STORY: Here’s what’s been making the business headlines in sub-Saharan Africa this week.
1. Anglo American rejected rival miner BHP Group’s $39 billion takeover bid on Friday (April 26) – saying it significantly undervalued the London-listed company and its future prospects.
The proposed deal would involve Anglo exiting all its platinum and iron ore assets in South Africa – potentially triggering large capital outflows and further denting the country’s reputation as a destination for mining investment.
On Thursday (April 25), South Africa’s government said it was scrutinizing the proposal which would see Anglo leaving the country where it was founded over a century ago.
2. Ghana needs $2 billion to fight the spread of swollen shoot disease in the world’s second largest cocoa producer, the head of its regulator Cocobod said on Monday (April 22).
Global cocoa prices have nearly tripled in the past six months alone, thanks primarily to soaring rates of swollen shoot in Ghana and neighboring Ivory Coast, who together produce more than 60% of the world’s cocoa.
3. Kenya’s government has advised lawmakers against banning TikTok and instead recommended stricter oversight by regulators.
A panel in parliament has been considering a petition from a Kenyan citizen to ban the Chinese-owned platform.
The interior ministry has said TikTok has been used to spread propaganda, carry out fraud and distribute sexual content.
TikTok did not immediately respond to a request for comment but has previously defended its record on user privacy.
4. Zimbabwe is arresting black market forex dealers they accuse of distorting exchange rates as the country prepares for its new gold-backed currency to enter circulation next week.
The government is keen to establish trust in Zimbabwe Gold amid fears that a black market that thrives on charging premiums will weaken the new currency.
More than 70 black market traders were reportedly arrested in Harare last week and denied bail.
5. And finally, Democratic Republic of Congo is pushing Apple for more information about its supply chain amid concerns it may be tainted with conflict minerals sourced from the country, international lawyers said on Thursday.
Congo’s east has been plagued by conflict since the 1990s, including over the control of the illicit trade in minerals including coltan and tantalum – widely used in cellphones and computers – which are smuggled out through neighboring Rwanda, Uganda and Burundi.
Apple referred requests for comment to its latest Conflict Minerals Report which said that 100% of identified smelters and refiners in the supply chain for applicable Apple products manufactured in 2023 had participated in an independent third-party conflict minerals audit for 3T minerals, that’s tin, tungsten and tantalum, and gold.
