To streamline processes and make them more transparent, the country has in the last decade begun to digitise public services like tax collection Staff Writer, The East African Many African tax authorities have weak capacity to raise revenue. From 1990 to 2020, Sub-Saharan African countries on average collected only about 12 percent-15 percent of GDP as…
Reuters CAIRO, Aug 10 (Reuters) – Egypt’s annual headline inflation rose to a new all-time high of 36.5% in July, in line with analysts’ expectations, as food prices soared, data from the country’s statistics agency CAPMAS showed on Thursday. Month-on-month, prices rose 1.9% in July, down from 2.08% in June. Core inflation, which strips out…
By Gertrude Chavez-Dreyfuss NEW YORK, Aug 9 (Reuters) – The U.S. dollar drifted lower on Wednesday in thin rangebound trading, with investors looking ahead to Thursday’s U.S. consumer prices report for indications on where the Federal Reserve’s monetary policy is headed. The greenback posted steeper losses earlier in the session, particularly after data showing the Chinese…
Energy Access Ventures (EAV) is a venture fund that invests in early stage and growth companies that employ technologies and innovative business models linked to the access of electricity and its benefit in Sub-Saharan Africa Africa Business Exclusive interview with Paras Patel, Investment Manager, Energy Access Ventures, Kenya. At the upcoming Future Energy East Africa,…
TradeArabia Italy-based Saipem, a leading oil and gas industry contractor, has been awarded a new contract worth $1 billion by Mellitah Oil & Gas BV Libyan Branch, a consortium of National Oil Corporation of Libya and Eni North Africa, for the development of the Bouri Gas Utilisation Project (BGUP). As per the deal, Saipem will…
Tannur Anders, Reuters News The South African rand strengthened more than 1% against the dollar on Thursday, helped by dollar weakness in the run-up to a closely-watched U.S. inflation reading and strong local mining and manufacturing figures. At 1200 GMT, the rand traded at 18.7700 against the dollar, up around 1.2% on its previous close but…
ZAWYA Kenya’s government has lowered the use of an emergency loan facility at the Central Bank of Kenya (CBK) to fund crucial state expenditures. The move reveals easing cash flow pressures in the first month of implementation of President William Ruto’s first full-year budget. Outstanding overdraft declined to 48.18 billion shillings ($335.8 million) in the…
By Macdonald Dzirutwe LAGOS, Aug 3 (Reuters) – Nigeria is turning to gas as an alternative fuel after it scrapped a popular but costly subsidy on petrol that has seen pump prices rise sharply, angering motorists and businesses that use petrol to generate their own power. State-oil firm NNPC said late on Thursday it has partnered…
By Maxwell Akalaare Adombila and Christian Akorlie ACCRA, July 31 (Reuters) – Ghana’s government said on Monday it had roughly halved this year’s economic growth forecast and saw higher inflation and a primary deficit whereas it was hoping for a surplus previously. Finance Minister Ken Ofori-Atta also disclosed during a mid-year budget review in parliament that last year’s…
By Mark Gleeson Africa’s run at the Women’s World Cup has been nothing short of extraordinary at the end of the group phase on Thursday as debutants Morocco joined Nigeria and South Africa in the last 16. Morocco had been thrashed 6-0 by twice champions Germany in their opening match of the finals but bounced back…
