STORY: See what’s been making business headlines in sub-Saharan Africa this week.
1. The Kenyan shilling weakened on Thursday (June 27) and Friday (June 28) as markets awaited the outcome of protests against a tax hike plan that has been put on hold.
President William Ruto’s ascension to a controversial funding bill has left the country’s efforts to meet International Monetary Fund targets in doubt, investors and analysts say, and could make borrowing more expensive.
2. An executive at Nigeria’s Dangote refinery has accused oil majors of blocking his access to locally produced crude oil by selling it above market price or claiming it was unavailable.
Devukumar Edwin said the $20 billion refinery has been forced to rely on expensive imports as it struggles to find enough crude to meet its 650,000 bpd production capacity.
3. Drought-prone Namibia will start construction on its long-awaited second desalination plant in January 2025, its agriculture minister said on Wednesday (26 June).
:: April 16, 2010
The world’s third-largest uranium producer is seeing a boom in exploration and acquisitions, which, alongside its ambitious plans for green hydrogen, have increased demand for water.
4. China North Industries Corp has agreed to buy assets of troubled cobalt miner Chemaf SA in the Democratic Republic of Congo, the latter said on Thursday (June 27th).
:: Lubumbashi, Democratic Republic of Congo
Chinese miners, most of them state-backed, have become the biggest investors in Congo as the world’s second-largest economy aggressively pursues supplies of copper and cobalt for its fast-growing electric vehicle industry.
5. And finally, South Africa’s Cilo Cybin on Tuesday (June 25) became the first medical cannabis company to list on the Johannesburg Stock Exchange’s Alternative Exchange.
The company said the global medical cannabis market is forecast to grow to about $40.5 billion by 2032 from $12.6 billion in 2023 and said it would use funds from the listing to “take advantage of growing global investor appetite.” .
