Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South African are the biggest economies in Africa south of […]
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South Africa’s finance minister received some faint praise last week — not for the economy’s performance, but for admitting the country is in a dire position that is set to get worse. Malusi Gigaba delivered a mid-term budget that laid bare South Africa’s struggle with slow growth, tax income shortfalls, rising debt and high unemployment. […]
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Nigeria and South Africa, which emerged from recession in the second quarter of this year, are vying for the title of Africa’s biggest economy. Deciding which African economy will be the biggest at the end of this year will depend on which exchange rate used, Bloomberg showed on a chart. While the International Monetary Fund […]
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Nobel laureate Wole Soyinka says being a traveling teacher has become “a way of life” as he takes up a post as visiting professor at the University of Johannesburg. The 83-year-old Nigerian playwright and author told students and journalists at the South African university on Friday that the benefit of encountering different cultures during his […]
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Sim Tshabalala has become the first black person to lead Africa’s largest bank by assets without sharing power, after his co-CEO stood down, South Africa’s Standard Bank said on Tuesday. Tshabalala, a 49-year old company veteran who describes himself as “a Zulu boy from Soweto”, joins only a handful of black executives at the helm […]
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A surge in agriculture has helped lift Africa’s biggest economies out of their slumps, but the recovery may be weak. Gross domestic product in Nigeria, the continent’s largest crude producer, advanced for the first time in six quarters in the three months ended June from a year earlier, growing 0.55 percent, the statistics agency said. […]
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Nigeria and South Africa have both exited recession, notching up economic growth of 0.6 percent and 2.5 percent respectively in the second quarter, official data showed on Tuesday. Nigeria’s economy returned to growth after five consecutive quarters of contraction, driven by a strong performance in the oil, agricultural, manufacturing and trade sectors, according to the […]
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Granted diplomatic immunity by South Africa, the wife of Zimbabwean President Robert Mugabe returned home from Johannesburg on Sunday despite calls that she be prosecuted for allegedly assaulting a young model at a luxury hotel there. Zimbabwean state broadcaster ZBC showed Grace Mugabe greeting government and military officials at the Harare airport after returning on […]
Read More The wife of Zimbabwe’s president has been accused of assaulting a young woman at an upscale hotel in South Africa, though she did not show up for court Tuesday as police had indicated. It was not immediately clear where Grace Mugabe was. Minister of Police Fikile Mbalula said in a video posted by local broadcaster […]
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South Africa’s parliament was voting Tuesday on a motion of no confidence in embattled President Jacob Zuma that could force him to resign after months of growing anger over alleged corruption. Zuma has survived six previous attempts to unseat him in parliament, but this is the first to be held by secret ballot after parliamentary […]
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Despite Nigeria’s inflation rate of 16.10 per cent in June, 2017, the International Monetary Fund (IMF) has projected that Nigeria’s economy will grow faster than South African economy in the 2018 fiscal year. According to its World Economic Outlook (WEO) for July 2017, the IMF said that Nigeria will grow at 1.9 per cent in […]
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A South African child born with HIV has surprised experts by appearing to be effectively cured of the AIDS virus after just a year of treatment followed by eight and a half years drug-free. Patients with HIV would normally need to stay on antiretroviral (ART) drugs for the rest of their lives to keep AIDS […]
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