Business and Economy News in Africa This Week

  • In Rwanda, the tea sector spared by the coronavirus pandemic saw a marked increase during the first quarter of this year. It totals over 9,000 tonnes – revenue of more than US$27.6 million, which is up by 15% from the same period in 2019.
  • Equatorial Guinea has announced a series of strategic measures to assist oil and gas exploration companies. The measures are expected to lessen the financial burden of these oil companies as the world battles covid-19.
  • The government of Nigeria, whose revenue could be slashed by more than half this year due to the oil-price slump, finalized plans for a revised budget that keeps spending almost intact, and that will mean more borrowing.
  • About 40 percent of taxpayers have filed tax returns ahead of the June 30 deadline as digital platforms allow Kenyans to beat the corona-induced lockdowns. Kenya Revenue Authority (KRA) commissioner for domestic taxes Elizabeth Meyo told the Business Daily Thursday that more than 1.53 million Kenyans had filed their tax returns by May 14 against a target of 3.8 million taxpayers.
  • Car & General in its half-year financial report disclosed that Carrefour will be the anchor tenant at the property that has now been fully leased. The retailer had scheduled opening of the branch for March, but had to postpone due to the delayed refurbishment blamed on coronavirus disruptions.
  • Formal dealers including Isuzu East Africa and Toyota Kenya sold a total of 594 units in April. This is down 47.2 percent compared to 1,127 units in the same month last year, reflecting the impact of the coronavirus disruption which was first confirmed in the country on March 12.
  • Thousands of manufacturing jobs are on the line as makers of goods switch to survival mode to wade through disruptions brought about by the Covid-19 pandemic. The industries, according to a Kenya Association of Manufacturers (KAM) and audit firm KPMG report released Wednesday, have switched to reducing costs and cutting down production to cope with depressed demands and low sales.
  • The deadline for South African Airways (SAA) staff to agree layoff terms has been suspended while a judge considers his ruling in a court case brought by two trade unions at the cash-strapped airline.