Economy -
  • Sierra Leone exports diamonds worth $60 million
    14 august 2004 11:05:00
    Freetown- Sierra Leone (PANA) -- Sierra Leone exported diamonds worth US$60 million during the first six months of this year compared with $76 million during the entire year in 2003, the deputy minister of mineral Resources Morlai Bai Kamara revealed in Freetown Saturday. Full text...

  • Ghana, World Bank sign $148m development accords
    13 august 2004 23:40:00
    Accra- Ghana (PANA) -- Ghana and the World Bank Friday signed three separate Development Credit Agreements totalling US$148 million to improve living conditions in the country's cities, towns and villages. Full text...

  • Cocoa firm loss lowers index of Ghana bourse again
    13 august 2004 21:30:00
    Accra- Ghana (PANA) -- The main index of the Ghana Stock Exchange (GSE) went down again on Friday on account of another loss by Cocoa Products Company (CPC), the second in one week. Full text...

  • Zimbabwe's equity market recovers modestly
    13 august 2004 19:54:00
    Harare- Zimbabwe (PANA) -- Zimbabwe's equity market recovered slightly after a week of losses fuelled by profit-taking by small investors. Full text...

  • Holland to prop SMEs in Mozambique with 2 million-Euro
    13 august 2004 19:13:00
    Maputo- Mozambique (PANA) -- Holland has pledged two million Euro grant to finance projects involving small and medium-sized companies in Mozambique, national news agency, AIM reported Friday. Full text...

  • Nigerian bourse closes week low
    13 august 2004 17:11:00
    Lagos- Nigeria (PANA) -- Transactions at the Nigerian Stock Exchange (NSE) dipped Friday with 59. Full text...

  • Gabonese govt concedes economic turmoil
    13 august 2004 12:08:00
    Libreville- Gabon (PANA) -- The Gabonese government has in a cautioned against undue public enthusiasm, saying the signing of a stand-by arrangement with the International Monetary Fund (IMF) "by no means suggests an end to our difficulties". Full text...

  • Maputo suspends unauthorised building projects
    13 august 2004 11:03:00
    Maputo- Mozambique (PANA) -- Some 20 illegal construction projects have been suspended in the Mozambican capital of Maputo since July by the local city council, which has threatened to punish the contractors, PANA has learnt from well-informed sources. Full text...

  • Gabon to borrow $112m from ADB
    13 august 2004 10:53:00
    Libreville- Gabon (PANA) -- Gabon's Economy, Finance, Budget and Privatisation Minister, Paul Toungui, has presented a draft bill at a cabinet meeting held in Libreville, seeking authority for the government to borrow 112 million US dollars from the African Development Bank), official sources told PANA Friday. Full text...

  • Govt takes over management of Ghana Airways
    13 august 2004 07:32:00
    Accra- Ghana (PANA) -- The Ghanaian government has set up a four- member task force to run, review and restructure the troubled national carrier, Ghana Airways. Full text...

  • South African pensioners hit by workers' strike
    12 august 2004 21:33:00
    Cape Town- South Africa (PANA) -- More than 22,000 South African elderly pensioners around the Western Cape were left stranded and forced to queue in the scorching heat for hours Thursday after pay-out employees went on a pay strike. Full text...

  • High oil prices could harm Ghanaian economy, warn experts
    12 august 2004 21:16:00
    Accra- Ghana (PANA) -- Ghanaian economists warned Thursday that continued rising oil prices on the world market could undermine the country's economic recovery. Full text...

  • Ghana, Germany sign deal against double taxation
    12 august 2004 20:50:00
    Accra- Ghana (PANA) -- Ghana and Germany Thursday in Accra signed an agreement on the "Avoidance of Double Taxation and Prevention of Fiscal Evasion" with respect to taxes on income, capital and capital gains. Full text...

  • Inflation still easing in Zimbabwe
    12 august 2004 20:31:00
    Harare- Zimbabwe (PANA) -- Inflation eased 32 percentage points in July to 362. Full text...

  • Ghana cocoa production hits all-time high
    12 august 2004 20:23:00
    Accra- Ghana (PANA) -- Cocoa production in Ghana has exceeded the 600,000-ton mark, Vice President Aliu Mahama announced Thursday at cocoa-producing Tarkwa in the country's Western Region. Full text...

  • Tobacco factory to create 4,000 jobs in Mozambique
    12 august 2004 19:19:00
    Maputo- Mozambique (PANA) -- The tobacco processing factory located in the central Mozambican province of Tete has already generated some 700 construction jobs, and is expected to create 3,500 additional jobs when fully operational early next year, national news agency, AIM reported Thursday. Full text...

  • South African Reserve Bank cuts interest rates
    12 august 2004 19:16:00
    Johannesburg- South Africa (PANA) -- The South African Reserve Bank has lowered its repo rate by 50 points to 7. Full text...

