Finance

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo plans to establish special economic zones for companies that manufacture goods from the country’s minerals, President Joseph Kabila said. “There is a need to create special economic zones for the final users of Congolese natural resources,” Kabila said at a conference Wednesday in the south-eastern city of Kolwezi. The area will allow producers of electric vehicles, smartphones and other goods to “install themselves in the DRC,”…

ACCRA(Capital Markets in Africa) – Ghana’s tax agency has hired McKinsey & Co. to help boost collections after missing the revenue target for the year trough August by 1.8 billion cedis ($367 million). The move to increase income comes after the government of President Nana Akufo-Addo announced tax increases for top earners in July as part of measures to yield 1.3 billion cedis by the end of the year and enable the government to meet its budget-shortfall target. The…

NAIROBI (Capital Markets in Africa) – Kenyan legislators should repeal a law that introduced a 16 percent levy on fuel and seek other means of raising revenue, a top Treasury official said. While the value-added tax that came into effect on Sept. 1 will add 35 billion shillings ($347.2 million) to the government’s coffers, the levy will drive inflation up by as much as 2 percentage points, Chief Administrative Secretary Nelson Gaichuhie told lawmakers in…

LAGOS (Capital Markets in Africa) – Djibouti’s government nationalized the national port company’s stake in the Doraleh Container Terminal, escalating its battle with DP World Ltd. for control of the harbor. The step comes a month after a U.K. tribunal ruled that Djibouti’s cancellation in February of DP World’s contract to run DCT was unlawful. It also follows the High Court of England & Wales’ granting of an injunction last week restraining Port de Djibouti SA, or PDSA, from treating…