Africa in Business
In-depth financial issues, profiling of African businesses doing well internationally, stocks & market updates.
Business Preview with SABC Economics Editor, Tshepo Mongoai
Thami Ngubeni and SABC Economics Editor, Tshepo Mongoai looked at what is coming out in the business sector this week.
SA struggles to contain debt despite fiscal consolidation commitment
The South African (SA) government is unlikely to contain the country's public debt despite saying it remains committed to fiscal consolidation. This comes after the country's finance minister Enoch Godongwana, said public debt would reach 76.% this year. The country has run out of space to raise revenue, with a revenue shortfall reported last year. It has now resorted to increasing value added tax to fund above inflation public wage increases and debt service costs which are now crowding out other crucial expenditure. Channel Africa's Dimakatso Leshoro reports.
An AI-powered tool, GIIG is designed to accelerate startups in Africa
The Global Innovation Initiative Group has partnered with Spark Rockets to launch an AI-powered tool designed to accelerate startups in Africa. This tool has been described as a game-changer for African entrepreneurs. Thami Ngubeni spoke to Jo Griffiths, Founder of GIIG.
French Prosecutors launch an investigation into TotalEnergies over potential manslaughter in Mozambique
French Prosecutors have opened an investigation into TotalEnergies over potential manslaughter and a failure to assist people in danger during an attack in Mozambique. It is alleged that Islamist insurgents attacked the port city of Palma in March 2021, killing many civilians in areas close to Mozambican gas infrastructure projects owned in part by TotalEnergies. The survivors and relatives of victims filed a complaint in France in late 2023, citing that the company had failed to ensure the safety of subcontractors. Thami Ngubeni spoke to Tomas Queface, a Security Analyst based in Maputo.
SA Revenue Service modernises its operations by expanding online services, automating key processes
South Africa's (SA) tax system is transforming, with the SA Revenue Service (SARS) making significant progress in improving tax collection. Over the past five years, SARS has modernized its operations by expanding online services and automating key processes to enhance efficiency, detect fraud, and boost compliance. In the 2024/25 filing season, the introduction of auto-assessments for non-provisional taxpayers led to nearly 4 million individuals being assessed automatically-marking a 24.94% increase from the previous year. Daniel Farías, Head of Sales & Marketing at Trans World Compliance, emphasises that as SA navigates fiscal challenges and shifting tax regulations, staying informed and proactive is essential. Channel Africa's Business reporter Innocent Semosa has more.
Business Round Up with Victor Kgomoeswana
Thami Ngubeni takes a look at the current top African economic stories with Victor Kgomoeswana, author of "Africa Is Open For Business" and "Africa Bounces Back". Victor is also the Executive Director for Marketing and Communication at the University of Limpopo.
83% of US aid programs will be cancelled
United States (US) Secretary of State, Marco Rubio says 83% of programmes run by USAID will be cancelled, and this may result in a major reduction in US development assistance to Africa. According to the State Department, sub-Saharan Africa accounted for 12 billion of USAID's 2024 spending obligation, something Elon Musk's Department of Government Efficiency (DOGE), perceived as wasteful government expenditure. Meanwhile, the President of Rwanda, Paul Kagame, says aid to developing countries has been weaponised and used as a tool of control and to create dependency. For more on this Thami Ngubeni spoke to Nicolette Naylor, CEO Ubuntu Global Philanthropy & Gender Justice.
Single Digital platform launched in Malawi to assist businesses
Malawi Confederation of Chambers of Commerce and Industry (MCCCI), has launched the Single Digital Platform, a digital solution that automates the MCCCI's trade facilitation to enhance service delivery for businesses. Thami Ngubeni spoke to MCCCI President Dr Wisely Phiri.
EU announced billion Dollar investment package for SA
The European Union (EU) has announced a 5.1-billion-dollar investment package for South Africa (SA) through the The Global Gateway Investment Package, an EU initiative to encourage clean energy and secure links in the digital, energy and transport sectors. The announcement was made at the eighth South Africa and EU summit, held in Cape Town, SA, to boost diplomatic ties and trade. The summit took place as both SA and the EU face increased uncertainty and protectionism as a result of geopolitical instability and trade wars. For more on this Thami Ngubeni spoke to Dr Sizo Nkala, Research Fellow at the Centre for Africa-China Studies, University of Johannesburg, SA.
SA assumed G20 Presidency just years before deadline of UN 2030 agenda
South Africa (SA) assumed the G20 Presidency approximately five years before the deadline of the United Nations (UN) 2030 Agenda. The main element of the logo for the country's G20 Presidency represents the King Protea, which holds a special place in the hearts of South Africans, as the national flower of the country. It embodies resilience, cultural pride, hope and natural splendour. Thami Ngubeni tells us more.
Buy Local Summit, Expo returns to Johannesburg, SA next week
The Buy Local Summit and Expo an annual flagship event of Proudly South African returns to the Sandton Convention Centre in Johannesburg next Monday. The two day event attracts nearly 200 local exhibitors spanning several industries, over 1500 delegates, 450 trade buyers, and 160 stakeholders from both the public and private sectors. It is the premier local procurement campaign that enjoys the support of various government departments, state-owned entities, and leading private sector companies. Eustace Mashimbye, Chief Executive Officer of Proudly South African says the summit has become a movement.