  • Nigeria to introduce new debt-reduction scheme
    12 august 2004 16:34:00
    Lagos- Nigeria (PANA) -- Nigeria is to go into a debt-swap with members of the Paris Club, the country's main creditors, as a new strategy for reducing its external debt stock estimated at 32. Full text...

  • Telecoms giant Telkom refuses inquiry commission role
    12 august 2004 15:38:00
    Cape Town- South Africa (PANA) -- South African telecommunications parastatal, Telkom, has refused a request from three trade unions to take part in a commission of enquiry into the reasons for the staff layoffs at the telecommunications giant. Full text...

  • Kenyan bank hopes to strike $32m in rights sale
    12 august 2004 15:26:00
    Nairobi- Kenya (PANA) -- The Kenyan Commercial Bank, the country's largest local bank, was Thursday upbeat about hitting its cash target of raising 2. Full text...

  • Benin cotton producers oppose privatisation of SONATRA
    12 august 2004 12:32:00
    Cotonou- Benin (PANA) -- About 7,000 cotton producers and transporters protested in Parakou Wednesday against the batch selling of factories owned by the National Agricultural Promotion Company (SONAPRA), State radio reported Thursday morning. Full text...

  • Nigeria's foreign reserves hit 11.41 billion dollars
    12 august 2004 12:23:00
    Lagos- Nigeria (PANA) -- Nigeria's external reserves stood at 11. Full text...

  • Libyan oil firm eyes Nigerian refineries
    12 august 2004 10:39:00
    Lagos- Nigeria (PANA) -- A Libyan firm, Oil Invest Group has indicated interest in buying one of Nigeria's four state-owned refineries, which are to be privatised, the local press reported Thursday. Full text...

  • Another textile plant closes in Mauritius
    12 august 2004 10:31:00
    Port-Louis- Mauritius (PANA) -- After Floreal Knitwear retrenched 900 workers last week, Arvind Overseas Ltd, an Indian company which had been operating in Mauritius for 13 years has closed down, laying off 658 workers, an industrial source said Thursday in Port-Louis. Full text...

  • Benin authorities fire Cotonou port manager
    12 august 2004 10:01:00
    Cotonou- Benin (PANA) -- Jerome Dansi Dandjinou, managing director of the port of Cotonou has been sacked by a decree from Transport and Public Works minister Hamed Akobi, official sources confirmed here Wednesday. Full text...

  • Sierra Leone spends heavily on rice imports
    12 august 2004 09:31:00
    Freetown- Sierra Leone (PANA) -- Finance Minister Joseph Bandabla Dauda conceded here Wednesday that the government of Sierra Leone spends some 60 million US dollars to import rice, saying this was very stressful on the budget. Full text...

  • Nigeria to spend US$1 billion on debt servicing in 2005
    11 august 2004 21:30:00
    Abuja- Nigeria (PANA) -- Nigeria will spend one billion US dollars to service its estimated 32. Full text...

  • Nigeria changes budgeting process
    11 august 2004 21:15:00
    Abuja- Nigeria (PANA) -- Nigeria's decision-making Federal Executive Council (FEC) Wednesday approved a shift from the single-year budgeting to a three-year Medium-Term Expenditure Framework (MTEF) for the country, while limiting domestic borrowing to 70 billion Naira. Full text...

  • SA trade union calls for review of rand exchange rate
    11 august 2004 20:50:00
    Johannesburg- South Africa (PANA) -- Trade union Solidarity has called on the South African Reserve Bank to re-evaluate the country's currency, the rand, to protect the loss of thousands of jobs, mainly in the mining sector, as the rand gains appreciation. Full text...

  • South Africa targets regional tourism market
    11 august 2004 20:24:00
    Nairobi- Kenya (PANA) -- South Africa has stepped up its tourism marketing campaign estimated to cost five million rand, targeting four African countries including Kenya, a South African official said. Full text...

  • Ghana stock index recovers in mid-week trading
    11 august 2004 19:12:00
    Accra- Ghana (PANA) -- The main index of the Ghana Stock Exchange (GSE) rose by 17. Full text...

  • ILO decries high global youth unemployment
    11 august 2004 18:41:00
    New York- UN (PANA) -- The UN International Labour Organisation (ILO) Wednesday called for a combination of targeted and integrated policies to tackle global youth unemployment, which is at an all-time high. Full text...

  • Expert blames poverty in West Africa on zero economic growth
    11 august 2004 17:20:00
    Lagos- Nigeria (PANA) -- An economic expert has blamed the poor standard of living in West African countries on lack of economic growth, inappropriate policies and lack of political will by leaders in the sub-region. Full text...

