What SA’s Most Expensive Resort Means For Destination-Scale Tourism
By Vumiso Nyamazana – Regional Head: Corporate Property Finance, Absa CIB Annah Watkinson – Head of Global Finance: Coastal Regions, Absa CIB Almost five decades after Sun City set the benchmark for leisure destinations in South Africa, the spotlight has shifted to KwaZulu-Natal’s North Coast. The announcement of a new Club Med resort, developed by […]
World Bank lifts sub-Saharan Africa growth forecast to 3.8%
Sub-Saharan Africa’s economic outlook is brightening, with the World Bank upgrading its 2024 growth forecast to 3.8%. This positive revision, up from an earlier 3.5%, is largely driven by stabilizing inflation and stronger local currencies, which have enabled central banks to lower interest rates. These improved conditions are now spurring a welcome recovery in private consumption […]
COMESA launches digital payments platform to boost local currency trade
The Common Market for Eastern and Southern Africa (COMESA) has launched a new digital payments platform designed to let businesses settle cross-border trades directly in local currencies. This innovation aims to drastically reduce the bloc’s heavy reliance on the US dollar for transactions, which currently inflates costs. By slashing transaction fees from an average of 8% to […]
South Africa poised to meet fiscal targets as debt stabilizes
South Africa’s National Treasury has stated that the country is on track to hit two key fiscal targets this year: stabilizing its public debt and expanding its primary budget surplus. This shift follows over a decade of rising debt, driven by spending that consistently outpaced revenue. The current healthier dynamic is driven by a significant revenue increase […]
Mozambique revamps transport corridors to boost trade
Mozambique is strategically leveraging its geography to fuel a major economic transformation, betting that modern logistics will be its key to growth. The government is heavily investing in rehabilitating and expanding its primary transport corridors—Maputo, Beira, and Nacala—which serve as vital trade arteries for landlocked neighbors like Zimbabwe and Zambia. This ambitious vision goes beyond mere […]
How Africa can navigate post-AGOA trade
The expiration of the African Growth and Opportunity Act (AGOA) marks the end of an era in US-Africa trade, but it may not be the devastating blow many fear. While the program was a flagship policy for 25 years, its overall impact had significantly diminished before it expired. By 2024, it covered only 21% of Africa’s […]
World Bank sees Nigeria’s debt declining amid steady growth
Nigeria’s economy is showing promising signs of stabilization, with the World Bank projecting a major milestone: public debt is expected to fall below 40% of GDP for the first time in over a decade. This improvement is driven by steady growth in services, agriculture, and non-oil industries, alongside stronger foreign reserves and disciplined fiscal management. However, this […]
Zambia eyes record copper output amid global price surge
Zambia is on track for record copper production this year, positioning itself as a key global supplier amid a surge in prices and tightening supply. With output rising while competitors like Chile and the DRC face disruptions, Zambia could enjoy a major windfall from copper’s 20% price jump to near-record highs. Backed by $10 billion in new […]
Tanzania’s gold exports soar amid global price surge
Tanzania’s gold exports have soared to $4.3 billion in the year to August—a 36% jump over the same period last year—thanks to record-high global prices that topped $4,000 per ounce for the first time this year. The surge has cemented gold as Tanzania’s leading export earner, buoyed by investor demand for the metal as a safe […]
US company revives major Mali mine amid industry shifts
Mali has secured its first US mining investment under its new mining code, as New York-based Flagship Gold Corp signs a deal to revive the Morila gold mine. The agreement with Mali’s state-owned miner grants Flagship equity in Morila SA, which holds an estimated 2.5 million ounces of the precious metal. Once operated by Barrick and AngloGold […]
