From an increase of 1.1% a quarter before, the South African economy has shrunk by 1.5% in the third quarter this year. The figures are revealed by the national stats agency StatsSA in a report published Tuesday. The institution mainly attributes this downturn to poor performance in the trade industry. The latter experienced a decline of 5.5% over the period under review, contributing 0.7...

The government of Mali officially launched its e-tax payment platform yesterday December 6, 2021. The ceremony was presided over by Alousséni Sanou (pictured), Minister of Economy and Finance. This is the outcome of a process that has benefited from Canadian cooperation, the expertise of a local task force, and financial institutions established in the country. "The introduction of e-payment in...

After several postponements, the Algerian government has set a new deadline for opening the capital of public banks to foreign investors. Aïmene Benabderrahmane (pictured), the Algerian Prime Minister and Finance Minister said the operation will take place next year. The measure is expected to be deployed as part of a comprehensive review of the governance system of public companies, which will...

Expansion Aims to Enable Organizations to Accelerate Digital Transformation throughout Africa   Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company™, today announced its expansion into Africa through its intended acquisition of MainOne, a leading West African data center and connectivity solutions provider, with presence in Nigeria, Ghana and...

Gerry Rice, Director of IMF Communications Department, announced in a tweet that Kristalina Georgieva, the institution’s Managing Director, will visit Senegal and the DR Congo this week. From December 8 to 11, Kristalina will meet with Presidents Tshisekedi and Macky Sall, as well as the political leaders and civil society in both countries. As Covid-19 continues to spread, African countries...

Nigeria traded $32.3 billion (N13,283 billion) worth of goods between July and September this year. Although the trade deficit widened to $7.3 billion, up 26.5% YoY, this reflects a gradual recovery in economic activity. Trade exchanges in Nigeria reached $32.3 billion (N13,283 billion) during the third quarter this year, up 10.43% compared to Q2 and up 58.9% YoY. According to the...

A year after launching 4.5G in Côte d'Ivoire, MTN is already preparing for a step higher. The company announced the soon launch of 5G. During the investment forum, which was held in Abidjan last December 1-3, MTN tested the technology before the participants. Ebenezer Asante - MTN Group's Vice President for West and Central Africa- explained that with "this secure cruising speed, the group...

A month after insurer Old Mutual started discussions to acquire the investment holding company Long4Life, the buyer is close to hitting a target. The private equity branch of South African insurer Old Mutual announced a cash offer of R4.1 billion (about $260 million) to take over the investment holding company Long4Life at R5.80 a share. The deal will be carried out through the buyer’s...

Zambia has reached a staff-level agreement with the International Monetary Fund (IMF) for the implementation of an Extended Credit Facility (ECF), the institution announced in a statement published last week.   With financing of $1.4 billion, this new economic program, if validated by the IMF Board, should extend over three years between 2022 and 2025. It “is based on the...

A common crypto currency and an integrated capital market could boost trade in Africa and sustain growth after the Covid-19 crisis, experts said at the 2021 African Economic Conference on Friday. But the continent first needs to harmonise national rules and protocols governing the financial systems of individual countries to make the reforms workable, panellists said during a discussion on...