Africa business and economy news

Here are some recent news articles and updates on business and economy in Africa:

Top Stories

  1. Africa's economic growth slows down: The African Development Bank (AfDB) has revised its growth forecast for the continent, citing a slowdown in economic growth due to global trade tensions and domestic challenges. (Source: Bloomberg)
  2. Nigeria's economy grows 2.3% in Q1: Nigeria's economy grew by 2.3% in the first quarter of 2023, driven by a rebound in the oil sector and improved agricultural output. (Source: Reuters)
  3. South Africa's economy contracts 0.7% in Q1: South Africa's economy contracted by 0.7% in the first quarter of 2023, due to a decline in mining and manufacturing output. (Source: Business Day)

Sector Updates

  1. Renewable energy in Africa: Africa is set to become a major player in the global renewable energy market, with countries like South Africa, Egypt, and Morocco leading the way. (Source: Energy Monitor)
  2. African fintech industry grows: The African fintech industry has seen significant growth in recent years, with companies like M-Pesa and Flutterwave leading the way. (Source: TechCrunch)
  3. Agriculture in Africa: Africa's agricultural sector is facing challenges, including climate change and pests, but there are also opportunities for growth and innovation. (Source: The Guardian)

Country Updates

  1. Egypt's economy grows 5.6% in Q1: Egypt's economy grew by 5.6% in the first quarter of 2023, driven by a rebound in tourism and a strong performance by the manufacturing sector. (Source: Ahram Online)
  2. Kenya's economy grows 5.4% in Q1: Kenya's economy grew by 5.4% in the first quarter of 2023, driven by a strong performance by the services sector and improved agricultural output. (Source: The East African)
  3. Ghana's economy grows 4.4% in Q1: Ghana's economy grew by 4.4% in the first quarter of 2023, driven by a rebound in the oil sector and improved agricultural output. (Source: Ghana Business News)

Investment and Trade

  1. China-Africa trade grows: China-Africa trade has grown significantly in recent years, with China becoming one of Africa's largest trading partners. (Source: Xinhua)
  2. US-Africa trade agreement: The United States and Africa have agreed to a new trade agreement, which aims to increase trade and investment between the two regions. (Source: CNBC)
  3. Investment in African infrastructure: There is a growing need for investment in African infrastructure, including roads, bridges, and ports. (Source: The Financial Times)