🇰🇪 Kenyan currency hits all-time low against the dollar

Kenya's currency hit an all-time low of 150 shillings to the dollar on Monday, worsening the economic situation in the heavily indebted Kenya plagued by inflation, according to central bank data.

The depreciation of the Kenyan shilling has accelerated over the past year, losing almost 24% of its value against the dollar.

According to the Central Bank of Kenya, a dollar was selling at 150 shillings on Monday, while some commercial banks and bureaux de change had already reached this price, or even higher, in recent weeks.

According to the chief economist at research firm Mentoria Economics, this new low is mainly due to the strengthening of the US currency, because of the recent crisis in the Middle East "which is pushing investors towards safe havens" and the high yields on US Treasury bonds.

#Kenya

@africaintel

🇧🇼💎 Botswana's ODC halts diamond sales as industry seeks to reduce glut

Botswana's state-owned Okavango Diamond Company (ODC) has temporarily halted its rough stone sales as part of an industry-wide drive to reduce the glut of inventory caused by lower global demand for jewelry, its managing director said.

ODC, which reported a record $1.1 billion in revenue in 2022, holds 10 auctions a year to sell its 25% allocation of production from Debswana Diamond Company, a joint venture between Anglo American's De Beers and Botswana, in terms of the partners' gem sales agreement.

Debswana produced about 24 million carats last year, with ODC getting an allocation of about 6 million carats.

The company has cancelled its November auction and a decision on the December sale is still to be made as the industry battles slowing demand for cut and polished diamonds in the U.S and China, he said.

#Botswana

@africaintel

🇳🇬 Nigerian doctor Olufemi Olaleye sentenced to life in prison for rape in Lagos

The head of a top Nigerian cancer clinic has been sentenced to life in prison for raping his wife's teenage niece.

Dr Olufemi Olaleye sexually assaulted the girl for more than a year until his wife found out and informed the police, the prosecutor said.

Olaleye is the head of the Optimal Cancer Care Foundation, which offers free breast and cervical cancer screening for women.

He was arraigned in November last year on two counts of rape between December 2019 and July 2022, when the girl went to live with their family.

During the trial, the doctor's wife said she discovered the abuse after the girl told her aunt and the family's driver.

The doctor had pleaded not guilty during the trial.

#Nigeria

@africaintel

🇰🇪 Kenyan power producer KenGen posts 38% pretax profit jump

Kenya Electricity Generating Co Ltd (KenGen) said its pretax profit for the year to the end of June rose 38%, lifting the company's share price.

KenGen said its pretax profit rose to 8.53 billion shillings ($57 million) from 6.19 billion shillings a year earlier, helped by a 14% increase in revenues to 53.96 billion shillings.

The company, which is 70% owned by the Kenyan government, has an installed generation capacity of 1,904 megawatts (MW) and supplies 66% of the Kenya's power.

KenGen said it aims to increase its installed capacity by 58 MW over the next two years by boosting generation in three of its existing geothermal power plants.

#Kenya

@africaintel

🇿🇦 South Africa scrambles to stop outbreak of avian flu

Poultry farms in South Africa are battling an outbreak of avian flu, a viral infection that affects wild birds as well as domestic ones. Two different strains, H5N1 and influenza A have have been confirmed in the country by health authorities.

Highly pathogenic avian flu has been plaguing South Africa since September, resulting in over seven million chickens having to be culled.

Strains of the virus have been detected in the Gauteng, Mpumalanga, Limpopo and Free State provinces.

The outbreak has caused a shortage of eggs and chicken in supermarkets.

South Africa's Department of Agriculture has authorized the importation of eggs and poultry meat to ensure sufficient stocks and to gaurd against shortages.

Authorities have imposed quarantine measures on farms and restricted exports of poultry products.

#SouthAfrica

@africaintel

🇺🇳🇲🇱🏴 The abandoned MINUSMA camp in Mali was attacked by the Jihadists

Radical Islamists have attacked the abandoned MINUSMA base in the town of Aguelhok in northern Mali.

Soon after the withdraw from Aguelhok Tuareg-rebels arrived in Aguelhok to capture the left equipment and vechiles.

It seems after Azawad militants left the town the also left some vehicles for the Islamists to destroy them on show for the public.

#UN #Mali

@africaintel

🇿🇼 Zimbabwe extends multi-currency system to 2030

Zimbabwe's government will maintain its multi-currency system, anchored by the U.S. dollar, to 2030, it said.

The government had previously said that the multi-currency system would end in 2025. This had triggered uncertainty in the banking sector, with some banks refusing to give loans past 2025.

In a government gazette, President Emmerson Mnangagwa repealed the 2019 order which had given 2025 as a deadline.

"Settlement of any transaction or payment for goods and services in foreign currency, shall be valid until the 31st December, 2030," reads the gazette.

Economists say nearly 80% of local transactions are in U.S. dollars amid waning confidence in the Zimbabwean dollar.

Zimbabwe abandoned its inflation-ravaged dollar in 2009, opting instead to use foreign currencies, mostly the U.S. dollar. The government reintroduced the local currency in 2019, but it rapidly lost value again.

#Zimbabwe

@africaintel

🇳🇦 Namibia's battery metal ambitions rest on infrastructure, miners say

Namibia's ambitions to become a manufacturing hub for battery metals key to the global transition to clean energy will require huge investments in infrastructure to support processing facilities, mining executives said.

