South Africa’s National Treasury on Thursday rallied behind Dan Matjila, the chief executive of the government’s 2 trillion rand ($160 billion) state pension fund, dismissing a Bloomberg report that said it was considering his suspension. Matjila, who has headed the Public Investment Corporation (PIC) since 2014, has come under pressure in recent weeks after an…
Although Africa has recorded strong economic growth in recent years, and will continue to do so this year, its gains will remain fleeting until it undergoes a long-awaited transition away from commodity exports and toward manufacturing. That, in turn, will require leaders who are willing to put the economy before narrow political considerations. ABIDJAN –…
Kenya is set to open phase one of the US $108.6m Dongo Kundu bypass for public use by next week. This is according to KeNHA’s Coast Regional Director,Jared Makori. The bypass project which started in July 2016 is expected to decongest the Mombasa-Nairobi highway. The project runs from Mombasa Port’s second container terminal and links the…
South African state owned utilty Eskom Holdings SOC Ltd has signed a Power Purchase Agreement, PPA with Building Energy for the construction of the 147 MW wind farm in Roggeveld and a 4.7 MW mini hydroelectric plant in Free State which will see the overall investment in the construction of the two plants amounts to US $376 m. The…
Chief Executive Officer (CEO) of Stanbic IBTC Pension Managers Ltd. (SIPML) Mr Eric Fajemisin, said the firm invested 12.5 percent of its Assets Under Management (AUM) worth N2.53 trillion, representing N350 billion, into the Nigerian Stock Exchange (NSE). Speaking at a media parley in Lagos, Mr Fajemisin disclosed that the investment in equities comprised Mutual…
Tongaat Hulett aims to expand its business in Angola and other African nations that rely on sugar imports, in line with a strategy to bulk up in the central and southern region of the continent, the company said on Monday. The South African sugar producer said it had begun talks to expand its activities in…
As Nigeria celebrates Democracy Day on May 29, the presidency has reeled out what the Muhammadu Buhari administration has achieved in the last three years it has been in power. Mr Buhari was elected into office under the platform of All Progressives Congress (APC) after defeating then incumbent President Goodluck Jonathan of the Peoples Democratic…
Ethiopia’s state-run telecoms monopoly has agreed to allow some local firms to provide internet services through its infrastructure, a move seen as spurring competition and expanding the data market, officials said. Ethio Telecom has more than 16 million subscribers of internet services in the country of over 100 million people. It generated over 27.7 billion…
Construction arrangements are underway to kick start the Berbera Port expansion project. The port development is tripartite agreement between the United Arab Emirates (UAE), Ethiopia and the Government of Somaliland. Ali Ismail Mohamed, Head of Port Operations with the UAE based DP World Group Visited the Port of Berbera which is located 154 km out of the capital Hargeisa. On…
International donors have pledged $1.71 billion (1.45 billion euros) to support The Gambia’s democratic transition. The pledge was made at an international donors’ conference hosted by the EU and The Gambia on Tuesday. The conference was aimed at strengthening The Gambia’s democracy and development under President Adama Barrow, who came to power in January 2017,…