Updates on trends of various African markets, including stock markets, real estate, commodities, and more.
The introduction of the US cryptocurrency Worldcoin in Kenya has been halted following the company’s large-scale effort to enroll customers by utilizing iris scans as part of its global rollout. The Kenyan government’s action represents a setback in the worldwide launch of this product and draws attention to issues such as the collection of personal … Read more
As the fiscal year progresses, companies listed on the Nigerian Stock Exchange (NSE) are gearing up to propose dividend payments to their valued shareholders. These proposed dividends, recommended by the respective boards of directors, are not only a reflection of a company’s financial performance but also a crucial factor influencing shareholder returns and share prices. … Read more
The Ghana Revenue Authority (GRA) has issued a significant announcement that is poised to impact the country’s burgeoning betting and lottery industry. Starting from August 15, 2023, a new 10% withholding tax on all betting, games, and lottery wins will come into effect. This development follows a recent amendment to the Tax Act by the … Read more
In a monumental shift within Nigeria’s business landscape, Dangote Cement has dethroned telecommunications giant MTN Nigeria to claim the title of the country’s most valuable company. The impressive feat comes as Dangote Cement achieves a valuation of N5.99 trillion ($7.9 billion), marking a 24% surge compared to the previous month. This seismic shift has sent … Read more
A legal dispute has sent shockwaves through Ghana’s mining sector, casting a shadow of uncertainty over the operations of Adamus Resources Ltd and Nguvu Mining Ltd. The turmoil stems from an ongoing dispute surrounding the execution of interlocutory injunction orders issued by the court on July 27, 2023. As tensions escalate, legal representatives for the … Read more
Recent financial reports released by Nigeria’s leading publicly traded corporations reveal a disconcerting trend: the weakening naira is taking a toll on profits despite escalating revenues. Since June, when the new administration led by President Tinubu prompted the central bank to halt the maintenance of an artificially high exchange rate, the naira has witnessed a … Read more
Grace Mutai, a 32-year-old marketing professional in Nairobi, recently undertook a kitchen transformation after a promotion, opting for a sleek, modern design from Newmatic, a Singaporean firm. Mutai’s choice, which included a state-of-the-art fan-vented cooker, mirrors the escalating trend of Kenya’s affinity for premium home appliances – a market movement Newmatic has astutely capitalized on. … Read more
Gold Fields Ghana, a leading mining company, has unveiled its ambitious plans to revolutionize gold processing efficiency through the acquisition of a pioneering comprehensive instrumentation rig. This groundbreaking acquisition is poised to redefine capacity enhancement in the country’s mining sector and set new benchmarks across Africa. Innovative Training for Unprecedented Capacity Building State-of-the-Art Instrumentation Rig … Read more
President Bola Tinubu’s recent order for the release of 225,000 metric tonnes of fertilisers, seedlings, and critical inputs to farmers in Nigeria is aimed at stabilising the surging food prices across the country. The continuous rise in food prices has exacerbated headline inflation, leading to a cost of living crisis and pushing many into poverty. … Read more
Fitch Ratings has affirmed Ghana’s Long-Term Foreign-Currency (LTFC) and Long-Term Local-Currency (LTLC) Issuer Default Ratings (IDR) at ‘RD’, indicating a debt restructuring process. This affirmation comes after Fitch downgraded Ghana’s LTFC IDR from ‘C’ to ‘RD’ on February 21, 2023, due to a missed Eurobond coupon payment. Following the downgrade, Ghana has taken significant steps … Read more