Africa briefs

Zim mining execs, Govt in cat and mouse game Zimbabwe mining executives and government officials deliberate over fiscal, industry, and macro issues inside the Elephant Hills Resort in Victoria Falls while birds chirp and chirrup outside, helicopters hover above and some warthogs roam the sprawling lawn in front of the hotel.Winston Chitando, executive chairperson of Mimosa, which is jointly owned by Impala Platinum and Sibanye Gold said more than US$3billion in fresh capital is required to boost platinum mining in Zimbabwe. Other executives talked about the need by government to address the ease of doing business, policy inconsistencies and other macro-economic issues.-Fin24New president to wean Botswana off diamondsBotswana’s new president, sworn in on Sunday as the landlocked country’s fifth post-colonial leader, said he would give priority to tackling youth unemployment and diversifying its economy. Retired teacher Mokgweetsi Masisi, who takes over from former army general Ian Khama, inherits a state with a reputation as one of Africa’s rare political and economic success stories. But he faces a huge task in attempting to reduce its dependence on the diamond trade while creating more jobs after collapsing commodity prices tipped it into recession in 2015. -Nampa/ReutersNigeria's FX reserves upNigeria’s foreign exchange reserves stood at US$46.2 billion as of March 28, up 8.8% from a month earlier, central bank data showed on Saturday. Successful debt sales, including a eurobond offering last month, have helped the government accrue billions of dollars in foreign reserves, although they remain far from the peak of US$64 billion in August 2008.-Nampa/ReutersAfrica needs to extract more value from mining- SADC adviserAfrica’s heavy reliance on extractive mining is bad news for development as it does not play a part in the prices of the minerals it extracts.This is according to Seth Akweshie, Southern African Development Community industrialisation adviser, when delivering his keynote address at the Cross-Border Mining Services Indaba at the Johannesburg Country Club last week.“Our reliance on the mining sector for our development has been skewed almost exclusively towards a heavy dependence on our extractive activities and consequently our economic fortunes continue to be dictated largely by fluctuations in the commodities market over which we have absolutely no control,” Akweshie said.-Fin24Egypt foreign reserves rise to US$42.6b Egypt’s net foreign reserves rose slightly to US$42.611 billion at the end of March from US$42.524 billion at the end of February, the central bank said on Monday. Cairo’s foreign reserves have been climbing since the country secured a US$12 billion three-year International Monetary Fund loan programme in 2016 as part of efforts to woo foreign investors and revive its ailing economy.-Nampa/Reuters

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