South Africa is officially out of recession with a 2.2% growth in Q3, 2018, the national institute for statistics (StatsSA) announced on December 4, 2018.
The GDP of the most industrialized country in Africa contracted by 2.6% and 0.4% respectively in Q1 and Q2 2018.
The economic improvement recorded during the fourth quarter is essentially spurred by performances in the agriculture, industry and transport sectors, the StatsSA informed.
At just months to the legislative elections of H1, 2019, this rebound of economic growth is a good news for president Cyril Ramaphosa (photo) who promised to straighten the economy and bring back foreign investors.
After 5% growth between 2004 and 2007, the South African economy has been stagnating for years now because of the decrease of commodity prices, the spread of corruption and the multiplication of social movements in strategic sectors like mining and industry.
In 2017, economic growth was 1.3% and analysts forecast it to be 1.8% this year. On the other hand, some analysts are concerned about the negative impact of the land reform initiated by ANC, the ruling party. This reform authorising uncompensated expropriation of white farmers’ arable lands and their redistribution to the black majority worries investors who estimate that it could be a flagrant violation of property rights. Some critics also make the parallel with the disastrous land reform in Zimbabwe.
According to the ANC, the land reform is aimed at correcting the disparities inherited from the apartheid with the white minority owning 73% of the farms.
The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...
By linking ECOWAS countries, the project enhances regional digital infrastructure, which is crucial ...
As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...
Non-bank institutional investors, though still a minority, are increasing their presence in the West...
Highlights: • $20 billion in investment pledged by Chinese firms for agriculture, mining, auto...
• Belgian investor Victoria Equity injected $6.2M loan, proposing share conversion that would dilute State control.• Minister Bussa urges matching...
• African Gold began a 40,000m drilling program at Didievi in Côte d’Ivoire, running through 2026.• Backed by Montage Gold’s \M investment, it targets...
• Ghana has terminated Rocksure International’s lease for the Nyinahin bauxite deposit, Reuters reported on July 28.• The $1.2B project with GIADEC...
What seemed like a routine administrative matter has drawn Madagascar into an international controversy. Five Boeing 777 aircraft, briefly registered with...
Garamba National Park, located in the northeastern Democratic Republic of Congo, is one of Africa’s oldest and most iconic protected areas. Established in...
Perched in the rugged heights of the Djebel Nefoussa in northwestern Libya, Qasr Al Haji (also spelled Ghasr Al-Hajj) is a striking example of traditional...