Petra Diamonds, owner of Cullinan Mine outside Pretoria, has recorded a 16 percent jump in revenue to $106 million (R1.5 billion) during its third quarter ended March 2021 as prices recovered to pre Covid-19 levels and boosted by the sale of a 299.3 carat exceptional diamond in February for $12.2m. Petra, whose Williamson Mine in
Egyptian economy will grow by 5.5% this year, the International Monetary Fund (IMF) said in its World Economic Outlook (WEO) April 2019. Further, the IMF expected that the country’s economic growth will reach 5.9% in 2020. However, Egypt’s economic growth forecast was estimated at 6% in the fiscal year (FY) 2019/20. The WEO expected that
The Agribusiness Olam International has secured an innovative new type of corporate loan that links pricing to the borrower’s progress towards its digital transformation. The US$350m three-year revolving credit facility is a digital loan (D-loan), a form of positive incentive loan (PIL), which rewards borrowers that achieve pre-arranged targets by cutting their borrowing costs. Olam’s
Oando Plc, an indigenous energy group, announced that its profit after tax for the 2018 financial year rose by 46 per cent to N28.8bn compared to N19.8bn in 2017. It recorded the after-tax profit was primarily driven by higher revenue as well as income tax credits. The firm, while announcing its audited results for the
Barclays Bank Ghana, a member of Absa Group, recorded an impressive growth of support to its customers and businesses during 2018, the bank’s 2018 financial results released recently has indicated. According to Barclays, it increased its loans and advances to customers to the tune of GH¢3,125 million last year which represented a growth rate of
Ghana needs $40 million to fill some gaps in its agricultural sector and further moves it forward, according to Dr Ade Freeman, the African Regional Programme Leader of Food and Agricultural Organisation (FAO). Mr Freeman announced that the sector has many gaps that need to be filled and therefore the need for the $40
First City Monument Bank Plc introduced a value-added initiative called SheVentures for women-owned Small and Medium Scale Enterprises. In a report, it said the initiative would provide enhanced support to existing and upcoming women-owned SMEs through access to finance, training and mentoring, to boost their business in a sustainable manner. The report read in part,
As the continent’s largest economy, international development experts, innovators and funders increasingly believe that Nigeria is positioned to provide a market-driven solution to one of the continent’s most significant challenges and opportunities: Affordable Housing. While Nigeria’s size, ability to scale and recalibrated post-recession economy provides the ammunition for such a task, the scale of the
Egypt’s growth rate is expected to reach 5.8% in 2020, driven by the country’s reform programme, including the floatation of the exchange rate, cutting energy subsidies, and expanding social protection, according to World Bank’s bi-annual Middle East and North Africa (MENA) Economic Monitor on Wednesday. According to the report, reforms in the region have led
South Africa President, Cyril Ramaphosa has disclosed that, the Multi-billion dollar agreements entered between South Africa and China will facilitate economic growth and educational opportunities, among other benefits The presidency stated that, one agreement alone – on investment and trade promotion between the two countries – carries a monetary value of approximately R14 billion. According
