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BYD to Nearly Triple South African Dealerships Amid NEV Market Growth

By the following year, the Chinese EV behemoth BYD intends to increase the number of its dealerships in South Africa from 1330 to 35. With sales expec

By the following year, the Chinese EV behemoth BYD intends to increase the number of its dealerships in South Africa from 1330 to 35. With sales expected to increase from 7,782 units in 2023 to 15,611 in 2024, the move attempts to gain early market share as South Africa makes the switch to new energy vehicles NEVs. In addition to the plugin hybrid Shark pickup, hybrid SEALION 6, and electric SEALION 7 SUV models, BYD debuted its ATTO 3 electric SUV in 2023. BYD views South Africa as a significant automobile market in the Southern Hemisphere, despite obstacles such as a lack of charging infrastructure and high import taxes. Read More..

B2B Tech News | 1 days ago

South Africa’s Economy Stagnates With 0.1% Growth in Q1 2025

The economy of South Africa grew by just 0.1% in the first quarter of 2025, as robust growth in the agricultural +15% sector was offset by declines in

The economy of South Africa grew by just 0.1% in the first quarter of 2025, as robust growth in the agricultural +15% sector was offset by declines in the manufacturing 2% and mining 4% sectors. Since the financial crisis of 2008–2009, the nation has had difficulty gaining traction, with yearly growth an average of less than 1%. The coalition administration has increased business confidence, but output is still low. Analysts caution that structural issues, such as inefficient freight rail and transportation bottlenecks, are still impeding recovery. With the economy slowing down, the South African Reserve Bank lowered its 2025 GDP prediction from 1.7% to 1.2%. To boost the economy, experts say more interest rate reductions might be required. Read More..

B2B Tech News | 1 days ago

Ethiopia and IMF Reach StaffLevel Agreement on $3.4 Billion Loan Program

A stafflevel agreement on the third assessment of Ethiopias $3.4 billion loan program has been achieved with the International Monetary Fund IMF, whic

A stafflevel agreement on the third assessment of Ethiopias $3.4 billion loan program has been achieved with the International Monetary Fund IMF, which could unlock $260 million in funding. The IMF commended Ethiopias economic reforms, pointing to improved international reserves, export growth, and inflation control. With the implementation of financial stability and monetary policy modernisation measures by authorities, the shift to a flexible exchange rate system has gone smoothly. The IMF Executive Board must approve the deal, which should happen in the upcoming weeks. Ethiopia wants to boost growth led by the private sector, restore external debt sustainability, and consolidate macroeconomic achievements. Read More..

B2B Tech News | 8 days ago

South Africa’s Central Bank Cuts Interest Rate to 7.25% Amid Growth Concerns

Citing slower economic growth and muted inflation, South Africas central bank lowered its benchmark interest rate by 25 basis points to 7.25%. Five me

Citing slower economic growth and muted inflation, South Africas central bank lowered its benchmark interest rate by 25 basis points to 7.25%. Five members of the Monetary Policy Committee MPC supported the cut, while one member pushed for a more drastic 50 basis point cut. Policymakers lowered borrowing costs in April as inflation dropped to 2.8%, below the central banks goal range of 3% to 6%. Governor Lesetja Kganyago stated that South Africas economic outlook is still impacted by uncertainty surrounding international trade, particularly U.S. tariff plans. The banks revised 2025 GDP growth prediction of 1.2% is lower than its previous projections, highlighting the necessity of monetary assistance. Read More..

B2B Tech News | 11 days ago

Ghana’s Cedi Surges 42% Against U.S. Dollar, Easing Debt Burden

Since January, Ghanas cedi has increased 42% vs the US dollar, greatly lowering the nations foreign debt load and enhancing fiscal stability. Tight mo

Since January, Ghanas cedi has increased 42% vs the US dollar, greatly lowering the nations foreign debt load and enhancing fiscal stability. Tight monetary policies, a successful IMF programme, and recordhigh gold prices have all contributed to the rebound, which has shocked investors and improved Ghanas economic prospects. Ghana has accelerated its debt sustainability goal by reducing its total debt by 150 billion cedis in just five months, according to President John Mahama. Citing falling cocoa and oil prices as well as IMF estimates that foresee depreciation, analysts caution that the rally might not endure. The central bank credits gains to robust remittance flows and cleaner foreign exchange auctions, but denies using foreign reserves to bolster the cedi. Read More..

B2B Tech News | 12 days ago

AfDB Lowers Africa’s 2025 Growth Forecast to 3.9% Amid Trade Tariff Uncertainty

Citing uncertainty around trade tariffs, the African Development Bank AfDB reduced its previous estimate of Africas growth in 2025 by 0.2 percentage p

Citing uncertainty around trade tariffs, the African Development Bank AfDB reduced its previous estimate of Africas growth in 2025 by 0.2 percentage points to 3.9%. The revision comes in the wake of fresh U.S. tariffs and trade partner retaliation, which have hurt Africas export markets and disrupted global demand. Additionally, the AfDB reduced its growth forecast for 2026 to 4.0%, citing persistent macroeconomic volatility. Ethiopia, Niger, Rwanda, and Senegal are predicted to top the 21 African economies in growth at 7% or above, despite obstacles. In light of changing dynamics in international trade, the bank underlined the necessity of changing policies to reduce risks and maintain economic resilience. Read More..

B2B Tech News | 13 days ago

EU Lifts Economic Sanctions on Syria, Boosting Trade and Investment Prospects

The European Unions decision to remove economic sanctions, the biggest relaxation of Western pressure on Damascus in more than ten years, has been war

The European Unions decision to remove economic sanctions, the biggest relaxation of Western pressure on Damascus in more than ten years, has been warmly received by Syrian business owners. Syrian Foreign Minister Asaad alShaibani hailed the action as a step towards economic stability, following a similar announcement by the United States. With corporations that had previously disengaged owing to sanctions now reestablishing contacts, entrepreneurs expect renewed commerce and investment. Business operations were hampered by the sanctions stringent restrictions on supply chains and financial transactions. In order to hasten economic recovery, the new Syrian government, headed by temporary President Ahmed alSharaa, has pushed for the lifting of sanctions. The EUs move indicates that Syrias new government is becoming more widely recognised. Read More..

B2B Tech News | 14 days ago

South Africa to Cut Spending if SARS Fails to Meet Revenue Target

If the South African Revenue Service SARS doesnt reach its income goal, the government of South Africa would reduce spending, said Finance Minister En

If the South African Revenue Service SARS doesnt reach its income goal, the government of South Africa would reduce spending, said Finance Minister Enoch Godongwana. Although the most recent budget made some small changes to expenditure estimates, there are still uncertainties, especially with regard to tax collection. If SARS performs as expected, a 2026 tax hike may be avoided if not, significant spending reductions will be necessary. In tackling economic issues, such as growing debt levels, the government seeks to strike a balance between maintaining budgetary stability. Read More..

B2B Tech News | 18 days ago

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