EU to extend citrus black spot ban on SA
The European Union (EU) has indicated that it was going to extend the current measures on citrus black spot (CBS) applied to South African citrus for three more years. These measures by the EU have been the subject of a long-standing dispute with the EU, which is currently before the World Trade Organisation. The SA Citrus Growers' Association (CGA) says there is a need to expedite the association's case at the WTO and to achieve final relief for citrus growers from the trade restrictive measures. For more on this Nhlanhla Mahlangu spoke to the CEO of the CGA, Justin Chadwick.
SMEs in SA are key drivers of economic growth
Small Medium Enterprises (SME) in South Africa (SA) is a key driver of the country's economy. While the macroeconomic outlook remains uncertain, there are some positive signals for the sector, this as the finance minister announced his budget for the year. SME services provider, Lula believes the budget speech provided an opportunity for Treasury to show how it will fund reliable energy, transport, security and water. To unpack this, Thami Ngubeni spoke to Lula's Chief Risk Officer, Garth Rossiter
South African citizens express their expectations regarding the budget speech
South Africa's Minister of Finance, Enoch Godongwana, is set to deliver the revised 2025 Budget Speech in the National Assembly this Wednesday afternoon in Cape Town. The budget announcement follows a delay a few weeks ago, amid rumors that the government is considering raising VAT from 15% to 17%, a move that has been opposed by opposition parties and civil society. Ordinary citizens have expressed their expectations for the budget. Channel Africa's reporter, Micheal Mbewe, has more on this.
Mali to partially lift mining permit suspension from March 15
Mali will partially lift its suspension on mining permits, which has been in place since 2022, starting March 15. The military-led West African nation, a major gold producer, initially halted the issuance of mining titles in November 2022 to streamline the process. Last year, Mali enacted a new mining code that increases taxes and expands state ownership in mining projects. Following efforts to clean up the mining register, authorities will now accept applications for permit renewals, transitions from exploration to exploitation, and transfers of exploitation permits. However, new mining permits and the transfer of search permits will remain suspended. For more on this Thami Ngubeni spoke to Dr Zoumara Diarra from the University of Bamako in Mali.
Nigeria recovers $500 million in crime proceeds, secures record 4000 convictions
Nigeria's economic crimes commission says it recovered nearly $500 million in proceeds of crime last year and secured more than 4000 criminal convictions, its highest since the agency's inception more than two decades ago. The country has struggled for decades with endemic corruption, which many Nigerians say contributes to widespread poverty in the country. The Economic and Financial Crimes Commission, which investigates and prosecutes corruption in Nigeria, said in a report this week that some of the recovered money was reinvested in government projects. To get reaction Thami Ngubeni spoke to Douglas Ogbankwa, a Nigerian Lawyer , Writer and Policy Analyst.
Calls for SA's budget to address historical injustices among other things
As South Africans await the Budget Speech, which is set to take place in less than an hour, there are calls for the budget to address historical injustices, create job opportunities, and secure a more equitable future. To discuss this further, Thami Ngubeni spoke to Miyelani Holeni, Group Chief Advisor at Ntiyiso Consulting Group.
Spotlight on Jillie's Natural; African holistic wellness & plant-based personal care
Jillie's Natural is an African holistic wellness company specialising in plant-based personal care products and pain-relieving massage services. Founded in 2001, Jillie's Natural has been providing effective solutions for dry skin and hair concerns. The business' founder and Chief Executive Officer (CEO), Jillian Nyakane, took her passion for natural remedies and her studies in plant-based solutions and started a business. To find out more about Jillie's Natural and her entrepreneurial journey, Thami Ngubeni spoke to the Founder & CEO of Jillie's Natural, Jillian Nyakane
Business owners, entrepreneurs, and organizations discuss ways to advance black businesses
The Black Business Indaba Metro Roadshow Imbizo is currently in progress in Soweto, south of Johannesburg, bringing together business owners, entrepreneurs, and organizations for impactful discussions on advancing black businesses. This gathering provides a vital platform to address key economic challenges, explore innovative solutions, and develop strategies for inclusive growth. Key topics at the Imbizo include practical financial solutions, digital transformation, and the future of black businesses. For more Thami Ngubeni spoke to Channel Africa reporter Michael Mbewe.
SA to host the transformative 2025 BRICS +, Agriculture Investment & Trade Summit
The transformative 2025 BRICS+ Agriculture Investment & Trade Summit to be held later this month in the KwaZulu Natal province of South Africa (SA) will empower women entrepreneurs across the BRICS+ and African nations. The summit will take place under the theme "Make Africa Great". Organised by the Africa Investors Council in collaboration with the Expanded BRICS Women Foundation this summit is designed to revolutionize the agricultural sector by promoting and locking in trade and investment partnerships. For more on this Thami Ngubeni spoke to Gugulethu Xaba, he is the president and founder of Amandla Omnotho & Rural Chamber of Commerce and Industry.
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