Stay updated with the latest significant stories from Africa, covering political developments, economic highlights, and more.
Eskom Anticipates Loss but Maintains Power Supply
South African state-owned power utility Eskom is projected to report an annual loss for the fiscal year ending March, as per the Financial Times.
Despite this, Eskom has managed to avoid power cuts for over 100 days, the longest period without load shedding in three years.
Load shedding, implemented in 2008 to manage electricity demand, has been a recurring issue.
Eskom’s CEO expressed optimism about turning a profit by March 2025, despite cumulative losses of 111 billion rand ($6.1 billion) since 2019.
Mozambique: IMF Approves Immediate $60 Million Disbursement
The International Monetary Fund (IMF) has approved an immediate disbursement of $60 million to Mozambique under its assistance program.
This decision follows the completion of a regular consultation with the African nation, enabling the funds to be used for budget support.
Nigeria Suspends Import Duties on Food Commodities
To combat rising inflation, the Nigerian government announced a 150-day duty-free import period for food commodities.
However, this initiative, part of the Presidential Accelerated Stabilization and Advancement Plan, includes maize, husked brown rice, wheat, and cowpeas.
Nigeria aims to import 250,000 metric tons each of wheat and maize to stabilize prices and support the population.
Morocco Advocates for UN Supervision in the Libyan Crisis
Morocco’s Foreign Minister Nasser Bourita has reiterated the necessity of United Nations involvement to legitimize any resolution process for the Libyan crisis.
He emphasized this during a meeting in Rabat, stressing Morocco’s commitment to a UN-backed solution.
Senegal’s Fifth National Census Highlights Young population growth
Senegal’s National Agency for Statistics and Demography (ANSD) released detailed results from the fifth General Population and Housing Census (RGPH-5).
In addition, the census reveals a resident population of 18,126,390 as of 2023, with a nearly equal gender distribution.
The population has grown annually by 2.9% from 2013 to 2023, and the country anticipates doubling its population in the next 25 years.
Notably, 75% of the population is under 35 years old, with half under 19 years old.
Ethiopia Earns Over $1.4 Billion from Coffee Exports
The Ethiopian Coffee and Tea Authority (ECTA) reported a 7.5% year-on-year increase in coffee export revenues, reaching $1.43 billion for the fiscal year 2023–24.
Ethiopia exported 46,000 metric tons of coffee in June 2024 alone, surpassing its monthly target by 108% and generating $218 million.
Annual exports amounted to 298,500 metric tons, marking a 20% increase in volume and a 7.5% rise in value from the previous year.
Mauritania: A Promising Economic Future
Mauritania’s vast natural resources position it as a potential leader in West African economic development.
The country, which re-elected President Mohamed Ould El-Ghazouani, aims to leverage its mineral wealth, particularly iron ore, to achieve sustainable economic growth.
In 2022, Mauritania produced 13 million metric tons of iron ore, the second-highest in Africa, thanks to proactive reforms and attractive mining policies.
Nigeria Sees a 70% Reduction in Corruption for Licenses
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reduced corruption in its licensing processes by 70% through decreased human interference.
NUPRC’s efforts have enhanced investment, operational standards, and socio-economic benefits, according to its Director General, Gbenga Komolafe.
Kenya Imposes New Fuel Import Restrictions on Uganda
Kenya has increased the bond fee for fuel consignments destined for Uganda to $45 million, up from $15 million. This complicates Uganda’s plans to reduce fuel prices.
This fee applies to consignments stored at the Vitol Tank Terminal International (VTTI) in Mombasa.
Tanzania Maintains a Policy Rate to Support Economic Growth
The Bank of Tanzania’s Monetary Policy Committee has kept the benchmark lending rate at 6% to boost consumer and business spending, sustaining economic recovery.
This move aligns with similar cautious monetary policies in Kenya, Uganda, and Rwanda.
Tanzania Amends Sugar Laws to Stabilize Supply and Prices
Tanzania has revised its Sugar Industry Act to regulate the production, importation, and distribution of sugar.
The amendments grant the National Food Reserve Agency (NFRA) exclusive rights to import, store, and distribute sugar, aiming to prevent shortages and price inflation.
Angola to privatize 34% of Standard Bank Angola
The President of Angola has authorized the privatization of 34% of Standard Bank Angola’s capital via an initial public offering.
This decision is part of the extended PROPRIV program, initially scheduled for 2019–2022, but now extended to 2023–2026,.
Guinea-Bissau: Sissoco Embaló Reignites Debate on Elections—Presidential or Legislative?
The citizens of Guinea-Bissau are divided over which type of election should be held this year: presidential or legislative?
This debate resurfaced after President Umaro Sissoco Embaló announced on Monday, July 8, that he would schedule legislative elections, not presidential ones, for November 24.
This statement contradicts the stance of some political parties that are advocating for presidential elections to take place this year.
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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