CNBCAfrica

WFP to Shut Down Southern Africa Bureau

The United Nations’ World Food Programme is closing its regional bureau for Southern Africa, a communications officer confirmed on Monday to CNBCAfrica. The decision, announced in an internal email from WFP Global Executive Director Cindy McCain, was shared with staff worldwide on Friday according to Bloomberg News. A WFP spokesperson in Johannesburg confirmed the closure to Reuters but did not provide reasons or clarify whether it was linked to recent […]

4 March, 2025 20

Business / Economics

Morning Biz News 03 March 2025: Market, Ports, Inflation & Crypto

Local Stock Market Update The Namibian Stock Exchange (NSX) saw a total trade volume of 31,856 shares on Friday, amounting to N$1.46 million across 19 transactions. Year-to-date, the market has recorded 9.9 million shares traded, totaling N$588.4 million over 799 deals. Exchange-Traded Products (ETPs) continue to gain traction, contributing N$12.1 million in trade value since the start of the year. Major Investment in Durban Container Terminals South Africa’s Durban Container […]

3 March, 2025 22

Business / Economics

Morning Biz News – 21 February 2025

Namibia Poised for Historic Trade Milestone Namibia is set to make history with its first export under the African Continental Free Trade Area (AfCFTA), marking a significant milestone in the country’s trade expansion efforts. According to The Brief publication, the Chamber of Commerce and Industry has called on local businesses with consignments ready for shipment by next month to participate in this groundbreaking initiative. The move is expected to enhance […]

21 February, 2025 20

Africa

Botswana Holds Interest Rate Steady Amid Rising Inflation

Botswana’s central bank has maintained its monetary policy rate at 1.90% for the third consecutive meeting, the bank announced on Thursday says CNBCAfrica. Inflation rose to 2.5% in January, up from 1.7% in December, but remains below the Bank of Botswana’s preferred range of 3% to 6% in the medium term. The country’s economy, heavily reliant on diamond exports, faced a contraction last year due to weakened global demand for […]

21 February, 2025 19

Africa

Nigeria’s Dangote Refinery Nears Full Capacity

11 February, 2025 26

Africa

Protests in Mozambique Lead to 1% Decline in Maputo Port Volumes

Mozambique's largest port, Maputo, experienced a 1% drop in volumes for last year, attributed to post-election protests that led to border closures and road blockages, the port operator revealed says CNBCAfrica. The protests erupted after the contested October 9 election, which was won by Daniel Chapo and his Frelimo party, in power since 1975. The unrest has resulted in over 300 deaths amid a security forces crackdown.

22 January, 2025 10

Africa

World Bank Cuts Kenya’s Growth Forecast to 4.7%

CNBCAfrica says the World Bank on revised Kenya’s 2024 economic growth projection down to 4.7% from an earlier estimate of 5.0%, attributing the downgrade to the effects of floods, anti-government protests, and sluggish fiscal reforms on Tuesday. Despite progress in stabilizing the exchange rate, increasing central bank reserves, and reducing inflation, Kenya remains at a high risk of debt distress, according to the bank's latest report.

11 December, 2024 15

Africa

South32 Halts Forecast for Mozal Aluminium Amid Mozambique Unrest

Australian firm South32 has withdrawn its production forecast for the Mozal Aluminium smelter in Mozambique, citing escalating violence following disputed October election results according to CNBCAfrica. The unrest has led to road blockages, disrupting the delivery of raw materials to the plant, where South32 holds a 63.7% stake. Protests by opposition supporters have fueled the instability.

11 December, 2024 13

Africa

Protests Intensify in Mozambique After Controversial Election Results

Protests have intensified in Mozambique following the disputed victory of the Frelimo party in the October 9 election. CNBCAfrica says with over 56% voter abstention, clashes between police and protesters have resulted in at least 30 deaths, while human rights groups condemn the government's violent crackdown on demonstrators. Independent candidate Venancio Mondlane, whose supporters believe the election was rigged, has called for more protests.

18 November, 2024 32