African Business News
Thu, 11 Sep 2008 17:19SOUTH AFRICA MANUFACTURING
South Africa's manufacturing output growth slowed to an unadjusted 3.3% in volume terms year-on-year in July after a downwardly revised 5.7% expansion in June. Statistics SA says manufacturing production, in volume terms, shrank slightly by a seasonally adjusted 0.4% in July, compared to June. Manufacturing volume growth was 0.2% in the three months to July compared with the previous three months. Manufacturing accounts for about 17% of the country's gross domestic product, and ranks as the second-biggest sector after financial services.
COCOA
Cote D' Ivoire will replace all bodies administering its cocoa sector by Monday with a temporary entity that will remain in place until widespread reforms are complete. Marie-Louise Acquah, natural resources advisor to the prime minister, told Reuters that longer-term reforms are unlikely to be completed before presidential elections in the world's No. 1 cocoa producer. Polls are due on the 30th of November, but analysts say they are likely to be delayed. Just weeks ahead of the new cocoa season, the industry has been paralysed by a strike at the Coffee and Cocoa Bourse marketing body over unpaid salaries and in-fighting. The Ivorian cocoa sector has been plagued by corruption since it was liberalised in 2000.
KENGEN
Kenya Electricity Generating Company -kengen has awarded China's Sino-hydro Corp a 65 million dollar contract to build a new 20 megawatt hydropower plant in western Kenya.\ Kengen's managing director Eddie Njoroge told a news conference in Nairobi that Sinohydro is expected to complete construction work within 36 months starting in November. Japan Bank for International Cooperation is financing more than half the project through a 30-year loan, while Kengen will pay the balance.