  • Telecommunication costs drop 45 percent in Kenya
    11 august 2004 13:45:00
    Nairobi- Kenya (PANA) -- The country's fixed line telecom sole provider Telkom Kenya Wednesday announced a 45-percent slash in international phone call charges and a 16-percent hike in local charges effective 1 September. Full text...

  • Japan finances fishing community centre in Gabon
    11 august 2004 13:11:00
    Libreville- Gabon (PANA) -- Gabonese minister of Forest Economy, Water and Fisheries Emile Doumba has launched the building of a fisheries community centre in Lambarene worth 3. Full text...

  • Malawi to earn more from tea this year
    10 august 2004 21:31:00
    Blantyre- Malawi (PANA) -- Financial securities firm, Continental Discount House (CDH) has predicted that Malawi would earn more from tea sales this year than in 2003, due to price variation. Full text...

  • African airline body meets in Tripoli
    10 august 2004 21:10:00
    Tripoli- Libya (PANA) -- The 60th meeting of the Training Commission of the African Airlines Association opened here Tuesday with discussion on the training needs of the aviation industry on the continent topping the agenda, organisers said. Full text...

  • Germany to prop Mozambican national budget
    10 august 2004 20:14:00
    Maputo- Mozambique (PANA) -- Germany Tuesday pledged 7. Full text...

  • Morocco loses 95 million euros through accord with EU
    10 august 2004 20:03:00
    Rabat- Morocco (PANA) -- The Moroccan treasury suffered a loss of 95 million euros in customs duties last May following an association agreement between Rabat and the European Union (EU), the kingdom's General Economic Policy Department revealed Tuesday. Full text...

  • Islamic bank loans Sierra Leone US$10 million
    10 august 2004 19:05:00
    Freetown- Sierra Leone (PANA) -- The Islamic Development Bank (IDB) has approved a loan equivalent to US$10 million to finance rural infrastructure development projects through out the West African nation. Full text...

  • US pledges funding for southern Sudan projects
    10 august 2004 17:03:00
    Nairobi- Kenya (PANA) -- The US government Tuesday signed two letters of intent, pledging 12 million US dollars to UN aid agencies to help overcome an appalling lack of paved roads, a re-emergence of polio and the existence of dangerous landmines in the rebel held Southern Sudan region. Full text...

  • IMF mission arrives in Brazzaville
    10 august 2004 16:03:00
    Brazzaville- Congo (PANA) -- An International Monetary Fund (IMF) mission has arrived in Brazzaville to assess the country's reference programme that ended on 30 June after six months of execution by the Congolese government, Radio Congo said Tuesday. Full text...

  • 35,000 Nigerian bank workers may lose jobs
    10 august 2004 15:39:00
    Lagos- Nigeria (PANA) -- Some 35,000 bank workers may lose their jobs under ongoing reforms in Nigeria's banking sector, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has said. Full text...

  • Railway earnings up in Congo
    10 august 2004 13:26:00
    Brazzaville- Congo (PANA) -- Jacky Trimardeau, managing director of the Congo-Ocean Railway Company (CFCO) has announced that the group's monthly earnings have risen from 800 million to 1. Full text...

  • Ghana stock index falls as cocoa firm suffers loss
    09 august 2004 22:48:00
    Accra- Ghana (PANA) -- The main index of the Ghana Stock Exchange (GSE) fell in quiet trading Monday on account of the loss by Cocoa Products Company (CPC). Full text...

  • Senegalese tourism minister in Tunisia
    09 august 2004 22:47:00
    Tunis- Tunisia (PANA) -- Senegalese tourism and air transport minister Ousmane Masseck Ndiaye is currently on a working visit to Tunisia for discussions with relevant government authorities. Full text...

  • DR Congo tames inflation in first quarter of 2004
    09 august 2004 20:41:00
    Kinshasa- DR Congo (PANA) -- Democratic Republic of Congo's annual inflation rate stood at +4. Full text...

  • Uganda losing US$1 million monthly to informal trade
    09 august 2004 16:44:00
    Kampala- Uganda (PANA) -- Uganda loses 1. Full text...

  • Kagame opens Expo 2004 in Rwanda
    09 august 2004 15:56:00
    Kigali- Rwanda (PANA) -- Rwandan President Paul Kagame has opened the 7th International commercial exhibition "Expo 2004" in Kigali, with 214 companies exhibiting agricultural, industrial and commercial products. Full text...

  • Malawi sugar giant changes name
    09 august 2004 15:45:00
    Blantyre- Malawi (PANA) -- Shareholders of the Sugar Corporation of Malawi (SUCOMA) have unanimously voted to change the corporation's name to Illovo Sugar (Malawi) Limited, at their 39th Annual General Meeting in Blantyre at the weekend. Full text...

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