Economy

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Sierra Leone: Operation starts at Africa's largest iron ore deposit

Friday, 12 March 2010 13:22

Operation has officially started at Africa's largest iron ore deposit after it was shut down some 35 years ago due to difficulties in the price of ore.

Tags: Iron ore - Marampa mines - London Mining Company - Alpha Khan - Mines and Mineral Act - Grame Hossie - United Kingdom - Sierra Leone

"Africa is back" from global crisis, says IMF

Monday, 08 March 2010 15:00

Africa is recovering from the global economic crisis and could see growth of 4.5 per cent in 2010, International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said Monday.

(1 Vote)

IMF chief to visit Kenya, SA, Zambia

Friday, 05 March 2010 12:01

IMF Managing Director Dominique Strauss-Kahn is to visit Africa to gauge how the continent's economies were coping with the financial crisis, officials said Thursday.

Tags: International Monetary FUnd - Dominique Strauss-Kahn - Africa's Economic Transformation: The Road Ahead - University of Witwatersrand - Kenya - South Africa - Zambia - Africa

IMF to upgrade Africa growth view - Africa director

Thursday, 04 March 2010 15:12

The IMF may upgrade its assessment of Africa's economic growth prospects because some countries fared better than expected in a global recession that many feared would undo decades of poverty-fighting progress.

(2 Votes)

Tags: IMF - lending - Antoinette Sayeh - Africa

Angola state oil company: profits of $2.4 billion

Thursday, 04 March 2010 15:06

Angola's state oil company, Sonangol, is reporting a net profit of $2.4 billion from operations last year. The company's chair of the board of directors, Manuel Vicente, made the announcement at a press conference in Luanda.

(2 Votes)

Tags: Sanangol - oil - Manuel Vincente - Angola

Mauritius economy seen growing by 4.2 pct in 2010

Tuesday, 02 March 2010 18:28

Mauritius' economy may grow by a median of 4.2 percent this year before hitting 5 percent next year, led by the tourism sector, a Reuters poll showed on Tuesday.

(1 Vote)

Tags: economy - growth - inflation - 2010 - Reuters - Mauritius

Guinea public servant wages hiked 50%

Tuesday, 02 March 2010 14:43

Guinea's government on Monday announced a 50 percent rise in public servant salaries to soften the blow of a 30 percent increase in fuel prices.

Paris Club agrees to billion-dollar debt relief for DRC

Friday, 26 February 2010 13:20

The Paris Club of creditor nations has agreed to restructure the external debt of the Democratic Republic of Congo. It said Thursday almost half of the nearly $7 billion debt owed by the DRC will be written off or rescheduled.

(1 Vote)

Tags: Paris Club - Guillaume Lacaille - International Crisis Group - Joseph Kabila - Democratic Republic of Congo

Africa's GDP growth could reach 7 pct in 2011

Monday, 22 February 2010 14:21

Africa's real gross domestic product growth could reach about 7 percent in 2011 from a forecast of about 5.5 percent growth for 2010, the president of the African Development Bank (AfDB) said on Sunday.

Tags: GDP - trade - growth - AFDB - Donald Kaberuka - C10 - finance - Africa

Angolan government approves $250 mln for agro-credit

Thursday, 18 February 2010 14:46

Angola has approved $250 million agro-credit for small and medium scale farmers to strengthen credit among local businessmen.

(1 Vote)

Tags: agriculture - business - investment - credit - farmers - land - Angola

Liberia on track for HIPC debt relief this year-IMF

Wednesday, 17 February 2010 17:26

Liberia is on track to clear much of its remaining $1.7 billion in foreign debt under the Heavily Indebted Poor Countries initiative by the end of this year, an IMF official said on Tuesday.

(3 Votes)

Tags: IMF - John Lipsky - Heavily Indebted Poor Countries - Ellen Johnson-Sirleaf - World Bank - Liberia

Zimbabwe’s tobacco sales marked by higher production

Wednesday, 17 February 2010 15:01

Zimbabwe's annual tobacco selling season began on an upbeat note Tuesday when a bumper crop went under the hammer, attributed by industry officials to good prices and more farmers.

Tags: Tobacco Industry Marketing Board - Njodzi Machirori - Zimbabwe

Egypt prepares for its next economic leap forward

Tuesday, 16 February 2010 14:40

Egypt is looking forward to its post-crisis challenge of growing at 7 per cent a year with recent encouraging figures from several sectors of the economy, Prime Minister Ahmed Nazif said Monday.

(1 Vote)

Tags: economy - growth - crisis - Ahmed Nazif - Cairo - Egypt

"Easy to double African banana yields"

Monday, 15 February 2010 12:49

Over 70 million people in the East African highlands depend on banana as their primary source of food and income. With just a "minimal use" of fertilisers, they could easily double their yields, a new study finds.

(5 Votes)

Tags: International Institute of Tropical Agriculture (IITA) - East African highlands - fertiliser - banana - Uganda

Egypt opens country's investment potential

Friday, 12 February 2010 12:26

Egyptian authorities are planning to increase the country's investment potential by doubling the size of its Global IT partnerships and Engineering Services Market.

(1 Vote)

Tags: increase - investment - IT - engineering - Mohamed Higazy - Egypt

Renault sets up car factory in Algeria

Thursday, 11 February 2010 16:15

French automobile manufacturer Renault has announced the construction of a car factory in Algeria. Renault would build the factory at Rouiba - a district on the outskirts of the capital Algiers - and would assemble the Logan and Sandero models.

(3 Votes)

Tags: France - automobile - cars - manufacturing - Renault - factory - Algeria

Botswana predicts return to growth in 2010/11

Tuesday, 09 February 2010 11:10

Botswana's economy should return to growth in the financial year to June 2011, lifted by a gradual recovery in global diamond sales, Finance Minister Kenneth Matambo said on Monday.

(2 Votes)

Tags: economy - growth - recession - financial year - Kenneth Matambo - budget - Botswana

World Bank predicts Angola 2010 growth up to 7.5%

Tuesday, 02 February 2010 13:39

Angola's economy is set to rebound in 2010 with growth up to 7.5 percent, after a sharp slowdown last year when growth was estimated at no more than 0.5 percent, the World Bank said Monday.

(1 Vote)

Tags: economy - World Bank - oil - dollar - Ricardo Gazel - growth - 2010 - Angola

Experts see Eritrea leading regional mining surge

Monday, 01 February 2010 13:44

An impending mining boom in Eritrea will challenge oil-rich neighbours to make it easier for foreign companies to prospect across a massive geological structure in the region rich in base metals and gold, analysts say.

(2 Votes)

Tags: mining - boom - oil - gold - Timothy Strong - Eritrea

Africa to hit 4.3% growth in 2010: report

Friday, 29 January 2010 16:50

Africa's economic growth rate will surge back to 4.3 percent in 2010 after slumping badly last year due to the global slowdown, a top UN official said Thursday.

(6 Votes)

Tags: economic - growth - 2010 - global - financial crisis - UNECA - Abdoulie Janneh - Africa

Ivorian rubber to boom on China demand

Friday, 29 January 2010 16:27

Ivory Coast's rubber output is rising and will jump next year as soaring demand from China encourages its farmers to switch from growing cocoa and coffee.