STORY: Here are five business stories making headlines in sub-Saharan Africa this week.
Nigeria’s worst flood in 12 years prompted Nigeria LNG to declare force majeure this week.
However, sources said the declaration was pre-emptive and that no cargoes have yet been cancelled.
The flooding is blamed on unusually heavy rainfall and the release of water from a dam in Cameroon.
Freight rail and port operations are returning to normal, South Africa’s Transnet has said, following a 12-day strike.
The state-owned logistics company agreed a three-year wage deal with its majority labor union on Monday (October 17).
Ghana’s cedi currency is expected to weaken further in the coming days, traders have predicted, following a week of record deterioration.
It hit 12.75 against the dollar on Thursday (October 20). The World Bank has called it Africa’s worst performing currency.
This week traders closed their shops in Accra to protest the economic conditions.
Precious stones miner Gemfields has halted operations at a ruby mine in northern Mozambique after an attack was reported at a nearby facility.
Employees and contractors have been evacuated from Montepuez, which has generated over $800m in sales since 2014.
An Islamic State-linked insurgency in Cabo Delgado has since breaking out in 2017, claimed thousands of lives.
And finally environmental NGOs warned this week that illegal gold mining is destroying tracts of pristine forest in Congo’s Okapi Wildlife Reserve.
Industrial activities are meant to be banned in the UNESCO world heritage site – which is home to the endangered okapi, known as “Africa’s unicorn”.
But civil society groups said aerial photography shows mining has persisted.
