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Africa in Business: from government to Guinness

STORY: Here's what's been making the business headlines in sub-Saharan Africa this week.

1. The South African rand gained on Friday (June 14) after the Democratic Alliance said a deal had been struck with the African National Congress to form a unity government following last month's election.

By the afternoon the rand was trading at 18.315 against the dollar, around 0.7% stronger than its previous close.

2. Cocoa prices rose back above $10,000 per metric ton on Thursday (June 13), heading towards all-time highs, as the chocolate industry's supply crisis worsened.

:: Samreboi, Ghana

:: February 26, 2024

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That's after top producer Ivory Coast halted cocoa exports for June and forward sales for next season and Ghana, the world's second largest producer, looked to delay delivery of up to 350,000 tons of beans to next season due to poor crops.

3. South African pay television company Multichoice said on Wednesday (June 12) that it had swung into a loss of 706 million rand, or $38 million, in the year to March.

Multichoice said volatile and weaker local currencies, power challenges in markets like South Africa, and a weak consumer environment due to rising inflation and high interest rates had created an "extremely challenging environment".

4. Gasoline deliveries from Nigeria's huge and strategically important Dangote refinery are delayed until July, Africa's richest man Aliko Dangote told local media.

:: Lagos, Nigeria

:: May 22, 2023

The 650,000 barrel per day refinery had aimed to begin domestic gasoline deliveries in May.

5. And finally, Singapore-based consumer group Tolaram has agreed to buy Diageo's 58.02% shareholding in Guinness Nigeria, the Nigerian brewer said in a statement on Tuesday (June 11).

:: Lagos, Nigeria

:: File

The transaction is expected to complete during the 2025 financial year, subject to regulatory approvals, with Diageo retaining ownership of the Guinness brand which it will license to Guinness Nigeria.