Economy - Copperbelt Katanga Mining

IMF Report: South Africa Emerges as Africa's Leading Economy in 2024 1

In a shift of economic dynamics, South Africa is poised to take the lead in Africa’s economy for 2024, according to the latest economic projections from the International Monetary Fund (IMF) as of April 2024. Egypt, which held the top position in 2023, is expected to slip to second place this year, while Nigeria is projected to move from second to fourth position. Algeria is anticipated to ascend to the third spot on the economic podium, primarily fueled by the rise in hydrocarbon prices. The IMF forecasts Nigeria’s gross domestic… Read More Here

Japanese Govt Pledges K38 Billion Investment in Zambia’s Mining Sector

April 24, 2024April 24, 2024 Constance0 comment

The Japanese Government has committed to invest K38 billion to support Japanese ventures in Zambia’s mining industry, aiming to bolster bilateral cooperation in this crucial sector. During a bilateral meeting held in Tokyo, Japan’s Minister of Economy, Trade and Industry, Saito Ken, expressed the Japanese Business Corporation’s keen interest in investing in Zambia’s mining industry. Vice Minister Taku Ishii further highlighted collaboration efforts between the Japan Organization for Metals and Energy Security (JOGMEC) and the Zambian Government on exploration projects. In response, Zambia’s Minister of Mines and Minerals Development, Paul… Read More Here

Mining in Zambia Economy

IMF Director Urges Zambia to Maintain Economic Momentum Amidst Climate Challenges

April 24, 2024April 24, 2024 Constance0 comment

During a meeting in Washington DC, IMF Managing Director Kristalina Georgieva underscored the importance for Zambia to sustain its economic transformation despite short-term setbacks caused by drought and climate change. Georgieva commended the country’s policy reforms, acknowledging them as driving forces for progress. She also praised Zambia’s recent deal with bondholders as a significant milestone in its economic recovery. Finance Minister Situmbeko Musokotwane expressed gratitude to the IMF for its support during economic challenges, emphasizing President Hichilema’s commitment to Zambia’s economic transformation. Musokotwane highlighted Zambia’s 5% annual GDP growth in… Read More Here

International Economy News in Brief

China Cancels Portion of Zimbabwe’s Debt Amidst Growing Concerns

April 22, 2024April 22, 2024 Constance0 comment

China has announced the cancellation of a portion of its interest-free loans to Zimbabwe, demonstrating support amidst the country’s financial challenges. The move is part of China’s broader effort to aid Zimbabwe in tackling its escalating debt burden, which has reached $17.7 billion as of September 2023. Despite welcoming the debt relief, concerns persist about Zimbabwe’s long-term debt sustainability. The specifics of the loan write-off and future debt restructuring will be clarified in discussions between Chinese and Zimbabwean authorities, with the international community closely monitoring developments. While China’s decision represents… Read More Here

Mining in DRC Economy

Minister Kazadi Highlights Role of IMF and World Bank in DRC’s Development

April 21, 2024April 21, 2024 Constance0 comment

During a radio interview on Radio Top Congo, Finance Minister Nicolas Kazadi emphasized the significance of collaboration with the International Monetary Fund (IMF) and the World Bank in supporting countries’ development efforts. Kazadi clarified that these institutions do not directly drive development but provide essential tools and resources for countries committed to progress. He underscored that nations leveraging these resources have witnessed substantial advancements, achieving economic independence by consolidating their strengths. Defending the financial support received, Kazadi stressed its role in addressing major challenges such as enhancing human capital, increasing… Read More Here

International Economy

IMF Forecasts Global Growth and Inflation Trends for 2024-2025

April 21, 2024April 21, 2024 Constance0 comment

According to the International Monetary Fund’s (IMF) April 2024 baseline forecast, global growth is projected to remain steady at 3.2% in 2024 and 2025, mirroring the pace observed in 2023. The report highlights a slight acceleration in advanced countries, with growth expected to increase from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025. However, this uptick will be offset by a modest deceleration in emerging and developing countries, with growth rates declining from 4.3% in 2023 to 4.2% in both 2024 and 2025. Notably, global growth is… Read More Here

Mining in DRC Economy

DRC’s Trade Shows Resilience with Increased Surplus

April 21, 2024April 21, 2024 Constance0 comment

Trade between the Democratic Republic of Congo (DRC) and the rest of the world demonstrated resilience, recording a 2.39% increase by the end of March 2024 compared to the same period last year. Data from the Central Bank of Congo (BCC) as of April 12, 2024, revealed this positive trend. The trade balance exhibited a surplus of $4,515.53 billion USD, marking a significant increase from the $627.42 million USD achieved in March 2023. This surplus represents a notable 6.05% rise compared to the previous year’s 0.93%. In 2023, global economic… Read More Here

International Economy

Zimbabwe Central Bank Adopts Cautious Approach in ZiG Currency Printing

April 21, 2024April 21, 2024 Constance0 comment

Zimbabwe’s Central Bank governor, John Mushayavanhu, has announced a conservative stance regarding the printing of additional ZiG notes, emphasizing the necessity of adequate reserves to support the new currency. Addressing delegates at a meeting, Mushayavanhu reiterated the country’s commitment to avoiding overprinting, which could risk the stability of the currency. He revealed that President’s directive mandates refraining from printing money without sufficient reserves. The recently introduced Zimbabwe Gold (ZiG) currency is backed by foreign currencies, gold, and other assets, marking the nation’s sixth attempt to establish a robust local currency.… Read More Here

International Economy

Illegal Money Changers Resume Operations in Zimbabwe Amid Currency Transition

April 21, 2024April 21, 2024 Constance0 comment

Illegal money changers in Zimbabwe have resumed their activities following a brief hiatus, as reported after the country’s introduction of a new gold-backed currency called ZiG in April 2024. According to a report published in the East African newspaper, these currency traders have returned to the streets despite the ongoing process of transitioning to the new Zimbabwe Gold (ZiG) currency. Despite the currency being available only electronically for now, the black market is already active, offering rates slightly higher than the official exchange rate. ZB Financial Holdings reported that on… Read More Here

Mining in Zambia Economy Emeralds

Gemfields Auction Yields USD 17.1 Million in Commercial-Quality Emeralds

April 21, 2024April 21, 2024 Constance0 comment

Gemfields has concluded another successful auction of commercial-quality rough emeralds, held from March 5 to March 22, 2024. The auction, conducted by Gemfields’ subsidiary Kagem in Zambia, generated total revenues of USD 17.1 million, with 40 out of 43 lots sold, achieving a remarkable 93% sales rate. Key Highlights: .Total auction revenues reached USD 17.1 million. .43 lots were offered, with 40 lots successfully sold, accounting for a 93% sales rate. .The average price per carat stood at USD 4.45. .Since July 2009, Kagem auctions have amassed total revenues of… Read More Here