Newscasts - Africa in Business: steel, spills and Sasol

Sasol

21/06/2024 13:23

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Source: 'Reuters - Business videos'

Description: David Doyle brings you a round up of this week's business
headlines from sub-Saharan Africa as Ghana moves closer to a debt deal and a
billionaire businessman warns that Africa is struggling to hit its sustainable
development goals.
Short Link: https://refini.tv/3XAwipW

Video Transcript:

Here's what's been making the business headlines in Sub-Saharan Africa this
week. South African logistics utility Transnet has said it will appeal a court
decision to award Sasol and TotalEnergies around ZAR6.2 billion or USD344
million in damages and interest to settle a tariff dispute. Sasol said on
Thursday it had won the award in a high court ruling against Transnet, which
it accused of overcharging for transporting crude oil for several years. Ghana
has reached an agreement in principle with its bondholders for the
restructuring of $13 billion worth of international debt, three sources have
said. The West African gold and cocoa producer defaulted on most of its $30
billion in external debt in 2022 under the strain of factors, including the
global health crisis and the war in Ukraine. China's nickel giant Tsingshan
Holding Group has started production at its $1 billion steel plant in Central
Zimbabwe, a company official said on Thursday. Dinson Iron and Steel Company
will produce 600,000 metric tons of carbon steel annually during the first
phase of its operations, Project Director, Wilfred Motsi, told reporters
during a tour of the plant. Nigerian energy firm Aiteo said on Wednesday that
it had shut down all oil production at its Nembe Creek facility, nearly 50,000
barrels per day of output, after detecting a leak. Oil spills in the Niger
Delta have had a catastrophic impact on communities where people have no other
water supply than creeks and rely on farming and fishing. And finally,
Africa's hopes of meeting United Nations sustainable development goals by 2030
are “all but dead”. A report by Sudanese-British billionaire
businessman, Mo Ibrahim's foundation has said. That's amid an annual funding
shortfall of around $1.3 trillion. The study highlights the need for radical
changes in financing and how African leaders can band together to represent
the continent's needs to other world leaders with Ibrahim saying, “Africa
has no voice in the global arena"