- Nigeria’s $10.8M plan to shore up livestock value chains
- Uganda: Pain for pensioners as new Bill withdrawn
- Moscow schools to start teaching Swahili from September
- South African Reserve Bank raises interest rates to 8.05%, a 14-year high
- Oil-rich Angola joins insurer ATI, pays $25 million in fees
- Severe drought in Horn of Africa pummels farmers and economies
- Africa Day: From post-independence unity to Agenda 2063
- Ghana maintains key interest rate at 29.5% to tackle inflation
- Financing will create more jobs, and reduce national expenditure on the importation of milk and dairy products. It will also improve the nutritional status of Nigerians.
- The credit scheme also seeks to reduce protracted conflict between farmers and herders as well as drive investments in the industry.
- Ministry of Agriculture says plan will improve security and foster harmonious existence between farmers and herders.
Livestock farmers across Nigeria are set to benefit from a $10.8 million credit scheme that seeks to enhance their business value chains and attract more investors in the sector.
According to the Minister of Agriculture and Rural Development, Mohammad Mahmood Abubakar, the $10.8 million credit scheme targeting livestock farmers, will be run by the Bank of Agriculture.
Mr Abubakar said Nigeria is committed to reforming the livestock sector with notable programmes such as the National Livestock Transformation Plan, and Livestock Productivity Resilience and Support Plan, among others.…
- South African Reserve Bank administers “bitter medicine”, raises key rate to 8.25 percent to tackle inflation.
- Trading Economics states South Africa’s average food price inflation was 6.07 percent annually between 2009 and 2022.
- Within the last three months of 2022, South Africa’s economic development has stumbled below pre-pandemic levels.
South African Reserve Bank has raised the benchmark interest rate to 8.25 percent, a 14-year high as policymakers move to tackle escalating inflation. Borrowers are set for tough times as Governor Lesetja Kganyago administers “bitter medicine” on the economy in the face of worsening inflation.
Globally, economies have been tightening fiscal stance to contain inflation in step with US Federal Reserve move to increase rates to check the rising cost of living.
South African Reserve Bank forced to increase rate
Since utility Eskom resorted to power cuts, South Africa has been plunged into numerous economic disruptions. As a result, this is …
- In the three months to March 2023, Group’s total assets rose by 39.8 percent to close at $11.8 billion buoyed by DRC subsidiary TMB.
- Revenue increased by 26.9 percent to $267.4 million mainly driven by the non-funded income from customer transactions across the Group.
- This is the Group’s newest subsidiary in the Democratic Republic of Congo.
- It demonstrated the range and diversified income streams across the group’s businesses, adequate to cover the elevated operating and funding costs.
Regional lender KCB Group Plc posted $68.8 million in profit after tax for the first quarter 2023, a marginal drop attributable to acquisition and consolidation costs of its newest subsidiary, Trust Merchant Bank (TMB), in the Democratic Republic of Congo.
In the quarter, however, the Group recorded a strong balance sheet growth with total assets hitting $11.8 billion, with TMB contributing 14 percent to the Group’s total assets. The bank said this was …
- The South African Reserve Bank has established South Africa’s first deposit insurance body, the Corporation for Deposit Insurance (CODI) to protect bank depositors and bring confidence to a resilient financial sector.
- The CODI became a legal entity as of March 24, 2023, as set out in the commencement schedule published by Finance Minister Enoch Godongwana.
- CODI’s primary responsibilities are to establish, maintain and administer a deposit insurance fund.
South Africa’s first deposit insurance institution, the Corporation for Deposit Insurance (CODI), has been established by the South African Reserve Bank. This move aims to protect bank depositors and increase confidence in the country’s financial sector, especially in the aftermath of the Silicon Valley Bank collapse in the United States of America, which caused a financial crisis due to liquidity risk. As a result, more regulators have moved to secure depositors’ money.
