Africa in Business: gold and green energy
STORY: Here's what's been making the business headlines in sub-Saharan Africa this week.
1. Zambia suffered a major setback in its debt restructuring efforts.
That's after the government said on Monday (November 20) that a revised deal to rework $3 billion of Eurobonds could not be implemented at this time due to objections from official creditors, including China.
Zambia defaulted on its debts three years ago and its restructuring has been beset by delays.
2. Nigeria's naira touched a record low against the dollar on the official market on Thursday (November 23), bringing it closer to the rate at which it trades on the parallel market.
It's been drifting downwards for two weeks as the central bank is yet to clear outstanding foreign currency amounts owed in forward deals.
3. Mali's military government said on Tuesday (November 21) that it has signed an agreement with Russia to build, in the capital Bamako, what would be the West African country's biggest gold refinery.
That follows energy and mineral exploration deals signed earlier this year, as Moscow seeks to extend its regional influence.
4. South Africa's citrus exports missed an industry target as they remained flat during the 2023 season, the national growers' association said on Wednesday (November 22) .
The president of the Citrus Growers' Association of South Africa said that was due to persistent power cuts by state-owned utility Eskom, and underperformance at state-run freight rail and port utility Transnet.
5. And finally, Germany will invest 4 billion euros, or about $4.4 billion, in green energy projects in Africa until 2030, its Chancellor said on Monday (November 20).
Olaf Scholz said Germany will need to import large quantities of green hydrogen, including from Africa, if it is to achieve its goal of net zero emissions by 2045.
