Africa's Solar Power Installation Seen Growing Sharply in 2025
The Global Solar Council estimated that the continent added 2,400 megawatts of solar generation capacity in 2024, slightly less than the year before, which it blamed on the slackening rate of installations in South Africa after a bumper year in 2023.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
3 hours ago
- Business Insider
South Africa's Shoprite pulls out of Ghana and Malawi, marking 7th African market exit
South African retail giant Shoprite Holdings is making a decisive retreat from another pair of African markets, announcing plans to exit Ghana and Malawi as part of its ongoing recalibration outside its home base. Shoprite Holdings announced plans to exit Ghana and Malawi markets as part of a regional recalibration strategy. These exits signify Shoprite's sixth and seventh withdrawals from African markets outside South Africa within the past four years. Shoprite cited challenges such as currency volatility, economic policies, and lease terms impacting profitability in these regions. According to Reuters, the company confirmed on Tuesday that its subsidiary, Shoprite Malawi, entered into an agreement on June 6 to sell its five trading stores. The deal remains subject to regulatory approvals, notably from Malawi's Competition and Fair Trading Commission and the Reserve Bank of Malawi. In Ghana, Shoprite disclosed that it had received a binding offer in June for the acquisition of seven trading stores and a distribution warehouse. The group described the sale as ' highly probable,' signaling a definitive pullout from what was once viewed as a high-growth West African market. Shoprite's move has revealed the persistent challenges faced by global retailers across several African economies, where currency volatility and shifting economic policies can quickly erode margins. The company has encountered numerous obstacles i n these regions, including unstable exchange rates, surging inflation, restrictive import regulations, and leases pegged to the US dollar - all of which have weighed on profitability. Both the Ghanaian and Malawian operations have now been classified as discontinued in Shoprite's financial statements under IFRS 5 accounting standards. The announcement had an immediate effect on investor sentiment. By 07:53 GMT, Shoprite's shares had fallen 2.60% on the Johannesburg Stock Exchange (JSE), reflecting concerns over the retailer's diminishing African footprint beyond South Africa. Shoprite's Africa retrenchment: A strategic reset These exits mark Shoprite's sixth and seventh withdrawals from African markets outside its home country, following similar pullouts from Nigeria, Kenya, the Democratic Republic of Congo, Uganda, and Madagascar over the past four years. The retailer's strategic repositioning comes amid persistent operational headwinds across several African economies, including currency devaluations, supply chain disruptions, regulatory bottlenecks, and disappointing returns on investment. Yet, Shoprite's aggressive retreat from its pan-African ambitions sharply contrasts with its robust expansion within South Africa. Over the past year, the company has launched hundreds of new stores in its domestic market, scaled up its Sixty60 e-commerce delivery service, and diversified into adjacent retail categories such as pet supplies, healthcare, and outdoor gear.
Business Upturn
12 hours ago
- Business Upturn
GPT Infraprojects shares jump over 7% after Q1 net profit surges 82% YoY to Rs 30 crore
By Aditya Bhagchandani Published on August 5, 2025, 09:25 IST Shares of GPT Infraprojects Ltd rallied 7.35% to ₹138.73 on Monday following the announcement of a strong first-quarter performance. The stock surged from a previous close of ₹129.23, touching an intraday high of ₹140.90, pushing its market capitalization to ₹1,721 crore. The company reported an 81.7% year-on-year rise in consolidated net profit to ₹30 crore in Q1 FY26, compared to ₹16.5 crore in the year-ago quarter. Revenue from operations climbed 29.3% YoY to ₹312.6 crore, driven by strong execution in the infrastructure segment, which contributed ₹299.6 crore or 92% of total revenue. However, the EBITDA margin slipped slightly to 12% from 13.2% a year earlier due to changes in segmental mix and rising input costs. The sleeper segment contributed ₹10.2 crore, with muted performance in African operations offset by strength in Indian markets. GPT Infra's order book stands at ₹3,569 crore, with ₹396 crore in new inflows this year. The company also announced its first interim dividend of Re 1 per share, with August 11, 2025, as the record date. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Insider
18 hours ago
- Business Insider
China reaffirms zero-tariff access for Ghana despite new US trade tariffs
China's Ambassador to Ghana, Tong Deta, has reaffirmed Beijing's commitment to granting zero-tariff access to products from Ghana and 52 other partner countries. The move, he said, is part of China's broader efforts to strengthen diplomatic and economic cooperation across Africa. China commits to granting zero-tariff access to Ghana and 52 partner countries' products. This policy aligns with China's strategy to strengthen African economic and diplomatic relations. China encourages Ghanaian businesses to leverage access to its vast consumer market. His remarks come in the wake of the United States' recent announcement of a 15% tariff on imports from Ghana and other African countries. The US tariffs, announced on 31 July 2025, are set to take effect on 7 August 2025 and are expected to impact a wide range of goods exported to the American market. Ghana-China talks on implementation ongoing Speaking to during the Africa-China Centre for Policy and Advisory (ACCPA) fellowship event in Accra, Ambassador Tong described the zero-tariff policy as mutually beneficial. He confirmed that both countries are currently fine-tuning implementation plans to maximise the benefits. "China is still offering zero tariffs to all 53 countries that have diplomatic ties with China. We believe this policy has proven helpful. It benefits both China and Ghana," Ambassador Tong stated. He added that a framework Memorandum of Understanding (MoU) for the initiative has already been signed, and that government officials from both sides are actively working to finalise the modalities. "The two government agencies are currently discussing the detailed arrangement. Both governments are accelerating efforts to determine how to implement the zero-tariff policy," he explained. Huge opportunity for Ghanaian exporters The Chinese Ambassador urged Ghanaian businesses and exporters to seize the opportunity offered by access to China's vast market. "China's market is huge. We are the largest consumer market in the world and are well on our way to becoming the biggest globally. We encourage Ghanaian companies to take advantage of this opportunity and promote your products in China," he said.
