Stay tuned for the latest updates on significant stories from Africa, including political developments, economic highlights, and more.
Eskom Anticipates Loss but Maintains Power Supply
Despite projecting an annual loss, South African state-owned power utility Eskom has successfully avoided power cuts for over 100 days, the longest period without load shedding in three years.
Load shedding, which has been a recurring issue since 2008, has been managed effectively by Eskom.
The CEO of Eskom remains optimistic about turning a profit by March 2025, despite facing cumulative losses of 111 billion rand ($6.1 billion) since 2019.
Mozambique: IMF Approves Immediate $60 Million Disbursement
The International Monetary Fund (IMF) has approved an immediate disbursement of $60 million to Mozambique for budget support, following a regular consultation with the African nation.
Nigeria Suspends Import Duties on Food Commodities
In a bid to combat rising inflation, the Nigerian government has announced a 150-day duty-free import period for food commodities, including maize, husked brown rice, wheat, and cowpeas.
Nigeria aims to import 250,000 metric tons each of wheat and maize to stabilize prices and support the population.
Senegal’s Fifth National Census Highlights Young population growth
Senegal’s fifth General Population and Housing Census reveals a growing population, with 75% under 35 years old and half under 19 years old.
The country anticipates doubling its population in the next 25 years with a nearly equal gender distribution.
Ethiopia Earns Over $1.4 Billion from Coffee Exports
Despite challenges, Ethiopia reported a 7.5% year-on-year increase in coffee export revenues, generating $1.43 billion for the fiscal year 2023–24.
Mauritania: A Promising Economic Future
Mauritania is poised for economic growth by leveraging its mineral wealth, particularly iron ore, under the leadership of President Mohamed Ould El-Ghazouani.
Nigeria Sees a 70% Reduction in Corruption for Licenses
The Nigerian Upstream Petroleum Regulatory Commission has significantly reduced corruption in licensing processes, enhancing investment and socio-economic benefits.
Kenya Imposes New Fuel Import Restrictions on Uganda
Kenya’s increased bond fee on fuel consignments destined for Uganda may impact fuel prices, complicating Uganda’s plans.
Tanzania Maintains a Policy Rate to Support Economic Growth
The Bank of Tanzania has kept the benchmark lending rate at 6% to boost consumer and business spending, aligning with other East African countries.
Tanzania Amends Sugar Laws to Stabilize Supply and Prices
Revisions to Tanzania’s Sugar Industry Act aim to regulate sugar production, importation, and distribution to prevent shortages and price inflation.
Angola to privatize 34% of Standard Bank Angola
Angola has authorized the privatization of a portion of Standard Bank Angola’s capital via an initial public offering as part of its extended PROPRIV program.
Guinea-Bissau: Sissoco Embaló Reignites Debate on Elections—Presidential or Legislative?
The debate continues in Guinea-Bissau over whether to hold presidential or legislative elections this year, sparked by President Umaro Sissoco Embaló’s announcement of scheduling legislative elections in November.