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Mon,18Dec2017

commodities

'Green fields' of insurance growth

Photo©ReutersAfrica's insurance markets are expanding more slowly than other emerging regions', but major groups are looking to enter new markets, which could speed things along.

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Zimbabwe: Weak commodity prices, drought dent 2016 growth forecast

Zimbabwe cut its economic growth forecast to 1.4 percent in 2016 from an initial forecast of 2.7 percent, the ministry of finance said, following a devastating drought and weak commodity prices.

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Finance: IMF cuts global growth outlook again, warns of Brexit risks

The International Monetary Fund warned on Tuesday of the risk of political isolationism, notably Britain's possible exit from the European Union, and growing economic inequality as it cut its global growth forecast for the fourth time in a year.

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Zimbabwe: Introduce gold-backed currency, says U.S. investor

Photo©ReutersAmerican investors have advised Zimbabwe to take advantage of its mineral resources and introduce a gold-backed currency, which could help attract international capital.

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Gold Fields' Ghana deal may safeguard 2,000 mining jobs

Photo©ReutersSouth Africa's Gold Fields Ltd has finalised a tax and royalties agreement with the government of Ghana which could safeguard its Damang mine, where around 2,000 jobs would be at risk if it is placed under care and maintenance.

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When China sneezes, does Africa catch a cold?

While commodity exporters will feel the pinch from China's recent economic slowdown, the price collapse may help with the continent's much-needed economic transformation.

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South Africa: 16,000 job cuts delayed over agreement between gov't and mining firms

Photo©ReutersA deal struck between South Africa's government, companies and unions has prevented the immediate loss of 16,000 jobs in an industry hurt by a global commodities rout, an official said on Wednesday.

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Zimbabwe tells diamond mining companies to cease operations

Diamond mining companies in Zimbabwe's Marange fields are to stop their operations immediately because their licences have expired, the country's mines minister said on Monday.

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Egypt's central bank saviour faces tricky balancing act

Tarek Amer. Photo©ReutersFrom bankers to carmakers, Egypt's business community will breathe easier when Tarek Amer takes charge at the central bank on Friday, with hopes high he will revamp a monetary policy that has undermined investment and growth.

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Improved Ghana cocoa production leads to world surplus

File photo©ReutersGlobal cocoa market is likely to record a marginal surplus in the 2015/2016 crop season following improved production in Ghana, it has been revealed.

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Ghana makes progress on IMF designed structural reforms

Ghana has made progress on structural reforms under an International Monetary Fund programme designed to restore fiscal balance to its sagging economy, though at a "slower pace than expected in some areas," the IMF said in a review on Thursday.

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Mozambique's economy to grow 6.5 percent in 2016: IMF

Photo©ReutersMozambique's economy is expected to accelerate slightly to 6.5 percent next year due to a delay in investment in large natural resources projects, the International Monetary Fund (IMF) said.

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Zimbabwe: Gold mines want power tariff, royalties to be slashed by half

Zimbabwe's gold producers have asked President Robert Mugabe's government to cut royalties and electricity tariffs by half to prevent the collapse of mines struggling with low bullion prices, a group representing major mines said.

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South African mines to suffer job cuts in Glencore move

File photo©ReutersMiner and commodities trader Glencore, which is reviewing its operations in the face of a slump in commodities prices, announced more job cuts at its mines in South Africa on Thursday.

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We have absolutely no solvency issues - Glencore

Mining and trading company Glencore said on Tuesday its business remained "operationally and financially robust" and it was confident in the medium and long-term fundamentals of its commodities.

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Commodities: That sinking feeling

Photos© Gwenn Dubourthoumieu for TARPlunging commodity prices are piling pressure on many African governments that are now scrambling to adjust budgets and find new sources of revenue.

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Glencore to suspend dividend, raise equity to cut debt

Mining and commodities trading firm Glencore announced on Monday it will suspend dividends, sell assets and raise $2.5 billion in a new share issue as it aims to cut its debt by a third to $20 billion by the end of next year.

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Ghana's economy needs growth above 8 percent to create jobs

Ghana's cedi currency has lost about 30 percent against the dollar since the start of the year. Photo©ReutersGhana's economy needs to expand by more than eight percent a year to create jobs for its growing population, its president said on Wednesday, a tough challenge for a country battling a fiscal crisis and weaker prices for its commodity exports.

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Global agriculture faces uncertain harvests

Photo©ReutersFrom the Ebola outbreak to the likely return of El Niño or La Niña, the 2014/2015 outlook for global agriculture is uncertain.

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Commodities: Analysts gaze into their crystal ball for 2015

Photo©Ken Gerhardt/Getty ImagesThe Africa Report reviews trends in the commodity sector to see which prices will rise and fall in the year ahead, as forecasts point to a global oil surplus.

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