Here's what's been making the business headlines in Sub Saharan
Africa. This week, President Cyril Ramaphosa vowed on
Thursday to revive South Africa's flagging economy by resuscitating factories
and farms, building roads and seizing the opportunities presented
by green energy. We have a clear intention to
turn our country into a construction site making his first
policy speech to a new parliament since his anc lost
its parliamentary majority. Ramaphosa acknowledged that the economy had
barely grown in the last 15 years. Houses are
facing losses of at least$1 billion on cocoa derivatives
after major producer Ghana failed to deliver beans. This
year, six industry sources have said much of Ghana's
cocoa is bought months in advance by trading houses who
also take short positions on the futures market to protect
against losses on the long position. The strategy unravels
. However, if physical delivery is delayed in a
rallying market as has been the case with Ghana,
which has been grappling with a disastrous harvest. Nigeria's
main labor unions on Thursday agreed a new minimum wage
of 70,000 naira a month or$44 after talks with
the government that ends months of deadlock and the threat
of strikes. Rio Tinto said on Tuesday that its
massive iron ore project in Guinea being jointly developed with
a Chinese consortium has received all necessary regulatory approvals.
The Samano project delayed for years by legal political and
infrastructure hurdles is set to be the world's largest and
highest grade new iron ore mine with production commencing by
the end of 2025. And finally, Zimbabwe will
stick to what it promised when it launched a new
currency in April, its central bank. Governor said
on Wednesday by ensuring it remains fully backed by reserves
. Zimbabwe gold or zig for short is the sixth
attempt at a local currency in 15 years after a
bout of hyperinflation under former leader Robert Mugabe, Governor
John Masayo said confidence can only come with walking the
talk referring to the central bank's commitment not to print
money to finance government spending which drove previous currency collapses --> .