S.A Union Urges Reserve Bank for Bigger Repo Rate Cut

S.A Union Urges Reserve Bank for Bigger Repo Rate Cut

South African Union federation Cosatu urges the South African Reserve Bank to implement a larger-than-expected repo rate cut to help ease the financial strain on workers. Following the decrease in inflation to 2.8-percent in October, the federation believes a more significant rate reduction, beyond the anticipated 25 basis points, is needed to alleviate the burden on over-indebted households. Cosatu’s Zanele Sabela says high interest rates have forced workers to […]

November 21, 2024 19

Africa

Nigeria’s Food Crisis Expected to Worsen Amid Economic Hardship

Nigeria is projected to see a severe hunger crisis next year, with over 30 million people facing food insecurity—a 33% increase from this year—due to economic challenges, according to a government and UN report as seen by CNBCAfrica. Economic hardship has intensified following austerity reforms by President Bola Tinubu, including currency devaluation and the removal of a longstanding petrol subsidy, contributing to rising inflation and a cost-of-living crisis.

November 4, 2024 7

Africa

Zimbabwe adopts ZiG currency as sole legal tender

Zimbabwe’s ruling party has passed a resolution to adopt the bullion-backed ZiG currency as the country’s sole legal tender and phase out the use of US dollars. Bloomberg reports that under the country’s current laws, the US currency will remain legal tender until 2030. President Emmerson Mnangagwa has previously suggested this timeline may be brought forward.

October 29, 2024 15

Business / Economics

24 October 2024 Biz News: Coastal Tourism Thrives Amidst Global Economic Shifts: A Look at September 2024’s Key Developments in Namibia and Beyond

In September 2024, the coastal region witnessed a remarkable surge in tourism activity, achieving an impressive occupancy rate of 74.45%, the highest recorded in the country. This growth has been attributed to a variety of social, sporting, and leisure events, such as annual marathons and regional festivals, according to The Brief publication. The influx of visitors not only boosted local businesses but also underscored the region's potential as a vibrant […]

October 24, 2024 14

Africa

Angola extends cash tranfer for low-income families

Angola will extend a cash-transfer program for low-income families as a weaker currency and sky-high inflation continue to drive up living costs in the oil-producing country. Bloomberg reports the Kwenda program will run until 2029, following the recent approval by the World Bank of an additional $400 million loan, President João Lourenço said in a speech Tuesday. The project, the first of its kind in Angola, began in 2020 to […]

October 16, 2024 13

Business / Economics

Bank of Namibia reduces repo rate to 7.25%, offering relief to consumers

The Bank of Namibia has announced a 25 basis point reduction in the repo rate, bringing it down to 7.25 percent. This decision follows an extensive review of domestic, regional, and global economic conditions. Speaking at the monetary policy announcement, BoN Governor Johannes !Gawaxab emphasized the need to moderate monetary restrictions due to slowing economic growth and declining inflation. "Domestic economic activity rose during the first eight months of 2024, […]

October 16, 2024 18

Business / Economics

FNB Namibia expects inflation to reach 4.7% in September

FNB Namibia expects headline inflation to increase to 4.7% year-on-year in September from 4.4% in August, mainly driven by rising food and non-alcoholic beverage prices because of the ongoing drought, while transport costs continue to decline. Core inflation is expected to slightly decrease from 3.8% in August to 3.7% in September. This small drop suggests that, even though overall inflation might temporarily rise, inflationary pressures in the economy are gradually […]

October 2, 2024 36

Business / Economics

South Africa’s central bank cuts interest rates

South African Reserve Bank Governor Lesetja Kganyago has announced that the Monetary Policy Committee has decided to reduce the country's repo rate by 25 basis points to 8%. The announcement comes a day after SA’s inflation was reported at 4.4-percent in August, lower than the Reserve Bank's target of 4.5-percent. It is expected that the rate will also be lowered at the bank's next meeting in November.

September 19, 2024 34

Business / Economics

SA’s inflation sinks below reserve bank target

South Africa’s consumer inflation has dipped below the SA Reserve Bank's key target of 4.5%, cooling to 4.4% in August from 4.6% in July. News24 reports that this should seal the deal for an interest rate cut on Thursday. Economists expect a 25 basis-point cut following a meeting of the MPC on Thursday. Another cut of the same size is expected in November.

September 18, 2024 22