Africa in Business: Ruto, Rainbow and a roadshow

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

1. Kenya's President William Ruto spoke by phone to IMF chief Kristalina Georgieva in the days after he withdrew $2.7 billion in proposed tax hikes in response to deadly protests, two diplomatic sources have said.

The sources, speaking on a condition of anonymity, did not provide details but said there was agreement among major donors that the IMF needed to show flexibility as Kenya looked to fill the gap caused by the finance bill's withdrawal.

2. The World Bank has suspended Gabon's right to make loan and grant withdrawals from July, due to non-payment of outstanding obligations, a letter seen by Reuters showed on Wednesday (July 3).

:: September 4, 2023

Gabon, where a junta seized power in August last year, had overdue payments totalling around $17 million as of June 30, the letter said.

A World Bank spokesperson said it was regrettable that an official letter had found its way into the media, and said they were confident authorities will "take steps to regularize the situation as soon as possible".

3. South Africa's Rainbow Chicken is focused on keeping costs low as it begins life as a standalone company, its CEO said on Monday (July 1).

The leading poultry firm has been spun off by parent company RCL Foods and listed on the Johannesburg Stock Exchange.

The industry has been battling erratic electricity supplies in addition to South Africa's worst ever bird flu outbreak last year.

4. Niger's junta has agreed to talks with Benin's government to help restore relations after a coup in Niger last year led to the border closing and a China-backed oil pipeline shutting down.

:: August 17, 2023

Authorities in both countries said no date had been decided for the meeting.

5. And finally, Nigeria aims to host an oil and gas roadshow to woo back international energy companies that quit its onshore sector, a senior government official said on Monday.

International oil companies including Shell and Exxon have exited its onshore fields to focus on deep offshore exploration.

Oil firms have long complained about insecurity in the Niger Delta, pipeline vandalism and crude theft as well as recent oil legislation which overhauled fiscal terms in the sector.