The CODI has been tasked with establishing, maintaining, and managing …
- HF Group has posted $1.9 million in the 2022 full year results from a loss of $5 million recorded in 2021 representing a 939 percent increase.
- Management attributes the turnaround to improved performance by the Group’s banking subsidiary, HFC.
- The group’s performance reflects the relentless focus they have put on their business transformation strategy.
HF Group has posted a profit of $1.9 million in the 2022 full year results from a loss of $5 million recorded in 2021, representing a 939 percent increase.
Management attributes the turnaround to improved performance by the Group’s banking subsidiary, HFC, whose profit after tax grew by 147 per cent to $1.2 million from a loss of $2.8 million in 2021.
Net interest income grew by 18 percent to $16 million from $13.8 million same period 2021 while non-funded income grew by 63 percent to $6.6 million compared to reported $4 million the same period …
- Small and Medium enterprises (SMEs) are the backbone of the world economy, accounting for most businesses across nearly every region.
- In Africa, SMEs provide an estimated 80 percent of jobs across the continent, representing an important driver of economic growth.
- Credit constraints are a serious challenge for SMEs. Without reliable sources of working capital, SMEs are unable to make investments needed for growth, leading to stagnation.
According to the World Bank, Small and Medium enterprises (SMEs) are the backbone of the world economy, accounting for most businesses across nearly every region. In Africa, SMEs provide an estimated 80 percent of jobs across the continent, representing an important driver of economic growth.
The global lender says Sub-Saharan Africa alone has 44 million Micro, Small and Medium Enterprises (MSMEs) , almost all of which are micro.
“For these businesses to grow, create more jobs, and generate economic growth, they need access to …
- Usable foreign exchange were recorded at USD 6.56 billion last week, which is equivalent to 3.66 months of import cover.
- The shilling has continued to weaken against the US Dollar to a record 130 units to a dollar.
- The country has witnessed a dollar shortage in recent months.
The Kenyan government has put in place a number of measures to tame the country’s dwindling forex reserves and a biting dollar shortage that is being witnessed in the market.
The East African Community (EAC) economic powerhouse is also grappling with a weakening shilling that has dropped by about 12 per cent against the US dollar, the highest in two decades.
It has breached the 130 mark to a dollar, which is a record high. Importers are however accessing the dollar at Ksh145 to the dollar, which has impacted on the cost of imports and commodity prices.
Usable foreign exchange was recorded …
- Economic experts are of the view that the banking crisis that spooked investors and sent shockwaves around the world could ultimately be beneficial for global financial markets.
- DeVere Group CEO Nigel Green says banking crisis could ultimately prove to be beneficial for global markets.
- The emergency lifelines being thrown to banks by regulators and governments, among others, appear to have now halted contagion within the sector.
The banking crisis that spooked investors and sent shock waves around the world could ultimately be beneficial for global financial markets.
This is according to Nigel Green, the CEO and founder deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations who says the banking crisis could trigger a vital intervention from governments to stabilise the markets.
Green says the emergency lifelines being thrown to banks by regulators and governments, among others, appear to have now halted contagion within …
- Nigeria, South Africa, Egypt, Morocco, and Kenya are all expected to raise borrowing costs within the next two weeks
- In contrast, monetary authorities in countries such as Ghana and Angola, where inflation is on a downward trend, are expected to maintain current rate
- US monetary tightening could slow due to banking turmoil, weakening demand for the dollar.
Major central banks in Africa are preparing to raise interest rates in order to combat persistent inflation and prevent a sell-off in their assets exacerbated by an uncertain financial system following the recent collapse of US lender Silicon Valley Bank and stress at Credit Suisse Group AG.
Nigeria, South Africa, Egypt, Morocco, and Kenya are all expected to raise borrowing costs within the next two weeks.
In contrast, monetary authorities in countries such as Ghana and Angola, where inflation is on a downward trend, are expected to maintain current rates. Six smaller African