie·about 6 hours ago

Economists Say Interest Rates Cut Expected to Bring Relief to Consumers

Economists have said that the decision by the South African Reserve Bank (SARB) to reduce its repurchase rate (repo rate) by 25 point basis would bring some much-needed relief to consumers. SARB Governor Lesetja Kganyago announced on Thu...

Joburg Post·about 9 hours ago

Zimbabwe on the Brink, Again?

The past few months for the landlocked country of Zimbabwe have been eventful, to say the least. Battered by a severe drought that has affected agriculture, a power utility unable to meet the minimum required demand, and a doubling in an...

Neo Sithole·about 4 hours ago

South Africa’s State Owned Companies: A Complex History That’s Seldom Told

The problems of South Africa’s state owned enterprises are in the headlines every day. Yet many have existed for over 80 years. Why were they established in the first place and how have they survived this long? Their histories provide cl...

Nancy L Clark·about 6 hours ago

SA Reserve Bank Cuts Repo Rate

The South African Reserve Bank's monetary policy committee has cut the benchmark repo rate by 25 basis points to 6.5% from 6.75%. This is the first time since March 2018 that the benchmark interest rate has been cut. The central bank's g...

Joburg Post·1 day ago