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Africa-news (597)

The rand weakened on Thursday afternoon trade as market analysts digested the news that President Cyril Ramaphosa may be impeached following a panel of experts’ findings against him.

A consortium of cane growers that supplies Tongaat Hulett has expressed interest in acquiring the assets of the embattled sugar producer. They believe their offer is one of the few viable options to save 11 000 small-scale growers and 20 000 cane grower jobs.

Electricity shortages that have been plaguing Zimbabwe are set to worsen after an authority that manages the country’s biggest dam said water levels are now too low to continue power-generation activities.

Elon Musk’s internet service Starlink is set to be available in Tanzania in the first quarter of 2023, with analysts cautiously saying the new development will boost the digital economy.

The South African Reserve Bank (SARB) told economists  that it needs to see consumer inflation steadily decline to the 4.5% mid-point of its targeted range before it will consider pausing or stopping its current rate hiking cycle.

South African Reserve Bank (SARB) governor Lesetja Kganyago says that inflation is ravaging the incomes of South Africans and that the central bank will continue using its current hiking policy to bring it under control.

Ghana's government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves, Vice-President Mahamudu Bawumia said.

The Clicks Group has announced the acquisition of beauty company, Sorbet, for a cash consideration of R105 million.

South Africa’s central bank is poised to prolong its most aggressive interest-rate hiking cycle in at least two decades on Thursday, underlining its commitment to tame stubbornly high inflation even as the economy flirts with recession.

Emerging markets’ debt-to-GDP ratio returned to record highs despite a US$6.4 trillion decline in the global debt pile to US$290 trillion in the third quarter due to a strong dollar and slowing bond sales, an Institute of International Finance (IFF) report found.