Guinea’s economy is rapidly growing and in 2017, it recorded an 8% growth. According to IMF which revealed the information in a press release issued yesterday May 2,  this growth was driven by a rebound in mining activities, which accounted in 2016 for about 98% of the country’s total export earnings. "The sharp increase in mining exports reduced external imbalances in 2017. The...

JSE and LSE-listed company Pan African Resources confirmed yesterday May 2, it would suspend activities at its Evander 8 underground gold mines by the end of this month, cutting 1, 700 jobs. The company indicated that it concluded a consultation process with the relevant stakeholders. Moreover, an internal and external review of the mine revealed that “there is no realistic prospect of...

Zimbabwe plans to review the contract with local company Intratek for the construction of the 100 MW Gwanda solar power plant. According to The Herald, Josh Chifamba (photo), the executive director of Zesa Holdings, announced a meeting with the company to discuss upcoming changes. Indeed, the company did not start the prior works for this $200 million project since...

This month, the textile company Rivatex East Africa Limited, based in Kenya, will launch the modernization of its Eldoret-based production plant in Rift Valley, Business Daily Africa reports. The project estimated at KSH3 billion ($30 million) was initially announced to start in June 2017. Once completed, it should increase the company’s production capacity from 10, 000 bales of...

Nigeria’s government mobilized about N171 billion (around $3.2 billion) as tax revenues during the first three months of 2018. This was revealed by Babatunde Fowler (photo), chairman of the Federal Inland Revenue Service (FIRS). This amount is up by N393 billion (about $1 billion or 51%) from the N778.1 billion ($2.16 billion) collected within the same period in 2017. This...

Gathered in the framework of a forum held in Soun, under the theme “Land management in Keur Mousseu commune”, the population displaced during the construction of Blaise-Diagne Diass (Aibd) international airport, denounce the plight they are now facing for resettlement. “At night, the Aibd is really lighted while local populations are plunged into darkness and drink...

The executive board of the International Monetary Fund (IMF) has just approved the disbursement of $191 million under an extended credit facility (ECF) arrangement to Ghana. This was revealed by the institution in a statement published yesterday May 1. This new financing is part of a $955.2 million ECF granted in 2015 whose term is scheduled to end this year. The program was designed...

The Ivorian government announced it would suspend the distribution of high-yielding and enhanced cocoa seeds during the 2018/2019 season. This decision raised many concerns among the operators. According to Reuters, those operators fear a surge of the diseases affecting cocoa trees and a decline in the quality of production which will actually negatively impact the Ivorian bean on the...

Nigeria-based Fidelity bank reported last April 30 a post-tax profit of NGN18.9 billion ($52.5 million) achieved in 2017, up 94% from 2016. The bank’s operating incomes rose to NGN179.9 billion, increasing by 18.3% compared to 2016 while operating expenses dropped by 2.3% to NGN65.7 billion. It’s total assets grew by 6.2 % to NGN1, 400 billion. Moreover, the NSE-listed bank indicated...

Randgold Resources presented its Q1 2018’s balance sheet, revealing that the company has lost about $22 million (around CFA12 billion) at its Tongon gold mine in Côte d’Ivoire. According to the company’s CEO Mark Bristow (photo), the mine’s output dropped during the period under review due to several work stoppages that began with the mining contractor's...