In sub-Saharan Africa, several significant events have emerged in the business world this week. In Kenya, the shilling weakened amidst protests against a tax increase plan. President William Ruto’s decision to shelve the plan has sparked concerns about the country’s capacity to fulfill International Monetary Fund targets, potentially leading to higher borrowing costs.
Meanwhile, in Nigeria, an executive of Dangote Refinery accused oil majors of blocking access to locally produced crude by selling it at inflated prices or claiming it was unavailable. This has forced the refinery to rely on expensive imports to meet its daily capacity needs. On a positive note, Namibia announced plans to begin construction on its second desalination plant in January 2025, addressing increased water demand resulting from uranium exploration and green hydrogen plans.
China North Industries Corp has agreed to acquire struggling cobalt miner Chemaf SA’s assets in the Democratic Republic of Congo. Chinese investors, mainly state-backed firms, have been expanding their presence in Congo as they seek to secure copper and cobalt supplies for their electric vehicle industry. South Africa’s Cilo Cybin made history by becoming the first medical cannabis company to list on the Johannesburg Stock Exchange’s Alternative Exchange. The company aims to use funds from the listing to tap into the growing global market for medical cannabis, projected to reach $40.5 billion by 2032.