Economy & Trade

Botswana warns diamond oversupply harms economy

The downturn has been compounded by softer buying in the United States and China.

US company secures $150m funding for Zimbabwe gold mine

Caledonia is also arranging a $150 million funding facility with a consortium of Zimbabwean and South African banks.

Libya devalues dinar by 14.7%, second cut in less than a year

Libya's central bank announced a 14.7% devaluation of the dinar on Sunday, setting the exchange rate at 6.3759 to the U.S. dollar, the currency's second such adjustment in less than a year,

Nigeria enters consolidation phase after two years of reforms, finance minister says

Nigeria has entered a phase of economic consolidation after two years of reforms that helped steady inflation, stabilise the currency and lift investor confidence, Finance Minister Wale Edun said on Thursday.

Kenya gets 'duty free' access to China in preliminary trade deal

The agreement allows 98.2% of Kenya's export goods duty-free access to the Chinese market.

Sudan 'lost all sources of revenue' in the war: finance minister

Widespread destruction, massive military spending, and diminishing oil and gold revenues have left Sudan's economy in "very difficult times", Finance Minister Gibril Ibrahim has said.

How Türkiye turned a global economic squeeze into record exports

In a remarkable show of resilience and diversification in a fractured global economy, Turkish exporters pushed outward and rewrote the numbers.

US-Africa trade: House approves three-year Agoa extension

It is unclear whether South Africa will be excluded from the program, given strained diplomatic relations between Washington and Pretoria.

South African rand dips while investors await manufacturing data

The South African rand slipped in early trade on Thursday, tracking most emerging market assets ahead of the release of a local purchasing managers' index (PMI) and November production figures for the manufacturing secto

Turkish Airlines to build world's largest cargo terminal with over $2.3B investment

Türkiye's flag carrier will also build the world's largest in-flight catering facility.

Türkiye begins construction of space port in Somalia: Minister

The port will serve the global commercial space market, generating revenue for Türkiye while contributing to Somalia’s economic development, Industry and Technology Minister Mehmet Fatih Kacir says.

Burkina Faso, Mali, Niger establish investment bank to finance infrastructure projects

The Alliance of Sahel States (AES), comprising Mali, Burkina Faso and Niger, established an investment and development bank on Wednesday to finance major infrastructure and economic initiatives across the region.

Nigeria's 'unchecked' crude oil imports threaten jobs, investment: Dangote

Dangote called for an official inquiry into the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

France's central bank accused of complicity in Tutsi genocide in Rwanda

New allegations have placed the Bank of France under scrutiny, as human rights advocates and researchers accuse it of playing an indirect but significant role in events leading up to the 1994 genocide against the Tutsi i

Nigeria tightens cash withdrawal limits to curb money-laundering risk

Nigeria's central bank announced sweeping changes to its cash management policies on Wednesday, introducing stricter withdrawal limits and scrapping fees on excess deposits.

Fidan to visit Iran for high-level talks on security, trade and regional crises

Ankara says the visit will focus on strengthening institutional cooperation, boosting trade and addressing regional instability from Gaza to the Caucasus.

German woman jailed for bank robbery in DR Congo

Honorine Porsche admitted to initially taking the money but claimed it was later stolen from her by members of the security forces who raided the bank.

Booming $7T halal market strengthens confidence in sector’s future: Turkish President

World halal sector's size reaches $7 trillion and many people in the world choose halal products, President Erdogan says.

Kenya to appeal East African regional court's ruling that suspended EU trade deal

Kenya will appeal against a regional court ruling that halted a trade deal with the European Union, Trade Minister Lee Kinyanjui said on Wednesday, adding the ruling imperils $1.56 billion worth of annual exports to the

EU, African leaders push closer trade links, step up efforts on illegal migration

A Europe-Africa summit in Luanda pledges deeper trade ties, critical minerals partnerships and new migration measures.

Uganda's state oil company identifies 'significant' new crude deposits

State-owned Uganda National Oil Company (UNOC) has identified nine potential oil wells in the Kasuruban block with "significant new crude oil deposits", it said on Tuesday.

South Africa's financial resilience persists on market rebound: central bank

South Africa's financial system remains resilient despite global geopolitical tensions and rising debt risks, the central bank said on Tuesday.

Africa, EU leaders to talk trade, minerals in summit aimed at improving partnerships

The African Union-European Union Summit is the 7th of its kind and comes on the heels of a G20 meeting in South Africa where a US boycott underscored geopolitical fractures.

Putin to meet Togo's President Gnassingbé in the Kremlin to boost ties

The talks will focus on diplomacy, economy, trade, agriculture, energy, training, and food security, the Togolese government said.