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Countries
- Zambia’s economic growth projections have dropped to 1.2 per cent, down from an earlier estimate of 2.3 per cent.
- Key sector agriculture has shrunk by over 20% YoY even as energy output dropped by nearly 10%, affecting electricity supply.
- Compounding the challenge, inflation in Zambia rose sharply, reaching 15.7% in October 2024.
Zambia’s economic outlook for 2024 has suffered a downturn, with the main sectors facing substantial contractions that could weigh on the South African country’s overall recovery.
According to the latest review by the International Monetary Fund (IMF), Zambia’s economic growth projections have dropped to 1.2 per cent, down from an earlier estimate of 2.3 percent. This is largely due to wide-ranging electricity shortages and declining activity across critical industries such as agriculture and energy.
After completing the IMF review, Zambia will access about $185.5 million in financing (SDR 139.9 million) for budgetary support in a tough economic year.…
- Graphite mining firm Pula Group sues South African billionaire Patrice Motsepe for $195M.
- Motsepe’s ARM mining faces breach of non-complete contract by investing in Australian firm Evolution Energy Minerals near Pula’s graphite project.
- ARM denies all claims, maintaining that they ‘considered’ but did not breach contract.
South African billionaire Patrice Motsepe is facing a $195 million lawsuit in Tanzania following allegations of a breach of contract by his mining companies in the East African country. The high profile case is being heard in Tanzania’s Commercial Court and is one of the biggest suits before the corridors of justice in recent years.
Patrice Motsepe owns a number of mining heavyweights including African Rainbow Minerals (ARM), African Rainbow Capital and ARCH Emerging Markets. He also has shares in Tanzanian mining company Pula Group.
In the roiling legal showdown, Pula Group is accusing billionaire Motsepe of breaching a 2021 non-compete contract by …
- Statistics show that the spread of mpox continues to worsen in Africa with over 2,500 new cases recorded in the last week alone.
- Epicentres the DRC and Burundi account for 86.7% of all new confirmed cases reported during the past week.
- To counter the disease spread, partners are supplying vaccines to nine hard-hit countries.
Mpox outbreak is reportedly worsening in Africa as the number of cases crossed 50,000 mark, the Africa Centers for Disease Control and Prevention (Africa CDC) has warned.
The threat was announced at a media brief on Thursday by Africa CDC Director-General Jean Kaseya, who highlighted that 19 African countries have reported 50,840 mpox cases, with 10,741 confirmed and 1,083 deaths since the start of this year.
“During last week alone, the continent reported 2,532 new cases, including 345 confirmed cases and 32 new deaths,” he reported.
According to the CDC Director-General, data from …
- Sub-Saharan Africa economic growth remains stuck in “low gear” with a large youth population at risk of being left behind—The World Bank.
- Currently, seven in 10 children in Sub-Saharan Africa do not have access to pre-primary education.
- The World Bank says stabilizing economies and transforming education to equip the region’s growing workforce with stronger foundational skills and market-relevant expertise is critical.
Despite signs of a fragile economic recovery, Sub-Saharan Africa economic growth remains stuck in “low gear” with a large youth population at risk of being left behind. According to the latest analysis by the World Bank’s Africa Pulse, two factors are critical to jumpstart inclusive growth: stabilizing economies and transforming education to equip the region’s growing workforce with stronger foundational skills and market-relevant expertise.
The report, which is in its 30th edition and on the theme of Transforming Education for Inclusive Growth, says economic activity in the region …
- Illicit financial flows causing major losses to Tanzania’s mining industry.
- Experts cite tax avoidance as the leading motive behind Illicit financial flows.
- Tanzania moves to enforce strict laws to curb Illicit financial flows.
Illicit Financial Flows (IFFs) in Tanzania’s mining sector has become rampant despite government efforts to control the sector. Last month, almost 16 kilogrammes of smuggled gold were seized at the Dar es Salaam Port, a pointer to rising crime amid efforts by the East African country to power growth through increased investment in the mining industry.
Illicit financial flows refers to “the cross-border movements of illegally earned, transferred, or utilized financial capital that deprive countries of essential resources, undermining development and the well-being of citizens.”
IFFs are basically the result of investors seeking to earn profits above a given sector’s average. To do this, the unscrupulous businesses avoid taxes and generally view corporate tax and even corporate …
- Lake Victoria biodiversity is been destroyed by overfishing
- Researchers advice set up of common regulations among EAC states
- Due to overfishing, stock of commonest fish is falling drastically
Overfishing is depleting fish in Lake Victoria with all three countries—Kenya, Uganda and Tanzania—that surround the massive fresh water body reporting a steady decline in output. On the Ugandan side, it is reported that fisheries that mushroomed around the lake region are shutting down at an alarming rate.
“More than ten factories around the lake have closed and the remaining 25 are operating below capacity,” reported Jinja, a Uganda based inter-governmental organization.
On the Tanzanian side, the Department of Economics at the University of Dar es Salaam (UDSM) has conducted several studies on the problem and the findings are pretty grim.
“The depletion of stock in Lake Victoria is part of a similar problem occurring globally with fish stocks being depleted. When …
- Tanzania is Africa’s fourth-largest gold producer and ranks 18 in the world.
- The country is ramping up production of the precious metal, targeting over 6 tonnes of gold annually.
- Gold miners and traders asked to allocate no less than 20% of their gold output to Central Bank of Tanzania.
Tanzania’s national gold reserve is growing and recent push geared at speeding up the growth of the country’s reserves signal to better days ahead for the nation’s currency. In the latest move, Tanzania has ordered all gold miners and traders to allocate no less than 20 per cent of their gold output to its central bank.
According to the Central Bank of Tanzania (BoT), this strategy is meant to help the country diversify its foreign reserves. By boosting its gold reserves, Tanzania hopes to offset the depreciation pressure facing the Tanzanian shilling.
According to authorities in the country; “This diversification intends …
- Kenya and the IMF talks on a new loan are making “significant progress,” Central Bank Governor has revealed.
- The country eyes about $487.2 million (Sh62.9 billion) under the IMF’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF).
- Completing the second review under the Resilience and Sustainability Facility (RSF), approved on July 17, 2023, will provide another $120 million to Kenya.
Kenya will receive a loan of up to $1.61 billion (Sh209.3billion) from the International Monetary Fund (IMF) in December to back up the governments reserves, the Central Bank of Kenya has revealed.
This is after the government and IMF agreed to combine the seventh and eighth reviews which will raise the government access to $1.61 billion, increasing the country’s reserves to $1.9 billion (Sh245 billion) by the close of the year.
CBK Governor Dr. Kamau Thugge has confirmed that discussions with the IMF are nearing completion. The talks, have …
- Rwanda is considering agro-processes to enhance its geothermal resources base.
- Africa’s geothermal investments are projected to reach $35 billion by 2050.
- By 2050, geothermal power capacity in Africa will more than double Europe’s capacity.
Rwanda geothermal energy offers the East African country a way to diversify its sources of electricity and reduce reliance on imported energy. According to official reports, Rwanda is aiming to add 30 megawatts of geothermal power to its electricity grid but it is also considering other uses of the energy resource, owing to the costs related to electricity generation using geothermal resources.
“We are focusing on developing direct heat utilization and continuing exploration for deeper resources to produce electricity in the future,” Eugene Karangwa, Head of Alternative Energies and Geothermal at Rwanda Energy Group (REG), announced recently. He said Rwanda is looking to utilize its geothermal resources directly for heating and drying, and not just electricity …
