MTN to downsize in Africa in 2023
Telecomms giant MTN has mandated the South African bank Absa for the sale of some of its smaller operations in Africa. The financial services company has already started evaluating several of these assets.
The new competition commissioner, Doris Tshepe, is dealing with Minister of Trade, Industry and Competition, Ebrahim Patel's, intention to secure jobs and empower Black South Africans into the economy. He is circumventing the Competition Commission in order to do so, much to the dismay of South African business leaders.
The government's Operation Vulindlela, jointly run by the presidency and the treasury, is trying to implement structural reforms in several key sectors of the South African economy, from transport to telecommunications and visas.
Over the last two decades, MTN has succeeded in establishing itself as leader on the Nigerian mobile phone market despite the West African country's uneasy relations with the big South African companies. Nigeria and South Africa are fierce diplomatic and economic rivals but MTN has used a varity of different survival techniques to hold on to its position.
Along with the launch of a vehicle aimed at raising $300m to invest in African gold, businessman Rob Hersov, heir to the founding family of mining giant AngloVaal, is also pouring money into politics ahead of municipal elections in August.