Managers of Wealth Africa

Oando, Afreximbank sign $800m deal

The continental lender, Afreximbank, said that the move perfectly aligns with its unwavering commitment to supporting indigenous African institutions.

UK bank coughs up R43 million for manipulating the rand

The manipulation impacted the exchange rate of the South African Rand, which in turn affected various parts of the South African economy

Duty-free goods cost KRA Sh30bn foregone tax

In 2021, the government did not collect IDL valued at Sh1.6 billion.

Audit backs rule on quality checks per product small traders import

The Kebs rules require that each imported product be subjected to inspection although consolidated cargo poses difficulty in having each product subjected to verification owing to frequent mis-declaration.

Interest on November bond rises to record 17.9pc as bids hit Sh89 billion

This is as investors put in bids of Sh88.8 billion against the target of Sh50 billion in the auction which closed on Wednesday.

Higher tax for traders without digital ETRs

The Kenya Revenue Authority this week said that non-compliant businesses will be blocked from subtracting expenses from revenue that are subjected to taxation.

Investec, Verto sign API deal for cross-border transactions

The company recently acquired a licence to operate in South Africa from the Financial Sector Conduct Authority.

Eskom pushes ahead with major grid access changes

During a presentation to stakeholders, Eskom said that it made progress in processing the backlog of grid connection applications in terms of the IGCAR.

Old banknote remains legal tender, says CBN

It was titled, ‘All Banknotes Issued by the CBN Remain Legal Tender.’

This ‘tax alternative’ could end the fuel levy and cut petrol prices in South Africa

“While we understand that we are a cash-strapped nation, we can no longer afford to burden society with higher taxes and levies applied to the price of fuel,” said Wayne Duvenage, Outa’s chief executive.

Bank dividend yields rise to double digits amid bear run

The listed lender raised its dividend payout from Sh19 to Sh22 in the year to December 2022.

Kenya wins bid to lead Africa’s push to cut dollar dominance

These figures are based on estimates by Accra-based African Continental Free Trade Area (AfCFTA) secretariat.

CMA tightens rules to check directors and stockbrokers

The 2023 Capital Markets (Conduct of Business) (Market Intermediaries) Regulations further adjudicate on the standard of conduct by market intermediaries

Warning over Eskom debt bailout – new rules, new problems

Amidst the utility’s dire financial performance, Godongwana announced in the February Budget that R254 billion would be given to Eskom as debt relief over the medium term.

Rand could be heading to under R18 to the dollar

This tightening of financial conditions adds to the expectations that the US has seen its last interest rate hike, weighing on the greenback.

AfDB provides over $102m for Ghana’s economic recovery plan

Finance Minister Ken Ofori-Atta is expected to present the country’s 2024 budget statement next week, November 15.

Drop in shilling inflates Kenya’s AU subscription fees

All payments made to international bodies are centralised at the National Treasury, with ministries forwarding invoices for their subscriptions.

Money laundering threatens Ghana’s real estate sector, say industry players

In Ghana, the lack of a regulatory body to manage the real estate industry has stifled the formal establishment of the sector over the past decade.

Big changes for remote workers earning in dollars and pounds in South Africa

Commentators pointed out that this requirement would be administratively cumbersome and potentially unenforceable.

Ramaphosa: Hands off the Reserve Bank – for now

Responding to questions in Parliament this week, the president said that the Reserve Bank’s mandate is set out in section 224 of the Constitution, and it is successfully pursuing it.

Regulation,Tax & Compliance