At the end of 2017, there were 148,000 wealthy individuals with a cumulated wealth estimated at $920 billion, “Africa Wealth Report 2018”, a report published on September 12, 2018, by New World Wealth and AfrAsia Bank reveals. Out of those High net worth individuals (HNWI), 7,100 are multi-millionaires (worth at least $10 million) while 320 were worth at least $100...

On September 18, 2018, Uganda announced that it would compel all the telecommunications operators active in the country to float part of their equity on the local stock exchange as a requirement for the licensing process. “One of the advantages of this measure is that it will help reduce capital flight”,  the government explained in a release published at the end of a ministerial...

Banque du Caire signed an agreement with National Bank of Uzbekistan (NBU) to boost Egypt's exports to the Community of Independent States (CIS), an Asia-Europe community constituted of 12 ex-soviet union states.   Banque du Caire will guarantee payment facilities to countries of that union (Russia, Armenia, Uzbekistan, and the others) that import products from Egypt. NBU will then...

In Morocco, the trade deficit worsened by 10.1% in the first eight months of 2018 to stand at MAD137.9 billion ($14.7 billion), according to figures published by the country's foreign exchange bureau. This is due to an increase in imports (MAD29.2 billion) while exports stood at MAD16.5 billion. During the period under review, imports rose by 10.2% due to increase in the imports of energy...

In Egypt, the trade deficit reached $3.62 billion by June 2018, representing a 44% rise compared to $2.51 billion last June 2017. In its monthly report on external trades, the Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that the country’s exports grew by 7.8% on a year-on-year basis to reach $2.10 billion by end June 2018 against $1.95 billion a...

Zimbabwe will disburse a $64 million urgency plan to manage the new cholera outbreak, July Moyo, the Local Government Minister says. According to the official’s statement reported by The Herald, this budget is based on the estimates that reveal that 50,000 (less than 100,000 in the worst case) residents could be affected. To promptly address this outbreak, the authorities appealed for...

Barrick Gold is looking for Chinese partners to help develop its “struggling” operations in Tanzania, the executive president John Thornton (photo) said in an interview with The Globe and Mail. In Tanzania, the Canadian mining company operates three gold mining sites namely, Bulyanhulu, Buzwagi, and North Mara, via Acacia Mining, its subsidiary in which it owns 64% stakes.   According...

Morocco will issue Islamic bonds (sukuks) during the first week of October 2018, Faouzia Zaaboul, treasury and external finance manager at the country’s economy ministry told Telquel. The ministry has been busy studying “the market’s appetite for such investments”. The amount of this operation which will be steered by the new finance and economy minister Mohamed Benchaâboun, has...

This year, Botswana’s fiscal deficit would drop to 2.3%, a release from the country’s finance ministry informed today September 18, 2018. According to the information reported by Reuters, this new forecast is higher than the 1.8% previously forecasted. This would be due to a downward revision of the mining revenues which are the country’s main source of revenue. Upon his arrival in April...

During its last administrative board meeting for this year, the Overseas Private Investment Corporation (Opic), the American institution that funds its citizens’ investments in emerging countries approved an $895 million funding facility for development projects in Africa, Asia, and Latin America. These resources are to be used to develop four projects launched by the institution in 2018....