South Africa's economy declined by 2.2% in the first quarter of this year, recording the largest quarter-on-quarter shrink since the first quarter of 2009, when the economy contracted by 6.1%. The national statistics agency (Stats SA) revealed. “After growing by 3.1% in the fourth quarter of 2017, the South African economy wobbled in the first quarter of 2018, shrinking by 2.2%,” the agency...

Yesterday June 5, Iamgold reported positive results following a pre-feasibility study (PFS) for its Essakane heap leach project in Burkina Faso. The results showed an increase by 39% in the mine’s probable reserves from 1.3 million oz to 4.7 million oz. Meanwhile, indicated resources also increased by 19% to 5.1 million oz, while inferred resources increased by 54% to 0.6 million oz....

The Canadian company StareCore Nuclear plans to set 23 small modular of nuclear reactors across Nigerian plants to boost the country’s power capacity. “The proposal comprises the erection of 23 micro grids across the more remote regions of the country thus minimizing, or even eliminating, the expenditure that the government will need to make on electricity infrastructure in those target...

The Burkinabe government plans to support farmers with up to CFA16 billion during the 2017/2018 wet season, which began last week. Agence de presse africaine (APA) reports. The money will be used to fund the purchase of agricultural inputs and equipment, including fertilizer (16,000 tons), improved seeds (8,155 tons) and 27,400 agricultural equipment. This government support to agricultural...

Between January and March this year, 14 Nigeria-based startups raised up to $9.2 million in funding (including about $5 million of equity investment) from 12 local and foreign investment firms. This is revealed in the “Nigerian Startup Funding Report” issued by techpoint.ng. In detail, companies that requested bridge loans to acquire assets pending funds from the sale of another...

In Côte d'Ivoire, the cumulative arrivals of cocoa to ports since the beginning of the season (last October) reached 1.73 million tons on 3 June, 2.2% less than that of the previous season (1.75 million tons). According to Reuters, a peak was recorded between May 28 and June 3, with a total of 40,000 tons shipped to Abidjan and San Pedro. This stock shows an increase of 31,000 tons compared to...

The International Finance Corporation (IFC) announced yesterday June 4 it will grant Bank of Africa (BOA) $60 million to finance small and medium-sized enterprises (SMEs) in eight African countries. This will meet 50% of needs estimated at $120 million. Beneficiary countries include Burkina Faso, Ghana, Madagascar, Mali, Niger, Senegal, Tanzania and Togo. IFC specified that half of the...

During the first three months of this year, the Nigerian economy recorded a strong entry of capitals estimated at more than $6 billion. This was stated by Udoma Udo Udoma the Minister of Budget and National Planning during a presentation on “Delivering Economic Resilience and Growth” at the Financial Times Nigeria Summit in Lagos last May 31. According to the official, this capital...

In a memo addressed to all Algerian Walis, the Minister of interior and local communities, Noureddine Bedoui (photo), calls for suitable actions to end agricultural land misappropriation. “This instruction signed by Noureddine Bedoui orders the prevention of the transfer of agricultural land for public building construction projects. This instruction also recommends avoidance of wasting...

Kenyan online taxi rental firm, Little, sold KSh300 million ($2.9 million) worth of shares to an undisclosed Indian financial technology company. The country’s media reported. CEO Kamal Budhabatti said the resource will enable the firm to upgrade business system and keep pace with technological change. This sale operation comes not long after Little (partner of telecoms operator...