Africa in Business: from government to Guinness

Here's what's been making the business headlines in sub-Saharan Africa this week. After two weeks of thorough negotiations, the South African Rand gained on Friday after the Democratic Alliance said a deal had been struck with the African National Congress to form a unity government following last month's election. The formation of a government of national unity. By the afternoon, the Rand was trading at 18.315 against the dollar, around 0.7% stronger than its previous close. Cocoa prices rose back above $10,000 per metric tonne on Thursday. Heading towards all time highs as the chocolate industry's supply crisis worsened. That's after top producer Ivory Coast halted cocoa exports for June and forward sales for the next season. And Ghana, the world's second largest producer, looked to delay delivery of up to 350,000 tonnes of beans to next season due to poor crops. South African paid television company Multi Choice said on Wednesday that it had swung into a loss of 706,000,000 Rand, or 38 million. In the year to March, Multitroys said volatile and weaker local currencies, power challenges in markets like South Africa and a weak consumer environment due to rising inflation and high interest rates had created an extremely challenging environment. Gasoline deliveries from Nigeria's huge and strategically important Dangote refinery are delayed until July, Africa S richest man Aliko Dangote told local media. The 650,000 barrel per day refinery had aimed to begin domestic gasoline deliveries in May. And finally, Singapore based consumer group Tolerance has agreed to buy Diageo's 58.02% shareholding in Guinness Nigeria, the Nigerian Brewer said in a statement on Tuesday. The transaction is expected to complete during the 2025 financial year, subject to regulatory approvals, with Diageo retaining ownership of the Guinness brand, which it will license to Guinness Nigeria.