Namibia has significant deposits of lithium, vital for renewable energy storage, as well as rare earth minerals needed for permanent magnets in electric vehicles and wind turbines.

Last year Namibia became the first African country to sign a deal with the European Union EU to supply the bloc with green hydrogen and minerals needed for clean energy technologies.

Mining executives attending an EU-Namibia conference on critical minerals lauded the African country for its investor-friendly policies and renewable energy resources, but said significant investment was needed before it could produce battery-ready metals.

#Namibia

@africaintel

🇸🇦🇰🇪 Saudi Arabia to use Kenya as a gateway into Africa, says crown prince

Saudia Arabia is set to use Kenya as a strategic entry point into Africa.

Crown Prince Mohammed Bin Salman who met President William Ruto said Kenya is a cornerstone of stability and growth on the continent.

He emphasized the importance of Kenya and its future prospects, stating, “We have to pay closer attention to it; it is a country with a future.”

Speaking during a meeting with Ruto, the Crown Prince noted that Saudi Arabia is committed to increasing its investments in Kenya, with a particular focus on the renewable energy sector.

Crown Prince echoed the need for regional stability in East Africa and the Red Sea, underlining the importance of Kenya’s success for the entire continent.

“We definitely need security in East Africa and the Red Sea. If Kenya is a success, then Africa is,” the Crown Prince said.

#SaudiArabia #Kenya

@africaintel

🇨🇮 Ivory Coast cocoa regulator scraps stockpile exemption for bean grinders

Ivory Coast cocoa sector regulator will not allow bean grinders to accumulate stocks beyond authorised limits during the main October to March harvest to ensure fair access amid fears of a supply shortage.

Cocoa futures have hit record highs due to forecasts for a drop in production, particularly from Ivory Coast and Ghana, the world's top two producers that account for more than 70% of world output.

Ivory Coast's main crop is expected to fall by around 25% this season compared with the previous season due to poor weather.

Ivory Coast cocoa exporters and bean grinders have a purchasing limit each year in line with their export contracts. But the regulator - the Coffee and Cocoa Council - allows grinders an exemption so they can stockpile enough beans to cover 45 days of grinding operations.

#IvoryCoast

@africaintel

🇿🇦 South African franchiser Famous Brands posts 7% fall in interim profit due to power cuts

South African restaurant franchiser Famous Brands reported a 7% fall in interim profit, weighed down by rolling power cuts and the country's economic challenges.

The company reported a headline earnings per share - a profit measure - of 199 cents in the six months ended August 31, down from 215 cents a year earlier.

Like other restaurateurs, the owner of Steers and Wimpy has faced increased operating costs as a result of rolling blackouts implemented by state power utility Eskom.

This comes at a time of soaring inflation when many industries are seeing a change in consumer spending habits away from discretionary items.

#SouthAfrica

@africaintel

🇪🇬🇮🇱 Sisi urges all to respect Egypt's sovereignty after drone incidents

Egypt's President Abdel Fattah al-Sisi on Saturday urged all to respect Egypt's sovereignty and position in the region following incidents on Friday where drones fell on two Egyptian Red Sea towns.

Egyptians should feel safe and the army is able to protect the country, Sisi said at a manufacturing expo in Cairo.

He also emphasised that Egypt would continue to play a positive role in the Israel-Hamas conflict and did not want it to expand regionally.

#Egypt #Israel

@africaintel

⚡️🇪🇬 Vodafone in Egypt states that it will install cell towers in Rafah, Egypt, to allow Palestinians in Gaza to continue their coverage and document the atrocities that is ongoing as of now.

Work should start tomorrow.

@themediterraneanman

🇨🇩 Trafigura's Congo partner Chemaf could seek buyers amid cash crunch

Chemaf SA, a miner and long time-partner of commodities trader Trafigura, is up for sale as it deals with a cash crunch.

The privately-owned copper and cobalt miner has asked for offers to wholly acquire the company, it said in the September 8 document that invites potential investors to bid.

Chemaf said in the document that it has $690 million in debt and about $590 million of the borrowings were arranged by Trafigura.

Investors had until October 17 to tender non-binding offers, after which Chemaf could invite some bidders to conduct due diligence.

Chemaf's woes arose after it sought to expand output at copper and cobalt mines in the Democratic Republic of Congo.

Chemaf requires as much as $300 million to complete expansion of its Etoile and Mutoshi copper and cobalt mines, it said.

#DRC

@africaintel

🇪🇹 Ethiopian Electric utility says power supply cut off in Benishangul-Gumuz Region

The Ethiopian Electric Power Utility has disclosed that electric power supply has completely been cut off in Benishangul-Gumuz Region due to a theft committed on high power transmission line poles.

The Company said in a statement that the Region has completely been cut off due to the theft of 132 kilovolt high power transmission cable carrying pole parts from Mendi to Asosa Towns.

The statement indicated that two metal poles or towers carrying the line fell by the robbers of transmission line carrying pole components.

As a result, the power supply of the capital of Benishangul-Gumuz Region, Asosa and all the Woredas of Asosa Zone have been without electric power.

#Ethiopia

@africaintel

🇧🇯🇳🇪 Benin suspends transit of goods into Niger

The government of Benin has suspended the transit of imported goods through its key port of Cotonou into neighboring Niger.

"Shipments of goods after October 25, 2023, bound for Niger are suspended at the port of Cotonou until further notice", the Director General of the Port of Cotonou said.

Eenoo said the measure was taken because of congestion at the Cotonou port.

#Benin #Niger

@africaintel