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Ramaphosa sends envoys to seek $8 bln investment for South Africa

South African President Cyril Ramaphosa on Monday appointed a team of business and finance experts to seek $8 billion in investment to boost the economy of Africa’s most industrialized nation. The team is composed by former finance ministers, Trevor Manuel and Pravin Gordhan, the special economic adviser to the president, Trudi Makhaya, former Treasury Director […]

Algerian economy to improve in 2018—PM

Algeria’s economy will improve this year as revenue from the oil sector and natural gas picks up, Prime Minister Ahmed Ouyahia said on Saturday. Oil and natural gas exports of the OPEC member increased 25 percent to $7.1 billion in the first two months of 2018, up from $5.67 billion in the same period a […]

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Zimbabwe unveils new Boeing 777 with Mugabe’s initials

Zimbabwe has bought two Boeing 777 aircraft and an Embraer plane from Malaysia, finance Minister Patrick Chinamasa said on Wednesday. According to Patrick Chinamasa, the southern African nation had agreed with an unidentified Malaysian firm to buy four Boeing 777 planes for $70 million but had so far paid for two. Government has already paid […]

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Kagame appoints female CEO for national carrier RwandAir

Rwanda’s President Paul Kagame has appointed Yvonne Manzi Makolo as Chief Executive Officer (CEO) of Rwanda’s national carrier, RwandAir. Makolo’s appointment was part of a cabinet reshuffle announced over the weekend. Makolo has previously worked in the private sector since returning to Rwanda from Canada in 2003. She worked with a World Bank project; an […]

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Tunisia: tourism revenues up 23% in first quarter

Tunisian tourism receipts have grown by 23 percent in the first three months of 2018, reaching $188 million, according to figures released by the ministry of tourism. The increase of European tourists was particularly significant (up 52%), followed by those from Maghreb countries (up 18%). This is due to an improving security situation and interest […]

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Namibia economy slips into recession

Namibia has dropped into recession after its mining-fueled economy contracted in the final two quarters of last year, the statistics office said on Thursday. According to the statistics office, the southern African country’s gross domestic product (GDP) contracted 1.0 percent year-on-year in the fourth quarter after a 1.0 percent drop in the third quarter. The […]

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Corruption, backlogs hit Cameroon’s Douala Port—Report

Corruption, bureaucratic red tape, overpriced services and a growing backlog has hit Cameroon’s port of Douala, AFP reported. According to the news Agency, the country’s largest harbor through which more than 95% of Cameroon’s maritime traffic transits is affected by a high-level corruption due to middlemen and bribes. Also, procedures are believed to be interminably […]

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Morocco, first destination for direct foreign investments in Africa

Morocco has been ranked as the first destination of foreign direct investments on the African continent in the 2018 Africa Investment Index (AII) released by Quantum Global. The kingdom made a slight leapfrog compared with last year ranking when it took the second position. The North African country has taken the first position this year […]

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Afreximbank to invest $25 billion to promote Intra-African trade

On the sidelines of the launch last week of the African Continental Free Trade Area, Afreximbank has pledged $25 billion over Five Years to upgrade Intra-African Trade. The announcement was made by Afreximbank President Benedict Oramah who said about $25 billion will be disbursed to support intra-African trade during the five coming years ending in […]

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Over 1,200 business leaders meet in Abidjan

The sixth edition of the Africa CEO Forum organized by Jeune Afrique Media Group and Rainbow Unlimited, in Abidjan, brought together around 1,200 delegates including, heads of state, African and international CEO’s, investors, bankers and other stake holders who debated Africa’s economic transformation. Three African presidents, namely Alassane Ouattara of the host country, Côte d’Ivoire, […]

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