Managers of Wealth Africa

Alarm bells for South Africa’s GDP

The significant decline in tax revenues compared to projections was highlighted by Finance Minister Enoch Godongwana in the Medium Term Budget Policy Statement (MTBPS).

Safaricom stock jumps 6.8pc on Kenya unit profit growth

The company topped trades at the Nairobi Securities Exchange (NSE), posting a turnover of Sh230.2 million with 17.3 million shares traded.

Private Equity fund Africinvest buys 10 percent shareholding in I&M Group

The buyer of a stake is a related party to the British DFI

Inflation relief on the cards for South Africa – but it won’t be a smooth ride

While inflation could dip to 5.1% y/y in the December 2023 reading, it could lift again, reaching 5.6% y/y in January 2024

Steady growth in pension assets

This represents a healthy increase of NGN2.9trn compared to the previous year.

A higher net surplus on the financial account

This compares to a revised net surplus of USD44.0m recorded in the previous quarter.

Gulf African Bank in Sh550m SME loan insurance scheme

The bank aims to scale its financing to women-owned enterprises and green businesses that are involved in renewable energy produce eco-friendly products and services or offer green services.

It’s Sh40bn currency hit on SGR debt

The revised numbers contained in the Supplementary Budget tabled in the House in late October

KCB Tanzania receives Sh3.2bn in EIB funding

It marked a 77 percent growth in pre-tax profit to Sh2.3 billion (Tshs39.5 billion) in the period from Sh1.3 billion (Tshs22.3 billion) previously.

South Africa's Redefine reports distributable income hit by high interest rates

Redefine, with a diversified property portfolio valued at 96.8 billion rand, said group interest costs, including finance costs and income received from cross-currency and interest rate swaps, increased 34.2%.

These are the top 10 companies that South Africans want to work for

The companies in each country are then ranked based on the number of monthly searches plus the keyword “careers.”

South Africa is walking a tightrope: Moody’s

Moody’s rates South Africa’s long-term foreign debt with a stable outlook at a sub-investment grade Ba2, which it defines as carrying substantial credit risk with speculative characteristics.

Naira gains as CBN pays banks $6.7bn forex backlog

The naira in Lagos recorded an average of 1,120/$ on Thursday, appreciating to 1,040/$ and 1,125/$ in different locations on Thursday.

Equity market’s ASI reaches record high

Investors this week had brushed aside projections of mixed sentiments

APA parent sells 20pc stake to South African insurer

The acquiring company sees the transaction as a means to expand presence in Africa.

SA's funds exhausted, finance minister warns

The government might find itself facing a critical shortage of funds if decisive action is not outlined in the medium-term budget policy statement

Former Eskom CEO Andre de Ruyter scores R7 million payday

Despite the ailing SOE’s financial woes, Eskom revealed De Ruyter received R6.9 million in the 2023 financial year – slightly less than the R7.1 million he received the year before.

Somalia Welcomes First Foreign Bank Branch in Over Half-Century

The bank’s operations will focus on corporate financing and trade financing, officials said on X, formerly known as Twitter.

Absa Bank Kenya Unveils Initiative to Enhance Financial Wellness

Innovative solutions and toolkits to empower and enhance their capacity to access necessary funds to achieve their goals

IFC gives $2.9bln to East African green economy businesses

IFC provided a $150 million loan to KCB Kenya to support businesses tackle the effects of climate change

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