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BUSINESS BRIEF
BY BUSINESS INSIDER AFRICA
AUG 24, 2026
5-MINUTE READ
Africa’s daily intelligence on business, policy and power—what changed, what it means and what to watch next.
OPENING SIGNAL
South Africa's MTN approves $375M share buyback after profit rise

MTN Group's board approved a 6 billion rand ($375 million) share buyback program as Africa's largest telecom operator reported a 21.3% rise in half-year adjusted headline earnings per share to 793 cents.

Service revenue grew 17.5% to 115.3 billion rand, supported by strong performance in Nigeria, Ghana, and Uganda. However, reported HEPS fell 5.8% due to a 3.9 billion rand non-cash impairment on its Irancell stake amid hyperinflation and currency depreciation.

Additionally, Nigeria's competition regulator conditionally approved MTN's tower deal with IHS Towers, requiring the operator to reduce its Nigerian stake by up to 30%.

READ THE FULL STORY →
THE DAILY NUMBER ONE NUMBER BEHIND THE NEWS
R6B
MTN'S SHARE BUYBACK
MTN is buying back its own shares
The company approved a 6 billion rand share buyback programme following stronger earnings and robust cash generation.
WHY IT MATTERS: A buyback can reduce the number of shares in circulation while signalling confidence in the company’s financial position.
ACROSS AFRICA BUSINESS · MARKETS · POLICY
ENERGY · WEST AFRICA
China is looking to Africa for more oil
Chinese refiner Sinopec plans to increase crude sourcing from Africa, Brazil and other regions as it looks to reduce its exposure to supply disruptions linked to the Middle East.
For African producers, the shift could create additional demand as major buyers reassess where they source energy.
MARKETS · SOUTH AFRICA
The rand is holding near a multi-month high
South Africa's rand began the week near its strongest level since the start of the Iran war, supported by a weaker dollar, higher gold prices and broader strength in emerging-market currencies.
AGRICULTURE · ZIMBABWE
Zimbabwe brings back its maize import ban
Zimbabwe has reintroduced a ban on maize imports following a strong harvest, with the government saying domestic production is now sufficient to supply local millers.
The next test is whether local supply can remain strong enough to keep food prices stable.

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THE AFRICA BOARD MARKETS AT A GLANCE
NIGERIA NAIRA
₦1,345/$
● OFFSHORE FLOWS PROVIDE SUPPORT
ZAMBIA KWACHA
18.99/$
● COPPER PRICES OFFER SUPPORT
UGANDA SHILLING
3,720/$
▲ FOREIGN-CURRENCY INFLOWS HELP
GHANA CEDI
11.00/$
● CORPORATE DOLLAR DEMAND WEIGHS
AUG 24, 2026 · FIGURES ARE THE LATEST MARKET SNAPSHOTS AVAILABLE AT PRODUCTION TIME.
WORLD → AFRICA THE GLOBAL STORY, MADE LOCAL
GLOBAL MARKETS
The world is waiting for Washington's next move on Iran
Global shares and oil prices slipped as investors waited for details of new U.S. sanctions targeting Iran. Oil remained elevated despite the pullback, while uncertainty over supply routes through the Middle East continued to hang over markets.
For African economies, the immediate drop in oil prices may offer some relief to fuel importers. But if supply disruptions deepen or sanctions trigger further retaliation, higher fuel costs, inflation pressure and stronger demand for foreign currency could quickly return.
THE AFRICA ANGLE: For fuel-importing African economies, the bigger risk is not today's oil price. It is how quickly the geopolitical situation could change it.
WHAT WE’RE WATCHING THE NEXT 72 HOURS
01
U.S. sanctions on Iran
Markets are waiting for more details on Washington's planned economic measures and their potential effect on oil supply.
WATCH: OIL AND MARKET REACTION
02
Nvidia's earnings
The chipmaker's results will offer another test of whether the scale of spending around artificial intelligence can continue to justify market expectations.
WATCH: AI INVESTMENT EXPECTATIONS
03
The next signal on U.S. interest rates
Markets will be watching the Federal Reserve closely for clues about the next direction of U.S. monetary policy.
WATCH: RATE EXPECTATIONS

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EXECUTIVE TRIVIA
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JOIN THE NEWSROOM YOUR VIEW MATTERS
TODAY’S QUESTION
Is MTN's future bigger in telecom or financial services?
MTN already has hundreds of millions of customers across Africa, but its next stage of growth increasingly includes fintech and digital services.
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